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Top Highlights
Quikrete, the largest manufacturer of packaged concrete in the United States, completed the acquisition of Summit Materials, a producer of aggregates and cement, for $11.5bn.
CD&R-backed Columbus McKinnon, a designer, manufacturer and marketer of intelligent motion solutions for material handling agreed to acquire Kito Crosby, a provider of lifting solutions, from KKR, a global private equity firm, for $2.7bn, according to press releases.
Kito Crosby and KKR are advised by Evercore, Goldman Sachs and Kirkland & Ellis (led by Jennifer Perkins). Columbus McKinnon is advised by JP Morgan, DLA Piper and Hogan Lovells. Debt financing is provided by JP Morgan. CD&R is advised by Guggenheim Partners and Debevoise & Plimpton, according to press releases.
An investor consortium led by Elon Musk offered to acquire the nonprofit that controls OpenAI, the artificial intelligence startup currently restructuring into a for-profit firm, for $97.4bn.
OpenAI CEO Sam Altman confirmed that the company's board rejected the offer and has no interest in Elon Musk's bid.
Deal Round up
AMERICAS
Merck in talks to acquire US biotech firm SpringWorks. ( Press Release)
Elliott takes $2.5bn stake in Phillips 66. ( Bloomberg)
GDS weighs $500m US IPO for international unit. ( Bloomberg)
Kestra Medical Technologies files for $100m IPO. ( SEC Filing)
APAC
I Squared explores a $2bn acquisition of DigitalBridge’s tower assets in Southeast Asia. ( Bloomberg)
CATL plans $5bn Hong Kong listing. ( Reuters)
China’s Mixue Group to launch $500m Hong Kong IPO. ( Reuters)
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AMERICAS
SMX, a provider of next-generation mission support, digital transformation, and IT solutions, completed the acquisition of cBEYONData, a provider of implementation, design, and managed service capabilities, according to press releases. Financial terms were not disclosed.
cBEYONData was advised by G Squared Capital Partners, KippsDeSanto & Co and Holland & Knight. SMX was advised by Gibson Dunn & Crutcher, according to press releases.
Novartis, a multinational pharmaceutical corporation, agreed to acquire Anthos Therapeutics, a transformative, clinical-stage biopharmaceutical company, from Blackstone Life Sciences, a private investment platform, for $3.1bn, according to press releases.
Anthos is advised by Goldman Sachs, Morgan Stanley and Goodwin Procter, according to press releases.
Investment firms Bain Capital, Morgan Stanley Private Credit, and Newlight agreed to invest $350m in SelectQuote, a distributor of medicare insurance policies and owner of a healthcare services platform, according to press releases.
SelectQuote is advised by Jefferies & Company and Wachtell Lipton Rosen & Katz (led by Mark F. Veblen and Joshua Feltman) , according to press releases and MergerLinks data.
Gemspring Capital, a middle-market private equity firm, completed the acquisition of Creative Labs, a manufacturer and developer of branded and contract-manufactured haircare and skincare products, according to press releases. Financial terms were not disclosed.
Gemspring was advised by Intrepid Investment Bankers and McDermott Will & Emery, according to press releases.
NXP, a semiconductor manufacturing company, agreed to acquire Kinara, a provider of high-performance, energy-efficient and programmable discrete neural processing units, for $307m, according to press releases.
Kinara is advised by Citigroup, according to MergerLinks data.
J.C. Flowers, a private investment firm, agreed to acquire a majority stake in Infinite Investment Systems, a portfolio management solutions provider to the Canadian wealth management industry, according to press releases. Financial terms were not disclosed.
J.C. Flowers is advised by Lambert & Co (led by Jennifer Hurson) , according to press releases.
nCino, an American financial technology company, completed the acquisition of Sandbox Banking, a digital transformation firm serving the financial services industry, for $62.5m, according to press releases.
Yext, a digital presence platform for multi-location brands, completed the acquisition of Places Scout, a local SEO and location intelligence platform, according to press releases. Financial terms were not disclosed.
Arcadia, a utility data and energy solutions platform, completed the acquisition of RPD Energy, a provider of innovative renewable energy solutions, according to press releases. Financial terms were not disclosed.
Fox, a multinational mass media company, completed the acquisition of Red Seat Ventures, a digital media company, according to press releases. Financial terms were not disclosed.
Alarm.com, a platform for the intelligently connected property, completed the acquisition of a majority stake in CHeKT, a cloud platform for remote video monitoring services, according to press releases. Financial terms were not disclosed.
Merck in talks to acquire US biotech firm SpringWorks. ( Press Release)
Merck confirmed it is in advanced discussions to acquire SpringWorks Therapeutics, following recent media reports. The company emphasized that no legally binding agreement has been reached, and key conditions still need to be met.
