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AMERICAS
Cisco, a multinational digital communications technology conglomerate corporation, completed the acquisition of Splunk, a machine-generated data analytic software company, for $30bn.
"We are thrilled to officially welcome Splunk to Cisco. As one of the world's largest software companies, we will revolutionize the way our customers leverage data to connect and protect every aspect of their organization as we help power and protect the AI revolution," Chuck Robbins, Cisco Chair and CEO.
Splunk was advised by Morgan Stanley (led by David Chen and Anthony Armstrong), Qatalyst Partners (led by George Boutros), Skadden Arps Slate Meagher & Flom (led by Mike Ringler and Peter Jones) and Joele Frank (led by Eric Brielmann). Financial advisors were advised by Cooley (led by Jamie Leigh) and Freshfields Bruckhaus Deringer. Cisco was advised by Citigroup, Consello, Goldman Sachs (led by Ryan Limaye), JP Morgan, RBC Capital Markets, Tidal Partners (led by David Handler), Clifford Chance (led by Nelson Jung), Cravath Swaine & Moore and Simpson Thacher & Bartlett ( Alan Klein, Anthony Vernace and Fred De Albuquerque). Financial advisors to Cisco was advised by Latham & Watkins (led by Justin Hamill).
Clearlake Capital, a private equity firm, and Insight Partners, a venture capital and private equity firm, completed the acquisition of Alteryx, a computer software company, for $4.4bn.
"We believe the Alteryx AI and cloud analytics platform provides powerful and differentiated solutions that enable customers to gain critical insights from data driven workflows, ultimately leading to meaningful productivity and efficiency gains for these organizations. In partnership with Insight, we are excited to collaborate with the company's talented employee base and believe that through Clearlake's O.P.S.® framework and sector expertise, Alteryx will have the resources to accelerate its product innovation and continue to provide valuable solutions to customers," Behdad Eghbali, Clearlake Co-Founder and Managing Partner and Prashant Mehrotra, Clearlake Partner and Managing Director.
Alteryx was advised by Qatalyst Partners (led by George Boutros and Jeff Chang), Fenwick & West (led by Michael Pilo, Michael Brown, Ran Ben-Tzur and David Michaels), Wilson Sonsini Goodrich & Rosati (led by Martin W. Korman, Raj S. Judge, Jackie Hamilton, Douglas K. Schnell and Remi Korenblit) and Joele Frank (led by Barrett Golden and Eric Brielmann). Insight Partners was advised by Willkie Farr & Gallagher (led by Erin Kinney and Matthew Guercio). Clearlake Capital was advised by Goldman Sachs (led by Ryan Limaye), Houlihan Lokey, JP Morgan, Morgan Stanley, Sidley Austin (led by Mehdi Khodadad, Mark K. Castiglia and Daniel J. Belke) and Lambert & Co (led by Jennifer Hurson). Debt financing was provided by Apollo Global Management, Blackstone, Blue Owl and Sixth Street Partners.
PGT Innovations announced on March 18 that its stockholders voted to approve the definitive merger agreement with MITER Brands and an amendment to the Amended and Restated Certificate of Incorporation of the Company at a special meeting of the Company’s stockholders.
The final voting results for the special meeting was filed in a Form 8-K with the US Securities and Exchange Commission on March 18, 2024.
PGT Innovations is advised by Evercore, Davis Polk & Wardwell (led by Evan Rosen) and FGS Global. KOCH Industries is advised by Rothschild & Co and Jones Day (led by Daniel J. Michaels). MITER Brands is advised by KeyBanc Capital Markets, RBC Capital Markets, Stinson and Edelman (led by Patrick Ryan and Ira Gorsky). Debt is provided by KeyBanc Capital Markets and RBC Capital Markets.
Masdar, the United Arab Emirates' clean energy powerhouse, agreed to acquire a 50% stake in Terra-Gen, an independent renewable energy power producer in the United States, from Energy Capital Partners, a private equity firm. Financial terms were not disclosed.
