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AMERICAS
European Union antitrust regulators' investigation into Photoshop maker Adobe's $20bn bid for cloud-based designer platform Figma has been put on hold while they wait for requested information from the companies, Reuters reported.
"This procedure in merger investigations is activated if the parties fail to provide, in a timely fashion, an important piece of information that the Commission has requested from them," EU competition watchdog.
Audax Private Equity, an alternative investment manager, agreed to invest in Oakbridge Insurance Agency, an independent insurance and risk management agency. Financial terms were not disclosed.
"Oakbridge has built a best-in-class insurance brokerage platform, driven by the exceptional level of service offered to clients and the company's expertise across numerous specialized offerings and capabilities. As Robbie and the Oakbridge team continue to execute their strategy, we believe there is a compelling opportunity to accelerate growth throughout the Southeast," Bill Allen, Audax Private Equity Managing Director.
Oakbridge Insurance Agency is advised by Morgan Stanley, Piper Sandler and Simpson Thacher & Bartlett. Audax Private Equity is advised by Ardea Partners, Kirkland & Ellis and FGS Global (led by Zachary Tramonti). Corsair is advised by Prosek Partners.
Chesapeake Utilities, a diversified energy delivery company, agreed to acquire Florida City Gas, a natural gas distribution company, from NextEra Energy, a clean energy company, for $923m.
"This acquisition will more than double our natural gas business in Florida, one of the fastest growing states in the nation. For several years, gas distribution customer growth in Florida has significantly exceeded national averages. Demand for natural gas continues to increase as Florida consumers seek reliable, domestic and affordable energy for their homes and businesses. We have generated meaningful earnings growth by acquiring businesses in states where we already operate and subsequently developing and executing additional growth opportunities. We see similar opportunities with FCG, and believe we are well positioned to capture additional growth including gas distribution expansion to serve new residential development, as well as infrastructure investments across our other platforms, such as gas transmission. We expect these opportunities, which are a large driver of our increased capital investment plan, to enable us to continue to pursue long-term upper quartile earnings growth," Jeff Householder, Chesapeake Utilities Chairman, President and CEO.
Chesapeake is advised by Barclays, BakerHostetler, Shearman & Sterling and Reevemark (led by Hugh Burns, Delia Cannan and Pam Greene). NextEra Energy is advised by Goldman Sachs and Norton Rose Fulbright.
New Mountain Capital-backed HealthComp, a benefits and analytics platform agreed to merge with Marlin Equity-backed Virgin Pulse, a global digital-first health, wellbeing, and navigation company. Financial terms were not disclosed.
"Self-insured employers pay for almost half of the nation's healthcare expenditures and now require more innovative and affordable solutions. With concierge-level service, rich analytics, and expert medical cost management, HealthComp ensures that employers can make informed benefits decisions that align with the needs of their employees and businesses. Powered by Virgin Pulse's daily wellbeing engagement and data-driven personalization, this transaction creates an end-to-end platform that will radically lower costs and improve member outcomes," Chad Harris, HealthComp CEO.
Virgin Pulse is advised by Evercore, Kirkland & Ellis and McDermott Will & Emery. HealthComp is advised by JP Morgan and Ropes & Gray. Debt financing is provided by Blackstone Credit.
IsoEnergy, a mineral exploration company, agreed to acquire Consolidated Uranium, an uranium exploration and development company, in a $903m deal.
"We are very excited by this transaction as it creates a new, diversified, industry leading uranium development and exploration company of greater scale that is focused on growth in Canada, the United States and Australia, the world's premier uranium jurisdictions. This Merger provides our existing shareholders and new investors with an even greater opportunity to participate in the tremendous upside potential of our asset portfolio at a time when sentiment and support around the nuclear sector and the uranium industry in particular are increasingly positive. Together, our exceptional teams have the technical, capital markets, and uranium industry expertise to create significant shareholder value by growing the combined entity into the uranium company of choice," Tim Gabruch, IsoEnergy President and CEO.
Consolidated Uranium is advised by Eight Capital, TD Securities and Cassels Brock & Blackwell. IsoEnergy is advised by Canaccord Genuity and Stikeman Elliott.
Tendo, a software company committed to creating seamless healthcare experiences, agreed to acquire MDsave, a healthcare marketplace. Financial terms were not disclosed.
