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AMERICAS
US Steel is locked in a spat with rival steelmaker Cleveland-Cliffs over a confidentiality pact that would allow the latter to participate in a sale process that is underway, Reuters reported.
US Steel has not opened its books to Cliffs since announcing on August 13 it will explore a sale, even as it accepts initial bids this week from other potential acquirers, because Cliffs will not agree to its conditions.
Cliffs has refused to sign a six-month standstill agreement that would prevent it from challenging US Steel's board of directors, because it wants to keep its options open as it pursues the company.
US Steel is advised by Barclays, Goldman Sachs, Milbank, Wachtell Lipton Rosen & Katz (led by Joshua Cammaker and Jenna Levine) and Joele Frank (led by Ed Trissel and Kelly Sullivan). Cleveland-Cliffs is advised by JP Morgan, Moelis & Co, Ubs, Wells Fargo Securities and Davis Polk & Wardwell.
Greenfire Resources, a Calgary-based energy company, went public via a SPAC merger with M3-Brigade Acquisition III, a New York Stock Exchange listed special purpose acquisition company, in a $950m deal.
"Greenfire has successfully assembled some of the highest quality oil sands assets in the industry and solidified our position as a leading intermediate oil sands developer. Supporting the safe, responsible, and efficient development of our world-class assets is an incredible team of dedicated and talented people. The investment by MBSC is a strong vote of confidence in our plan to deliver profitable growth as we focus on maximizing shareholder and stakeholder value," Robert Logan, Greenfire President and CEO.
Greenfire Resources was advised by Burnet Duckworth & Palmer, Carter Ledyard & Milburn and Felesky Flynn. M3-Brigade Acquisition was advised by BDO, Osler Hoskin & Harcourt (led by Neal Ross) and Wachtell Lipton Rosen & Katz (led by John Robinson).
Cisco, a multinational digital communications technology conglomerate corporation, agreed to acquire Splunk, a machine-generated data analytic software company, for $28bn.
"We're excited to bring Cisco and Splunk together. Our combined capabilities will drive the next generation of AI-enabled security and observability. From threat detection and response to threat prediction and prevention, we will help make organizations of all sizes more secure and resilient," Chuck Robbins, Cisco Chair and CEO.
Splunk is advised by Morgan Stanley, Qatalyst Partners and Skadden Arps Slate Meagher & Flom. Cisco is advised by Tidal Partners, Cravath Swaine & Moore and Simpson Thacher & Bartlett.
Brightstar Capital, a private equity firm, completed the acquisition of Douglas Products and Packaging, a specialty products manufacturer and marketer of brands in the global agriculture production and structural pest control markets. Financial terms were not disclosed.
"Douglas' dedicated team and steadfast commitment to environmental and regulatory stewardship of their mission-critical products fit perfectly with Brightstar's core values. We are excited about the Company's next stage of growth that includes potential expansion of new use cases across both its core markets and new geographies," Bruce Roberson, Brightstar President and COO.
Douglas was advised by Evercore and Ropes & Gray. Brightstar was advised by BMO Capital Markets and Kirkland & Ellis.
Merchants & Marine Bank, a Mississippi-chartered community bank, agreed to acquire Mississippi River Bank, a community bank. Financial terms were not disclosed.
"We are delighted to welcome Mississippi River Bank to our growing family of community banking brands. The tradition of top-level financial performance established by Mississippi River Bank's leadership, paired with their stellar record of service make them an exciting addition to our company. We look forward to working with Mike, Lisa and the entire Mississippi River Bank team to continue serving Plaquemines Parish and the West Bank for decades to come," Clayton Legear, Merchants & Marine Bank CEO.
Mississippi River is advised by Olsen Palmer and Fenimore Kay Harrison & Ford. Merchants & Marine is advised by National Capital and Maynard Nexsen.
W. P. Carey, a real estate investment trust, is set to demerge a 59 office properties portfolio into an independent and publicly-traded company.
As a separate company, NLOP will pursue a business plan focused on realizing value for its shareholders primarily through the strategic asset management and disposition of its property portfolio over time. It is anticipated that NLOP will pay distributions to its shareholders from its operating cash flows and disposition proceeds, after first repaying its obligations under the new debt facility.
W. P. Carey is advised by JP Morgan and Latham & Watkins (led by Michael Haas).
Mercurio Asset, an asset management company, agreed to acquire an 80% stake in Pecem coal power plant from EDP, a Portuguese electric utilities company, for BRL1.5bn ($312m).
EDP will keep 100% management of the 1.25 MW renewable hydrogen project that was commissioned in December 2022 in the Pecém complex. EDP will continue to assess the potential to develop larger scale renewable hydrogen projects in the region.
