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AMERICAS
Investors in Australian lithium producer Allkem voted to accept a $10.6bn merger offer from US giant Livent that would create one of the world's biggest lithium companies, Reuters reported.
Allkem said that 72% of shareholders who voted on the deal were in favour of the transaction, with nearly 90% of the total number of votes cast for the deal to proceed. Livent last week said it had received all regulatory approvals for the deal, which will create a company called Arcadium Lithium. Its shareholders will vote later.
Allkem is advised by Morgan Stanley, UBS, Fasken (led by John S.M. Turner), King & Wood Mallesons (led by Antonella Pacitti and Roger Davies), McCarthy Tetrault (led by Matthew Cumming), Sidley Austin (led by Joe Michaels, Brian Fahrney, and Jessica Day), and GRACosway (led by Ben Wilson and Max Hewett). Livent is advised by Gordon Dyal & Co, Allens (led by Guy Alexander), Davis Polk & Wardwell (led by William H. Aaronson and Cheryl Chan), and Teneo (led by Andrea Calise). Financial advisors are advised by Sullivan & Cromwell (led by George J. Sampas).
Clearlake Capital, a private equity firm, and Insight Partners, a venture capital and private equity firm, agreed to acquire Alteryx, a computer software company, for $4.4bn.
"We're pleased to announce our agreement with Clearlake and Insight. In addition to delivering significant and certain cash value to our stockholders, this transaction will provide increased working capital and industry expertise, and the flexibility as a private company. Together, we will make investments that matter most to our customers and accelerate our mission of harnessing the power of analytics to enable customers all over the world to transform data into a breakthrough," Mark Anderson, Alteryx CEO.
Neurogene, a clinical-stage company that focuses on developing genetic medicines for patients affected by rare neurological diseases, completed the merger with Neoleukin Therapeutics, a biopharmaceutical company, in a $370m deal.
“This transformative transaction provides us with a strong cash position allowing us to demonstrate the best-in-class potential of our EXACT transgene regulation technology in treating Rett syndrome, a debilitating and complex neurological disease that cannot be treated with conventional gene therapy,” Rachel McMinn, Neurogene Founder and Chief Executive Officer.
Neurogene was advised by Stifel, TD Cowen, Gibson Dunn & Crutcher (led by Ryan Murr), and Argot Partners (led by David Rosen and Melissa Forst). Financial advisors were advised by Cooley. Neoleukin Therapeutics was advised by Leerink Partners and Fenwick & West (led by David Michaels).
mPulse Mobile, a developer of conversational AI solutions for the healthcare industry, completed the acquisition of HealthTrio, a provider of Software-as-a-Service for the healthcare market, and Decision Point Healthcare Solutions, an analytics and member experience optimization company that leverages data-driven insights to improve healthcare outcomes. Financial terms were not disclosed.
"The combination of Decision Point with mPulse and HealthTrio will unlock quality and cost opportunities for our clients and partners," Saeed Aminzadeh, Decision Point CEO.
HealthTrio was advised by TripleTree and Cooley. Decision Point was advised by TCF Law Group. mPulse Mobile was advised by CBIZ Mergers and Acquisitions, KPMG, and Weil Gotshal and Manges (led by David Gail).
TPG, a private equity firm, completed the acquisition of a 75% stake in two Class-A industrial business parks in the Greater Toronto Area: Brampton Business Park and Vaughan Business Park, from Oxford Properties, a Canadian multinational corporation, for $750m.
“This joint venture provides a unique opportunity to enter the market at scale through the acquisition of some of the highest-quality industrial assets in all of Toronto,” Jacob Muller, TPG Partner.
TPG was advised by Davies Ward Phillips & Vineberg and Kirkland & Ellis. Oxford Properties was advised by CBRE Group, Desjardins, RBC Capital Markets, and Stikeman Elliott.
Kodiak Gas, a contract compression company, agreed to acquire CSI Compressco, a provider of compression services and equipment for natural gas and oil production, from Spartan Energy, a commercial electricity firm, and Merced Capital, an investment firm, for $854m.
