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AMERICAS
Carlyle, a private equity firm, and Atmas Health, a healthcare investment platform, agreed to acquire the Vantive kidney care segment of Baxter, a global medtech company, for $3.8bn.
"Today's announcement represents another critical step forward in the strategic transformation process we announced in early 2023. As a result of this proposed transaction, Baxter will emerge a more focused and more efficient company, better positioned to redefine healthcare delivery and advance innovation that benefits patients, customers and shareholders. I am confident that, under Carlyle's stewardship and Chris Toth’s leadership, the Vantive team will continue to build on the business's 70-year legacy as a pioneer in kidney disease and vital organ therapies," José (Joe) E. Almeida, Baxter Chair, President and CEO.
Kinderhook Industries-backed Rural Healthcare Group, a healthcare company, agreed to acquire the stewardship health business of Steward Health Care, a private for-profit health system. Financial terms were not disclosed.
“As part of the ongoing Chapter 11 proceedings, following a robust and active bidding process, Steward Health Care is pleased to have reached an agreement with Rural Healthcare Group. Kinderhook has over 20 years of experience investing in mid-sized healthcare businesses that serve the nation’s most vulnerable populations. Kinderhook’s investments are focused on protecting access to high-quality healthcare in communities that are truly underserved,” Mark Rich, Steward Health Care President.
Rural Healthcare Group is advised by Centerview Partners, Bass Berry & Sims and Kirkland & Ellis. Steward Health Care is advised by AlixPartners, Leerink Partners, McDermott Will & Emery and Weil Gotshal and Manges.
CVC Capital Partners, a Luxembourg-based private equity and investment advisory firm, agreed to invest in CD&R-backed Epicor, an industry-specific enterprise software provider. Financial terms were not disclosed.
"Our customers and their ambitions are the focus of what we do as we work to provide the most innovative solution sets possible. CD&R's support and partnership has been invaluable as we have accelerated the growth of our business, invested significantly in our portfolio and released a number of next-generation, cloud-ready products. We look forward to working with CVC as we continue to grow our platform capabilities, with a keen focus on better serving our dynamic customer base," Steve Murphy, Epicor CEO.
CD&R and Epicor are advised by Barclays, Goldman Sachs and Debevoise & Plimpton (led by Uri Herzberg and Kevin M. Schmidt). CVC Capital Partners is advised by Evercore, Jefferies & Company and White & Case.
WSP, a global professional services firm, agreed to acquire Power Engineers, a global consulting engineering firm, for $1.78bn.
“POWER and WSP truly are stronger together. By joining forces, we can supercharge our ability to help clients and communities around the world adapt to the changing energy landscape—and provide more opportunities for our team members to work on the most challenging projects. We’re looking forward to building success together with WSP,” Jim Haynes, Power Engineers CEO.
WSP is advised by Environmental Financial Consulting Group, Perella Weinberg Partners and Skadden Arps Slate Meagher & Flom (led by June Dipchand) and Stikeman Elliott. Power Engineers is advised by AEC Advisors and Katten Muchin Rosenman (led by Jessica Schauwecker, Bret Diskin, and David Kravitz).
Flowserve, a flow control products and services provider, agreed to acquire MOGAS Industries, a mission-critical severe service valves and associated aftermarket services provider, for $305m.
“There is no better cultural and strategic fit for our family’s 50-year-old business than joining with Flowserve, a company that shares our unwavering commitment to customers, people, and products. Our employees, who are at the heart of our success, will benefit from the alignment of values and opportunities for growth within a larger organization,” Matt Mogas, MOGAS Industries President and CEO.
Flowserve is advised by Jefferies & Company and Baker McKenzie. MOGAS Industries is advised by Robert W Baird and Foley & Lardner.
Viessmann, a German manufacturer of heating and refrigeration systems, agreed to acquire KPS Global, a manufacturer of insulated panel systems, from D Cubed, a private-market investment firm. Financial terms were not disclosed.
“From the beginning, we saw an opportunity to bring significant investment, engagement, and a long-term orientation to combine two market leaders and build a company with a singular focus, world-class innovation and execution capabilities, and resourcing it to grow further through proprietary offerings and diversifying the markets it served. Through our investment in talent, systems, business intelligence, and innovation, as well as our partnership with management, KPS Global has become the clear market leader and stands apart from competitors based on its end-to-end and fully custom capabilities, differentiated offerings, and proven ability to grow in multiple markets,” Glenn Kaufman, D Cubed Managing Director.
