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AMERICAS
The Competition Commission of India said it has granted its approval for the stake acquisition in climate technologies' business of Emerson Electric by Blackstone. The deal has been cleared under the green channel route, ET reported.
"There are no horizontal overlaps or existing and/or potential vertical or complementary relationships between the target business and the acquirers. Accordingly, the proposed transaction is being filed as a green channel filing. As such, the transaction raises no risk of any adverse effect on competition," CCI.
GIC is advised by Dechert (led by Mark Thierfelder). Blackstone is advised by Barclays (led by Richard Siegel and John McCann), Evercore (led by Naveen Nataraj), Guggenheim Partners, Corrs Chambers Westgarth (led by Jeremy Horwood), Herbert Smith Freehills (led by Joseph Dennis), Simpson Thacher & Bartlett (led by Elizabeth Cooper and William Allen) and Joele Frank (led by Jonathan Keehner). Debt financing is provided by RBC Capital Markets, SMBC Nikko Securities and Wells Fargo Securities. Emerson Electric is advised by Centerview Partners, Goldman Sachs, Baker McKenzie (led by Jannan Crozier), Davis Polk & Wardwell (led by Phillip R. Mills and Marc O. Williams), FleishmanHillard and Joele Frank. Financial advisors are advised by Sullivan & Cromwell.
Norway's sovereign wealth fund, one of the world's largest investors said it will support a plan by Canadian miner Teck Resources to spin off its metallurgical coal business and focus on copper and zinc. Glencore said it was willing to improve its $23.2bn offer for Teck, raising pressure on the Canadian miner to ditch a restructuring plan and sit down at the negotiating table.
By voting in favour of the Teck board's proposed spin-off at a meeting of shareholders on April 26, the Norwegian fund implicitly rejected Swiss miner Glencore's attempted takeover of the Canadian group, Reuters reported.
Teck Resources is advised by Ardea Partners, BMO Capital Markets, Barclays, Goldman Sachs, Origin Merchant Partners, Blake Cassels & Graydon, Paul Weiss Rifkind Wharton & Garrison, Stikeman Elliott and Sullivan & Cromwell.
Maverik – Adventure’s First Stop, a gas station and retail store operator, agreed to acquire Kum & Go, a convenience store chain operator, from Krause Group, a business conglomerate. Financial terms were not disclosed.
“Kum & Go has always been driven by a desire to innovate, grow and serve our customers, our communities and our people. Maverik has built its business in the same way and is ideally positioned to lead the next chapter of growth for Kum & Go. We have much in common and I look forward to welcoming Chuck’s leadership, his team and Maverik to Des Moines, which will always be the home of the Krause Group and important to our future," Kyle Krause, Krause President and CEO.
Maverik – Adventure’s First Stop is advised by BMO Capital Markets, Bank of America and Kirkland & Ellis. Krause is advised by JP Morgan, Vedder Price and Gagnier Communications.
Gryphon Investors, a private equity firm, completed the acquisition of Vetnique Labs, a pet health and wellness platform. Financial terms were not disclosed.
"We look forward to partnering with James and his outstanding team at Vetnique, and can't wait to get to work. After many years of evaluating the overall pet space, we are excited to support Vetnique's efforts to build the premier pet health and wellness platform. We are impressed with the business to date and are honored to welcome such a unique brand into the Gryphon family," Eddie Douglas, Gryphon Principal.
Vetnique Labs was advised by Raymond James (led by John Berg). Gryphon Investors was advised by William Blair & Co, Kirkland & Ellis and Lambert & Co.
Madison Square Garden, an American sports and entertainment holding company, completed the spin off of Sphere Entertainment, a group comprising of Sphere, MSG Networks and Tao Group Hospitality businesses.
“With today’s announcement, we are one step closer toward our goal of creating two distinct companies, each well positioned to generate long-term value for our shareholders," James L. Dolan, Madison Square Chairman and CEO.
Madison Square Garden was advised by Bank of America, Goldman Sachs, JP Morgan and Sullivan & Cromwell.