"I am excited to announce the acquisition of CSI Compressco, a highly accretive and leverage-neutral transaction that we believe will unlock significant value for both Kodiak shareholders and CSI Compressco unitholders. The increased scale provided by the industry's largest contract compression fleet will allow Kodiak to continue to provide the highest level of service in the industry to our customers, many of which are themselves undergoing consolidation. The increase in pro forma Discretionary Cash Flow and Free Cash Flow will provide Kodiak greater financial flexibility to increase dividends, and implement a share repurchase program, all of which is consistent with our capital allocation strategy that combines investment to grow our fleet and the return of capital to shareholders through an attractive dividend, all while living within free cash flow," Mickey McKee, Kodiak CEO.
CSI Compressco is advised by Jefferies & Company and Vinson & Elkins. Kodiak is advised by Dennard Lascar (led by Ken Dennard), Barclays and King & Spalding.
Concentric, a pump manufacturer, completed the acquisition of Jantech, a provider of UPS systems, batteries and power distribution equipment. Financial terms were not disclosed.
"We are focused on solving the power problem for business and facility leaders with power integration, installation and maintenance services that ensure resilient, reliable power. Jantech is a market leader in the mission critical power space and their team of field engineers are second to none. Their expertise and strong reach across the East Coast will further benefit our ability to support customers that require a sustainable and dependable power supply," John Winter, Concentric President & CEO.
ADM, an American multinational food processing and commodities trading corporation, agreed to acquire Revela Foods, a Wisconsin-based developer and manufacturer of innovative dairy flavor ingredients and solutions. Financial terms were not disclosed.
“We are excited to partner with ADM to further Revela’s reputation as an innovative, turnkey provider of dairy flavor ingredients and solutions,” Terry Schneider, Revela CEO.
Equinox seeks $1.3bn from private credit for refinancing.
Luxury fitness company Equinox has been exploring options including raising a $1.3bn loan in the private credit market to refinance upcoming debt maturities, Bloomberg reported.
The company, which operates high-end fitness clubs and owns the SoulCycle chain, has also been discussing raising around $400m in preferred equity as part of the financing.
Amazon in talks to invest in Diamond Sports.
Amazon is in talks to invest in regional-sports programmer Diamond Sports, a move that would advance the e-commerce giant's aggressive push into sports content, the WSJ reported.
Diamond Sports Group, which carries the games of more than 40 major sports teams across the United States and filed for bankruptcy earlier this year, is actively negotiating with Amazon about a strategic investment and a multi-year streaming partnership.
Merchant bank BDT & MSD raises $3.2bn for latest real estate credit fund. (FS)
BDT & MSD Partners, the merchant bank created by the merger of firms backed by Byron Trott and Michael Dell, raised $3.2bn for a new real estate credit fund that’s providing capital to US borrowers at a time when many traditional lenders have retreated.
The firm’s employees and Dell committed $600m to MSD Real Estate Credit Opportunity Fund II, Bloomberg reported.
Tishman Speyer secures $109m so far for proptech venture fund. (FS)
New York-based property developer and investor Tishman Speyer has so far raised $109m in commitments for its debut proptech venture capital fund, DealStreetAsia reported.
Tishman Speyer is aiming to raise a total of $165m for the VC fund, Tishman Speyer Proptech Venture Fund, which secured backing from the National Pension Service of Korea and Investment Management Corporation of Ontario.
EMEA
A group of investors, including Otro Capital, RedBird Capital Partners, and Maximum Effort Investments, completed the acquisition of a 24% stake in Alpine Racing, a Formula One constructor, from Renault Group, an automobile manufacturer, for €200m ($219m).
“This association is an important step to enhance our performance at all levels. First, Otro Capital, RedBird Capital Partners and Maximum Effort Investments, as international players with strong track record in the sports industry, will bring their recognized expertise to boost our media and marketing strategy, essential to support our sporting performance over the long term. Second, the incremental revenue generated will in turn be reinvested in the team, in order to further accelerate our Mountain Climber plan, aimed at catching up with top teams in terms of state-of-the-art facilities and equipment,” Laurent Rossi, Alpine CEO.