KPS Global is advised by Lincoln International, Robert W Baird, and DLA Piper. D Cubed is advised by Sloane & Company (led by Whit Clay).
Hearst, a global, diversified information, services and media company, agreed to acquire QGenda, a healthcare workforce management solutions provider, from Francisco Partners, a private equity company, and ICONIQ Capital, an American investment management firm. Financial terms were not disclosed.
"The entire QGenda team is proud and excited for the opportunity to be part of Hearst Health, and we are forever grateful to our customers and partners for their ongoing dedication to our success as a company. Joining the Hearst Health group of companies is aligned with our mission to ensure that every patient has the right healthcare provider when and where care is needed," Greg Benoit, QGenda CEO.
Hearst is advised by Bank of America. QGenda is advised by Evercore and Kirkland & Ellis. Francisco Partners is advised by Sloane & Company (led by Whit Clay).
Vista, a global investment firm, agreed to acquire JAGGAER, an enterprise procurement and supplier collaboration software, from Cinven, a private equity investment firm. Financial terms were not disclosed.
“This new partnership with Vista underscores JAGGAER’s strong momentum and the compelling value our intelligent software delivers by helping our customers manage and automate complex processes while enabling a highly resilient, responsible and integrated supplier base, Vista is a highly experienced software investor, and I’m confident they will be an exceptional partner to JAGGAER during this exciting next phase of growth and opportunity,” Andy Hovancik, JAGGAER CEO.
Cinven is advised by Goldman Sachs, Moelis & Co, Kirkland & Ellis, and Joele Frank (led by Woomi Yun and Erik Carlson). JAGGAER is advised by Corporate Ink (led by Abigail Holmes).
SNDL, a cannabis products distributor, agreed to acquire the remaining 34.8% stake in Nova Cannabis, a cannabis retailer, for $40m.
"Today's announcement by our Alberta-based corporations underscores our commitment to sustainable performance in Canadian cannabis. We are committed to building a consumer-centric model at scale, supported by SNDL's robust shared service model, access to capital, and a well-developed cannabis retail pipeline. These factors are integral to the achievement of sustained profitable growth," Zach George, SNDL CEO.
SNDL is advised by McCarthy Tetrault. Nova Cannabis is advised by Eight Capital and Bennett Jones.
HIG Capital, a global alternative investment firm, completed the acquisition of Axis Europe, a UK provider of property maintenance services. Financial terms were not disclosed.
“We are delighted to join forces with CLC to create a national contractor of scale with great geographical and operational synergies. The investment in both companies by HIG will allow the group to benefit from the huge opportunities that exist across all sectors and regions,” John Hayes, Axis Founder and CEO.
Eli Lilly sells $5bn of bonds to fund Morphic deal.
The company sold the bonds in five parts. The longest portion of the deal, a 40-year note, yields 1 percentage point above Treasuries, after initial discussions of around 1.3 percentage point.
Blink Fitness files for bankruptcy to pursue sale.
Blink Fitness, an Equinox-owned chain of about 100 low-cost gyms, filed for bankruptcy on August 13 in Delaware seeking to find a buyer for its business, Reuters reported.
Blink has about $280m in debt, and it blamed its bankruptcy on the lingering effects from the COVID-19 pandemic, which forced it to shut its operations for nine months and incur additional debt and deferred rent obligations.
Russell Investments taps GSAM executive as Global Head of Alternatives. (FS, People)
Russell Investments has hired Ayesha Parra from Goldman Sachs Asset Management as Global Head of Alternatives in its New York office. She will lead the overall business strategy for the firm’s alternatives platform globally.
Parra, who joined in July, also serves as a member of the firm’s operating committee. Parra spent 19 years at Goldman Sachs Asset Management, where she held several leadership positions across various business units, most recently as part of the GP stakes team within the external investing group.
EMEA
British homebuilder Bellway has dropped its £720m ($921m) takeover proposal for FTSE midcap peer Crest Nicholson without giving a reason, Reuters reported.