Cerberus Capital-backed Electrical Components International, a global supplier of electrical distribution systems, completed the acquisition of Aerosystems International, a certified manufacturer specialized for electrical distribution and control systems. Financial terms were not disclosed.
“With strong demand for aircrafts in the years ahead, manufacturers are relying on partners who are equipped to meet their highly technical needs throughout production. ASI’s decades of experience and specialized expertise have solidified its position as a trusted supplier of wire harnesses and cable assemblies for the aerospace market. Together, we’ll be able to build on ASI’s leadership as we continue expanding into high-growth, high-value segments,” Mike Balsei, ECI Chief Executive Officer.
Rayburn, an energy company, agreed to acquire Sherman gas plant, a clean natural gas-fueled field. Financial terms were not disclosed.
“Rayburn Energy Station allows us to expand our capacity to more reliably and affordably serve our Member cooperatives here in North Texas. The addition of this key resource to our portfolio of solar, hydro and market purchases strategically positions Rayburn to ensure our Member cooperatives are served with a broad energy resource mix necessary to meet growing demand, extreme weather events, as well as the evolution of the Texas energy market,” David A. Naylor, Rayburn President and CEO.
LP Building Solutions, a manufacturer of high-performance building products, agreed to acquire Wawa OSB, a manufacturing facility, from Forex, an industrial company. Financial terms were not disclosed.
"We are thrilled to see the continued revival of this wood-based plant coming true. We would like to thank all the employees, First Nations, suppliers and local authorities for their support of this project," Yolaine Rousseau, Forex Executive Vice President.
Bed Bath & Beyond considers asset sales, Sixth Street bankruptcy loan. (FS)
Bed Bath & Beyond, an American chain of domestic merchandise retail stores, is considering sales of assets and intellectual property as part of a potential bankruptcy filing that could come as soon as this weekend.
The home goods retailer is also looking to secure funding from US-based investment firm Sixth Street Partners to support its operations through Chapter 11 proceedings but the plans could still change, Bloomberg reported.
Shockwave Medical draws interest from Boston Scientific.
Shockwave Medical, a manufacturer of medical devices, is attracting takeover interest from Boston Scientific, as health-care dealmaking starts to rebound.
Boston Scientific has been exploring a potential deal for Shockwave to boost its portfolio of cardiovascular devices. A deal could rank as one of Boston Scientific’s largest ever acquisitions. Deliberations are ongoing, and there’s no certainty they will lead to a transaction, Bloomberg reported.
Activist investor Starboard attracts Algonquin Power. (FS)
Algonquin Power & Utilities, a Canadian renewable energy and regulated utility conglomerate, has attracted Starboard Value after another activist investor publicly called for an asset sale, Bloomberg reported.
Starboard has held amicable discussions with the Canadian utility for weeks. The size of Starboard’s stake and the changes it is seeking from the company couldn’t be immediately learned.
PacWest Bancorp explores sale of its lender finance division.
PacWest Bancorp, a regional bank left reeling following the collapse of two rival lenders last month, is exploring a sale of its lender finance arm.
PacWest is working with a financial adviser to solicit interest in the business. An agreement could be reached within two months.
Unloading the unit would shrink PacWest’s balance sheet while freeing up capital. No final decision has been made and PacWest could opt to hold onto the business, Bloomberg reported.
Blackstone looking to raise $10bn for new US direct lending fund. (FS)
Blackstone is aiming to raise $10bn for the first vintage of its new direct lending fund, which launched in the first quarter of the year and will be marketed to both institutional and insurance clients.
While Blackstone has yet to reveal the investment strategy of the new Blackstone Senior Direct Lending Fund, it will likely borrow from the Blackstone Private Credit Fund, BuyoutsInsider reported.
JP Morgan GEP closes inaugural growth fund at over $1bn. (FS)
JP Morgan Growth Equity Partners announced the final close of its inaugural Growth Equity Fund, with over $1bn in aggregate capital commitments raised from a broad set of institutions, family offices and individual investors across the Americas, Europe and Asia as well as JP Morgan.
