Cargill, an American privately held global food corporation, and Continental Grain Company, a privately owned global investor, owner and operator of companies, completed the acquisition of Sanderson Farms, the third largest poultry producer in the United States, for $4.5bn.
"I am honored to lead the new Wayne-Sanderson Farms, which brings together a talented team with complementary operations and cultures and a strong commitment to employees, farmers and the communities where we operate. The new company is ideally positioned to continue to serve customers and consumers with high-quality and affordable products," Clint Rivers, Wayne Farms CEO.
Sanderson Farms was advised by Centerview Partners, Brunini Grantham Grower & Hewes, Fishman Haygood, Wachtell Lipton Rosen & Katz, MacKenzie Partners and Reevemark. Continental Grain was advised by Lazard and Paul Weiss Rifkind Wharton & Garrison. Cargill was advised by Bank of America, Arnold & Porter Kaye Scholer, Freshfields Bruckhaus Deringer, Gibson Dunn & Crutcher and Jones Walker.
Securitas, a security services, monitoring, consulting and investigation group, completed the acquisition of the security business of Stanley Black & Decker, a manufacturer of hand and power tools, for $3.2bn.
"This transformational acquisition makes us a strong provider of tech-enabled security solutions and a leading partner to our clients on a global scale. With our combined client proposition and our strong sales structure, we expect to deliver higher, more profitable growth than before. Going forward, approximately 50% of our profit contribution will be generated through high-margin technology and solutions sales. We are extremely pleased that the acquisition now is formally completed, and I want to welcome all of Stanley Security's clients and employees into the Securitas Group," Magnus Ahlqvist, Securitas President and CEO.
Securitas was advised by Morgan Stanley, SEB Corporate Finance, K&L Gates and Mannheimer Swartling. Debt financing was advised by SEB Corporate Finance. Stanley Black & Decker was advised by Bank of America, Citigroup, Evercore and Sard Verbinnen & Co.
Patient Square Capital, a private equity firm, agreed to acquire Hanger, a provider of orthotic and prosthetic patient care services and solutions. Financial terms were not disclosed.
“I’m very pleased to be announcing this agreement today as the transaction will result in immediate and substantial value creation for our stockholders. This transaction represents a culmination of an extensive review by our Board of Directors of strategic alternatives to provide value to our stockholders and to offer financial flexibility for our company to pursue future growth initiatives. Patient Square Capital recognizes the value of our brand and the quality of our world-class team, and is grounded in similar values that guide our actions. They share the same long-term vision for our company, which makes them an excellent partner for the next phase of our journey,” Vinit Asar, Hanger President and Chief Executive Officer.
Hanger is advised by Bank of America, Westwicke, Foley & Lardner, Greenberg Traurig and Kirkland & Ellis. Patient Square is advised by Latham & Watkins and Dukas Linden Public Relations . Debt financing is provided by Ares Capital. Ares Capital is advised by Proskauer Rose.
Cubico Sustainable Investments, an energy invstment firm, completed the acquisition of two Uruguayan wind projects from ACS, an energy and construction company. Financial terms were not disclosed.
"Cubico has had a presence in Uruguay since the company was founded and we are excited that, with this acquisition, we have become the largest private owner of renewable energy in the country. I am convinced that We will continue our expansion in Latin America, with new investments in renewable energy projects in the short term," David Swindin, Cubico CEO.
Cubico was advised by KPMG, Willis Towers Watson, Estudio Rodrigo, Posadas, Posadas & Vecino and White & Case. ACS Group was advised by Societe Generale.
Private equity firms Bain Capital and Abu Dhabi Investment Authority, agreed to acquire Merchants Fleet, a fleet management services provider. Financial terms were not disclosed.
"The infusion of new capital affirms the merits of our core values and disruptive approach. While other providers grapple with the effects of a consolidating market—business interruption, systems integration, confusion and employee impacts—Merchants moves forward fearlessly at the vanguard of fleet and mobility with best-in-class solutions for fleet electrification, fueling technology and last mile. There's never been a better time to work for, or work with, Merchants," Brendan P. Keegan, Merchants Fleet CEO.
Merchants Fleet is advised by BNP Paribas, Broadhaven Capital Partners and WilmerHale. ADIA is advised by Gibson Dunn & Crutcher. Bain Capital is advised by Davis Polk & Wardwell. Debt financing is provided by BNP Paribas.