"Our investment in Terra-Gen's impressive energy portfolio expands our existing US footprint and reinforces Masdar's long-term commitment across our US portfolio. This transaction unites one of the largest independent renewable energy producers in the US with Masdar – one of the fastest growing clean energy companies in the world. We look forward to working alongside Igneo as our valued partner to accelerate Terra-Gen's growth and deliver world-class innovation at utility scale in support of the global energy transition," Mohamed Jameel Al Ramahi, Masdar CEO.
Terra-Gen is advised by Guggenheim Partners, Lazard and Latham & Watkins. Masdar is advised by BMO Capital Markets, JP Morgan, Covington & Burling, White & Case and FGS Global. Energy Capital Partners is advised by FGS Global (led by Akash Lodh and Nick Rust). Igneo Capital Partners is advised by Mayer Brown and Newton Park PR (led by Margaret Kirch Cohen).
Dril-Quip, a developer, manufacturer and provider of highly engineered equipment and services for the global offshore and onshore oil and gas industry, agreed to merge with Innovex, a global provider of mission-critical technologies and services across the well lifecycle for the oil and gas industry. Upon closing of the transaction, Dril-Quip stockholders will own approximately 52% and Innovex stockholders will own approximately 48% of the combined company on a fully diluted basis.
“We are bringing together the great traditions and capabilities of Dril-Quip with Innovex’s proven operating model. By empowering the combined organization using Innovex’s collaborative ‘No Barriers’ culture, we will unleash the capabilities of the combined company to create a unique energy industrial platform with durable margins, low capital intensity and the potential for superior returns on capital throughout industry cycles,” Adam Anderson, Innovex CEO.
Dril-Quip is advised by Citigroup, Morgan Stanley, Gibson Dunn & Crutcher and H/Advisors Abernathy (led by Sydney Isaacs and Chuck Dohrenwend). Innovex is advised by Goldman Sachs, Piper Sandler, Akin Gump Strauss Hauer & Feld and Paul Hastings.
UK defense company BAE Systems is sounding out investors for a corporate bond sale that could top $4bn to help refinance a bridge loan it used to acquire Ball Aerospace, Bloomberg reported.
The firm agreed to buy Ball Aerospace in August in a $5.6bn deal as a way to reach into space, a frontier the company predicts will become increasingly important in warfare. It marked the biggest purchase in the firm's history. The final size of the bond offering will be determined on the day of the sale.
A consortium of investors including private equity firms Adage Capital Partners, Avidity Partners, Boxer Capital, Darwin Global Management, Deep Track Capital, Farallon Capital Management, Logos Capital, Perceptive Advisors and RTW Investments, completed a $180m investment in Spyre Therapeutics, a biotechnology company.
Spyre Therapeutics intends to use the net proceeds from the PIPE financing, together with the Spyre's existing cash, cash equivalents, and marketable securities, to fund its pipeline programs, and for general corporate purposes and working capital. Spyre also expects that the net proceeds will extend its cash runway to fund its operating plan well into 2027.
Spyre Therapeutics was advised by Evercore, Guggenheim Partners, Jefferies & Company, LifeSci Capital, Stifel and TD Cowen.
BlackRock TCP Capital, a direct lending services provider, completed the merger with BlackRock Capital Investment, a business development company. Financial terms were not disclosed.
“We are excited to close this transaction that brings together two portfolios that we know well and that have substantial overlap. The combination with BCIC positions TCPC for sustained growth that we believe will create meaningful value for shareholders," Rajneesh Vig, BlackRock TCP Chairman and CEO.
BlackRock TCP Capital was advised by Houlihan Lokey and Dechert (led by Harry S. Pangas and Eric Siegel). Houlihan Lokey was advised by Skadden Arps Slate Meagher & Flom (led by David Hepp). BlackRock Capital Investment was advised by Keefe Bruyette & Woods (led by Allen Laufenberg) and Vedder Price
Francisco Partners, a private equity firm, agreed to acquire Jama Software, a requirements management and traceability solution provider, from private equity firms Insight Partners and Madrona Ventures, for $1.2bn.