Growth Equity Partners leverages JP Morgan's global franchise to invest in companies ranging from Series B to pre-IPO stage across software, fintech, real estate and consumer technology sectors. The Fund has more than 80% of its capital commitments available to deploy in new investment opportunities and to help existing portfolio companies scale.
"We are pleased to have raised in excess of $1bn for our inaugural fund, particularly in a challenging market environment where only two venture funds over $1bn were raised last quarter. JP Morgan Growth Equity Partners is well positioned to take advantage of the attractive investment opportunities in the current environment," Christopher Dawe, JP Morgan GEP Managing Partner.
Standard Real Estate Investments launches investment program with GCM Grosvenor for $150m. (FS)
Standard Real Estate Investments, a minority-owned national real estate investment and development firm with offices in Los Angeles and Washington, announced a new investment venture with funds managed by GCM Grosvenor that will target equity investments in approximately $150m of industrial property developments in markets across the United States over the next 12-18 months.
“We’re excited about the dynamics of the industrial development market, which we believe will enable us to source and close great investment opportunities through our venture with GCM Grosvenor. The user demand side remains strong – we see continued growth of both e-commerce and onshoring of overseas facilities – but the capital markets remain challenging for sponsors, and we believe our program can help fill a financing gap," Robert Jue, Standard CEO.
Standard Real Estate Investments is advised by Willkie Farr & Gallagher.
JP Morgan hires Nick Richitt. (People)
JP Morgan Chase has hired Nick Richitt, Deutsche Bank’s global co-head of health-care investment banking.
Richitt will join the New York-based firm this summer to co-lead JP Morgan’s North American health-care services investment banking effort, Bloomberg reported.
EMEA
Development Partners International, an investment firm, agreed to acquire Solevo Group, an African distribution platform for specialty chemicals, from private equity firms Helios Investment Partners and Temasek. Financial terms were not disclosed.
“DPI’s partnership will help us to accelerate our scaling in new geographies, expand the firm’s portfolio of specialty chemicals across key sectors and implement digital transformation. We are working closely with our DPI colleagues on a new digitalisation and technology strategy to drive greater efficiencies across Solevo’s extensive distribution platform," Joris Coppye, Solevo CEO.
DPI is advised by BNP Paribas, PricewaterhouseCoopers, DLA Piper, Norton Rose Fulbright and Edelman. Helios is advised by KPMG, Rabobank, Rothschild & Co, Akin Gump Strauss Hauer & Feld and Teneo.
Elior Group, a commercial catering and food service company, completed the acquisition of Derichebourg Multiservices, a France-based company that offers environmental services, for €450m ($493m).
“With the signing of the Derichebourg Multiservices acquisition agreement, we have taken a decisive step in our project to create a new leader in contract catering and multiservices. This project lays out a new ambition for the Elior Group, one that will create value for its employees, customers, and shareholders. I personally ensured that this project will be supported by a new governance structure that meets the highest standards in terms of balance and independence over the long term. This new structure will enable all stakeholders to benefit from Elior’s development and success. I would like to thank Derichebourg SA and all the other shareholders who are supporting us in this process, particularly those who have already pledged their support at the upcoming General Meeting on April 18, where shareholders will vote on the transaction,” Bernard Gault, Elior Chairman and CEO.
Elior Group was advised by Credit Agricole, Morgan Stanley, Rothschild & Co, Actance Avocats and Darrois Villey Maillot Brochier. Derichebourg was advised by BNP Paribas, Centerview Partners, Hoche Societe D'Avocats and Plead.
A&M Capital Europe, a private equity firm, completed the acquisition of IBG, a distributor of confectionery, baked goods and savoury snacks into the convenience retail, specialty, wholesale and grocery channels, from Sculptor, a private equity firm. Financial terms were not disclosed.
IBG will continue under the leadership of its existing management team, led by CEO Wayne Beedle, with Wayne and his team investing alongside AMCE.
A&M Capital was advised by Alvarez & Marsal, EY Parthenon, Houlihan Lokey, MDW Capital, Weil Gotshal and Manges, Ernst & Young and Palladium Digital.
Canada's Brookfield Asset Management has made a counter bid of $2.7bn to take over payments provider Network International, topping a joint proposal from CVC Capital and Francisco Partners.
