Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
WestRock Company, a provider of sustainable fiber-based paper and packaging solutions, announced that, based on the preliminary vote count, WestRock stockholders voted to approve the Transaction Agreement and other proposals related to the combination of Smurfit Kappa Group and WestRock at WestRock’s Special Meeting of Stockholders held on June 13.
Pursuant to the terms of the Transaction Agreement entered into on September 12, 2023, Smurfit WestRock will acquire Smurfit Kappa by means of a scheme of arrangement under the Companies Act 2014 of Ireland, and Sun Merger Sub, a wholly owned subsidiary of Smurfit WestRock, will merge with and into WestRock, with WestRock surviving the Merger and becoming a wholly owned subsidiary of Smurfit WestRock.
WestRock is advised by Consello Group, Evercore (led by John Weinberg), Goldman Sachs (led by Matthew McClure), Lazard (led by Mark McMaster), Clifford Chance (led by David G. Brinton and Steven Fox), Cravath Swaine & Moore (led by Richard Hall and Matthew L. Ploszek), King & Spalding (led by Jeff Spigel), Paul Weiss Rifkind Wharton & Garrison (led by Laura Turano, Scott Barshay, and Cristina Amodeo), and Joele Frank (led by Steve Frankel). Smurfit Kappa is advised by Citigroup, PJT Partners (led by Karl Knapp, Basil Geoghegan, and Johannes Groeller), Freshfields Bruckhaus Deringer (led by Piers Prichard Jones, Nicholas Jones, and Rafique Gabriel Bachour), Matheson, Wachtell Lipton Rosen & Katz (led by Andrew Brownstein, Igor Kirman, and Victor Goldfeld), and William Fry (led by David Maughan and Ted McGrath).
China Southern Power Grid completed the acquisition of the Peru assets of Enel for $2.9bn.
China Southern Power Grid, a state-owned enterprise, International completed the acquisition of the Peru assets of Enel, a manufacturer and distributor of electricity and gas, for $2.9bn.
“With this transaction, we are able to maximize the value of the investments carried out so far in grid digitalization and advanced energy services in Peru as we continue to implement the asset disposal plan announced to the markets during the presentation of Enel’s Strategic Plan last November and aimed at finalizing the Group’s streamlining process that has always been a cornerstone of our Strategy. It is also thanks to the expertise and dedication of the colleagues working in these companies that we leave the buyers with an excellent set of assets, which will continue to drive the sustainable development of the country through automated digital networks and innovative energy solutions,” Francesco Starace, Enel CEO and General Manager.
China Southern Power Grid was advised by Morgan Stanley (led by Nicola Savoini). Enel was advised by JP Morgan, Santander, Hogan Lovells (led by Luca Picone) and Community Group (led by Auro Palomba).
KKR completed the investment in Quick Quack Car Wash. (FS)
KKR, a global investment firm, completed the investment in Quick Quack Car Wash, a car wash operator. Financial terms were not disclosed.
“With its differentiated operating model, strong track record of organic growth and world-class team, we believe Quick Quack is well-positioned to continue its growth trajectory. We look forward to working with the Quick Quack and Seidler teams to continue to drive growth by building upon on the strong foundation that they have established over the past two decades,” Sam Plotner, KKR Director.
Quick Quack Car Wash was advised by Goldman Sachs, William Blair & Co and O'Melveny & Myers. KKR was advised by Simpson Thacher & Bartlett (led by Ravi Purushotham and Ryan Bekkerus).
Simulations Plus completed the acquisition of Pro-ficiency from QHP Capital for $100m. (FS)
Simulations Plus, a modeling and simulation software and services provider, completed the acquisition of Pro-ficiency, a simulation-enabled learning and analytics solutions company, from QHP Capital, a private equity firm, for $100m.
“We are excited to join the Simulations Plus team, which has a well-established and recognized leadership position in modeling and simulations within the pharmaceutical and biotech community. Both teams approached this transaction with a growth mentality. We look forward to leveraging Simulations Plus’ specialized offerings and business development infrastructure to expand our combined market reach,” Michael Raymer, Pro-ficiency CEO.
Simulations Plus was advised by Financial Profiles.
Sony Pictures Entertainment, a multinational mass media and entertainment studio conglomerate, completed the acquisition of Alamo Drafthouse Cinema, an American dine-in cinema chain, from Altamont Capital Partners, a private equity firm, Fortress Investment Group, an investment management firm, and Tim League, a founder of Alamo Drafthouse Cinema. Financial terms were not disclosed.
"We are excited to make history with Sony Pictures Entertainment and have found the right home and partner for Alamo Drafthouse Cinema. We were created by film lovers for film lovers. We know how important this is to Sony, and it serves as further evidence of their commitment to the theatrical experience. Together we will continue to innovate and bring exciting new opportunities for our teammates and moviegoers alike," Michael Kustermann, Alamo Drafthouse Cinema CEO.
