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AMERICAS
Investment companies Arkhouse and Brigade Capital failed to acquire Macy’s, an American department store chain, for $6.9bn.
"As the Board has consistently demonstrated throughout this process, we are open-minded to exploring all paths to enhancing shareholder value. At this time, after careful review, we have concluded that Arkhouse and Brigade’s proposal lacks certainty of financing and does not deliver compelling value, notwithstanding the significant time, resources, and information shared during this process. The Board fully supports A Bold New Chapter strategy, and we believe it provides the best opportunity for value creation," Paul Varga, Macy’s Lead Independent Director.
Cleveland-Cliffs, an American steel manufacturer specialized in the mining, beneficiation, and pelletizing of iron ore, agreed to acquire Stelco, a Canadian steel company, for $2.5bn.
“I want to first recognize Alan Kestenbaum and the Stelco team for the remarkable turnaround they executed at Stelco, turning what was an underperforming asset under previous ownership into a very cost-efficient and profit-oriented company. In the process, they restored the Canadian national pride associated with Stelco, and we are going to continue that. We did this deal the way it should be done, reaching a respectful agreement between the two parties that keeps national interests at the forefront and recognizes the importance of the workforce," Lourenco Goncalves, Cliffs Chairman of the Board, President and CEO.
Stelco is advised by BMO Capital Markets, RBC Capital Markets, A&O Shearman, McCarthy Tetrault and Stikeman Elliott. Cleveland-Cliffs is advised by JP Morgan, Moelis & Co, Wells Fargo, Blake Cassels & Graydon and Davis Polk & Wardwell.
Cambridge Bancorp, the parent company of Cambridge Trust Company, completed the merger with Eastern Bankshares, the stock holding company for Eastern Bank, in a $528m deal.
"I've long admired the success of Cambridge Trust under Denis's leadership, and I'm excited to welcome Denis and the Cambridge team to Eastern. As we set our sights on the future, the enhanced capabilities and financial strength created by this merger will allow us to further position Eastern as the region's local financial partner of choice, delivering enhanced value for our customers and shareholders, greater support for our communities, and increased opportunities for our colleagues," Bob Rivers, Eastern Bankshares Chief Executive Officer.
Cambridge Bancorp was advised by JP Morgan and Nutter McClennen & Fish (led by Michael K. Krebs and Kate Henry). JP Morgan was advised by Simpson Thacher & Bartlett (led by Sebastian Tiller). Eastern Bankshares was advised by Bank of America and Hogan Lovells (led by Richard Schaberg). Bank of America was advised by Cleary Gottlieb Steen & Hamilton (led by Paul Shim).
G Mining Ventures, a mining company engaged in the acquisition, exploration and development of precious metal projects, completed the merger with Reunion Gold, a Canadian gold exploration and development company, in a CAD875m ($642m) deal.
Through the transaction, GMIN will acquire RGD's flagship Oko West Project located in Guyana, within the Guiana Shield region, one of the most attractive mining jurisdictions in South America. Oko West has emerged as a globally significant gold discovery over the last few years, with excellent potential to become a top tier deposit that could support a large, long-life mine complex to accelerate GMIN's vision of building a leading intermediate gold producer.
Reunion Gold was advised by BMO Capital Markets, SCP Resource Finance and Stikeman Elliott (led by Jay Kellerman). G Mining Ventures was advised by RBC Capital Markets and Blake Cassels & Graydon.
The Blackstone Group, the world’s largest alternative asset manager, agreed to invest in Air Control Concepts, a company that partners with and supports leading commercial HVAC equipment manufacturers. Financial terms were not disclosed.
"AIR’s mission is to partner with top commercial HVAC OEMs focused on excellence, innovation, and collaboration. While maintaining our commitment to preserving the cultures and values of each of our operating companies, we’ve successfully grown our network of brands and significantly expanded our reach, our vendor and customer relationships, and our employee base. We are thrilled to welcome Blackstone as an investment partner. We believe our vendors and customers will benefit from the resources and expertise of both MDP and Blackstone, as will the network of operating companies aligned under our corporate name," Brad Hobbs, AIR Founder, President and CEO.
AIR is advised by Centerview Partners, RBC Capital Markets and Kirkland & Ellis. Blackstone is advised by Simpson Thacher & Bartlett. Madison Dearborn is advised by H/Advisors Abernathy (led by Deirdre Walsh).
Stryker, a medical technologies company, completed the acquisition of Artelon, a provider of dynamic innovations for tendon and ligament injuries. Financial terms were not disclosed.