"We are thrilled to work with Francisco Partners and leverage their expertise as we further accelerate our rapid expansion across enterprises, industries and continents. We thank Insight Partners, who have been tremendous supporters of Jama Software's growth over the past six years," Marc Osofsky, Jama Software CEO.
Jama Software is advised by Evercore and Willkie Farr & Gallagher. Francisco Partners is advised by JP Morgan and Paul Hastings.
Mayfair Capital Partners, a private equity firm, agreed to acquire a majority stake in Baseline Fitness, a franchisee of Planet Fitness health clubs, from Freeman Spogli, a private equity firm. Financial terms were not disclosed.
"Baseline Fitness has grown into one of the largest franchise divisions of Planet Fitness fitness centers, having opened our landmark 100th club earlier this year. We are proud of what we accomplished together with the Freeman Spogli team and are excited to begin our new chapter with Mayfair Capital Partners, who we expect to be an excellent new partner. This transaction is a testament to the great work of our many employees and our management team, and an acknowledgment of the excellent partnerships we have established with our loyal members, the franchisor, and Freeman Spogli, who has been a very supportive partner to us for the last six years," Scott Majkrzak, Baseline Fitness CEO.
Baseline Fitness is advised by Piper Sandler. Mayfair Capital Partners is advised by Fredrikson & Byron. Freeman Spogli is advised by Morgan Lewis & Bockius and Winthrop & Weinstine.
Trinity Hunt Partners, a private equity firm, completed the majority investment in Coker Group, a healthcare advisory firm serving hospitals, private and health system-affiliated physician groups, private equity-backed platforms, and ancillary healthcare entities. Financial terms were not disclosed.
“The partnership with Trinity Hunt brings new possibilities for our valued team members and clients as we look to accelerate Coker’s growth and build a national leader in the healthcare advisory space. We were very intentional in selecting a partner, and we found Trinity Hunt’s vision and core values to be uniquely aligned with our own,” Max Reiboldt, Coker Chairman.
Coker was advised by KPMG and Bradley Arant Boult Cummings. Trinity Hunt Partners was advised by Kirkland & Ellis and MiddleM Creative (led by Allie Gamble).
Roquette, a producer of plant-based ingredients and vegetal proteins, agreed to acquire pharma solutions business of IFF, a developer and manufacturer of pharmaceutical excipients, for $2.85bn.
"We are excited to enter into this partnership with the talented Pharma Solutions team at IFF, which has grown into the go-to partner in the pharmaceutical excipients and specialty solutions markets globally. The combination of our excipients expertise with IFF Pharma is a fantastic opportunity to become a true global specialist of drug delivery and oral dosage solutions, responding to the needs of our customers and to the demands of patients who are looking for continuously better treatments,” Pierre Courduroux, Roquette CEO.
IFF is advised by Evercore, JP Morgan and Skadden Arps Slate Meagher & Flom.
AstraZeneca, a pharmaceutical company that discovers, develops, manufactures, and markets prescription medicines, agreed to acquire Fusion Pharmaceuticals, a clinical-stage oncology company, for $2bn.
"This acquisition combines Fusion's expertise and capabilities in radioconjugates, including our industry-leading radiopharmaceutical R&D, pipeline, manufacturing and actinium-225 supply chain, with AstraZeneca's leadership in small molecules and biologics engineering to develop novel radioconjugates. Expanding on our existing collaboration with AstraZeneca where we have advanced FPI-2068, an EGFR-cMET targeted radioconjugate into Phase I clinical trials, gives us a unique opportunity to accelerate the development of next-generation radioconjugates with the aim of transforming patient outcomes," John Valliant, Fusion CEO.
Fusion Pharmaceuticals is advised by Centerview Partners, Goodwin Procter and Osler Hoskin & Harcourt.
Carlisle Companies, a supplier of innovative building envelope products and solutions, agreed to acquire MTL Holdings, a provider of innovative, sustainable, building envelope solutions, from GreyLion Partners, a private equity firm, for $410m.