Shares in Bellway rose about 4% following the news on August 13, while Crest stock, which had gained 15% since the approach was disclosed in June, dropped about 9%. "Bellway remains confident that its robust balance sheet and operational strength, combined with the depth and quality of its land bank, will enable Bellway to deliver volume growth in the years ahead,".
Swiss Life Asset Managers, an investment solutions provider, agreed to acquire Condecta, a modular construction firm, from Paragon Partners, a European private equity company. Financial terms were not disclosed.
“The management team of Condecta is excited. We look to the future with great entrepreneurial enthusiasm. With Swiss Life Asset Managers, we have found the perfect new owner to drive our growth and innovation plans even more decisively and to further expand our market leadership in modular space solutions in Switzerland. With our versatile solutions in industry, public sector, events, and construction, we are confident in continuing to provide exceptional customer value and growing together with our partners,” Oliver Annaheim, Condecta CEO.
Donaldson Company, a worldwide provider of innovative filtration products and solutions, completed the acquisition of 49% stake in Medica, a company specializing in hollow fiber membrane filtration technology for medical device applications and water purification, for €54m ($59m).
“Hollow fiber membrane filtration is a fundamental filtration technology and Medica’s proprietary technology and expertise, along with their world-class manufacturing capabilities has enabled delivery of innovative, high-margin products to customers in several markets,” Tod Carpenter, Donaldson Company Chairman, President and CEO.
EQT nears deal to acquire majority stake in AMCS. (FS)
EQT is nearing a deal to acquire a majority stake in AMCS, a software provider focused on waste management and recycling, Bloomberg reported.
AMCS’s co-founder, management and its investors including Insight Partners and Clearlake Capital will likely retain minority stakes.
Blackstone sells 3k homes to UK pension fund for £405m. (FS, RE)
Blackstone sold 3k homes to the UK’s largest private pension fund for £405m ($518m), making it one of the biggest housing deals this year, Bloomberg reported.
Universities Superannuation Scheme bought the portfolio of shared ownership units from Sage Homes, an affordable housing provider majority-owned by Blackstone. It is the second-largest residential deal in the UK this year after Blackstone earlier agreed to purchase a portfolio of 1.75k homes for £580m ($740m) from builder Vistry Group.
Abu Dhabi wealth fund ADQ said to eye bank Audi’s Turkish unit. (FS)
An Abu Dhabi sovereign wealth fund is in talks to buy Turkish lender Odeabank, as United Arab Emirates-based entities hunt for growth opportunities overseas, Bloomberg reported.
The $249bn fund ADQ has been in discussions to acquire the lender owned by Lebanon’s Bank Audi over the past few months. Odeabank is a midsize lender in Turkey with assets of TRY87.3bn ($2.6bn). Bank Audi, which established the firm in 2012, is its largest shareholder with a 76.4% stake.
Turkish satellite firm eyes $400m valuation in funding debut.
Plan-S, the satellite and space technology unit of Turkey’s Kontrolmatik Enerji Ve Muhendislik, is launching an equity funding round that would value the company at $400m, Bloomberg reported.
The single-asset fund, offered by the investment arm of state-run Ziraat Bank, aims to raise as much as $40m from institutional and individual investors in Turkey and abroad for Ankara-based Plan-S, Kontrolmatik Chairman Sami Aslanhan stated.
Telecom Italia to get €250m in Inwit stake sale to Ardian. (FS)
Telecom Italia sold its remaining stake in mobile tower operator Infrastrutture Wireless Italiane, picking up the pace in its drive to de-leverage and boosting cash flow beyond its full-year guidance levels, Bloomberg reported.
The carrier sold its indirect holding of about 3% in the tower company known as Inwit to a group led by French private equity firm Ardian. The one-time phone monopoly said it will cash in approximately €250m ($273m) from the deal.
Top VW investor Porsche SE eyes further investments.
Porsche, the controlling shareholder in German automaker Volkswagen, is financially in a position to consider further investments to diversify its portfolio, Reuters reported.
"Our financial resources give us considerable flexibility for potential investments in further core and portfolio investments," Johannes Lattwein, Porsche SE's board member for finance and IT.
Greece’s Metlen aims for London listing in first quarter of 2025.