"Artelon's proven product portfolio and differentiated offerings will enhance our ability to innovate and serve our customers. The addition of Artelon's products to our already robust foot and ankle and sports medicine product portfolios will fuel our goal of establishing comprehensive offerings for customers in these segments. We share a common dedication to integrity, quality, and advancing the knowledge of healthcare providers to achieve the best clinical outcomes and rebuild patients' lives," Tim Lanier, Stryker President.
Mubadala Investment Company, a sovereign investor managing a diverse portfolio of assets, and Qatar Investment Authority, a sovereign wealth fund, completed the $600m investment in I Squared Capital-backed Transportation Equipment Network, a full-service trailer lessor company.
“We are delighted to welcome Mubadala, QIA and other co-investors in TEN. All of our co-investors represent like-minded, long-term capital that recognize the potential of the sector and will support the ambitions of TEN. This transaction is a win for TEN, for our investors and for I Squared’s global transportation franchise,” Gautam Bhandari, I Squared CIO and Managing Partner.
KKR, a global investment firm that manages multiple alternative asset classes, completed the acquisition of Park 8Ninety, a 12 building industrial logistics park in Houston, Texas, from Artis REIT, a diversified Canadian real estate investment trust with a portfolio of industrial, office and retail properties, for $234m.
"Park 8Ninety is a great addition to our national logistics portfolio and expands our footprint in Houston which continues to benefit from strong demand fundamentals and comparatively lower supply than many other markets in the United States. Park 8Ninety is a high-quality, well-designed, multi-tenant park with a diverse and staggered rent roll,” Ben Brudney, KKR Managing Director in the Real Estate group.
Citi Ventures, a venture capital arm of Citigroup, completed the investment in Endor Labs, a software supply chain security firm. Financial terms were not disclosed.
"Endor Labs represents the next major innovation in application security," Matt Carbonara, Citi Ventures Head of Enterprise Tech Investing.
Endor Labs was advised by Contos Dunne Communications.
Ryder System, a supply chain, dedicated transportation, and fleet management solutions company, agreed to acquire Pit Stop Fleet Service, a provider of retail mobile commercial fleet maintenance, including battery, tire and transmission repairs, preventative maintenance, and breakdown assistance. Financial terms were not disclosed.
“With our complementary retail mobile maintenance fleet services across diverse industries and markets, we now have even greater economies of scale and offer unparalleled flexibility for fleets requiring swift maintenance services,” Tom Havens, Ryder System President.
Google parent in talks to buy cybersecurity startup Wiz for $23bn.
Google parent Alphabet is in advanced talks to acquire cybersecurity startup Wiz for roughly $23bn in a deal that would represent the technology giant's biggest acquisition ever, Reuters reported.
The deal, being funded mostly in cash, could come together this week. Wiz, founded in Israel and now headquartered in New York, is one of the fastest-growing software startups globally, providing cloud-based cybersecurity solutions with real-time threat detection and responses powered by artificial intelligence.
CVC puts online trading platform Oanda up for sale. (FS)
Oanda Global, the online retail trading platform, has been put up for sale by its private equity backers, Sky News reported.
The company, which is a rival to the likes of CMC Markets and IG Group, is being marketed by bankers at Nomura and Santander.
Red Van announces strategic partnership with Shopify to enhance ecommerce services for enterprise clients.
Red Van, the commerce consulting firm built to scale enterprise brands, announced a strategic partnership with Shopify, launching the next phase of the company’s growth and reinforcing its leadership in the industry.
The strategic partnership with Shopify signifies a major evolution in Red Van’s offerings and ability to provide the most innovative and effective solutions for clients.
KKR-backed OneStream, shareholders seek $466m in US IPO. (FS)
OneStream and a group of shareholders including KKR are seeking to raise $466m in a US initial public offering, Bloomberg reported.
The company, which offers a cloud-based platform with more than 90 applications including accounting and budgeting, and the shareholders are offering 24.5m shares for $17 to $19 each.
EMEA
AstraZeneca, a pharmaceutical company, completed the acquisition of Amolyt Pharma, a global, clinical-stage biopharmaceutical company, from Sofinnova Partners, a European life sciences venture capital firm, and EQT Life Sciences, a healthcare investor, for $1.05bn.
"Congratulations to the Amolyt team on its proposed acquisition by AstraZeneca. Leading Amolyt's Series C financing round in January 2023 was an honor. This milestone demonstrates Sofinnova's investment thesis in action, showcasing our commitment to supporting innovative European companies during their critical growth stage. In Amolyt's case, it exemplifies our commitment to supporting a company developing groundbreaking solutions in a later stage of development for rare disease patients," Cédric Moreau, Sofinnova Partner.