“The acquisition of MTL is consistent with Vision 2030 and our intent to build on our strategic pivot to a pure-play building products company with increased investment in innovation, a continued emphasis on synergistic M&A, attracting and retaining top talent, and fulfilling our sustainability commitments. By acquiring MTL and leveraging the Carlisle Operating System across the business, I am confident that we will create significant value for all our stakeholders. We look forward to welcoming Tony Mallinger and MTL’s talented team to Carlisle,” Chris Koch, Carlisle Chair, President and CEO.
MTL Holdings is advised by William Blair & Co and Latham & Watkins. Carlisle Companies is advised by Dorsey & Whitney.
Marathon Digital Holdings, a publicly traded Bitcoin miner, agreed to acquire a Bitcoin mining data center from Applied Digital, a designer, developer and operator of data centers, for $87m.
“Marathon has been a valuable partner of ours since 2022, and we welcome them as the new stewards of this state-of-the-art bitcoin mining data center in Garden City, Texas. We look forward to closing this mutually beneficial transaction, which we believe allows both companies to pursue their long-term strategies more effectively," Wes Cummins, Applied Digital Chairman and CEO.
Marathon Digital is advised by Paul Weiss Rifkind Wharton & Garrison and Wachsman. Applied Digital is advised by Lowenstein Sandler.
CarelonRx, a pharmacy benefit manager, agreed to acquire the specialty pharmacy business of Kroger, an operator of supermarkets and convenience stores. Financial terms were not disclosed.
"Kroger Specialty Pharmacy has been part of our company since 2012, and we want to thank our management team and associates for their enduring commitment to their patients. As part of our regular review of assets, it became clear that our strong specialty pharmacy business unit will better meet its full potential outside of our business. One of the most important considerations was continued operations to ensure minimal disruption to our associates and patients. We are confident this transaction will help the business to grow and deliver better results for patients. We look forward to working toward a smooth transition for associates and patients," Colleen Lindholz, Kroger Health President.
Kroger is advised by RBC Capital Markets, Arnold & Porter Kaye Scholer and Weil Gotshal and Manges.
Autodesk, an American multinational software corporation, completed the acquisition of PIX business of X2X, a production management solutions provider. Financial terms were not disclosed.
"Fast forward to today, and with the acquisition of PIX officially closed, we are accelerating our position on set, now bringing the studios along on our journey. The addition of PIX to Autodesk will make it easier to share data captured on set with studio executives and production teams, fostering broader collaboration and linking a previously disparate workflow. Connecting PIX’s production management solution to Flow will ensure a better flow of data to all stakeholders and help reduce inefficiency," Autodesk.
Autodesk was advised by Jones Day. X2X was advised by JP Morgan.
Cornerstone OnDemand, a provider of learning and talent experience solutions, agreed to acquire extended reality capabilities of Talespin, a spatial learning company focused on workforce skills development. Financial terms were not disclosed.
“As a leader in learning and talent experience for over two decades, we embarked on a journey of redefining the future of work. We’ve evolved to provide engaging, personalized tools centered around growth for employees to pave their own path. A natural evolution from personalized is providing truly immersive learning experiences through spatial computing and GenAI. Talespin is another important step in our vision to provide a holistic, integrated continuum of learning solutions with the right content at the right time — and now — with the right modality,” Himanshu Palsule, Cornerstone CEO.
Talespin is advised by Tyton Partners.
Ampersand Capital Partners, a private equity firm, agreed to acquire Biologos, a full-service manufacturer of custom and standard cell culture media, reagents, buffers, enzymes, and sera. Financial terms were not disclosed.
"This is an exciting time at Biologos as we have experienced impressive growth thanks to our team's ability to provide high-quality standard and custom biologics solutions for our customers. Ampersand's deep industry expertise, broad network, and capital resources will enable Biologos to accelerate its growth strategy through the development of new products and its expansion into new markets," Tony Bazarko, Biologos CEO.