Alamo Drafthouse Cinema was advised by Goldman Sachs.
Liberty Global, a multinational telecommunications company, agreed to acquire Formula E, an open-wheel single-seater motorsport championship for electric cars, from Warner Bros. Discovery, global media and entertainment company. Financial terms were not disclosed.
“First of all I’d like to offer my thanks to Warner Bros. Discovery for the support and guidance they’ve provided Formula E over the past nine years. Liberty Global have a proven track record of building and growing businesses and their investment in us comes at the perfect time as we plan for a period of exponential growth. Having personally known and worked alongside the Liberty leadership team for over a decade, I’m thrilled to be able to further benefit from their expertise and their resources. This is a powerful vindication of the huge potential of our sport,” Jeff Dodds, Formula E CEO.
Bridgepoint Development Capital- backed Equativ, an independent ad platform, agreed to merge with Sharethrough, an independent omnichannel ad exchanges services company. Financial terms were not disclosed.
“Our company cultures are exceptionally compatible. Given our longstanding acquaintance, merging the two companies feels like a natural progression; one that allows us to create commercial and operational efficiencies and reach new levels of unique scalability. The union positions us as an industry leader to our top-tier demand and supply-side partners as we work to provide the tools to enable enriched and equitable value exchanges for them across the ecosystem,” JF Cote, Sharethrough President & CEO.
Amazon adds $230m in cloud credits to AI startups.
Amazon said it is investing $230m in the form of Amazon Web Service credits in artificial intelligence startups, the latest example of cloud providers trying to capture AI clients from nascent stages, Reuters reported.
The credits will provide early-stage generative AI startups free access to computing power, a variety of AI models, and infrastructure, if they build their companies on AWS.
Amazon says it already offers $1bn in cloud credits every year to startups, with this new commitment focusing on supporting generative AI startups.
Brookfield Asset Management eyes $5b for UAE-backed climate fund. (FS)
Brookfield Asset Management is looking to raise $5bn for a fund backed by the United Arab Emirates (UAE) that aims to scale up climate finance in emerging markets, DealStreetAsia reported.
The fund, dubbed the Catalytic Transition Fund (CTF), was announced at the COP28 climate talks in Dubai last December.
Anchored by a $1bn commitment from the $30bn UAE-based ALTÉRRA fund, the first close of the CTF is expected by the end of 2024.
JPMorgan to wager on weight-loss boom with $500m fund. (FS)
JPMorgan's asset-management arm raised more than $500m for a biotech venture capital fund that will bet on the hottest corner of health care: weight-loss drugs, Bloomberg reported.
The fund closed this month, and "the top three choices are obesity, obesity and obesity," Steve Squinto, JPMorgan's life-sciences unit team CIO.
Voyager Therapeutics announces the appointment of Nathan Jorgensen as Chief Financial Officer. (People)
Voyager Therapeutics, a biotechnology company dedicated to advancing neurogenetic medicines, June 13 announced the appointment of Nathan Jorgensen, as Chief Financial Officer, effective July 8, 2024.
Jorgensen brings to Voyager a breadth of experience spanning investment banking, public and private healthcare investing, sell-side research, operational roles in biotech and expertise in neuroscience as he most recently served as CFO for Vor Biopharma.
EMEA
Deterra Royalties, an iron ore mining company, agreed to acquire Trident Royalties, a diversified mining royalty company, for £144m ($183m).
"I believe the Offer provides an attractive outcome for shareholders of both Deterra and Trident. It is a positive step in the execution of Deterra's growth strategy by adding quality assets to our current portfolio. For Trident Shareholders it offers the certainty of a cash return at a significant premium and access to liquidity not available in recent trading. We welcome the support for the Offer of both the Trident Board and key shareholders representing 28.7% of Trident's issued capital," Julian Andrews, Deterra Royalties Managing Director.
ALTEN, an IT and engineering firm, agreed to acquire Worldgrid, a smart energy business, from Atos, a French multinational information technology service and consulting company, for €270m ($290m).
“Worldgrid is a unique company whose know-how and expertise are universally recognized. Its positioning would strengthen and complement ALTEN’s presence in the energy and utilities sector. Combining both businesses would reinforce our relationships with our strategic customers, especially in the nuclear field, by offering a wide range of value-added services,” Simon Azoulay, ALTEN Chairman and CEO.
Atos is advised by Rothschild & Co.
Oaktree-backed NAV lender 17Capital to expand into Dubai. (FS)
Oaktree Capital Management-backed 17Capital is expanding into Dubai as it seeks to capitalize on growing interest in the niche area of net-asset-value lending in the Middle East, Bloomberg reported.