Generate Capital, a sustainable infrastructure investment and operating platform, completed the acquisition of esVolta, an operator of utility-scale battery energy storage projects. Financial terms were not disclosed.
“Our team at esVolta is excited to be joining forces with Generate to expand the battery storage market amid increasing demand from offtakers and utilities throughout the United States. Generate is the ideal choice to support our long-term growth – sharing our vision of a modernized and decarbonized grid and the comprehensive approach to building it out," Randolph Mann, esVolta President.
esVolta was advised by Citigroup and Hogan Lovells. Generate Capital was advised by Nomura and Kirkland & Ellis.
AEA Investors, a private equity firm, completed the acquisition of a minority stake in Bespoke Partners, a provider of retained executive search and leadership advisory services. Financial terms were not disclosed.
“We are excited to collaborate with the team at AEA Growth to enhance our services and deliver even greater value to our clients. The investment team brings deep expertise in technology-enabled professional services and retained search that will help us continue to grow and scale while continuing to deliver unparalleled client satisfaction," Kristie Nova, Bespoke Founder.
Bespoke Partners was advised by BrightTower. AEA was advised by Hunt Scanlon Ventures.
Wynnchurch Capital, a private equity firm, completed the acquisition of FCA Packaging, a manufacturer of customized industrial protective packaging solutions, from Delos Capital, an investment company. Financial terms were not disclosed.
“We are very pleased to partner with FCA, which has a long, established track record of delivering industry leading quality, uniquely designed solutions, and just-in-time service. Its customer-centric focus and highly engineered industrial applications are a strong fit with our investment philosophy of acquiring well-managed industry leaders,” Frank Hayes, Wynnchurch Managing Partner.
FCA Packaging was advised by Lincoln International. Wynnchurch Capital was advised by Stifel.
Groupe Le Duff, a bakery, pastry, and catering company, and Bridor, a food and beverages company, agreed to acquire Lecoq Cuisine, a company which engages in the production of viennese and french-style pastries. Financial terms were not disclosed.
"Having followed Eric Lecoq's exemplary career with great interest for several years, I am especially proud of this acquisition. The Group's international history is closely linked to America, which is my second home," Louis Le Duff, Le Duff Group and Bridor Founder & Chairman.
Lecoq Cuisine is advised by Barron International Group.
Enhesa, an environmental, health and safety compliance intelligence company, completed the acquisition of RegScan, a provider of compliance solutions for environmental, health, safety & sustainability professionals. Financial terms were not disclosed.
"Today is the start of a new era in regulatory and sustainability intelligence! Our mission at Enhesa is to empower businesses globally to create a more sustainable future and RegScan will play a key role in helping us achieve that mission faster with its deep domain expertise, proven processes and very strong foothold in the US market," Peter Schramme, Enhesa CEO.
Enhesa was advised by Houlihan Lokey.
Altice considers selling Suddenlink for up to $20bn.
Altice USA is exploring the sale of Suddenlink, which provides cable and internet service in the south-central US, as the telecommunications company seeks to pay down its massive debt load.
Altice USA is working with Goldman Sachs on the potential sale, which could fetch as much as $20bn. The unit has about $1.3bn in earnings before interest, taxes, depreciation and amortization. Altice USA has begun soliciting interest from potential suitors. The company could still decide to keep the division, Bloomberg reported.
Global Emerging Markets Group in talks to invest $450m in EnergyX. (FS)
Private equity firm Global Emerging Markets Group said it plans to invest $450m in lithium startup EnergyX, which is trying to revive its business prospects in Bolivia as it prepares to go public by 2024.
EnergyX will have 36 months after it launches an initial public offering to draw from the $450m that GEM has committed. GEM will receive shares reflecting the value of EnergyX's stock at the time of each drawdown. GEM will also receive warrants in EnergyX at an undisclosed strike price, Reutersreported.
ConocoPhillips eyes US Gulf of Mexico exit.
ConocoPhillips is exploring a sale of its stake in the Ursa platform and Princess subsea well in the Gulf of Mexico, in what would mark its exit from deepwater energy production off the US Gulf coast.
The oil producer has been offloading assets as it shifts to become a major operator in the Permian basin, the heart of the shale industry in the United States. It has targeted between $4bn and $5bn in divestments by the end of 2023.
Conoco has retained a financial adviser to sell its 15.9% holding in the Ursa/Princess development, which is likely to be valued in the high hundreds of millions of dollars, Reutersreported.