Curaleaf Holdings, a provider of consumer cannabis products, agreed to acquire Northern Green Canada, a vertically integrated Canadian licensed cannabis producer. Financial terms were not disclosed.
"We expect the NGC acquisition to be a highly accretive deal that marks Curaleaf's first step into the Australasian markets, creating a true global cannabis company with global brands. It allows Curaleaf to safeguard our position in Europe, enhancing our supply chain while increasing our margins. The opportunity in Germany alone cannot be understated, and we continue to prepare strategically for that moment and beyond. We are committed to delivering the highest quality flower in every market we operate, and we are thrilled to welcome the NGC team to the Curaleaf International family," Boris Jordan, Curaleaf Chairman.
Butterfly Equity explores sale of Chosen Foods in a $600m deal. (FS)
Butterfly Equity, the private equity owner of Chosen Foods is preparing to explore a sale that could value the avocado-based food products company at around $600m or more, including debt, Reuters reported.
Chosen Foods is working with investment banks Morgan Stanley and Bank of America on its sale process that is expected to launch later this year.
SpaceX's Shotwell downplays potential Starlink IPO.
SpaceX is not making an initial public offering of its Starlink unit a priority at the moment, according to Gwynne Shotwell, the company's chief operating officer.
SpaceX is not focused on an IPO for Starlink right now. The company is instead aiming at improving the product, including transmission speeds, Bloomberg reported.
Nokia tells Reddit it infringes some patents in lead-up to IPO.
Reddit, the social media platform gearing up for an initial public offering this week, said Nokia has accused it of infringing some of their patents, Bloomberg reported.
Nokia Technologies, the company's licensing business, sent Reddit a letter on March 18 with the claims, and Reddit is evaluating them. "As we face increasing competition and become increasingly high profile, the possibility of receiving more intellectual property claims against us grows," Reddit.
Wind Point Partners closes Fund X at $2.3bn hard cap. (FS)
Wind Point Partners, a Chicago-based private equity firm, announced the successful closing of its latest fund, Wind Point Partners X. Fund X closed at its hard cap with total commitments of $2.3 bn, exceeding the Fund's $1.7bn target.
"On behalf of the Wind Point team, we would like to convey our gratitude for the trust and partnership by so many quality institutions represented with Fund X. The success of this fundraise is a testament to the clarity and quality of our strategy, the strength and tenure of our team, and importantly, our consistent results. We believe Wind Point is extremely well-positioned for the long-term and we look forward to continued shared success with our valued partners," Wind Point.
Wind Point was advised by Evercore and Kirkland & Ellis.
Comvest Partners closes sixth PE fund at $881m. (FS)
Comvest Partners, a middle-market private equity and credit investment firm, announced the final close of its sixth flagship private equity fund, Comvest Investment Partners VI with total capital commitments of $881m.
"We appreciate the strong reception CIP VI received from new and existing investors. We believe our successful fundraise reflects Comvest's deep experience in the middle market, our nearly 25-year history of delivering results for our investors, and the strength of our private equity strategy. We are grateful for the continued confidence our investors have placed in us and remain committed to meeting that trust," Michael Falk, Comvest Founder and CEO.
Comvest was advised by Kirkland & Ellis.
International Paper names Silvernail to succeed Sutton as CEO. (FS, People)
International Paper, a global leader in the packaging and paper industry, has appointed KKR's Andrew Silvernail as its new Chief Executive Officer, effective May 1, 2024.
The announcement comes as part of a planned leadership transition, with Silvernail succeeding the current CEO, Mark Sutton, who will continue to serve as Chairman of the Board, WSJ reported.
EMEA
Saturn Resources confirms that it has reached an agreement with the independent Shanta directors on the terms of a recommended increased and final cash offer of £156m ($198m), which represents an increase of 10% on the original consideration.
In addition, each Shanta shareholder will be entitled to receive and retain an interim dividend of up to $0.19 apiece.