17Capital has received all the necessary approvals and licenses from local authorities. Its operations in the region will be led by Pierre Garnier, a senior investment director who joined 17Capital in 2018 from Lazard.
Swedish landlord SBB plans to sell new bonds at housing unit.
Struggling Swedish landlord SBB is preparing to lay the groundwork for an initial public offering of its entire residential portfolio by shifting bond debt from the parent level down into Sveafastigheter, Bloomberg reported.
Samhallsbyggnadsbolaget i Norden - as the company is formally known - is inviting existing bondholders to exchange their notes for a new issue sold by the residential unit totalling no more than SEK2.5bn ($240m).
Lufthansa to win EU nod to buy Alitalia's shaky successor.
Deutsche Lufthansa's €325m ($351m) investment in Italy's ITA Airways is set to be approved by the European Union, paving the way for Prime Minister Giorgia Meloni's government to offload a loss-making asset as she bids to improve her nation's finances, Bloomberg reported.
The EU's competition arm is in the process of drafting an approval decision after Lufthansa and the Italian government addressed remaining sticking points.
Partners Group closes fifth direct PE programme above $15bn target.
Partners Group has surpassed its target of $15bn in client commitments for its fifth direct private equity programme, which comprises commitments to the Partners Group Direct Equity V fund, as well as bespoke client solutions and open-ended funds that allocate to the same strategy.
At the time of closing, the programme was committed to companies including Swiss watchmaker Breitling; SureWerx, a North American supplier of personal protective equipment, safety gear, and tool solutions; and ROSEN Group, a global provider of inspection services for energy infrastructure assets.
James's Place hires former Credit Suisse banker as CFO. (FS, People)
St James's Place has named Caroline Waddington, an ex-Credit Suisse banker, as its new chief financial officer, Bloomberg reported.
She will join the UK's largest wealth manager in the second half of the year and replace Craig Gentle, who is retiring from the firm after having held the role since Jan. 1, 2018. Gentle will stay on for a short period to help with the transition.
APAC
Australia's competition regulator on Thursday flagged major concerns with Sigma Healthcare's proposed merger with retailer Chemist Warehouse Group to form a A$8.8bn ($5.9bn) company.
The Australian Competition and Consumer Commission (ACCC) said the proposed integration across the wholesale and retail level would limit competition in a number of markets.
Oabay, a provider of trade credit digital transformation solutions, agreed to go public via a merger with Bayview Acquisition, a special purpose acquisition company, in a $393m deal.
Oabay provides trade credit digital transformation solutions that primarily consist of two types of services: supply chain finance cloud services and trade credit management cloud services.
Oabay is advised by Cayman Funds, Hunter Taubman Fischer & Li, Ogier, and Yingke. Bayview Acquisition is advised by Cayman Funds, Ogier, Han Kun Law Offices, and Winston & Strawn.
Adani Group-backed Ambuja Cements, a major Indian cement producing company, agreed to acquire Penna Cement, a building materials company, for $1.25bn.
“This landmark acquisition is a significant step forward in Ambuja Cement’s accelerating growth journey,” Ajay Kapur, Ambuja Cement CEO.
Samsung chief Lee discusses cooperation with Meta, Amazon and Qualcomm.
Samsung Electronics said on June 13 that its chairman met with the heads of Meta, Qualcomm and Amazon this week to discuss cooperation and that topics included artificial intelligence, cloud services and chips, Reuters reported.
Meta's Mark Zuckerberg invited Jay Y. Lee to his home on Tuesday and their discussions spanned AI as well as virtual and augmented reality.
Adani's Aussie coal port gets $333m private credit loan. (FS)
The Adani Group unit that controls a major Australian coal port has obtained a private credit loan of about A$500m ($333m), Bloomberg reported.
The company North Queensland Export Terminal got the loan from Farallon Capital Management and King Street Capital Management.
HKIC kicks off direct startup investments after partnership with AI unicorn SmartMore.
Hong Kong Investment Corporation, the government-owned investment firm that manages HK$62bn ($7.94bn), has formed a strategic partnership with the city's homegrown artificial intelligence unicorn SmartMore, DealStreetAsia reported.
This partnership comes as HKIC, widely perceived as the city's version of Singapore's Temasek Holdings, is set to make its first batch of widely-anticipated startup investments in June.
PAG raises just half of the $9bn goal for new Asia PE fund.
PAG, Asia's biggest manager of alternative assets, will close the fundraising for its latest buyout fund at $4bn later this month, reaching less than half of its original target as investors balk at putting new cash into the region, Bloomberg reported.
When the fund was launched two years ago, PAG was seeking about $9bn. The firm told investors last year it anticipated raising $6bn instead, after the world's biggest pension pools became increasingly reluctant to invest in illiquid assets in general.
|
