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AMERICAS
FREYR Battery, a developer of sustainable batteries, agreed to acquire the US solar manufacturing assets of Trina Solar, a total solution provider for solar energy, for $340m.
“We are pleased to announce this transformative transaction, which will immediately position the Company as one of the leading solar manufacturing companies in the US We are proud to be partnered with Trina Solar, a global manufacturing and solar technology leader. Domestic manufacturing capacity for solar and batteries is essential for energy transition and job creation. The US was once the global leader in solar, and it can be again,” Daniel Barcelo, FREYR Chief Executive Officer.
FREYR is advised by Rystad Energy, Clean Energy Associates, Ernst & Young, Santander, Arnold & Porter Kaye Scholer and Skadden Arps Slate Meagher & Flom. Trina Solar is advised by CICC, Dorsey & Whitney and Deloitte.
Cencora, a global pharmaceutical solutions company, agreed to acquire a 85% stake in Retina Consultants of America, an ophthalmology and retina services provider, from Webster Equity Partners, a private equity firm, for $4.6bn.
“We are pleased to enter our next phase of growth with the support of a leading global pharmaceutical solutions organization. With additional resources to support the continued execution of our growth strategy, we will be better positioned to continue expanding our physician network and enhancing the quality of care we provide,” Robby Grabow, RCA Chief Executive Officer.
RCA is advised by Goldman Sachs, Rothschild & Co, Goodwin Procter and Reed Smith. Cencora is advised by Lazard, Freshfields Bruckhaus Deringer, Morgan Lewis & Bockius (led by James W. McKenzie, Aaron D. Suh and Andrew Budreika) and Sidley Austin.
Teledyne, a provider of sophisticated digital imaging products and software, instrumentation, aerospace and defense electronics, and engineered systems, agreed to acquire the select aerospace and defense electronics businesses from Excelitas, a provider of customized optoelectronics and advanced electronic systems to a global customer base of OEMs, for $710m.
“We are excited to announce this pending acquisition, which will bring us new technology in markets well-understood by Teledyne. Our respective products are highly complementary and not competitive, and we generally serve customers in complementary geographies. We look forward to welcoming these businesses and their employees to Teledyne,” Robert Mehrabian, Teledyne Executive Chairman.
Teledyne is advised by McGuireWoods. Excelitas is advised by Evercore, Harris Williams & Co and Fried Frank Harris Shriver & Jacobson.
Peakstone Realty Trust, a real estate company that manages industrial and office REITs, completed the acquisition of 51-property portfolio from a joint venture between Alterra IOS, an industrial outdoor storage company, and institutional investors advised by JP Morgan Asset Management, an asset manager, for $490m.
“This significant portfolio sale to a publicly traded REIT underscores the success of Alterra’s investment strategy, which we have refined for nearly a decade, and further advances the institutionalization of the IOS asset class. We believe this is just the beginning as more institutional investors seek scale in the highly fragmented IOS sector, and we look forward to continuing to pursue growth opportunities as market fundamentals remain strong,” Leo Addimando, Alterra CEO and Managing Partner and Matt Pfeiffer, Alterra CIO and Managing Partner.
Peakstone Realty Trust was advised by Bank of America, DLA Piper, Latham & Watkins and O'Melveny & Myers (led by Michael Hamilton).
Covia Energy, a provider of high-quality proppant and logistical solutions, and Black Mountain Sand, a supplier of high quality, cost effective regional frac sand servicing, agreed to merge to create Iron Oak Energy Solutions, a diversified proppant supplier. Financial terms were not disclosed.
"This combination creates a leading proppant provider across the most active oil and gas shale basins in North America, and with a debt-free balance sheet, Iron Oak Energy is well positioned to pursue further mergers and acquisitions. The scale and reach of the combined company are unmatched and allow us to better serve our existing customers' needs across multiple basins and capture new opportunities. Further, our diversified network of production facilities and significant storage position in the Permian Basin provide the scale, reliability, and deliverability of volumes required to meet the increasing proppant demands of longer-lateral, higher intensity completions," Michael Segura, Covia Energy President and Chief Executive Officer.
LEG Immobilien, a real estate company that focuses on the acquisition, sale, and leasing of real estate properties, agreed to acquire a 62.78% stake in Brack Capital Properties, a publicly traded real estate company, from Adler Group, a provider of rental and residential property management, for €219.3m ($239m).
“We are glad to secure a pivotal transaction ahead of initial expectations. As we fully support BCP’s strategy, we are happy to have found a strong local partner in LEG in pursuit of securing and enabling BCP’s future under new ownership,” Thierry Beaudemoulin, Adler Group CEO.
