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Top Highlights
CC Capital, a private investment firm, and OneIM, a global alternative investment manager, agreed to acquire Insignia Financial, a diversified wealth management group, for $2.5bn, according to press releases.
CC Capital is advised by Deutsche Bank, Houlihan Lokey, Macquarie Group, Rothschild & Co, Santander, Ashurst (led by Anton Harris and Will Mason), Skadden Arps Slate Meagher & Flom (led by Todd Freed), GRACosway (led by Joanna Ball) and Joele Frank (led by Kate Thompson and Jonathan Keehner). OneIM is advised by Herbert Smith Freehills Kramer, Weil Gotshal and Manges (led by Kyle C Krpata) and Greenbrook (led by Ksenia Galouchko). Insignia Financial is advised by Citigroup, Gresham and King & Wood Mallesons, according to press releases and MergerLinks data.
Apax Partners, a private equity firm, agreed to acquire Apax Global Alpha, an investment trust focused on private equity investments, for $1.1bn, according to press releases.
Lantheus, a radiopharmaceutical-focused company, completed the acquisition of Life Molecular Imaging, a radiopharmaceutical company, from Life Healthcare, a private healthcare provider, for $780m, according to press releases.
Lantheus was advised by Ernst & Young, Morgan Stanley, Bowmans, Covington & Burling (led by Jack S. Bodner), Ropes & Gray and FGS Global (led by Catherine Livingston). Life Molecular Imaging and Life Healthcare were advised by FirstRand Bank, A&O Shearman (led by Matthew Appleton) and Cliffe Dekker Hofmeyr, according to press releases.
Deal Round up
AMERICAS
Oracle in talks for $100m Skydance-Paramount cloud deal. ( Bloomberg)
BNSF hires Goldman, CSX seeks bankers as Union Pacific sparks rail M&A race. ( Reuters)
Karman announces proposed public offering of common stock. ( Press Release)
NIQ’s $1.2bn IPO to test investor desire for PE-firm exits. ( Bloomberg)
Arm-backed chipmaker Ambiq Micro starts marketing US IPO. ( Bloomberg)
Universal Music confidentially files for US listing. ( Reuters)
Avalara confidentially files for US IPO. ( Reuters)
LA Times owner plans to take the newspaper public. ( Bloomberg)
EMEA
UniCredit wins more time for Banco BPM bid as regulator acts. ( Bloomberg)
Citi, Barclays among banks backing Advent buyout of Reckitt unit. ( Bloomberg)
Ibex sells entire Pepkor stake for $1.5bn. ( Reuters)
Challenger bank Cynergy seeks £1bn valuation in minority sale. ( Sky News)
OpenAI and UK Government announce strategic partnership. ( Press Release)
Utmost Group weighs sale of pensions unit. ( Bloomberg)
H&F’s Verisure targets €3bn-plus IPO in Stockholm. ( Bloomberg)
Saudi fitness firm surges on trading debut, defying IPO slowdown. ( Bloomberg)
APAC
China’s Cosco seeking to join Li’s ports' bid consortium. ( Bloomberg)
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AMERICAS
The Ether Machine, a newly formed entity enabling public market investors to access Ethereum yield, agreed to go public via SPAC merger with Dynamix, a special purpose acquisition company, in a $1.5bn deal, according to press releases.
The Ether Machine is advised by Skadden Arps Slate Meagher & Flom (led by Lorenzo Corte) and Citigroup. Citigroup is advised by Davis Polk & Wardwell. Dynamix is advised by Cohen & Company Capital Markets, Scotia Capital and Gibson Dunn & Crutcher (led by Evan D'Amico and Gerald Spedale), according to press releases.
Asbury Automotive, an automotive retail and service company, completed the acquisition of Herb Chambers, a car dealership, for $1.45bn, according to press releases.
ARCHIMED, an investment firm focused exclusively on healthcare industries, agreed to acquire ZimVie, a life sciences leader in the dental implant market, for $730m, according to press releases.
Goldman Sachs Alternatives and Blackstone, two investment companies, agreed to acquire a majority stake in NAVEX, an ethics, risk and compliance management software-as-a-service provider, from BC Partners and Vista Equity, two private equity firms, according to press releases. Financial terms were not disclosed.
NAVEX is advised by JP Morgan and Simpson Thacher & Bartlett (led by Anthony Vernace). Goldman Sachs is advised by Weil Gotshal and Manges (led by Christopher Machera), according to press releases.
Blackstone, an American multinational private equity firm, agreed to acquire a majority stake in NetBrain, a network automation and AI platform, according to press releases. Financial terms were not disclosed.
Blackstone is advised by Simpson Thacher & Bartlett. NetBrain is advised by McDermott Will & Emery, according to press releases.
Safran, an aircraft equipment manufacturer, completed the acquisition of flight control and actuation activities from Collins Aerospace, an aerospace and defense company, for $1.8bn, according to press releases.
Safran was advised by JP Morgan, according to MergerLinks data.
ARK Invest, an American investment management firm, completed a $182m investment in BitMine, a Bitcoin mining and hosting company, according to press releases.