Metlen Energy & Metals aims to go public on the London Stock Exchange as soon as the first quarter potentially moving forward its timeline for an overseas listing, Bloomberg reported.
The Athens-listed company plans to file for a London listing by the end of this year. Deliberations are ongoing and no final decision has been made.
Lazard taps Guggenheim MD for PE dealmaking. (People)
Lazard has recruited Courtney Haydon from Guggenheim Securities as Managing Director to enhance its private equity and alternative asset management dealmaking capabilities.
The move is part of a broader recruitment strategy by Lazard aimed at increasing its business with buyout firms. This year, the firm added nine managing directors, including Adam Cady from Bank of America, to lead large-cap financial sponsor coverage in North America, as well as former Citigroup banker Ali Syed, to focus on sovereign wealth funds and pension funds.
APAC
Reliance and Walt Disney have offered to sell some channels to win faster antitrust approval for their $8.5bn India media assets merger, but are resisting changes to cricket broadcast rights they own, Reuters reported.
Antitrust experts have warned that the Reliance-Disney merger, announced in February, could face intense scrutiny as it will create India's biggest entertainment player which will compete with Sony, Zee Entertainment, Netflix and Amazon with a combined 120 TV channels and two streaming services.
Disney is advised by Citigroup, The Raine Group (led by Rounak Chandak), AZB & Partners (led by Kashish Bhatia), Cleary Gottlieb Steen & Hamilton (led by Nallini Puri) and Covington & Burling. Reliance is advised by Ernst & Young, Goldman Sachs, Khaitan & Co (led by Tanu Banerjee, Haigreve Khaitan, and Kartick Maheshwari), Shardul Amarchand Mangaldas & Co and Skadden Arps Slate Meagher & Flom (led by Howard Ellin). Viacom18 is advised by BDO, Ernst & Young, Goldman Sachs, HSBC, Khaitan & Co and Shardul Amarchand Mangaldas & Co.
Australia's Orora shares spiked more than 15% after it said on August 13 it had rejected a AUD3.42bn ($2.25bn) takeover offer from US private equity firm Lone Star Fund, claiming the offer materially undervalues the packaging products maker, Reuters reported.
Under the offer, Orora shareholders would have received AUD2.55 ($1.32) per Orora share from Lone Star, a 33.9% premium to the stock's last close.
Torrent is said to seek raising $3bn for KKR’s stake in JB.
Torrent Pharmaceuticals is considering raising as much as $3bn from global banks as the Indian drugmaker seeks to acquire a controlling stake in JB Chemicals & Pharmaceuticals, Bloomberg reported.
Torrent is considering options including dollar and local currency bonds to help fund a potential purchase of KKR’s 53.8% stake in JB. Torrent is seeking financing from lenders such as Barclays, Deutsche Bank and Standard Chartered.
India's SBI aims to sell its Yes Bank stake worth $2.2bn by end-March.
State Bank of India, the country's largest lender, aims to strike a deal by end-March for the sale of its 24% stake worth INR184.2bn ($2.2bn) currently in smaller rival Yes Bank, Reuters reported.
Japanese lender Sumitomo Mitsui Banking Corp and Dubai-based Emirates NBD are in advanced talks to acquire a majority stake in Yes Bank. Sumitomo Mitsui is a unit of Sumitomo Mitsui Financial Group, Japan's second-biggest bank.
Bain is said to be frontrunner for Indian hospital chain HCG. (FS)
Bain Capital has emerged as the frontrunner to acquire a controlling stake in Indian cancer hospital chain HealthCare Global Enterprises. The US private equity firm is considering buying CVC Capital Partners’ 60.4% stake in the Mumbai-listed company, Bloomberg reported.
Bain may consider paying a premium to the market price for the stake. Shares of HCG have lost roughly 3% this year, giving the company a market value of $589m.
Thailand to ramp up state equity fund by up to $4.3bn. (FS)
Thailand will increase the size of a government mutual fund by an amount of THB100-150bn ($2.8 - $4.3bn). The Vayupak Mutual Fund will offer new fund units to the public in the third quarter of this year, DealStreetAsia reported.
The fund mainly invests in Thai stocks. The Vayupak fund’s current top holdings include Thailand’s largest oil and gas firm, financial group SCBX, and Krung Thai Bank.
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