Shanta Gold is advised by Liberum Capital, Carey Olsen, Memery Crystal and FTI Consulting. Saturn Resources is advised by Berenberg, Addleshaw Goddard and Mourant Ozannes. Debt financing is provided by Nedbank and Standard Bank of South Africa.
Medios, a provider of specialty pharma solutions, agreed to acquire Ceban Pharmaceuticals, a pharmaceutical compounding platform, for €259m ($282m).
“We are excited to become part of Medios. Its nationwide network of pharmacies provides us access to the interesting and sizable German market, in which Medios has built an impressive leading position. Moreover, the strategy of Medios fits seamlessly with our international strategic ambitions. Medios’ strong and long relationship with major pharmaceutical companies will allow us to benefit from a solid supply chain, excellent product availability, and a very strong purchase power. We look forward to building the leading European Specialty Pharma platform together," Jeroen van der Hamsvoort, Ceban Pharmaceuticals CEO.
Medios is advised by KPMG, Morrison & Foerster and Stibbe. Bencis Capital is advised by PricewaterhouseCoopers and Hogan Lovells.
Drilling Tools International, an oilfield services company, completed the acquisition of Deep Casing Tools, a downhole technology solutions provider. Financial terms were not disclosed.
"We are very pleased to join the DTI organization and I look forward to working with Wayne Prejean and DTI's leadership team as we enter this next successful phase of our evolution. Deep Casing Tools continues to push the boundaries of innovation and challenge conventional target depth technology. Our long-term contracts for our portfolio of products in Central America, the Middle East and Asia Pacific, as well as the commercialization of three new technologies in the UK, Europe and beyond, is an excellent fit with DTI's existing capabilities and footprint. By maintaining complete control over the entire engineering and manufacturing process, the partnership of DTI and Deep Casing Tools will ensure unrivalled quality and design in its solutions worldwide," David Stephenson, Deep Casing Tools CEO.
Deep Casing Tools was advised by Piper Sandler. Deep Casing Tools was advised by KPMG and Winston & Strawn.
Uber, a company that develops, markets, and operates a ride-sharing mobile application, led a $100m Series B funding round in Moove, the global mobility fintech, with participation from Mubadala, a private equity firm.
“This validation from Uber and others stands as a testament to the fact that what was once a dream is now a palpable reality. This infusion of capital is set to amplify the immensely positive impact our products have in the lives of our customers on a much broader spectrum. I would like to extend my heartfelt gratitude to our dedicated team of Moovers for their relentless effort and commitment, which has been pivotal in reaching this significant milestone on our company’s journey,” Ladi Delano, Moove Founder.
Moove was advised by Bank of America and Hotwire Global.
WWICL and Exor-backed NUO, a company launched to invest in and support the global development of medium-sized Italian companies specialising in consumer goods excellence, completed the acquisition of a 30% stake in Subdued, a womenswear clothing chain, for $76m.
"Through this partnership with Nuo and their network we will be able to accelerate the global development of a brand that is already well established in the European market," Alessandro Orsini, Subdued Co-Founder and CEO.
Subdued was advised by Rothschild & Co.
Unilever, a consumer goods company, agreed to spin off its ice cream business. Financial terms were not disclosed.
"The Board is determined to transform Unilever into a higher-growth, higher-margin business that will deliver consistently for all stakeholders. Improving our performance and sharpening our portfolio are key to delivering the improved results we believe Unilever can achieve. The separation of Ice Cream and the delivery of the productivity programme will help create a simpler, more focused, and higher performing Unilever. It will also create a world-leading ice cream business, with strong growth prospects and an exciting future as a standalone business," Ian Meakins, Unilever Chairperson.
Unilever is advised by Teneo.
Pfizer to cut stake in Haleon to 24%.
Consumer healthcare firm Haleon said that US drugmaker Pfizer, its top shareholder, will sell down its stake in the company to about 24% from 32%. Pfizer said last year it planned to cut its ownership in a "slow and methodical" manner within months, Reuters reported.