Polymarket, an information markets platform, completed the acquisition of QCEX, a CFTC-regulated exchange and clearinghouse, for $112m, according to press releases.
Carlyle, an American multinational private equity, alternative asset management, and financial services corporation, agreed to acquire a majority stake in Adastra, a global IT consultancy and services provider specializing in data, cloud and AI transformations, according to press releases. Financial terms were not disclosed.
Oracle in talks for $100m Skydance-Paramount cloud deal. ( Bloomberg)
Oracle is negotiating a significant software agreement with Skydance Media, which would take effect after Skydance finalizes its acquisition of Paramount Global.
The deal, estimated at around $100m annually, would involve Paramount and its affiliates adopting Oracle’s cloud-based software solutions.
BNSF hires Goldman, CSX seeks bankers as Union Pacific sparks rail M&A race. ( Reuters)
BNSF Railway has enlisted Goldman Sachs, and CSX is in discussions to hire financial advisers, as Union Pacific’s interest in acquiring Norfolk Southern triggers a wave of strategic planning across the US freight rail industry.
Union Pacific’s potential acquisition of Norfolk Southern could result in a $200bn coast-to-coast rail giant, marking the most significant industry consolidation in decades.
Karman announces proposed public offering of common stock. ( Press Release)
A group of investors in Karman, including an affiliate of its biggest shareholder, plans to sell 20m shares nearly five months after the company’s IPO.
The sellers include Dallas-based private equity firm Trive Capital and Karman’s leadership team, including CEO Tony Koblinski. The offering will be marketed over two days, with pricing set for July 23 after the US market closes.
NIQ’s $1.2bn IPO to test investor desire for PE-firm exits. ( Bloomberg)
Shares of NIQ Global Intelligence, a global consumer insights company, are set to begin trading this week. NIQ aims to raise up to $1.2bn through the offering.
The outcome of the IPO could influence other private equity-backed firms considering public listings.
Arm-backed chipmaker Ambiq Micro starts marketing US IPO. ( Bloomberg)
Ambiq Micro, a semiconductor company focused on energy-efficient AI chips, is aiming to raise up to $85m through an initial public offering.
The Austin-based firm, which is backed by Arm, intends to offer 3.4m shares priced between $22 and $25.
Universal Music confidentially files for US listing. ( Reuters)
Universal Music Group, the world’s largest music label, has confidentially filed for a US stock market listing, following pressure from major shareholder Pershing Square.
While the company didn’t disclose the size or fundraising target of the offering, its market value stood at roughly €49.7bn ($58bn) based on its latest Dutch exchange closing price.
Avalara confidentially files for US IPO. ( Reuters)
Avalara, a tax software company that was taken private in 2022, has confidentially filed for a US IPO, signaling its intent to return to the public markets amid renewed investor interest in IPOs.
Founded in 2004 and based in Seattle, Avalara offers a cloud-based platform for tax compliance and serves clients such as Adidas, Crocs, and Reebok.
LA Times owner plans to take the newspaper public. ( Bloomberg)
Billionaire Patrick Soon-Shiong announced plans to take the Los Angeles Times public within the next year.
Soon-Shiong acquired the paper in 2018 for $500m through his firm Nant Capital and has since helped stabilize the organization following internal disputes under its previous ownership.
Subway has appointed Jonathan Fitzpatrick as its new CEO, effective July 28. He brings over 20 years of experience in franchising and quick-service restaurants.
Most recently, Fitzpatrick served as President and CEO of Driven Brands.
Earlier in his career, he held senior roles at Burger King, including Executive VP and Chief Brand and Operations Officer.
EMEA
Sanofi, a French multinational pharmaceutical and healthcare company, agreed to acquire Vicebio, a biopharmaceutical company, for $1.6bn, according to press releases.
Vicebio was advised by Goodwin Procter and Optimum Strategic Communications (led by Mary Clark), according to press releases.
Centrica, an electric services company, agreed to acquire a 15% stake in Sizewell C, a nuclear power station, for £1.3bn ($1.75bn), according to press releases.
Centrica is advised by UBS (led by Jonathan Grundy) and Slaughter & May, according to press releases.
Roca Group, a company active in the design and production of bathroom solutions, completed the acquisition of Antonio Lupi Design, a company specializing in designer bathroom furnishings, according to press releases. Financial terms were not disclosed.
Antonio Lupi Design was advised by Ethica Group (led by Giorgio Carere) and Legance, according to press releases.
Insight Partners, a global venture capital and private equity firm, led a $160m Series B round in Xelix, an agentic AI software company, with participation from Passion Capital and LocalGlobe, according to press releases.
Xelix was advised by Solano Partners. Insight Partners was advised by Houlihan Lokey, according to press releases.
Compass Group, a leader in food services, agreed to acquire Vermaat Groep, a premium food services business in Europe, for €1.5bn ($1.75bn), according to press releases.
Compass Group is advised by Brunswick Group, according to press releases.
Bridgepoint, a private equity and asset management firm, completed the acquisition of a majority stake in mydentist, a provider of affordable dentistry, from Palamon Capital Partners, a pan-European growth investor, according to press releases. Financial terms were not disclosed.