LEG Immobilien is advised by Sullivan & Cromwell (led by Carsten Berrar). Adler Group is advised by Van Lanschot Kempen and White & Case.
Aspen Standard Wealth, which serves as a permanent home and long-term partner for successful RIAs, completed the acquisition of Summitry, a registered investment adviser. Financial terms were not disclosed.
“When I met the team at Aspen, it was clear that they were different. They take a long-term view of everything they do. They care about growing our people, continuing to build on top of the foundation that our team has built, and helping us deliver more for our clients,” Colin Higgins, Summitry CEO.
Beringer Capital-backed Inman, a news source for real estate agents, completed the acquisition of Blueprint, a provider of a world class event experience to stakeholders across real estate, including multifamily and construction, from Connectiv, a New York-based live event studio. Financial terms were not disclosed.
"Our goal with this acquisition is to continue Inman's path to become the media company for the entire ecosystem of the real estate industry. Jay and his team have built a very special event and community, designed very thoughtfully. Working alongside them we will seek to help unlock more innovation and advancement for the entire built world," Emily Paquette, Inman CEO.
Paramount gave up on Warner Bros merger after months of talks.
Paramount Global talked to Warner Bros Discovery about a merger for months before giving up when no concrete offer was received, Bloomberg reported.
Paramount held talks with at least 12 alternative bidders, including Warner Bros, before agreeing in July to a merger with Skydance Media. By late February Paramount decided it would no longer share financial information with Warner Bros as the company had failed to make a specific merger proposal.
Lyft inks deals with Mobileye to bring robotaxis to ridehail platform.
Lyft said that it will partner with Mobileye and two other companies in the robotaxi industry to bring self-driving cars onto its ridehail platform and bolster research and development in the sector, Reuters reported.
The app-based taxi platform will incorporate cars owned by third-party fleet operators, equipped with the Mobileye Drive self-driving system, as it looks to compete with rival Uber, which has signed a slew of autonomous taxi agreements.
Brazil's Gol signs deal with Abra for credit to exit Chapter 11.
Brazilian airline Gol has signed a deal with shareholder Abra to reinforce its current restructuring plan and raise credit to exit bankruptcy, including the conversion of $950m of Abra's secured debt into Gol shares, Reuters reported.
Gol will present a restructuring plan that will allow a significant reduction of its leverage. The airline will convert into shares or otherwise extinguish up to $1.7bn of its existing pre-Chapter 11 debt and up to $850m in other obligations.
Trump expected to shift course on antitrust and stop Google breakup.
Donald Trump will likely dial back some of the antitrust policies pursued under the administration of President Joe Biden, potentially including a bid to break up Alphabet's Google over its dominance in online search, Reuters reported.
Trump is expected to continue cases against Big Tech, several of which began in his first term, but his recent skepticism about a potential Google breakup highlights the power he will hold over how those cases are run.
NielsenIQ considers an IPO at a valuation close to $10bn. (FS)
NielsenIQ is exploring an initial public offering that could value the consumer intelligence firm at about $10bn as the market for first-time share sales continues a comeback, Bloomberg reported.
NielsenIQ, which is backed by Advent International and KKR, has begun talking to potential advisers about a listing in 2025. No final decision has been made and the Chicago-based company could opt to stay private.
Shamrock Capital raises $1.6bn for sixth PE flagship fund and inaugural small cap fund. (FS)
Shamrock Capital, an LA-based investment firm specialising in the media, entertainment, and communications sectors, has held the final closing of Shamrock Capital Growth Fund VI and Shamrock Capital Clover Fund I, with a combined $1.6bn in capital commitments.
The funds will focus on buyout and later-stage growth equity investments in middle market companies across Shamrock’s target sectors, seeking to capture Shamrock’s proprietary middle-market deal flow, thematic approach, expertise and value creation capabilities.
EMEA
Middleground Capital, a Lexington-based private equity firm, completed the acquisition of STEMMER IMAGING, a provider of machine vision technology, for €312m ($340m).
“Arne and the STEMMER IMAGING team have built an impressive organization that harnesses the power of machine vision technology to deliver engineered solutions to meet the needs of a broad group of customers. We believe our ability to streamline operations and improve supply chain management will enable the company to focus on evolving its technology and capabilities to meet the needs of customers looking to benefit from machine vision technology,” John Stewart, MiddleGround Managing Partner.
STEMMER IMAGING was advised by ParkView Partners and Hogan Lovells. Middleground Capital was advised by Alvarez & Marsal, Jefferies & Company, Clifford Chance (led by Mortiz Petersen), Dukas Linden Public Relations (led by Doug Allen) and Kekst CNC (led by Knut Engelmann).
