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AMERICAS
Bridgepoint, a private equity firm, completed the acquisition of Energy Capital Partners, an energy transition investor, for $1bn.
“The addition of ECP is a transformational step for Bridgepoint and ECP, combining two complementary businesses to form a more global, better diversified middle-market private assets investment platform. This partnership strengthens our scale, strategic development and earnings quality, while broadening our growth potential. Bridgepoint is committed to delivering the benefits of the transaction by enhancing growth opportunities and offering a broader product mix to our combined investors. ECP has an exceptional leadership team and together with our new colleagues, we look forward to the exciting opportunities ahead,” Raoul Hughes, Bridgepoint CEO.
KARL STORZ, a medical device company that manufactures and sells endoscopes and surgical instruments, completed the acquisition of Asensus Surgical, a company spacializing in digital solutions for the operating room, for $95m.
"We are thrilled to complete this merger with KARL STORZ, which marks an exciting new chapter for Asensus. By joining forces with a leading company in endoscopy that became a system provider for integrated MedTech, we are well-positioned to accelerate the development and delivery of our innovative robotic and digital surgical solutions. This union will benefit patients and surgeons worldwide by advancing precise, safer, and more predictable surgical outcomes," Anthony Fernando, Asensus Surgical President and CEO.
KARL STORZ was advised by UBS and Ropes & Gray (led by Emily Oldshue). Asensus Surgical was advised by Jefferies & Company, Ballard Spahr, ICR (led by Mark Klausner) and Matter Communications. Financial advisors were advised by White & Case (led by Denise A. Cerasani).
Carlyle, a private equity firm, agreed to acquire Worldpac, an automotive parts wholesale distribution business, from Advance Auto Parts, an automotive aftermarket parts provider, for $1.5bn.
“We are pleased to announce the sale of the Worldpac business. The sale enables our team to sharpen their focus on decisive actions to turn around the Advance blended box business. Proceeds from the transaction will provide greater financial flexibility as we continue our strategic and operational review to improve the productivity of the company’s remaining assets and better position the company for future growth and value creation. On behalf of everyone at Advance, I would like to thank the more than 5k Worldpac team members for their dedication over the last ten years,” Shane O’Kelly, Advance Auto Parts President and CEO.
Carlyle is advised by BMO Capital Markets, Bank of America and Latham & Watkins. Advance Auto Parts is advised by Centerview Partners and Hogan Lovells.
Spectris, a precision instrumentation and controls supplier, completed the acquisition of SciAps, a portable analytical instruments manufacturer, for $260m.
"We are delighted to be joining the Malvern Panalytical business under the Spectris Scientific umbrella. We bring to the portfolio handheld and laser-based (LIBS) elemental analysis, portable benchtop XRF, with a strong new product pipeline and plug-in capability to Malvern Panalytical's innovative digital platform. This is an exciting combination and Spectris is the perfect partner to maximise the success of our combined capabilities and technologies for customers," Don Sackett, SciAps CEO.
DRIVEiT Financial Auto Group, an electric vehicle superstores operator, agreed to go public via SPAC merger with Yotta Acquisition, a publicly traded special purpose acquisition company, in a $100m deal.
“We are very excited about this opportunity and the future for all Yotta and DRIVEiT stockholders. DRIVEiT is an industry first innovator building an EV superstore, encompassing everything from sales, service, parts and collision repair with laser focus on a unique customer experience. In our partnership with Yotta, the future is now as we set the bar for retail EV car buying and ownership experience,” Shawn Hughes, DRIVEiT CEO.
DRIVEiT is advised by EarlyBirdCapital and Loeb & Loeb. Yotta is advised by Celine & Partners.
Stryker, an American multinational medical technologies corporation, agreed to acquire Vertos Medical, a medical device manufacturer. Financial terms were not disclosed.
“Allowing patients to get back to what matters most to them is what matters most to us. Stryker’s mission and focus on interventional solutions provides an opportunity to further improve patients' quality of life,” Eric Wichems, Vertos Medical CEO.
US Bank, an American bank holding company, completed the acquisition of Salucro Healthcare Solutions, a healthcare financial technology company. Financial terms were not disclosed.
“US Bank is a leader in providing banking and payments services to the healthcare industry, making it easier for providers and patients to focus on what’s most important to them. Salucro’s robust billing and payment platform is an ideal complement to offerings we provide throughout US Bank and Elavon,” Shailesh Kotwal, US Bank Vice Chairman.
Media veteran Bronfman raises bid for Paramount takeover to $6bn.