EDP is advised by Morgan Stanley.
Risk Strategies, a national specialty insurance brokerage and risk management firm, completed the acquisition of orchestrateHR, a human resources and employee benefits specialist. Financial terms were not disclosed.
"We're thrilled to welcome eBen and OrchestrateHR to the Risk Strategies family. The firm's great culture and robust scope of services is a great fit with our people and practice," John Greenbaum, Risk Strategies National Employee Benefits Practice Leader.
Risk Strategies was advised by Matter Communications.
SoftBank led a $280m Series E round in Mapbox, the location platform powering navigation for Toyota, General Motors, and BMW.
"It's this combination of data and AI processing that is unique to Mapbox. It's what allows us to satisfy our customers' needs across automotive, logistics, business intelligence, and mobile apps. This investment will allow Mapbox to bring its AI technology closer to the sophisticated camera and LiDAR sensors inside the vehicle, so split-second decisions can be made with the best data possible," Peter Sirota, Mapbox CEO.
SkyKnight Capital closes Fund IV at $1bn hard cap. (FS)
Private equity firm SkyKnight Capital announced the final closing of SkyKnight Capital Fund IV, with $1bn in commitments from endowments, foundations, pensions, family offices, and institutional investors. Fund IV exceeded its target and was significantly oversubscribed, with strong support from a diversified base of returning and new limited partners.
"We are grateful for the support of our like-minded partners and pleased to announce the closing of Fund IV, which will allow us to continue to execute our investment strategy. Fund IV will aim to invest in approximately ten platform companies where SkyKnight can bring our collaborative, entrepreneurial approach to building industry-defining businesses alongside aligned management and owners," Matthew Ebbel, SkyKnight Managing Partner.
Rupert Murdoch steps down as chair of Fox and News after seven-decade career. (People)
Rupert Murdoch is stepping down as chair of Fox and News as of November, WSJ reported. He will be appointed chairman emeritus of each company. His eldest son, Lachlan Murdoch, who has served as co-chair of News, will become sole chair of that company and will continue as Fox executive chair and CEO.
"Our companies are in robust health, as am I. We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them. But the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense," Rupert Murdoch.
EMEA
Rathbones Group, a provider of personalised investment management and wealth management services, completed the acquisition of Investec Wealth & Investment, an investment management company, from Investec, a banking and wealth management group, for £839m ($1bn).
"Rathbones' combination with Investec W&I UK presents many exciting future opportunities and creates the UK's leading discretionary wealth manager with approximately £100bn ($124bn) of funds under management and administration. Completion represents the start of a journey to bring both businesses together, delivering a high-quality range of services to clients and offering employees the chance to grow and develop within the enlarged Rathbones group. The strategic and financial rationale behind the combination is compelling and I thank all teams at Rathbones, Investec W&I UK and Investec Group for their dedication to achieving this milestone. I look forward to achieving the benefits to be realised for our clients, colleagues and shareholders," Paul Stockton, Rathbones Group CEO.
EU antitrust regulators will decide by October 23 whether to clear Turkish domestic appliances maker Arcelik's proposed purchase of Whirlpool's European domestic appliances business, Reuters reported.
Under the deal announced in January, the companies will set up a new entity made up of Arcelik's European units such as major domestic appliances, small domestic appliances and consumer electronics and Whirlpool's European business.
Recast Software, an endpoint management company completed the acquisition of Liquit, an application management company. Financial terms were not disclosed.
"We are excited to welcome Liquit into the Recast Software family. The acquisition aligns perfectly with our mission to empower IT professionals with the tools they need to manage and deploy their applications and software more efficiently. Together, we will continue to drive innovation and deliver exceptional value to our customers and channel partners across the globe," Will Teevan, Recast Software CEO.
Recast Software was advised by TGPR (led by Kevin Wolf).
UFP Industries, a supplier of lumber to the manufactured housing industry, completed the acquisition of a 80% stake in UFP Palets y Embalajes, a pallet manufacturing company, for $52m.
"Palets Suller provides a strong foundation to expand into Spain and grow our value-added packaging business in Europe. Samuel and his experienced team have built an impressive and efficient business, and we look forward to learning from them and helping them expand into new markets. This is another step in our goal to be the preferred global packaging solutions provider," Dick McBride, UFP Global Executive Vice President.
BTG Pactual, an investment bank, completed the acquisition of FIS Privatbank, a private bank. Financial terms were not disclosed.