"Patients, caregivers, employers, and navigators need easier ways of discovering and consuming high-quality, cost-effective healthcare. Together, MDsave and Tendo will create the first end-to-end solution for seeking, scheduling, engaging, paying for, and managing care," Dan Goldsmith, Tendo CEO.
Grupo Linda, a Dominican utility comapany, and Grupo Popular, a commercial banking services provider, agreed to acquire a 10% stake in the Dominican business of AES, an American utility and power generation company, for $190m.
"We gain tremendous value from partnering with strong local players who provide valuable support as we transition our businesses in both markets. We have enjoyed a productive partnership with Grupo Linda since 2014, and we look forward to close collaboration with AFI Popular as we continue to unlock new sources of value," Juan Ignacio Rubiolo, AES Executive Vice President and President, Energy Infrastructure Strategic Business Unit.
Shopify, an e-commerce company, agreed to invest in Faire, a wholesale platform. Financial terms were not disclosed.
"With integrations like this, when you buy your products on Faire, you can set it to automatically import directly into your Shopify point of sale. So, it saves you a ton of time and it's much more efficient. This is one of the things we hear a lot from our customers about a way to make their lives easier," Ami Vora, Faire Chief Product Officer.
CenterWell, a healthcare company, agreed to acquire a primary care centers in Texas and Nevada of Cano Health, a high-touch, technology-powered healthcare company, for $67m.
"We are excited to be taking one of our many planned steps in our previously-announced strategy to gain greater efficiency by refining our footprint and focusing on improving our operational and medical cost performance across our Florida market. The net cash proceeds from this sale strengthen our balance sheet, allowing us to continue executing on our plan and supporting our mission of providing market-leading primary care. We appreciate CenterWell recognizing the value that Cano Health created in Texas and Nevada and look forward to them continuing to deliver high quality care for our patients there," Mark Kent, Cano Health CEO.
GTCR, Apax weigh options to sell AssuredPartners for $16bn. (FS)
GTCR and Apax Partners are exploring options including a full or partial sale of insurance broker AssuredPartners, which could be valued at up to $16bn, including debt, in any transaction, Bloomberg reported.
The private equity firms are also considering an initial public offering of the company. AssuredPartners is on track to generate about $850m in annual earnings before interest, taxes, depreciation and amortization.
Ontario Pension is discussing SeaCube stake sale to Wren House. (FS)
Ontario Teachers' Pension Plan is in talks to sell a stake in SeaCube Container Leasing to investment firm Wren House Infrastructure, Bloomberg reported.
The pension fund, which took the cargo equipment company private in 2013, is discussing selling Wren House a 49% stake that values SeaCube at as much as $1bn, including debt. London-based Wren House, led by CEO Philippe Busslinger, has made other US investments, including acquiring a stake in Direct ChassisLink alongside GIC and Omers Infrastructure.
OpenAI in talks to sell existing shares to investors at a boosted valuation.
OpenAI, the artificial intelligence startup behind ChatGPT, is talking to investors about a possible sale of existing shares at a much higher valuation from a few months ago, DealStreetAsia reported.
The proposed deal could value Microsoft-backed OpenAI at between $80 bn to $90bn. It would make OpenAI one of the world's most valuable private companies at a time of surging enthusiasm for AI startups after the launch of ChatGPT last year.
Gehl Foods' owner explores sale of dairy-based products maker. (FS)
Private equity firm Wind Point Partners is exploring a sale of Gehl Foods that could value the US manufacturer of dairy-based products at over $600m, including debt, Reuters reported.
Gehl has hired William Blair and the Bank of Montreal as financial advisers on the sale process. Potential buyers for the company, which operates as Gehl Food & Beverage, include private equity firms. Gehl could fetch a valuation equivalent to 10 times the company's 12-month earnings before interest, taxes, depreciation and amortization of about $60m.
Birkenstock gears up for roadshow in next test of IPO market.
Birkenstock is preparing to kick off the roadshow for its US initial public offering next week in the latest major test of demand for new listings, Bloomberg reported.
The German footwear maker plans to start taking investor orders as early as October 2. It's considering seeking a valuation of $10bn or more in the IPO.
Ritz-Carlton Yacht Collection targets IPO and more ships in a major expansion.