Banco Santander is out of bidding for Citi’s Banamex unit.
Banco Santander was eliminated from the bidding process for Citigroup’s Mexican unit, opening the way for a takeover by a local rival.
The Spanish lender made a non-binding offer for Banamex but has been informed it isn’t proceeding to the next stages of the process. Mexican President Andres Manuel Lopez Obrador has said he wants Banamex to be taken over by Mexican owners.
Santander was the only foreign bank known to have made a bid for Banamex, with others parties interested said to include Mexican bank Grupo Financiero Banorte and billionaire Carlos Slim’s Grupo Financiero Inbursa, Bloomberg reported.
Fifth Wall raises $500m for first climate fund. (FS)
Fifth Wall, a venture capital firm focused on technology for the global real estate industry, has held the final close of its inaugural Climate Fund with $500m in capital commitments.
The fund aims to invest in software, hardware, renewable energy, energy storage, smart buildings, and carbon sequestration technologies to decarbonise the $10.5tr real estate industry.
To date, the Climate Fund has already completed strategic investments in several promising technology companies, including Assembly OSM, Brimstone, Clarity AI, Electric Hydrogen, ICON, Sealed, SPAN, Turntide Technologies and Wildcat Discovery Technologies.
The UK’s Competition and Markets Authority says the sale of several Noble rigs to a new unit of Shelf Drilling should clear the way for its proposed merger with Maersk Drilling. The CMA opened an investigation into the $3.4bn merger deal in February, later warning that it could increase costs and reduce service quality for oil and gas producers in the UK North Sea, particularly in the supply of jack-up rigs.
In response, Noble and Maersk Drilling signed a $375m deal to sell-off several units to a new subsidiary of Dubai-based Shelf Drilling to address the watchdog’s concerns. The CMA’s latest guidance suggest the sale of these so-called “remedy rigs” may indeed enable the merger to proceed.
Maersk Drilling is advised JP Morgan, Davis Polk & Wardwell and Gorrissen Federspiel. JP Morgan is advised by Cravath Swaine & Moore. Noble is advised by DNB Bank, Ducera Partners, Kirkland & Ellis, Plesner and Travers Smith. DNB Bank and Ducera Partners is advised by Morrison & Foerster.
Orange and MasMovil have signed a binding agreement to combine operations in Spain in a deal valuing the merged entity at close to $19bn.
The merger creates a heavyweight spanning mobile and broadband, posing a challenge to top player Telefonica and analysts say possibly opening the way to similar alliances in markets such as Italy, Portugal and the UK, Reutersreported.
MasMovil is advised by BNP Paribas, Goldman Sachs, Santander, Freshfields Bruckhaus Deringer, Perez Llorca and Uria Menendez. Debt financing was provided by BNP Paribas. Orange was advised by Citigroup, JP Morgan, Lazard, Garrigues and Jones Day.
Britain's competition watchdog approved a merger of sports broadcasting businesses of BT Group and Warner Bros.
In June, Britain's Competition and Markets Authority started what it calls a Phase 1 investigation on whether the joint venture would reduce competition. The authority said it would not refer the deal to a in-depth Phase 2 investigation. BT Group and Warner Bros. Discovery welcomed the decision, which allows them to complete the creation of the joint venture, BT Sport and Eurosport UK, in the coming weeks and to transfer assets to it, Reutersreported.
Warner Bros is advised by DLA Piper. BT Group is advised by Lazard and CMS.
Phillips 66, a diversified energy manufacturing and logistics company, and H2 Energy, a producer of electricity, completed the formation of a joint venture to develop hydrogen refueling network. Financial terms were not disclosed.
“At Phillips 66, we believe that expanding access to hydrogen is critical to achieving a lower-carbon future. We’re excited to join forces with H2 Energy, which has demonstrated success in developing technology assets across the hydrogen value chain," Brian Mandell, Phillips 66 Executive Vice President, Marketing and Commercial.
Phillips 66 was advised by CMS. H2 Energy was advised by Bar & Karrer.
CVC Capital Partners-backed Stock Spirits, a British alcoholic beverage business, agreed to acquire Polmos Bielsko-Biała, a vodka maker. Financial terms were not disclosed.