The offer price per share is expected to be announced on or around March 19, following the completion of a book-building process. The sale of 630m shares would be worth about £2.03bn ($2.58bn).
Pfizer is advised by Wachtell Lipton Rosen & Katz.
UK delivers final blow to UAE's hopes of acquiring Telegraph newspaper.
Britain said on March 19 it would refer the UAE-led takeover of the Telegraph for a lengthy review, a move that will effectively kill the deal because a law banning foreign governments owning newspapers is due to come into force in coming months, Reuters reported.
Abu Dhabi-backed RedBird IMI took control of the Telegraph titles and the Spectator magazine in December when it helped repay the Barclay family's £1.2bn ($1.5bn) debt to Lloyds Bank, but the deal needs regulatory approval.
L&G taps Rothschild to run potential sale of Cala.
British insurer Legal & General is lining up investment bank Rothschild to oversee a potential sale of its housebuilder arm Cala, as new chief executive Antonio Simoes weighs a strategic overhaul, Reuters reported.
Legal & General has held discussions with Rothschild about potentially running a sales process for Cala, but no final decision on offloading the business has been made.
Fosun open to sale of Portuguese bank stake.
Fosun International is open to selling its remaining stake in Portugal's Millennium bcp after disposing of some shares earlier this year, Reuters reported. The stake was worth around €836m ($910m).
The Chinese conglomerate, which aims to boost its working capital amid what analysts see as debt pressure, has been evaluating options, such as finding a strategic buyer for the 20% holding. European lenders including Spain's BBVA and CaixaBank have been sounded out as potential buyers.
Soho House jumps on go-private talks as Chair rebukes investors.
Global hotel chain and group of private members' clubs Soho House jumped the most in more than a year after its controlling shareholder hinted at progress around the members-only club going private, while bemoaning in a public letter that investors are focused on short-term profits, Bloomberg reported.
"When we went public I believed the market would reward growth, but it seemed to quickly switch to rewarding free cash flow and profit over our top-line growth. So at this point in time we have all the costs of being a public company with few benefits," Ron Burkle, Soho House Executive Chairperson.
Atos says Airbus ends discussions over BDS cybersecurity unit sale.
French information technology service and consulting company Atos said European multinational aerospace corporation Airbus had called off discussions about potentially buying the French software company's BDS cybersecurity unit, sending its shares down by almost a fifth.
"Atos is analysing the resulting situation and actively evaluating strategic alternatives that will take into consideration the sovereign imperatives of the French state," ATOS.
Macron renews push to make Paris attractive for capital markets.
French President Emmanuel Macron pledged to make Paris a haven for capital markets with a fresh round of measures that would facilitate initial public offerings and direct more investment to smaller companies, Bloomberg reported.
"We need to step up the efforts begun in 2017 to make France a more attractive place to help finance our economy. This will be the priority in the coming months at national level," Emmanuel Macron.
Johannesburg Stock Exchange sees its IPO crisis easing.
Africa's biggest bourse, the Johannesburg Stock Exchange, is slowly turning the tide from a wave of delistings to companies once again considering initial public offerings, Bloomberg reported.
Bankers cited potential interest rate cuts, South Africa's upcoming election and the country's plans to alleviate rolling blackouts among factors for the revival. JP Morgan said the bank was seeing more companies preparing to come to market in Johannesburg.
Douglas guides IPO pricing at bottom of range. (FS)
German perfume retailer Douglas is expected to price its €907m ($991m) initial public offering at the bottom of the range, as European listings pick up pace, Bloomberg reported,
The CVC Capital Partners-backed firm is expected to price its shares at €26 ($28) each, with the order book multiple times covered at that level and above. The shares were being marketed at €26 ($28) to €30 ($32.6) each.
Kahoot appoints ex-BT chief Gavin Patterson as chair. (FS, People)
Kahoot, the educational technology company, has appointed former BT Group chief executive Gavin Patterson to chair its board as it prepares for an expansion under new owners including Goldman Sachs, FT reported.
