Investindustrial launched a €142m tender offer for chocolate maker - Natra. (FS)
Investindustrial launched a tender offer for the acquisition of 100% of the shares and outstanding convertible bonds of Natra. The offer represents a value of €142m ($162m).
Natra is a Spanish multinational and one of the leading European producers of chocolate confectionery and cocoa products.
Nets completed the €73m acquisition of Dotpay/eCard from MCI Capital. (FS)
Nets, a market leader in the payments industry, has completed the acquisition of a Polish online payment service providers Dotpay/eCard. Nets paid €73m ($83m) for the company.
With this acquisition, Nets gains access to the sixth largest country in EU by inhabitants with a growing economy and eCommerce volumes. Poland also has high growth potential through cash to digital payments conversion, which is well supported by governmental cashless initiatives.
"With the acquisition of Dotpay/eCard, we extend our presence in Europe and get access to new opportunities in Poland which is a high growth market, especially within the merchant services area. We aim to continue the strong development Dotpay/eCard have experienced in recent years through both investments into organic growth and further consolidation.” Bo Nilsson, Nets CEO.
Cowen completed the acquisition of a German advisory firm, Quarton, for $105m.
Cowen has completed its acquisition of Quarton, a global financial advisory company serving the middle market.
The closing of this transaction creates a global, cross-border investment banking platform, with significantly expanded reach in the middle market and a full-service offering of public and private financing solutions across the capital structure.
Oslo Bors looking for white knights to rival €625m Euronext offer.
Oslo Bors has invited rival bidders to compete with an offer from Euronext, which says it has secured majority ownership of Norway’s largest markets operator.
Euronext has recently achieved potential control over the 50% threshold. Euronext is planning to make a tender offer for the outstanding shares.
Oslo Bors, which was unaware its shareholders were organizing an auction, said not all potential bidders had participated and invited them to make offers in January. It will also hold talks with Euronext before it makes a recommendation to shareholders.
Oslo Bors is being advised by Arctic Securities.
Rothesay Life plans a £3.5bn bid for a closed book business of Swiss Re.
Insurer Rothesay Life is planning a £3.5bn bid for a unit of reinsurance company Swiss Re putting into question the Zurich-based company’s plans to list the British unit in 2019.
Rothesay had approached Swiss Re some weeks back to buy ReAssure, Swiss Re’s British closed books division, and would make a formal offer in the coming months.
KKR and Altavair AirFinance, a leader in commercial aviation finance, entered into an agreement to form a long-term partnership to pursue the creation of a leading, global portfolio of leased commercial aircraft.
KKR will make a $1bn capital commitment to acquire commercial aircraft in partnership with Altavair over the next several years, and Altavair will be KKR’s partner for aircraft leasing investments going forward. KKR will also acquire a 50% interest in Altavair as part of the long-term partnership.
“Since our first investment in aircraft in 2015, we’ve recognized the increasing demand for both passenger and freighter aircraft. The decades-long proven track record that Altavair brings to this partnership is impressive and it is exactly the kind of company we were looking for when we sought out continued investment in aviation." Dan Pietrzak, KKR Managing Director.
Altavair was advised by Milbank Tweed Hadley & McCloy. KKR was advised by Simpson Thacher & Bartlett.
Abry Partners acquired a majority stake in Millennium Trust from Parthenon Capital. (FS)
Abry Partners, a leading Boston-based private equity firm, made a significant investment in Millennium Trust Company, a leading provider of technology-enabled retirement services and institutional custody solutions for businesses, institutions, advisors, and individuals. Parthenon Capital Partners will retain a minority stake in Millennium Trust. Financial terms were not disclosed.
“Millennium Trust’s expertise and continuous innovation have created a leader in custody solutions, and we believe the Company will continue to grow and evolve in the markets it serves.” Azra Kanji, Abry Partner.
Millennium Trust and Parthenon have been advised by Raymond James & Associates, William Blair & Company, and Kirkland & Ellis. Abry was advised by Kirkland & Ellis.
TA Associates has completed a strategic growth investment in Behavioral Health Works, a behavioral health services provider specializing in therapy and ancillary services for children with autism spectrum disorder and related disorders. Financial terms were not disclosed.
“We believe BHW has become a leader in providing therapy and behavioral health services to individuals affected by autism as a result of the company’s commitment to clinical quality and outcomes measurement." Emily C. McGinty, TA Associates Principal.
TA Associates was advised by Kirkland & Ellis and Deloitte. Behavioral Health was advised by Lewis Brisbois Bisgaard & Smith, Moss Adams, and Opus Bank.
Celgene and Bristol-Myers set a $2.2bn termination fee for their deal.
Celgene and Bristol-Myers Squibb will have to pay $2.2bn, if either of the drugmakers walks away from their $74bn merger, according to a regulatory filing.
The deal, which is worth $90bn including Celgene’s debt, is the largest pharmaceutical deal ever and brings together two of the world’s largest cancer drug businesses.
Celgene was advised by Citigroup, JP Morgan and Wachtell Lipton Rosen & Katz. Bristol-Myers Squibb was advised by Dyal Co., Evercore, Morgan Stanley, Kirkland & Ellis. Bank of Tokyo Mitsubishi Group and Morgan Stanley acted as debt providers.
Jair Bolsonaro is concerned that a proposed sale of 80% of Embraer’s commercial aviation business to Boeing could lead to the US planemaker taking over all of the division.
Bolsonaro’s statement was the strongest indication yet of concerns by the Brazilian government, which has to greenlight the deal, over the proposed tie-up.
Apollo wants to acquire GE's aircraft leasing operations worth up to $40bn. (FS)
Apollo Global Management is working on an offer to acquire General Electric’s aircraft leasing operations, which are worth as much as $40bn.
GE is already pressing on with divesting several assets, including spinning off its healthcare unit and shedding its stake in oilfield services company Baker Hughes. Apollo’s offer could put pressure on GE to also sell the aircraft unit.
M&A activity in Canada is expected to grow in 2019.
Canadian merger-and-acquisition activity is expected to strengthen in 2019 as a slump in oil prices could fuel consolidation among energy companies and cannabis deals gain momentum.
Deal volume jumped 15% to a 12-year high of $275bn in 2018. Buyout firms dominated big-ticket deals in the financial services, real estate, and energy sectors.