Altor, a private equity firm, offered to acquire Permascand, a technology-driven manufacturer of electrochemical solutions, for $100m.
“We have followed the company over the last year closely, and truly believe that there is a fantastic opportunity for Permascand to take significant share in the fast-growing hydrogen market as a supplier of a key and hard-to-manufacture component to electrolyzers. We have increasingly invested in Green Transition companies, and Permascand is a perfect fit next to companies such as H2 Green Steel, Aira and Vianode. Given the significant investments required to increase manufacturing capacity, particularly in relation to the renewables end-market, we strongly believe that the company should be operated in a private setting during this transformative period," Clara Zverina, Altor Principal.
Altor is advised by SEB Corporate Finance (led by Carl Montalvo) and White & Case (led by Johan Steen). Permascand is advised by Carnegie Investment Bank.
Auchan, a retail group, and Groupement Les Mousquetaires, which holds the Intermarche brand, agreed to acquire hypermarkets and supermarkets from Casino Group, a French mass-market retail group, for €1.35bn ($1.48bn).
The sale of the hypermarkets and supermarkets is key for Casino to avoid collapse, its soon-to-be-shareholders said in a meeting with unions this month, Bloomberg reported.
Groupement Les Mousquetaires is advised by Credit Agricole. Casino Group is advised by Image Sept.
ADM, a premier global human and animal nutrition company, agreed to acquire Fuerst Day Lawson, a formulator, developer and manufacturer of proprietary taste and nutrition ingredient solutions, from Highlander Partners, a private equity firm. Financial terms were not disclosed.
"We are excited to enter into this agreement with ADM. They're an ideal partner for us, with global nutrition and flavor capabilities that will provide new opportunities to strengthen FDL's portfolio of taste and nutrition solutions. In turn, the FDL team looks forward to helping add to ADM's broad offerings with our diverse portfolio of flavor and functional ingredient systems, IP, and capabilities, as well as the entrepreneurial spirit and innovativeness of human talent that has enabled FDL to become a differentiated market leader today. ADM is synonymous with the best in animal and human nutrition, and together, we look forward to delivering new and innovative ingredient solutions to our global customer base in the food and beverage industry," Eric Beatty, FDL CEO.
Fuerst Day Lawson is advised by Rothschild & Co and DLA Piper.
Bayanat, an end-to-end, customised geospatial data products and services provider, agreed to merge with Yahsat, a global satellite operator, in a $4bn deal.
“This merger will unite two leading home-grown companies to create the MENA region’s first AI-powered space technology company. Leveraging our complementary assets, capabilities and ambitions will allow us to expand across the space value chain and offer an unparalleled service to our combined customer base. Together, we will leverage our key synergies to reinforce our position as a key engine of growth and strategic solutions provider to the UAE government and its agencies, while expanding our reach to global customers," H.E. Tareq Al Hosani, Bayanat Chairman.
BlackRock, an investment company, agreed to invest $400m in Positive Zero, a decarbonisation firm.
“The conclusion of COP28 in Dubai marks the beginning of a transformative partnership with BlackRock. This investment not only endorses the region's potential and our innovative business model but also aligns with our mutual aspiration to cultivate a new era in the energy economy. We are set on a journey to achieve the ambitious COP28 targets of tripling renewables and doubling efficiency by 2030," Mohammed Abdulghaffar Hussain, Positive Zero Co-Founder and Chairman.
Greenoaks-backed Coupang, a global retailer listed on New York Stock Exchange, agreed to acquire Farfetch, a global marketplace for the luxury fashion industry, for $500m.
“Farfetch is a landmark of the luxury landscape and has been a transformative force in demonstrating that online luxury is the future of luxury retail, Farfetch will rededicate itself to providing the most elevated experience for the world’s most exclusive brands, while pursuing steady and thoughtful growth as a private company. We also see tremendous opportunities to redefine the customer experience for luxury clients everywhere,” Bom Kim, Coupang Founder & CEO.
Anadolu Efes, a Turkish brewer, agreed to acquire AB InBev Efes joint venture from Anheuser-Busch InBev, a multinational drink and brewing company based in Leuven, Belgium. Financial terms were not disclosed.