Veteran media executive Edgar Bronfman sweetened his bid to take over Paramount Global, offering $6bn for its controlling shareholder National Amusements and a minority stake in Paramount, Reuters reported.
He had previously offered $4.3bn. Shares of Paramount rose more than 2.4% after the market closed. Paramount said on August 21 it had received an acquisition proposal from Bronfman on behalf of a consortium of investors, but it did not disclose the terms.
Ovintiv explores sale of oil operations in Uinta Basin.
Denver-based Ovintiv is considering a possible sale of its operations in the Uinta Basin, which could fetch as much as $2bn, Bloomberg reported.
The Uinta Basin operations involve drilling through approximately 2,600ft of oil-saturated reservoir rock. Ovintiv is working with an adviser to gauge private equity-backed energy groups' interest in the asset.
Oaktree nears a deal for a majority stake in two B Riley units. (FS)
Asset manager Oaktree Capital is in exclusive talks to acquire a majority stake in two businesses owned by investment bank B. Riley. This deal values the units at around $380m, Reuters reported.
Oaktree is discussing buying a stake of 51% to 55% in B. Riley's appraisal and valuation services arm and its retail, wholesale and industrial solutions unit, entities formerly known as Great American Group.
Blackstone nears purchase of Hyatt Clearwater Beach in Florida. (FS, RE)
Blackstone is in talks to acquire the Hyatt Regency Clearwater Beach Resort and Spa on Florida's Gulf Coast, which features 286 oversized rooms and more than 1,860 square metres of indoor and outdoor event space.
The alternative asset manager is discussing buying the property from Westmont Hospitality Group for around $200m. A transaction hasn't been finalized and terms can still change, Bloomberg reported.
Franklin Templeton unit replaces investment chief and closes $2bn fund amid US probes. (FS, People)
Fixed income manager Western Asset Management, a unit of investment manager Franklin Templeton or Franklin Resources, had replaced a top investment executive and would shutter a $2bn fund amid federal investigations into his conduct, Reuters reported.
Michael Buchanan has been named chief investment officer with immediate effect, replacing Ken Leech, who is on a leave of absence after being notified by the US Securities and Exchange Commission that civil charges against him are likely.
After Leech's departure, the company also decided to shutter the $2bn Macro Opportunities strategy fund, which caused Franklin Templeton's shares to finish down more than 12% at $19.78, the biggest daily percentage drop in nearly four years.
EMEA
TJX Companies, an American multinational off-price department store corporation, agreed to acquire a 35% stake in Brands for Less, a major off-price branded apparel, toys, and home fashions retailer based in Dubai, for $360m.
"Over the past 28 years, we have built the region's leading off-price retailer of fashion, homeware and toys. We are thrilled and honored to have TJX as an investor and we thank TJX CEO and President Ernie Herrman and his leadership team for placing their trust in our business. This is an exciting opportunity for growth, and with TJX's international expertise, we are well placed to successfully execute our strategy while supporting the development and rewarding the dedication of our employees," Toufic Kreidieh, Brands For Less Executive Chairman and Co-Founder.
TJX Companies is advised by Bank of America and Ropes & Gray. Brands for Less is advised by deNovo, White & Case and Kekst CNC (led by Nahed Ashour).
Siemens picks Toyota's Vanderlande as a buyer for the logistics unit.
Siemens has chosen Toyota's Vanderlande as a buyer for its airport logistics unit Siemens Logistics, expecting proceeds in the lower three-digit million euro range, Reuters reported.
Vanderlande, owned by Japan's Toyota Industries since 2017, is a Dutch producer of luggage conveyor belts and parcel-sorting systems used in more than 600 airports worldwide.
Germany plans majority stake in cruise shipbuilder.
The German government plans to take a temporary majority stake in Meyer Werft, one of the world's top cruise shipbuilders, as part of measures to support the company, Reuters reported.
The company has orders in the pipeline, including this from US entertainment group Disney. Still, it needs to raise almost €2.8bn ($3.1bn) to help finance its activities due to delayed effects of a lull in demand during the pandemic.
APAC
Zomato, an Indian food delivery and quick commerce company, agreed to acquire the entertainment ticketing business of Paytm, a digital payments start-up that offers innovative and intuitive digital products and services for customers and merchants, for $244m.
"We built the entertainment ticketing business by addressing the market needs of the time. Today, as it transitions to Zomato ownership, we thank every team member who contributed to building this business. It has been a privilege to grow this business with an incredible team. This move allows us to continue focusing on long-term growth in our core areas and value creation for all stakeholders," Paytm.