Palamon Capital Partners was advised by Morgan Stanley, according to MergerLinks data.
Titan Company, a company that mainly manufactures fashion accessories such as jewellery, watches and eyewear, agreed to acquire a 67% stake in Damas Jewellery, a jewellery company, from Mannai, an engineering services company, for $283m, according to press releases.
Mannai is advised by JP Morgan, according to MergerLinks data.
KKR, a global investment firm, agreed to acquire a minority stake in Etraveli Group, a travel technology company, according to press releases. Financial terms were not disclosed.
CVC is advised by JP Morgan, according to press releases.
GE Vernova, an electric services company, agreed to acquire Alteia, a France-based software company, according to press releases. Financial terms were not disclosed.
UniCredit wins more time for Banco BPM bid as regulator acts. ( Bloomberg)
Eight months after the initiation, UniCredit's bid for Banco BPM was about to expire on July 23, coinciding with UniCredit’s release of its second-quarter earnings.
However, Italy’s financial regulator has temporarily paused the takeover offer, allowing UniCredit's CEO Andrea Orcel additional time to address government-imposed conditions on the deal.
Citi, Barclays among banks backing Advent buyout of Reckitt unit. ( Bloomberg)
HSBC, Santander, and Sumitomo Mitsui are also expected to participate in the deal, which is considered a highly valuable opportunity in investment banking.
Ibex sells entire Pepkor stake for $1.5bn. ( Reuters)
Ibex, formerly Steinhoff International, has sold its entire 28% stake in South African clothing retailer Pepkor for around $1.5bn through an accelerated book-building process.
This move is part of Ibex’s ongoing strategy to reduce its significant debt load, following years of gradually divesting its holdings in Pepkor, which owns popular brands like Pep and Ackermans.
Challenger bank Cynergy seeks £1bn valuation in minority sale. ( Sky News)
Cynergy Bank, a UK challenger bank formerly owned by Bank of Cyprus, is in discussions to sell a minority stake, potentially valuing the company at up to £1bn ($1.3bn).
The sale aims to raise capital for future growth, while also allowing existing shareholders to cash out partially. Investment bank Perella Weinberg Partners has been hired to find new investors ahead of a formal process set to begin in September.
OpenAI and UK Government announce strategic partnership. ( Press Release)
OpenAI and the UK Government have formed a strategic partnership aimed at advancing AI adoption and supporting the UK’s AI Opportunities Action Plan.
The agreement outlines cooperation on integrating AI into public services and the private sector, building supporting infrastructure, and sharing technical expertise to fuel UK growth.
Utmost Group weighs sale of pensions unit. ( Bloomberg)
Utmost Group, a UK-based insurer supported by Oaktree Capital Management, is evaluating the potential sale of its UK life and pensions division as it prepares for a possible stock market listing in London.
The company has engaged Fenchurch, a boutique advisory firm specializing in financial services, to assess strategic options for the unit, including a potential sale.
H&F’s Verisure targets €3bn-plus IPO in Stockholm. ( Bloomberg)
Verisure and its investors are considering raising between €3bn ($3.5bn) and €4bn ($4.7bn) through an initial public offering in Stockholm, potentially making it the largest IPO in Europe in the past three years.
The offering is anticipated to primarily involve the issuance of new shares to help Verisure reduce its debt. Additionally, current shareholders - led by majority owner Hellman & Friedman, a private equity firm - may also sell some of their holdings as part of the deal.
Saudi fitness firm surges on trading debut, defying IPO slowdown. ( Bloomberg)
Shares of Sport Clubs, a fitness company based in Saudi Arabia, surged on their market debut July 22, defying a recent trend of subdued IPOs in the country. The stock jumped 24% to SAR9.3 ($2.5) from its offer price of SAR7.5 ($2), boosting the company’s valuation to over SAR1bn ($266m).
Despite a decline in the broader Saudi market, the IPO was priced at the upper end of its range and saw overwhelming interest, with subscriptions exceeding the offer by 44.1 times, indicating strong investor appetite amid a sluggish overall market.
BP has announced the appointment of Albert Manifold as the company’s next chair, succeeding Helge Lund, who will officially leave the position on October 1.
Albert Manifold, the former CEO of building materials firm CRH and current non-executive director at LyondellBasell, will become a non-executive director and chair-elect of BP on September 1.
APAC
Astorg-backed IQ-EQ, an operator of an investment services firm, agreed to acquire Gordian Capital, an institutional cross-border fund platform and fund solutions provider, according to press releases. Financial terms were not disclosed.
China’s Cosco seeking to join Li’s ports' bid consortium. ( Bloomberg)
China Cosco Shipping, a state-owned shipping company, is poised to join the consortium acquiring Li Ka-shing’s international ports. The company is seeking a significant role in the group, including veto power, to ensure Beijing supports the deal.
Cosco is pushing for these rights to safeguard China’s interests, especially as the acquisition includes 43 ports, two of which are located near the strategic Panama Canal, raising geopolitical sensitivities.
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