"The acquisition of FIS is a milestone for BTG Pactual's strategy in Europe and a strategic investment decision. Operating a bank in Luxembourg will enable us to serve all our clients' needs in the region, fostering the activities of our European offices in Portugal, Spain (which is currently under regulatory approval), and the UK. We will offer a full suite of products and services to our European client base and to Latin Americans aiming to diversify their investment portfolios in developed countries. Being in Luxembourg will be a key element to bolster those activities, attract new clients and serve them with the same dedication that we do in our home markets," Roberto Sallouti, BTG Pactual CEO.
IK Partners, a private equity firm, agreed to invest in Metrology & Monitoring Solutions Group, a French metrology expert specializing in wireless temperature monitoring solutions. Financial terms were not disclosed.
"We are very excited about the prospect of working with the Development Capital team at IK, which has already proven itself to be a leading partner for international small to medium-sized enterprises. We are confident that with their expertise, knowledge of the sector and financial firepower, we will be able to execute on our ambitious M&A plans and growth strategies, embarking on the next stage of international expansion," Pascal Vermeersch, MMS CEO.
A group of investors, including Ally Bridge Group, Cambridge Innovation Capital, Escala Capital, LGT, Lightrock, RPMI Railpen, SoftBank Vision Fund 2, Tencent and Watrium, led a $165m funding round in CMR Surgical, the global surgical robotics business.
"I am incredibly proud of our teams and what CMR stands for as we pass this latest milestone and work towards our vision of making minimal access surgery available to everyone. The benefits of MAS for patients are enormous and I am excited to see the continued adoption of Versius around the world, and the positive impact it is having on hospitals, surgeons, and, ultimately, their patients," Supratim Bose, CMR Surgical CEO.
Engie may spend $2.1bn to buy biomethane assets by 2030.
French utility Engie may spend about €2bn ($2.1bn) by the end of the decade to buy and upgrade biomethane assets in Europe as customers switch away from fossil fuels, Bloomberg reported.
European Union nations are increasingly supporting the use of renewable gases such as biomethane, which is made by recycling agricultural and other organic waste, to replace natural gas and fight global warming. The need became more pressing after Russia squeezed gas supplies following its invasion of Ukraine, plunging the continent into its worst energy crisis in decades.
Engie said this year it plans to invest €3bn ($3.2bn) to boost its biomethane production by more than 10-fold by 2030 in Europe.
UK oil and gas explorer Waldorf is said to weigh potential sale.
Waldorf Production is considering a potential sale, having seen its growth ambitions crimped by a UK levy on energy profits, Bloomberg reported.
The North Sea exploration company is working with Citigroup to study a range of strategic options.
Tottenham Hotspur chairman Levy is open to stake sale.
Tottenham Hotspur chairman Daniel Levy is open to selling a stake in the London football club and said it could buy back England captain Harry Kane in future, Bloomberg reported.
"I've got no real interest to leave Tottenham, but I have a duty to consider anything that anyone may want to propose. It's not about me, it's about what's right for the club." Daniel Levy
US investors have been investing heavily in Premier League football teams. Last week, Miami-based 777 Partners agreed to buy Everton FC, while top teams including Arsenal FC, Chelsea FC, Liverpool FC and Manchester United are all in the hands of American owners.
Stada owners near hiring of banks for sale or IPO. (FS)
The private equity owners of Stada are close to mandating investment banks to sell the German generic drugmaker or list it on the stock exchange, Reuters reported.
The company, majority-owned by buyout firms Bain and Cinven since 2017, sells consumer healthcare products such as painkillers and sunscreen lotions, as well as biosimilar and generic drugs, which are cheaper copies of established pharmaceuticals that have lost patent protection.
Saudi oil driller gets $76.5bn of orders for $1.2bn IPO.
Oil driller ADES drew $76.5bn in orders for its $1.2bn initial public offering in Saudi Arabia, the country's biggest of the year.
ADES, which is backed by the kingdom's sovereign wealth fund, priced the IPO at $3.60 per share, the top of the range, Bloomberg reported. That values that company at $4.1bn.
Ades is selling 339m shares, representing 30% of the company's issued share capital through the sale of a mix of 102m existing shares and 237m newly issued shares.
SoftBank-backed Arm falls below IPO price after just one week.
Chip designer Arm Holdings fell below its initial public offering price just one week after a highly-anticipated debut was seen as a signal that the market was ready to reopen to fresh listings, Bloomberg reported.
The SoftBank Group-owned company fell as low as $50.96, dropping below the $51 it sold American depositary shares at in the year's biggest IPO. The company raised $5.23bn last week before rallying 25% in its debut session. The excitement didn't last long with the stock falling for five-straight days to wipe out the pop.