Zomato is advised by KPMG and Kotak Mahindra Capital. Paytm is advised by Deloitte, Morgan Stanley and Luthra and Luthra.
Nippon Steel, a steelmaking company, and JFE Steel, a Japanese steel manufacturer, agreed to acquire a 30% stake in Blackwater coal mine from Whitehaven Coal, an Australian coal mining company, for $1.08bn.
“We are delighted to welcome Nippon Steel and JFE Steel as joint venture partners at Blackwater. Both companies have a long and proud tradition of excellence in steel production and have contributed to the economic advancement of Japan and the region more broadly," Paul Flynn, Whitehaven CEO and Managing Director.
Whitehaven is advised by UBS.
Japanese government approval could be a major roadblock in Alimentation Couche-Tard’s attempts to acquire Seven & i Holdings, if it proceeds, Bloomberg reported.
Regardless of whether the buyout offer is friendly or hostile, the deal could be blocked or the terms of agreement changed, should authorities deem it a national security risk.
Indian tribunal dismisses petitions opposing ICICI Securities' delisting.
An Indian company tribunal has dismissed objections raised by minority shareholders of ICICI Securities regarding its delisting plans, Reuters reported.
ICICI Bank, which holds a roughly 75% stake in ICICI Securities, won shareholder approval to buy out the remaining stake in March in a share-swap deal worth $622m, making the brokerage its whole-owned subsidiary and delisting it from the exchanges.
General Atlantic exits India's PNB Housing in a $127m deal. (FS)
US private equity firm General Atlantic on August 21 sold its entire stake worth INR10.7bn ($127m) in India's PNB Housing Finance, Reuters reported.
The company, which had a 5.1% stake in PNB Housing, sold 13.3m shares for INR802.50 ($9.6) apiece, causing PNB Housing's shares to surge by 10%.
DMI Finance to raise funds from MUFG at $3bn valuation.
Indian shadow bank DMI Finance said it is raising fresh funding from Japan's Mitsubishi UFJ Financial Group at a valuation of about $3bn as it seeks to ramp up its lending, Bloomberg reported.
The Japanese lender, which is already an investor in DMI Finance, is set to buy around $330m of stock in the company, making itself the second-largest shareholder.
SoftBank in talks to invest in Sharp but feasibility unclear.
Japanese telecom company SoftBank is in talks to invest about JPY100bn ($684m) in electronics maker Sharp, but the deal's feasibility remains unclear, Reuters reported.
SoftBank's investment plan emerged amid its negotiations to acquire part of Sharp's Sakai plant to build an AI data centre, but the two companies are seen disagreeing over the terms.
Premji Invest, Claypond Capital may invest in Akasa Air.
A consortium of Indian IT czar Azim Premji's investment firm Premji Invest, and Claypond Capital, the family office of Manipal Group's Ranjan Pai are said to be in talks to acquire a significant minority stake in Akasa Air, one of India's newest airlines, DealStreetAsia reported.
The deal size could be about $125m and the proposed investment could peg the value of Akasa at over $350m. The late Rakesh Jhunjhunwala and his family currently hold around 40% stake in the airline.
Warburg Pincus to back MA Financial's $675m real estate credit vehicle. (FS)
Australian alternative asset manager MA Financial is launching an AUD1bn ($675m) real estate investment vehicle with support from US private equity giant Warburg Pincus, DealStreetAsia reported.
The vehicle is expected to provide global institutional investors access to Australia's real estate credit market, funding high-quality developers and residential real estate projects. The vehicle has an initial target of at least AUD700m ($472m) in commitments for the first close.
China's WeRide delays US IPO just as deadline nears.
Self-driving technology company WeRide has postponed its plan for a US initial public offering, days before Chinese regulatory approval lapses, Bloomberg reported.
The autonomous vehicle company is seeking as much as $440m in the IPO and concurrent private placement. WeRide earlier delayed the planned share sale to this week to make room for a new investor.
Bluestone raises $107m in pre-IPO round. (FS)
New-age jewellery retailer Bluestone, backed by the Indian industrialist Ratan Tata, is said to have closed a INR900bn ($107m) pre-IPO round, DealStreetAsia reported.
The funding, at a reported valuation of $970m, saw the participation of a host of investors such as Peak XV Partners, Prosus, Steadview Capital, Think Investments and Infosys cofounder Kris Gopalakrishnan's family investment office Pratithi Investments.
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