Marriott is doubling down on cruising, not just with its Ritz-Carlton Yacht Collection but with other hotel brands, too. Along the way, it plans to expand from three ships to as many as 10—some superyachts, some not, Bloomberg reported.
The Collection—which licenses the Ritz-Carlton name from Marriott International—is also eyeing an initial public offering within three years, said Jim Murren, the company's executive chairman and chief executive officer.
Wells Fargo teams up with PE firm Centerbridge for $5bn lending fund. (FS)
Wells Fargo is teaming up with private equity firm Centerbridge Partners to launch a fund with a capacity to lend more than $5bn to North American middle-market companies, the groups said on September 26.
The move highlights the increasing intertwining of private capital providers and traditional banks in offering credit to companies and consumers since the global financial crisis, as heightened regulation and cost have forced banks to reevaluate the types of loans and services they provide. Centerbridge and investors, including the Abu Dhabi Investment Authority and British Columbia Investment Management, will provide the cash for the direct-lending Fund, named Overland Advisors, DealStreetAsia reported.
Industry Ventures raises over $1.7bn in two new funds to help venture capital investors generate liquidity. (FS)
Industry Ventures, an investment firm focused on private technology investments, announced today the final closing of Industry Ventures Secondary X with over $1.45bn of new commitments. In addition, the firm closed Industry Ventures Tech Buyout II with over $260m of new capital commitments across the Fund and affiliated entities.
Consistent with the strategy of prior funds, Secondary X will seek minority investments in leading later-stage venture-backed companies through flexible investment structures, including direct secondaries, secondary LP investments, continuation funds, and other special situations. Tech Buyout II is a hybrid fund focusing on small software company buyouts and emerging software buyout funds.
Morgan Stanley banker Metcalfe exits after $850bn of deals. (People)
Morgan Stanley's Guy Metcalfe, who helped build out the bank's real estate banking business, will retire after 33 years at the firm, Bloomberg reported.
Metcalfe, 56, had been chairman of the unit and was involved in transactions totaling more than $850bn, according to an internal memo disclosing his departure. His presence in the business grew at a time when the real estate sector was moving more toward corporate ownership and involved an increasing number of institutional investors.
EMEA
Bunge's proposal to acquire Glencore-backed Viterra will undergo a public review in Canada, including with members of the port and marine industry, to ensure fair transportation pricing and access, Bloomberg reported.
The $8.2bn deal poised to create an agricultural trading giant is of "significant national interest in Canada's transportation sector and the broader supply chain" as both companies hold ownership interests in port terminals throughout our country, the nation's Minister of Transport Pablo Rodriguez said.
Michelin, a French multinational tyre manufacturing company, completed the acquisition of Flex Composite Group, a provider of engineered fabrics and films, from IDI, a private equity firm, for €700m ($741m).
"We are very pleased to extend a warm welcome to the FCG teams into our Group, to create a recognized leader in high-tech technical fabrics and films. This operation draws on the best of both companies, in particular on our shared expertise in polymer composite solutions. We are aiming to generate synergies and to push back the frontiers of deep-tech innovation in a wide range of new products and applications. This acquisition is a milestone in our strategy to position the Group as a key player in polymer composite solutions beyond mobility," Florent Menegaux, Michelin CEO.
Flutter Entertainment, a gambling company, agreed to acquire a 51% stake in MaxBet, a sports betting and gaming operator, for £123m ($150m).
"I am excited to announce the addition of MaxBet to the Flutter portfolio. This acquisition continues our progress against the strategic priorities we have set for our International division; to buy and build podium positions in regulated markets. We believe MaxBet is an excellent opportunity to replicate the success we have achieved in markets like Georgia, India and Italy by acquiring a strong brand in a podium position, where we see a compelling opportunity to combine that extensive local expertise with the power of the Flutter Edge to accelerate and transform growth," Peter Jackson, Flutter Entertainment CEO.
Flutter Entertainment is advised by Drury Communications and FGS Global (led by James Murgatroyd).
The Spanish government is considering imposing conditions on Saudi Telecom's acquisition of a 9.9% stake in Telefonica similar to those placed on previous deals, such as limits on asset sales and dividend payments, Bloomberg reported.
British automotive retailer Pendragon said it received an unsolicited proposal from AutoNation for about $547m in cash, Reuters reported.