ECI, a growth-focused mid-market private equity firm, completed the acquisition of CMap, a software company, from NorthEdge, a private equity firm. Financial terms were not disclosed.
“We have thoroughly enjoyed working with the CMap team since our investment in 2019. Since then, we have seen the business significantly grow its team, revenues and customer base across its chosen sectors and regions – it’s another great example of NorthEdge supporting an international technology firm from the UK regions. We look forward to watching the company continue to grow with the support of ECI and we wish Dave and the team every success in the future,” Ray Stenton, NorthEdge Managing Partner.
CMap and NorthEdge were advised by Houlihan Lokey, Liberty Corporate Finance, PricewaterhouseCoopers, Crosslake Technologies and DWF.
Miura Partners, a private equity firm, agreed to acquire HealthTech BioActives, a developer of food supplements for the prevention of cognitive impairment, from The Riverside Company, a global investment firm. Financial terms were not disclosed.
“Our divestment of HTBA is the latest example of Riverside’s commitment to growing and supporting mid-market companies that show high growth potential and sound management. This is our fifth completed investment in the specialty ingredients space in Europe, an industry in which Riverside has a lengthy track record and a global network of expertise. HTBA demonstrates Riverside’s ability to lead businesses through challenging macroeconomic environments to deliver consistent value for our portfolio companies,” Rafael Alvarez-Novoa, Riverside Europe Partner.
The Riverside Company is advised by Evercore and A&O Shearman.
The Nurture Group, a provider of landscape construction, winter gritting, and plant display services, completed the acquisition of Tivoli Group, a company offering landscaping, ground maintenance, interior, and winter maintenance services for education and corporate industries, from Sullivan Street Partners, a private equity firm. Financial terms were not disclosed.
“This is a superb marriage of differentiated businesses with much history and mutual respect. The combination of our skills, clients, reach and greater scale will put Nurture indisputably at the pinnacle of our sector. The enhanced scale and density across Great Britain, particularly in key segments, will drive greater operational efficiencies, delivery of an even better experience for clients, with improved value, range and service quality. At the same time, our shared commitment to direct service delivery through our employees will enhance the experience for our colleagues on the ground,” Peter Fane, Nurture Group executive chairman and founder.
Sullivan Street Partners was advised by Rothschild & Co.
J.C. Flowers, a private investment firm, agreed to acquire Pepper Advantage, a credit management firm, from Pepper Global, a diversified financial services company. Financial terms were not disclosed.
"We are delighted to join forces with J.C. Flowers & Co. as we embark on the next phase of our growth strategy. Their extensive experience and resources will provide us with the support we need following a period of prolonged success under the ownership of Pepper Global and will help us enhance our offering. This deal comes at a critical junction in credit markets as we continue to support our clients in an evolving market environment," Fraser Gemmell, Pepper Advantage Group CEO.
Pepper Global is advised by Rothschild & Co.
Jolt Capital, a private equity firm, completed the acquisition of IP activities from Dolphin Design, a semiconductor company. Financial terms were not disclosed.
Thanks to Jolt Capital’s expertise, Dolphin Semiconductor will scale its operations to meet the growing demand for advanced semiconductor IP in key markets, including Industrial, High-Performance Computing, Consumer Electronics, IoT and Automotive.
Soitec was advised by Rothschild & Co.
AFC eyes return to Islamic bond market with $300m deal.
Africa Finance Corporation expects to sell its first Islamic bond in almost a decade by the end of the year, as part of efforts to cash in on growing interest from Gulf nations to fund and develop infrastructure projects on the continent, Bloomberg reported.
The development finance institution is in the market for a $300m facility that complies with Islamic law, the firm said in an emailed response to questions. First Abu Dhabi Bank is the global coordinator on the deal and the AFC is working with other lenders including Emirates NBD Capital and SMBC.
Startupbootcamp plans $250m Africa startup fund.
Tech accelerator Startupbootcamp, British-East African business tycoon Ashish Thakkar’s Mara Group and Blend Financial Services are planning a $250m fund to invest in new African technology companies.
The venture is also raising money from other development institutions and expects to make its first investments in the next three to six months, Bloomberg reported.
UniCredit CEO pushes merger credentials as it outperforms Commerzbank.
UniCredit CEO said banks need to be more efficient and profitable and expressed confidence that people will look at the facts when weighing up a potential deal with Commerzbank, Reuters reported.
In beating expectations with its third-quarter earnings and improving the profit outlook, UniCredit said its German business yielded a return of 21.5% on the capital allocated to it, against 10.2% at Commerzbank when excluding its Polish unit.
ForFarmers' UK poultry mill deal with Boparan could harm competition.
British food maker Boparan's proposed deal to buy Dutch agricultural feed company ForFarmers' feed mill site in Burston could reduce competition in poultry supply in the area, Reuters reported.