The Oslo-based group was delisted in January after being acquired for about $2bn by investors including Goldman Sachs's asset management arm, General Atlantic and Kirkbi, a vehicle run by Lego's founding family.
APAC
Australia's Boral on March 19 recommended investors reject its largest shareholder Seven Group Holdings' AUD1.9bn ($1.25bn) offer for the company claiming it undervalues the building products group, Reuters reported.
Seven Group, controlled by billionaire Kerry Stokes and his family, already owns nearly 72% of Boral and had launched a bid last month to acquire full control of Boral.
The proposal of a minimum of SUD6.05 per Boral share consists of 0.1116 Seven Group shares and AUD1.50 cash. The offer could go as high as AUD6.39 per share if certain acceptance rates are met.
Boral is advised by UBS, Allens and FTI Consulting (led by Shane Murphy). Seven Group is advised by Domestique (led by Jim Kelly).
Sumitomo Life Insurance, a mutual life insurance company, completed the acquisition of a 35% stake in Singlife, a financial services company, from TPG Capital, a privte equity firm, in a $3.5bn deal.
“We are pleased to join the Sumitomo Life group. It has been a remarkable journey getting to where we are today. We have grown from strength to strength since Sumitomo Life’s first investment in Singlife in 2019, through Singlife’s merger with Aviva Singapore till today. The deal shows Sumitomo Life’s strong confidence in what we have done and in our long-term plans. I would like to express our gratitude to TPG, Aviva, IPGL, and other shareholders who have walked this incredible journey with us. Thank you for your unwavering support,” Ray Ferguson, Singlife Chairman.
TPG was advised by Mitsubishi UFJ Morgan Stanley Securities.
Macquarie and Canada's PSP start AirTrunk data centre sales process. (FS)
Australia's Macquarie Group and Canada's Public Sector Pension Investment Board are starting a sales process for their AirTrunk data centre business, Reuters reported.
The pair sent non-disclosure agreements on March 19 to potential buyers to sign ahead of a formal transaction process. AirTrunk could be valued at up to $9.77bn and a majority stake could be sold as part of the process.
GoTo preps first-ever buyback.
GoTo Group plans to buy back as much as $200m of stock after recording its first-ever profit on an adjusted basis, hoping to stoke investor confidence even as its growth slows, Bloomberg reported.
The Jakarta-based company, which competes with Singapore's Grab in ride-hailing and food delivery, reported $5m in adjusted earnings before interest, taxes, depreciation and amortisation for the fourth quarter. This compares with an adjusted loss of $197m a year earlier.
Warburg Pincus said to seek redemption of stake in Wanda mall unit. (FS)
Global private equity firm Warburg Pincus is seeking to redeem its investment in Dalian Wanda Group's shopping mall unit, which has been trying to raise fresh funds after several failed attempts to list in Hong Kong in recent years, Bloomberg reported.
Warburg Pincus invested $135m for a minority stake in Zhuhai Wanda Commercial Management Group in 2021, when the company first filed for an initial public offering. With IPO efforts stalling, Zhuhai Wanda was then required to repay investors if it failed to list by the end of 2023.
Idemitsu raises stake in Fuji Oil, eyes holding 20%.
Idemitsu Kosan, Japan's second-biggest oil refinery, said it will raise its stake in Fuji Oil, a supplier of plant-based food solutions, to 13.04% from 6.58% by buying stake from Japanese chemical company Sumitomo Chemical and may raise its ownership to 20%, Reuters reported.
The move is aimed at raising its competitiveness in the fuel sector through expansion of joint purchases of crude oil, as well as deepening collaboration in decarbonisation measures.
Abu Dhabi fund offers to buy out investors fleeing China private equity. (FS)
The Abu Dhabi Investment Authority is seeking to capitalise on western investors' retreat from China by offering to buy at a discount their stakes in funds managed by Hong Kong-based PAG, FT reported.
The move from Abu Dhabi's main sovereign wealth fund, is a sign of how some Gulf investors are looking to snap up bargains as US-based investors cut their China exposure.
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