The £0.32 ($0.39) per share offer comes days after Pendragon's top shareholder Hedin Mobility Group and US-based PAG International sweetened their joint proposal to buy the company following a rejection of their previous bid.
CommEX, a cryptocurrency exchange, agreed to acquire the Russia business of Binance, a blockchain ecosystem and cryptocurrency infrastructure provider. Financial terms were not disclosed.
"As we look toward the future, we recognise that operating in Russia is not compatible with Binance's compliance strategy. We remain confident in the long-term growth of the web3 industry around the world and will focus our energy on the 100+ other countries in which we operate," Noah Perlman, Binance Chief Compliance Officer.
Banks and private lenders vie for a $4.2bn debt deal for Adevinta. (FS)
Investment banks and direct-lending funds are competing to provide as much as €4bn ($4.2bn) of debt to finance a potential take-private of European classifieds company Adevinta, Bloomberg reported.
Adevinta received a non-binding takeover proposal from a private equity consortium that includes Blackstone and Permira, confirming an earlier Bloomberg report revealing plans for what would be one of the year's biggest buyouts.
PAI weighs €4bn sale of facilities manager Apleona. (FS)
PAI Partners is exploring a sale of Apleona Group that could value the German facilities manager at about €4bn ($4.3bn). The private equity firm is speaking with potential advisers as it prepares to gauge buyer interest in Apleona, Bloomberg reported.
Deliberations are in the early stages and there's no certainty PAI will decide to pursue a sale of the business. Apleona, which provides facility-management services to the commercial, industrial and public sectors, was formerly part of the German industrial conglomerate Bilfinger. PAI agreed to buy Apleona from Swedish investment firm EQT for about €1.6bn in 2020.
Italy pushes for big Monte Paschi merger despite market doubts.
Italy is seeking to turn Banca Monte Paschi di Siena into the country's third-largest bank with an unlikely plan to merge it with one of its peers, Bloomberg reported.
The government is evaluating how to make the world's oldest lender a cornerstone of a new banking hub to challenge the duopoly of Intesa Sanpaolo and UniCredit. The administration's favorite option would be a merger between Paschi and peers of a similar size like Banco BPM or BPER Banca.
Schott Pharma IPO expected to price at €27 per share.
Schott Pharma is expected to price its shares at €27 ($28.53) each in its initial public offering on the Frankfurt stock exchange. If confirmed, the German medical vials manufacturer would be valued at around €4bn, in the top half of its indicative valuation range, Reuters reported.
The company's debut on the Frankfurt bourse is scheduled for September 28 morning. Schott Pharma's flotation comes as the IPO market is showing signs of life after a lengthy drought, with several companies going public in Europe and the United States after the summer lull.
CVC-backed DKV Mobility eyes next week launch for IPO. (FS)
Germany's DKV Mobility plans to push forward with plans to list on the Frankfurt Stock Exchange as soon as next week, in a deal that could value the on-road payments provider at more than €4bn ($4.22 bn), Reuters reported.
The company aims to raise between €500m and €1bn for its shareholders, including private equity group CVC Capital Partners. DKV is set to announce its intention to hold the IPO as soon as next week. DKV Mobility would be the third company to attempt an IPO in Germany after the summer lull, on the heels of medical vials producer Schott Pharma and defense contractor Renk.
Omani gas pipeline firm's $771m IPO sells out in a day.
Oman's OQ Gas Networks SAOG received orders for all shares in its initial public offering a day after books opened on the deal that's potentially set to be the country's biggest listing on record, Bloomberg reported.
In the latest instance of investors piling into a Middle Eastern listing, OQGN's institutional tranche was covered multiple times at the top of the price range by the close of the first day of bookbuilding.
APAC
PAG, an alternative investment firm, agreed to acquire Changzhou Hengxuan, a Chinese property developer, from Seazen Group, a real estate development company, for $187m.
"The property developer may use proceeds from the deal primarily for loan and debt repayment. Changzhou Hengxuan and Shanghai Xingyi altogether manage 144 cinemas in China," Seazen Group.
Singapore's GIC among bidders vying for stake in Vietnam's third-largest grocery chain. (FS)
Singapore's sovereign wealth fund GIC is among investors vying to buy up to 20% stake in grocer Bach Hoa Xanh from Vietnam's retail giant Mobile World Investment, in a deal that could value the grocery chain at up to $1.7bn, Reuters reported.