APAC
The top shareholder of Australian takeover target Origin Energy increased its stake on Thursday, calling the shares undervalued, in a move that may complicate the $10bn buyout led by Canada's Brookfield, Reuters reported.
Pension fund giant AustralianSuper said it raised its holding in Origin, the country's No. 2 power producer, by one percentage point to just under 14%. That gives the pension fund even more sway over whether the deal goes ahead since it requires support of 75% of votes cast.
Nirma, a group of companies manufactures customer-focused products, agreed to acquire a 75% stake in Glenmark Life Sciences from Glenmark Pharma, a research‐led, integrated, global pharmaceutical company, for $680m.
"We are pleased to announce this strategic transaction with Nirma, which marks a significant milestone in shaping an independent growth trajectory for GLS. This deal aligns with our strategic intent of moving up the value chain to become an innovative/brand led organization, with continuous focus on our core therapeutic areas of dermatology, respiratory and oncology. It also presents an opportunity for us to strengthen shareholder value through deleveraging and enhancing our overall return profile," Glenn Saldanha, Glenmark Pharmaceuticals Chairman and Managing Director.
GLS is advised by Trilegal. Glenmark Pharma is advised by Kotak Investment Banking and S&R Associates.
Nippon Television Network, a Japanese commercial broadcast television network, agreed to acquire Studio Ghibli, the famed Japanese animation studio of Hayao Miyazaki. Financial terms were not disclosed.
Nippon TV said it will send executives to support Ghibli's management, while honoring its creative independence so it can focus on animation and other artistic projects.
IFC, an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries, completed the $91m investment in Aditya Birla Fashion and Retail, a branded apparel retailer.
The investment will be used to fund the company's acquisition of TCNS Clothing.
Shell seeks partners for renewable assets in India.
Shell said it is seeking partners to invest in renewable assets developed and operated by its Indian business Sprng Energy as part of CEO Wael Sawan's effort to boost profits, Reuters reported.
Sprng, which Shell acquired from Actis in August 2022 for $1.55bn, develops and supplies solar and wind power to electricity distribution companies in India, seen as a major growth market in the power sector in the coming decades.
"We continue to develop new projects (of the Sprng Energy group) while exploring partnering opportunities with investors who want to deploy capital on de-risked operational assets, with Shell retaining a stake in such assets. This focus on capital discipline will enable Shell to further accelerate growth of our renewables portfolio." Shell.
India's Ola Electric eyes IPO filing by end of October in expedited listing plan.
India's Ola Electric plans to file regulatory papers for its up to $700m IPO before the end of October as the e-scooter maker fast-tracks its listing move, Reuters reported.
Backed by investors including Singapore's Temasek and Japan's SoftBank, Ola Electric was valued at $5.4bn in a recent fund raising.
India's Creaegis hits final close of maiden fund at $425m. (FS)
Indian homegrown private equity fund Creaegis has closed its maiden fund at about $425m, DealStreetAsia reported.
The sector-agnostic fund will focus on investing in growth-stage Indian startups. The private equity firm plans to build a portfolio of about 12-15 companies, making roughly four investments a year. The fund would spend $25-40m on average in a startup, and will double down on its portfolio winners.
Malaysian pension fund KWAP launches $107m vehicle to invest in startups, VCs. (FS)
Malaysia's public service retirement fund Kumpulan Wang Persaraan launched a $107m vehicle to invest in startups and venture capital funds over the next 18-24 months, DealStreetAsia reported.
The fund will allocate $213m, or 50% of the corpus, for direct investments into startups. The remaining part of the corpus will be put into a fund-of-funds to invest in venture capital funds. KWAP is seeking to select 10 VCs in total, from the 38 proposals received earlier this year.
Goldman ANZ names ex-Australia treasurer Frydenberg as chairman. (People)
Goldman Sachs Group named former Australian treasurer Josh Frydenberg chairman of its Australia and New Zealand business.
Frydenberg replaces veteran Australia Goldman investment banker Christian Johnson, who retired in March after a long career as a dealmaker. The elevation is likely to nix some public expectations that the 52-year-old Frydenberg may still harbor further political ambitions, after commonly being tipped for leadership of the Liberal National Party before its coalition lost re-election in 2022.
Gores's Platinum hires Ontario Teachers' Sobti as Asia head. (FS, People)
US private equity firm Platinum Equity hired Amit Sobti to head its Asia business as it pushes to expand dealmaking in the region.
Sobti, who currently co-leads direct investments for Asia-Pacific at Ontario Teachers' Pension Plan, is expected to join Platinum Equity by the end of this year or early next year, Bloomberg reported.
Sobti has been at the Toronto-based pension fund for more than seven years. Ontario Teachers' confirmed Sobti's departure.
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