Forwrd.ai, a data-science automation platform tailored for RevOps leaders, completed the acquisition of LoudnClear.ai, a multi-layered conversational AI platform for customer service teams. Financial terms were not disclosed.
"Our technology enables RevOps leaders to create and deploy predictive models seamlessly, without depending on data science teams, to drive operational efficiency and proactive business strategies," Kobi Stok, Forwrd.ai CEO and Founder.
Consortium.First, a newly formed closed-end mutual investment combined fund managed by Solid Management, completed the acquisition of the Russia-based businesses of Yandex, a technological company, for $5.4bn.
"Since February 2022, the Yandex group and our team have faced exceptional challenges. We believe that we have found the best possible solution for our shareholders, our teams and our users in these extraordinary circumstances. The proposed transaction will allow shareholders to recover some value for the businesses that we are divesting, while unlocking new growth potential for the international businesses we will retain and enabling the divested businesses to operate under new ownership. Yandex is a unique story. I am proud to have been a part of that story since the very beginning, and I am proud to be part of the next chapter. We believe that the proposed sale will position both parts of the current group to develop and grow for the benefit of their stakeholders," John Boynton, Yandex Chairman of the Board of Directors.
Cerberus in talks to buy €2bn Spanish portfolio from Hoist. (FS)
Cerberus Capital Management is one of the frontrunners to buy a Spanish bad loan portfolio worth more than €2bn ($2.2bn) from Hoist Finance, Bloomberg reported.
The process is in the final stages and expected to close by late July. Cabot Credit Management and Kruk are also vying to acquire the assets.
Airbus and Thales explore tie-up of space activities.
European aerospace groups Airbus and Thales are exploring a tie-up of at least part of their space activities, Reuters reported.
The preliminary talks were focusing on the groups' satellite activities.
Atos signs restructuring lock-up deal with majority of creditors.
A majority of creditors of Atos have signed the lock-up agreement that will see them take control of the embattled French IT services provider following its restructuring, Bloomberg reported.
The company has also secured €1.68bn ($1.8bn) of new financing from existing creditors, in the upper range of what was announced on June 30. As part of the plan, bondholders and lenders have agreed to convert €2.9bn ($3.2bn) of loans and bonds into equity and to inject €233m ($254m) in new equity, either themselves or alongside a private industrial investor.
Saudi wealth fund picks JP Morgan, Morgan Stanley for Nupco IPO. (FS)
Saudi Arabia’s sovereign wealth fund has picked banks for the planned initial public offering of the kingdom’s largest medical procurement firm, as it hunts for cash to finance the crown prince’s ambitious economic agenda.
JP Morgan, Morgan Stanley and SNB Capital have been hired to work on Nupco’s IPO. The deal could come as soon as this year, Bloomberg reported.
Hedge fund tycoon Marshall’s bid for Daily Telegraph in doubt. (FS)
A takeover bid for The Daily Telegraph from Sir Paul Marshall, the hedge fund tycoon, is in growing doubt days before a deadline for offers for the influential broadsheet newspaper, Sky News reported.
Sir Paul, a major shareholder in the television news channel GB News, has been considering in recent weeks whether to drop his interest in bidding for the Telegraph titles on a standalone basis.
British Gas owner Centrica in talks to find new chairman. (People)
The FTSE-100 owner of British Gas, the UK's biggest domestic energy supplier, is in talks to recruit its next chairman, Sky News reported.
Centrica, which has a market value of about £7.3bn ($9.5bn), is working with headhunters to identify a successor to Scott Wheway.
Temasek-backed Seviora Holdings, a Singapore-based asset management group, agreed to acquire a minority stake in ADM Capital, a private credit fund manager. Financial terms were not disclosed.
"We are always on the lookout for unique and compelling opportunities to expand our product suite and capabilities. With the private credit landscape in Asia growing rapidly, Seviora has been actively seeking opportunities to invest in asset managers that add scale and expertise to our private credit franchise. While the partnership remains subject to regulatory approvals and other business conditions, we are pleased that it is progressing well, and are hopeful for a successful partnership completion within the fourth quarter of this year," Jimmy Phoon, Seviora Holdings CEO.
ADM Capital is advised by SEC Newgate. Seviora is advised by FTI Consulting.
Goldman names new India investment banking heads to tap growth. (People)
Goldman Sachs picked two veteran dealmakers as heads of investment banking in India to expand in the country where it expects businesses to deliver Asia’s fastest profit growth over the next five years, Bloomberg reported.
Sudarshan Ramakrishnan and Devarajan Nambakam were named co-heads to drive growth across industries and broaden client relationships. Sunil Khaitan joined as a managing director and head of financing in India.
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