Other bidders include companies from Thailand. The identity of the potential buyers has not been reported previously. In a statement to Reuters, Mobile World said it would announce the information once the deal was concluded. The potential deal would intensify competition in Vietnam's retail market. Drawn by the rapid urbanization in a country of 100m people, domestic and foreign retailers are seeking to expand or gain a foothold.
Haitong Securities considers taking Hong Kong unit private.
Haitong Securities is mulling to take private its Hong Kong-listed investment banking unit as it seeks to gain full control to turn around the loss-making arm, Bloomberg reported.
The Shanghai-based brokerage is looking to buy out Haitong International Securities Group, of which it already owns 73.4%. The deliberations have been going on for a while, and details on the potential transaction remain unclear.
Indian edtech firm BYJU'S said to merge businesses, slash around 5.5k jobs.
Indian education firm BYJU'S plans to cut around 5.5k jobs to decrease costs amid a restructuring of its business. Arjun Mohan, who took over as the chief executive of the company's India business, has briefed senior executives that he will be merging several business verticals as part of the changes, which are expected to be rolled out later this week or early next week, DealStreetAsia reported.
The job cuts are being implemented only at BYJU'S parent, Think & Learn, and are not linked to any of its subsidiaries, adding that a significant number of roles to be made redundant would constitute senior positions at the firm.
China soy sauce maker Jonjee weighs introducing strategic backers. (FS)
Soy sauce maker Jonjee Hi-Tech Industrial and Commercial's controlling shareholders are considering bringing in strategic investors after purging the board backed by the previous owner, Bloomberg reported.
The Zhongshan, China-based firm's shareholders, are working with an adviser to sound out domestic and international investors. The group, led by local government-backed Zhongshan Torch Group and shareholders including CDH Investments, could agree a deal with potential strategic backers to help operate the business as soon as the end of this year.
Alibaba unit IPO will test demand in the slowest Hong Kong market in decades.
The planned initial public offering of Alibaba Group logistics arm will be a key test of demand in Hong Kong's languishing deals market, Bloomberg reported.
Cainiao Smart Logistics Network on September 26 became the first Alibaba unit to file for an IPO since the tech giant split into six entities in March. The share sale is expected to raise at least $1bn, which would make it the largest in Hong Kong since battery maker CALB debut in October 2022.
Singapore PE firm Novo Tellus secures $375m in first close of Fund III. (FS)
Singapore-based Novo Tellus Capital Partners has reportedly received around $375m for the inaugural close of its latest fund targeting mid-market technology and industrial sectors across Indo-Pacific, DealStreetAsia reported.
Novo Tellus PE Fund 3 is learned to be backed by Temasek and US endowment funds and foundations. The predecessor fund in the same series, Novo Tellus PE Fund 2, closed at $250m in 2021. Unlike the second fund, which only focuses on Southeast Asia, Fund III extends its mandate to the Indo-Pacific region.
Zepto-backer Trifecta Capital closes third debt fund at $213m, a year after initial target. (FS)
Trifecta Capital, which has backed the likes of BharatPe and Cars24 in India, has closed its third Fund at $213m, more than a year after its initial target to close the Fund. The Fund, which was launched in September 2021 was initially planned to reach its final close in Q1 2022, DealStreetAsia reported.
Without disclosing more details, the firm said it expects to launch its fourth venture debt fund in early 2024. Along with existing investors, the third Fund also saw participation from a variety of new investors including large global financial institutions, domestic conglomerates, banks, insurance companies, development financial institutions, public sector entities, and family offices.
South Korean crypto VC firm Hashed seeks $200m for new fund. (FS)
The Seoul-headquartered investment firm, which commenced its fundraising efforts in early September, aims to close the new fund by the end of this year. The fundraising climate has been bleak for many crypto investors — Q2 saw only $720m, or 10 new crypto funds, being closed, the lowest since Q3 2020 at the beginning of the COVID-19 pandemic, DealStreetAsia reported.
In the first half of 2023, the average size of a new crypto fund stood at $236m, while the median size was $50m — both went down significantly from 2022, when the average fund size was $343m and the median size was $100m.
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