"Beginning our joint journey with Stock Spirits, one of the leaders in the alcohol sector in the CEE region, we announced, inter alia, development of the organization in Poland and expansion of the offer of our products and services. The planned investment in Polmos Bielsko-Biała fits perfectly with the strategy of building the value of the group adopted by us," Krzysztof Krawczyk, CVC Capital Partner.
Qonto, a financial solutions provider, agreed to acquire Penta, a fintech services provider. Financial services were not disclosed.
"Lukas Zörner and his co-founders have written a real fintech success story. With the combination of increasing customer numbers and rising revenues, we have gained even more substance in the past 18 months. We are very excited that we now have the chance to actively shape digital banking for business customers in Europe as a team with Qonto," Markus Pertlwieser, Penta CEO.
World Fund, a venture capital firm, led a $130m funding round in IQM, a European quantum computing company, with participation from Bayern Kapital, OurCrowd, Tofino, Varma, Maki.vc, Matadero QED, MIG Fonds, OpenOcean, Salvia GmbH, Santo Venture Capital GmbH, Tencent, Tesi, and Vsquared.
The company intends to use the funds to expand its international business and accelerate product, with a focus on developing quantum processors to help tackle the climate crisis development.
Clover Imaging Group, a company which provides environmentally sustainable solutions focused on the recovery, returns management, remanufacturing, and remarketing of technology assets and small consumer goods, completed the acquisition of Phoenix Direct, an integrated direct-to-consumer business solution that provides 3PL fulfillment, creative, marketing services, ecommerce services and customer service for brands and retailers. Financial terms were not disclosed.
"We warmly welcome the Phoenix Direct team to Clover. While we remain bullish and focused on our core imaging business in the Americas, the completion of this acquisition represents a step forward in our diversification strategy and the future of the Clover Imaging platform. We look forward to leveraging the expertise of both teams to enhance our current capabilities and accelerate growth," George Milton, Clover Imaging Group CEO.
Sienna IM, an investment company, agreed to acquire a minority interest in Eight Advisory, an independent financial and operations consulting firm. Financial terms were not disclosed.
“Eight Advisory’s new shareholder Sienna will allow us to accelerate our international expansion by providing us with significant financial resources while maintaining our independence,” Pascal Raidron, Eight Advisory President.
Eutelsat nears deal to buy OneWeb.
The UK government is set to become a minority shareholder in a listed French business, as France’s Eutelsat nears a deal to acquire OneWeb, the space-based internet company rescued from bankruptcy by Boris Johnson’s government.
A deal will be announced as soon as today and involve a takeover of OneWeb by Eutelsat, which already owns a 24% stake in the UK-based company. Expecting heavy political scrutiny, the deal will be presented publicly as a merger of equals.
Combining the two companies will bring together the UK, French and Chinese governments as well as Indian billionaire Sunil Bharti Mittal as common shareholders in one of the world’s biggest satellite operators, FTreported.
ADIA is in talks to invest in CVC-backed TMF Group. (FS)
Abu Dhabi Investment Authority is in talks to invest in TMF Group, the corporate-trust services provider owned by CVC Capital Partners that had been exploring an initial public.
The Middle East sovereign wealth fund will take a significant minority stake in TMF and a seat on the company’s board. Earlier this year, CVC considered taking TMF public. That was before the market for listings was hit by multiple risk factors, including inflation, hawkish central bank policy, the war in Ukraine and threat of recessions, Bloombergreported.
Hilco joins the race to wrap up Paperchase deal. (FS)
Hilco Capital, one of the most prolific investors in the UK high street has joined the race to wrap up a takeover of Paperchase, the stationery retailer.
Hilco Capital is among a small number of parties engaged in talks about a deal with Paperchase's owner. Paperchase is being auctioned 18 months after it became one of the numerous retail casualties of Covid-19, having undergone a pre-pack administration in January 2021.
Permira, which has controlled the chain since then, appointed advisers to oversee a sale earlier this year following unsolicited enquiries from potential buyers. PwC, which handled the pre-pack process, is overseeing the sale process, Sky Newsreported.
Nokia is exploring the sale of its managed services business.
Nokia, a telecommunications company, is weighing a sale of its managed services business. Nokia is working with advisers to gauge interest from potential suitors.
The unit generates annual revenue of about $510m and is expected to draw interest from private equity firms, Bloombergreported.
Habito is said to end talks to merge with London & Country.
Home buying startup Habito and London & Country Mortgages have ended their talks about a tie up, and the home-buying startup is instead exploring other strategic options.