United Arab Emirates-based Network International said it was evaluating Brookfield's proposal, in what could be the start of a bidding war for the largest payment processing firm across the Middle East and Africa, Reuters reported.
Cap10 Partners, a private equity firm, agreed to acquire Sureserve, an asset and energy support services group, for $266m.
“The offer presents an opportunity for Sureserve shareholders to realise an immediate and certain compelling value in cash at a meaningful premium and are therefore themselves going to vote the Sureserve shares in which they are interested in favour of the acquisition,” Nick Winks, Sureserve Chairman.
Sureserve is advised by Evercore (led by Dimitrios Georgiou and Wladimir Wallaert), Shore Capital & Corporate and Camarco (led by Tom Huddart and Ginny Pulbrook). Cap10 is advised by Rothschild & Co (led by Alistair Allen) and Media Zoo.
Melrose, an investment company, completed the demerger of GKN Automotive, a multinational manufacturer of driveline components, and GKN Powder Metallurgy, an engineering solutions provider, shaping powder metal into high performance and high precision components. Financial terms were not disclosed.
“We are very happy to complete today the demerger of Dowlais. We thank shareholders for their support. We are confident that Dowlais will have a very successful independent future led by Liam and his team. It has been a pleasure to be involved in the improvement of the Dowlais businesses. For Melrose, the focus is now on the continued development of the Aerospace business which over the next few years has the opportunity to clearly establish itself as a leading focussed aerospace business making £1bn of EBITDA," Simon Peckham, Melrose CEO.
Silver Lake, a private equity firm agreed to acquire Software, a software developer, for $2.4bn.
"The Management Board welcomes the opportunity of a deepened strategic partnership with Silver Lake, following a thorough analysis of the Offer. Silver Lake has already demonstrated strong support for our strategic vision and values. With deep expertise in the integration market, experience in transitioning businesses to SaaS-first models and extensive M&A capabilities, Silver Lake is a valuable long-term partner for Software and our customers. A successful transaction would enable us to accelerate the execution of our strategy, double down on innovation in integration for customers, and provide greater opportunities to attract and develop talent. We would like to thank the Foundation and Dr Schnell for the many years of support in contributing to where Software is today,” Sanjay Brahmawar, Software CEO.
Sofware is advised by PJT Partners and Clifford Chance. Silver Lake is advised by Gleiss Luts.
Britain's Competition and Markets Authority said that Australian hearing device maker Cochlear's purchase of Demant's hearing implants business could hurt competition and mean higher prices for the National Health Service.
"The proposed $121m deal between two of the biggest players in Britain's hearing implant market could lead to worse outcomes for patients and higher prices for the state-funded NHS," CMA.
Oticon Medical is advised by Plesner. Cochlear is advised by Accura Advokatpartnerselskab.
Ardian-backed Jakala, a business consulting services provider, agreed to acquire FFW Group, a software developer. Financial terms were not disclosed.
"Jakala and FFW have a lot in common: their history and DNA are both committed to innovation and growth. This is an exciting journey that sees Jakala getting closer to the goal of becoming one of the biggest digital companies worldwide," Matteo de Brabant, Jakala Founder and President.
FFW Group is advised by Carnegie Investment Bank.
Remondis, a German multinational company for recycling, water resource management and industrial and communal services, agreed to acquire SFW Energia, an HVAC equipment manufacturer, from Iqony, an energy storage company. Financial terms were not disclosed.
“For us, this is an important step in the development of Remondis in Poland. For many years we have been investing in technologies that contribute to decarbonization – reducing carbon emissions and replacing fossil fuels with alternative energy sources. I believe that with this transaction our customers will live in a much cleaner environment as the energy transition is one of the biggest challenges facing the world. We know what expectations society has in this regard and we want to be the driving force of change for the benefit of future Polish generations," Marek Gębski, Remondis Board Member.
Iqony was advised by DC Advisory.
Focus Entertainment, a publisher of video games, completed the acquisition of Dovetail Games Group, a developer of video games. Financial terms were not disclosed.