The potential acquisition aligns with Merck’s strategy to expand its pharmaceutical portfolio, particularly in targeted therapies.
Elliott takes $2.5bn stake in Phillips 66. ( Bloomberg)
Elliott Investment Management built a stake exceeding $2.5bn in oil refiner Phillips 66 and is pushing for the company to sell or spin off its midstream business. The activist investor is also advocating for structural changes, arguing that Phillips 66 has yet to follow through on its board commitments.
Following the news, Phillips 66 shares surged as much as 7.1% in US premarket trading on February 11. Elliott’s involvement signals potential strategic shifts aimed at streamlining the company’s operations.
GDS weighs $500m US IPO for international unit. ( Bloomberg)
GDS is considering a US initial public offering for its GDS International business, aiming to raise approximately $500m. GDSI oversees the Chinese data center operator’s facilities in Hong Kong and Southeast Asia.
The company is in discussions with banks about the potential listing, which could take place as soon as this year. If completed, the IPO would provide GDS with additional capital to expand its international footprint.
Kestra Medical Technologies files for $100m IPO. ( SEC Filing)
Kestra Medical Technologies, a developer of wearable cardioverter defibrillators for high-risk cardiac arrest patients, filed with the SEC to raise up to $100m in an initial public offering.
The company is commercializing its Cardiac Recovery System, a platform that integrates patient monitoring, therapeutic treatment, digital health, and support services.
Oaktree Capital Management announced the final close of Oaktree Opportunities Fund XII, with approximately $16bn of commitments, including co-investment and affiliated vehicles.
"Oaktree’s Global Opportunities strategy has a 36-year track-record of successfully investing through multiple market cycles – generating consistently strong returns through our disciplined and diversified approach to capital deployment and risk mitigation," Bruce Karsh, Oaktree Co-Chairman and Chief Investment Officer.
EMEA
Goldman Sachs Alternatives agreed to acquire a majority stake in Trackunit, a SaaS and operating data platform provider for the construction ecosystem globally, from private equity firms Hg and GRO Capital, according to press releases. Financial terms were not disclosed.
Goldman Sachs Alternatives is advised by Deloitte, Evercore, CMS, Gorrissen Federspiel (led by Anders Ørjan Jensen and Andreas Hertel) and Skadden Arps Slate Meagher & Flom. The sellers are advised by Deloitte, Goldman Sachs, Morgan Stanley, A&O Shearman, Sullivan & Cromwell and White & Case, according to press releases and MergerLinks data.
EQT introduced EQT Nexus Infrastructure, its latest evergreen strategy. EQT has been expanding in the evergreen space since the launch of its first evergreen strategy for individual and institutional investors in 2023, with this introduction reflecting investors’ growing desire to customize their private markets portfolios.
“Expanding our portfolio of evergreen strategies is a key focus for our firm. As we go on this journey, two trends are emerging,” said Peter Beske Nielsen, EQT Partner.
APAC
Temasek-backed Cuscaden Peak, a real estate investment trust manager in Singapore, agreed to acquire the remaining shares in Paragon REIT, a real estate investment trust that invests in income-producing retail malls in Singapore and Australia, for SGD1.1bn ($810m), according to press releases.
Paragon REIT is advised by Morgan Stanley and Teneo (led by Chong Yap Tok). Cuscaden Peak is advised by Citigroup and SEC Newgate (led by Karin Lai and Lynette Tan), according to press releases.
I Squared explores a $2bn acquisition of DigitalBridge’s tower assets in Southeast Asia. ( Bloomberg)
Private equity firm I Squared Capital is considering acquiring a significant portion of DigitalBridge’s tower assets in Southeast Asia, following the collapse of talks to buy the investment company’s Singapore-based unit due to pricing disagreements.
The potential deal includes EdgePoint Infrastructure’s tower assets in the Philippines and Malaysia, valued at up to $2bn. DigitalBridge’s Indonesian tower assets, worth around $1bn, may be sold separately to a local buyer.
CATL plans $5bn Hong Kong listing. ( Reuters)
Chinese battery giant CATL is preparing to file for a Hong Kong listing this week, aiming to raise at least $5bn.
If completed, the listing would be Hong Kong’s largest in four years, surpassing most recent IPOs and marking the biggest since Kuaishou Technology’s $6.2bn offering in 2021.
China’s Mixue Group to launch $500m Hong Kong IPO. ( Reuters)
Mixue Group, China’s largest bubble tea company, is set to begin bookbuilding for its Hong Kong initial public offering by the end of February, aiming to raise approximately $500m.
The company, which operates 40k stores across China, plans to list on the Hong Kong Stock Exchange in early March. The IPO will provide Mixue with capital to support its expansion and strengthen its position in the competitive beverage market.
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