Possibilities include selling Habito to another bidder or raising new funding from a strategic partner. London-based Habito had been exploring a tie-up with the mortgage broker.
A merger would have combined London & Country’s army of over-the-phone advisers with Habito’s online technology platforms. The housing market has since cooled, as has the market for technology startups, Bloombergreported.
Martin Franklin eyes London listing. (FS)
Serial dealmaker Martin E. Franklin is in exploratory talks to list a new acquisition vehicle in London. The vehicle to be called Admiral will be sponsored by Franklin’s family office Mariposa Capital and could list on the London Stock Exchange as soon as September, if it draws investor commitments of at least $500m.
Unlike a typical US-style special purpose acquisition company, Admiral won’t give founders free shares or redemption rights to investors, providing more certainty to the target company’s shareholders. Franklin is working with UBS and Jefferies to market the listed acquisition vehicle to investors, Bloombergreported.
Opdenergy wraps up $203m IPO.
Spanish renewables developer Opdenergy Holding finalised the initial public offering, selling new shares for $4.82 apiece - the bottom end of the indicative range.
After its employees bought roughly 62k shares for $4.3, the wind and solar company managed to raise around $203m it was aiming at to fund the portfolio development.
In total, Opdenergy issued around 42m new shares, which combined with 105.9m shares it had before the capital increase, the IPO ended up valuing the company at some $717m.
LGT Capital Partners announces final close of Crown Co-investment Opportunities III at $2bn. (FS)
Swiss alternative investment firm LGT Capital Partners has announced that it has raised $2bn for its third co-investment fund that will opportunistically invest in the Asia Pacific region.
The fund, Crown Co-investment Opportunities III, exceeded a $1.5bn target and attracted more than 60 institutional investors, including pension funds, insurance firms, endowments, and family offices in Europe, the Americas, Asia, Australia, and the Middle East.
LGT said the fund continues the investment strategy of its predecessor funds and seeks to build a diversified portfolio of co-investments alongside the firm’s network. CCO II had closed at $1.3bn in 2019.
Volkswagen ropes in Porsche CEO Oliver Blume to lead as Diess steps down. (People)
Volkswagen Group chairman and CEO Herbert Diess is stepping down from his position at the company and will be replaced by Porsche CEO Oliver Blume.
Blume will take over as Chairman of the Group Board of Management and remains at the same time Chairman of the Board of Management of Porsche. He will take over this position with effect as of September 1, Business Standardreported.
"Oliver Blume has proven his operational and strategic skills in various positions within the Group and in several brands and has managed Porsche from a financial, technological and cultural standpoint with great success for seven years running. From the Supervisory Board's point of view, he is now the right person to lead the Group and to further enhance its customer focus and the positioning of its brands and products," Hans Dieter Potsch, Volkswagen Chairman.
Carlyle, Advent close in on $1bn Yes Bank stake. (FS)
Yes Bank’s plan to bring The Carlyle Group and Advent International on board as equity investors for about $1bn has gathered pace, following the proposed sale of the lender’s stressed assets to JC Flowers Asset Reconstruction Company and the constitution of a new board.
The Carlyle Group’s top brass from Hong Kong along with Advent International’s leadership have held a series of meetings this week with the senior management of Yes Bank and the State Bank of India, the largest shareholder of the private lender, as well as Reserve Bank of India officials to fine-tune the contours of the plan, which will be undertaken in phases, Economic Timesreported.
AMMB denies talks to sell AmInvest.
AMMB Holdings, a banking group, has denied reports that it is in talks to dispose off its asset managment unit, AmInvest.
“The AmBank Group would like to clarify in relation to recent media reports that it is presently not in any discussions with any parties pertaining to disposal of its interest in AmInvest," AMMB.
Carlyle-led investors weigh sale of Trans Maldivian Airways. (FS)
A group of investors led by The Carlyle Group is considering a sale of Trans Maldivian Airways that could value the world’s largest seaplane operator at as much as $700m.
The Carlyle Group and co-investors King Street Capital Management and Davidson Kempner Capital Management have held initial talks with potential advisers for the divestment of TMA. A transaction may value the Maldives-based seaplane operator at $500m to $700m.
Other firms in the industry and investment funds have shown preliminary interest in acquiring the business. Considerations are ongoing, no final decision has been made and the owners could still decide to retain the asset for longer, Bloombergreported.
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