The Competition and Markets Authority's initial probe found the deal would give Boparan the ability and incentive to harm rival poultry meat producers, leading to higher poultry feed costs for chicken farmers and processors in East Anglia.
Commerzbank plans to curb risk assets growth to lift payouts.
Commerzbank CEO Bettina Orlopp is intensifying a plan to cut back the expected growth in risk-weighted assets as a cornerstone of her strategy to keep the lender independent, Bloomberg reported.
The German bank lowered the amount of RWA it expects to have in 2027 to €186bn ($200bn), from an expectation of €189bn ($206bn) given in late September. The move means the bank will need to hold less capital as a backstop, creating more room for investor payouts and investments.
Commerzbank deal wouldn’t cause client loss, UniCredit says.
UniCredit said a takeover of Commerzbank wouldn’t result in client attrition, pushing back against a key argument put forward by opponents of the potential deal, Bloomberg reported.
It is said that the Italian bank’s existing operations in Germany are highly complementary with Commerzbank and a combination would pose a low risk of concentration. The transaction could also result in better service levels.
Grocer Lulu’s $1.72bn Abu Dhabi IPO draws Vanguard, GIC. (FS)
Hypermarket chain operator Lulu Retail's $1.72bn Abu Dhabi initial public offering drew orders worth $37bn from global investors Vanguard and Singapore sovereign wealth fund GIC, Bloomberg reported.
Lulu International sold 3.1bn shares, or a 30% stake, at $0.56 apiece, the top of a marketed range. Based on that offer price, the firm will have a market capitalization of $5.7bn when it lists on November 14.
Capital Dynamics secures over $1bn for oversubscribed secondaries fund. (FS)
Global private asset management firm Capital Dynamics has closed its latest global secondaries fund Capital Dynamics Global Secondaries VI which was oversubscribed with approximately $1.1bn in capital commitments.
GSEC VI builds on Capital Dynamics’ secondary investment strategy, which targets smaller, often complex secondary transactions on a global scale, with diversified portfolios ranging from single LP positions to GP-led structures.
Cavendish appoints new Head of Equity Strategy. (People)
Investment bank Cavendish has appointed Roger Lee as its new Head of Equity Strategy to develop a new equity strategy product with a UK focus.
Lee joins from Investec Bank where he held the role of Head of UK Equity Strategy, where he created the firm’s new Equity strategy product ranked number two in the 2023 SMID Institutional Investor survey.
APAC
Korea Zinc's $1.8bn share sale plan suspended due to regulator's revision order.
Korea Zinc's new share sale plan, which was announced on October 30 and worth around $1.8bn, has been suspended due to a revision order by the South Korean financial regulator, Reuters reported.
The Financial Supervisory Service said the share sale plan lacked sufficient description of the purpose and decision-making process, as well as the process of due diligence by the bookrunner, while it also noted discrepancies with the company's earlier tender offer filing.
KKR is considering selling a $750m stake in JB Pharma. (FS)
KKR is considering selling some of its controlling stake in JB Chemicals & Pharmaceuticals via a block trade in the market, Bloomberg reported.
The US private equity firm is working with an investment bank as it considers selling about $750m worth of stock in the Indian-listed company known as JB Pharma. The size of the stake sale could be increased to $1bn based on investor demand.
Bain, Apollo and Brookfield said to eye Blackstone’s worker housing firm. (FS)
Blackstone’s worker housing firm Avery Lodge has drawn interest from investment firms including Bain Capital and Apollo Global Management, Bloomberg reported.
The Avery Lodge portfolio, a set of four purpose-built worker compounds with about 1.7k units, has also attracted Brookfield Asset Management. A transaction could value Avery Lodge at about SGD750m ($568m).
Seven & i is said to plan reducing stake in banking unit to 38%.
Seven & i, the convenience-store operator facing a takeover approach from Canada’s Alimentation Couche-Tard, plans to reduce its stake in its banking unit to 38% as part of a broader revamp, Bloomberg reported.
The retailer’s 46% stake in Seven Bank, which offers banking services and access to ATMs at 7-Elevens and other locations across Japan, could raise around JPY30bn ($195bn) by the end of the current fiscal year in February.
Swiggy's $1.4b India IPO opens amid fears of modest investor demand.
Indian food and grocery delivery firm Swiggy is expected to see modest demand from retail investors for its $1.4bn IPO even after cutting its hoped-for valuation twice, with momentum for domestic stocks having cooled considerably, DealStreetAsia reported.
While India was an outlier in Asia with a string of high-profile offerings this year, Swiggy’s IPO comes after a slide in Indian equities in October that is expected to extend into November.
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