“We are extremely pleased to welcome the talented and passionate teams from Dovetail Games into the Focus Group. The studio and its IPs are a very good fit for us and a worthy complement to the Focus lineup and strategy, with unique, compelling and definitive sim games celebrated by players all around the world," Sean Brennan, Focus Entertainment CEO.
Focus Entertainment is advised by Rothschild & Co.
I Squared Capital, a private equity firm, agreed to acquire Enva, an environmental consulting company. Financial terms were not disclosed.
I Squared’s acquisition supports the firm’s environmental infrastructure strategy, which aims to build a diverse portfolio of waste processing and recycling.
I Squared is advised by Brunswick Group.
Marcegaglia, an Italian industrial group, completed the acquisition of the Latvian unit of Severstal, a steel company. Financial terms were not disclosed.
Funds for the purchase have not been paid to Severstal but instead transferred into an escrow account where they will remain frozen as long as EU sanctions against the Kremlin remain in place.
A consortium of investors including Augment Investments, Kismet Capital Group and Elbrus Services, agreed to acquire the Russian business activities of Henkel, a multinational chemical and consumer goods company, for €600m ($660m).
Russian authorities had approved the deal but a final closing is still pending.
Italgas to make offer for Veolia's Italian water assets in mid-May.
Italgas, Italy's biggest gas distributor, aims to bid for French group Veolia Environment's Italian water assets in the middle of next month and close the deal swiftly.
Italgas said in March it had entered into exclusive talks with Veolia to buy the entire share capital or a majority stake in companies running water services in the regions of Lazio, Campania and Sicily.
"We aim to make a binding offer around mid-May and then, if it is accepted, we should move quickly towards the closing," Paolo Gallo, Italgas CEO.
Italy’s Meloni says government committed to Monte Paschi exit.
Italian Prime Minister Giorgia Meloni said her government is committed to exiting its investment in Banca Monte dei Paschi di Siena as she looks to end a saga involving the world’s oldest bank that’s dogged her predecessors and cost taxpayers billions in bailout funds, Bloomberg reported.
“We need to work to bring Monte back to the private market. We want to manage the state’s exit from MPS’s capital in an orderly manner," Giorgia Meloni.
Generali seeks buyers for Tua Assicurazioni.
Generali is looking to sell TUA Assicurazioni, a unit inherited from its purchase of a smaller Italian rival.
The insurer has hired advisers to sell the non-life company, which is valued at more than $329m. The sale process will formally begin next month with Generali aiming to complete the disposal by the end of the third quarter.
The sale is part of Generali’s drive to streamline legacy assets and policies from Societa Cattolica di Assicurazioni, which it bought in 2021. The company is seeking to improve profitability by focusing on more lucrative businesses, and it is selling non-core portfolios and life products, Bloomberg reported.
APAC
Private equity firm British Columbia Investment Management and Mubadala, completed a $630m investment in Cube Highways InvIT, an infrastructure investment trust.
“This marks a significant milestone in the development of India’s infrastructure sector and InvIT in particular. The trust in Cube by such marquee investors affirms its capability and personnel. The Board and Cube’s team are eager to work with all stakeholders to continue generating value and worth for all. I’m thrilled to participate in Cube’s journey towards a more prosperous and sustainable future," U K Sinha, Cube Highways Independent Director.
Mubadala was advised by HSBC. BCI was advised by Edelman.
Shenyang mulls buying Brilliance China Automotive Holdings stake.
The northeastern Chinese city of Shenyang is considering buying a stake in Hong Kong-listed Brilliance China Automotive Holdings, giving it exposure to a local joint venture with BMW.
The municipal government is discussing a potential acquisition of a 30% stake in Brilliance China held by state-backed Brilliance Automotive Group Holding, which is in a court-led restructuring process.
A 30% stake in Brilliance China is worth about $588m based on the company’s current market based on the company’s current market value of around $2bn. Shenyang is considering eventually acquiring control of all of Brilliance China. Buying a stake of 30% or more in a Hong Kong-listed company would trigger a mandatory unconditional offer to purchase the remaining shares, though the buyer could seek a waiver from the market regulator, Bloomberg reported.
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