Anadolu Efes will be the sole owner of the business. AB InBev won’t receive any payment upfront, and instead will receive compensation later depending on how well the business performs.
Deutsche Bahn starts sale of €20bn Schenker logistics unit.
Deutsche Bahn started the sales process for its DB Schenker logistics unit, which could be valued at as much as €20bn ($21.3bn), to a financial investor or rival logistics company, Bloomberg reported.
“DB Schenker has contributed very positively to the DB Group’s economic growth over the years. However, the DB subsidiary will need more capital and flexibility for its own growth,” Deutsche Bahn.
Activist investor Cevian takes 1.3% stake in UBS. (FS)
Cevian Capital has taken a 1.3% stake in UBS, worth around €1.2bn ($1.31bn), Reuters reported.
The investment group said it saw "significant value potential" in UBS following its takeover of Credit Suisse. The banks's shares have risen by 47% this year, outpacing the Swiss market index, which has risen by 4%.
Ethiopian airlines gets $450m loan from Citigroup for new planes.
Ethiopian Airlines Group secured a $450m loan from Citigroup to finance five new Boeing aircraft as Africa’s largest carrier looks to expand its fleet in the coming decade.
Ethiopia’s flagship carrier will use the funds to purchase three 737 Max aircraft and two 777 freighters from Boeing, Reuters reported.
BASF and Robert Bosch tap private debt for combined $2.7bn.
Chemicals producer BASF and engineering firm Robert Bosch are raising a total of $2.7bn from a private debt market that caters to blue-chip companies, Bloomberg reported.
BASF is borrowing $1.5bn worth of privately-placed debt, while Robert Bosch is getting another $1.2bn. Bank of America and Mizuho Securities arranged the latter deal, while JPMorgan and NatWest Markets sold the debt for BASF.
Julius Baer's Signa losses could reach $460m. (FS)
Julius Baer's exposure to toppled property group Signa could result in losses that far exceed the provisions taken by the Swiss wealth manager, Reuters reported.
"We have increased our expectation for credit losses to CHF400m ($461m) on the mentioned exposure," Michael Klien, Zuercher Kantonalbank Analyst.
Klien, who previously estimated the loss at CHF300m ($345m), said the increased figure reflects that private debt often has no direct recourse to real assets.
APAC
Hancock, an Australian owned mining and agricultural business, and SQM, a chemical company and a supplier of plant nutrients, iodine, lithium and industrial chemicals, agreed to acquire Azure, a mineral exploration company, for $1.1bn.
“The Transaction delivers a fantastic outcome for Azure shareholders, including a significant uplift in value from the Original SQM Transaction despite elevated market volatility and the recent deterioration in lithium prices. The Transaction also represents a great outcome for wider stakeholders in Andover, who will benefit from the significant financial strength and expertise of one of Australia’s largest and most wellrespected mining and exploration companies, Hancock, combining with SQM to oversee the successful development of Andover. We encourage all Azure shareholders to support the Transaction,” Tony Rovira, Azure Managing Director.
Azure is advised by Barrenjoey Capital Partners, Corrs Chambers Westgarth, and Chapter One Advisors (led by David Tasker).
SpiceJet considers buying grounded Indian carrier Go Air.
Shortly after reporting a quarterly loss, SpiceJet has announced it is considering acquiring the insolvent Go Airlines India, which stopped flying in May, with a goal of possibly combining the two airlines, Bloomberg reported.
The no-frills carrier is planning to submit an offer after conducting due diligence of Go. SpiceJet intends to create a “strong and viable airline in a possible combination” with itself.
Vedanta approves rupee bond sales in test after spinoff plan.
Vedanta approved raising as much as INR34bn ($409m) in the local bond market, in what would be its first major test of creditor sentiment after announcing plans in September to overhaul the sprawling conglomerate, Bloomberg reported.
Funds can be raised in one or more tranches. The miner in September announced a reorganization plan to give investors direct exposure to a business of their choice and improve the value of the group’s component parts.
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