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AMERICAS
Cleveland-Cliffs, a Cleveland, Ohio-based company that specializes in the mining, beneficiation, and pelletizing of iron ore, offered to acquire United States Steel, an American integrated steel producer, for $7.3bn. The offer was rejected by the board of US Steel.
"On July 28th I approached US Steel's CEO and Board with a written proposal to acquire US Steel for a substantial premium, valuing the company at $35.00 per share with 50% cash and 50% stock. After two weeks without any substantive engagement from US Steel with respect to the economic terms contained in our compelling proposal, US Steel's board of directors rejected our proposal, calling it 'unreasonable.' As such, I believe it necessary to now make our proposal public to help expedite substantive engagement between our two companies. Although we are now public, I do look forward to continuing to engage with US Steel on a potential transaction, as I am convinced that the value potential and competitiveness to come out of a combination of our two iconic American companies is exceptional," Lourenco Goncalves, Cleveland-Cliffs Chairman, President and CEO.
Eli Lilly, a pharmaceutical company, completed the acquisition of Sigilon Therapeutics, a biopharmaceutical company that seeks to develop functional cures for patients with a broad range of acute and chronic diseases, for $310m.
"Despite significant advancement in treatment for people living with type 1 diabetes, many continue to live with a high disease burden every day. By combining Sigilon's talent and expertise in cell therapy with the knowledge and skills of Lilly's research and development teams, we will enhance opportunities to create innovative islet cell therapy solutions to improve the care of people living with diabetes," Ruth Gimeno, Eli Lilly Vice President.
SilverBow Resources, an independent oil and natural gas company engaged in the development, exploration, acquisition and operation, agreed to acquire oil and gas assets in South Texas from Chesapeake Energy, a petroleum and natural gas exploration and production company, for $700m.
“SilverBow is well positioned to convert this premium resource into tangible value for its stakeholders. The Chesapeake Transaction transforms SilverBow into the largest public pure-play Eagle Ford operator. This acquisition advances all our long-term strategic objectives, by materially increasing our scale, enhancing our decade-plus high-return inventory, improving our capital efficiency and providing balanced commodity exposure, all while maintaining a strong balance sheet,” Sean Woolverton, SilverBow CEO.
SilverBow Resources is advised by Mizuho Securities, Vinson & Elkins and Gibson Dunn & Crutcher. Debt financing is provided by JP Morgan.
NBT Bancorp, a financial holding company, completed the merger with Salisbury Bancorp, a premier community bank franchise headquartered in Lakeville, CT, in a $204m deal.
"We are excited about the consummation of our strategic merger with NBT. We believe Salisbury shareholders will benefit from the additional scale and expanded suite of products and services offered by NBT. I am extremely proud of the employees of Salisbury Bank who have worked diligently over the years to provide outstanding service to our customers and to give back to our communities. I am also grateful to our many customers for allowing us to partner and grow with them. I am confident that our customers will experience the same level of service from NBT," Richard J. Cantele, Salisbury's President and CEO.
Salisbury Bancorp was advised by Janney Montgomery Scott (led by Dan Flaherty) and Updike Kelly & Spellacy. NBT Bancorp was advised by Piper Sandler and Hogan Lovells (led by Richard Schaberg and Les Reese).
Harmony Biosciences, a pharmaceutical company dedicated to developing and commercializing innovative therapies for patients with rare neurological diseases, agreed to acquire Zynerba Pharmaceuticals, a provider of innovative pharmaceutically-produced transdermal cannabinoid therapies for orphan neuropsychiatric disorders, for $200m.
"This is an important step in Harmony's strategy to build a diversified portfolio of innovative assets to address unmet medical needs and drive our long-term growth. This acquisition affords us the opportunity to advance the development and delivery of a potentially transformative treatment for the symptoms of Fragile X syndrome and other rare neuropsychiatric disorders," Jeffrey M. Dayno, Harmony Biosciences President and CEO.
Zynerba Pharmaceuticals is advised by MTS Health Partners, Goodwin Procter and ICR (led by Peter Vozzo). Harmony Biosciences is advised by Hogan Lovells.
Sequoia Financial Group, an SEC-registered wealth manager, agreed to acquire Affinia Financial Group, a wealth manager offering a specialty practice dedicated to special needs financial planning. Financial terms were not disclosed.
"We look for partners that are making a meaningful impact within specific communities and share our passion for client service, philosophy, and values. Affinia's work with families who have members with special needs is an important addition to our firm. It supports Sequoia's 'built for you' strategy, which equips our advisors with the resources they need to have a deep and personal effect on our clients' lives," Tom Haught, Sequoia Founder and CEO.
Affinia Financial Group is advised by Republic Capital Group and Meltzer Purtill & Stelle. Sequoia is advised by Benesch Friedlander Coplan & Aronoff.
MSCI, a provider of investment decision support tools to investment institutions worldwide, agreed to acquire the remaining 66% stake in Burgiss, a global provider of investment decision support tools for private capital, for $697m.
“The acquisition of Burgiss marks a transformational milestone for MSCI and reinforces our commitment to driving innovation and transparency across the global private asset investment landscape. By combining Burgiss' comprehensive private asset data and analytics with MSCI’s expertise in research, analytics, data and technology for investments across public asset classes, we are aiming to redefine total portfolio investing and build solutions that can help investors manage their complex portfolios and make better informed decisions," Henry Fernandez, MSCI Chairman and CEO.
MSCI is advised by Davis Polk & Wardwell.
Sun Capital Partners, a global investment firm focused on leveraged buyouts, equity, debt, and other investments, agreed to acquire Koch Separation Solutions, a provider of synergistic technology such as membrane filtration, ion exchange, evaporation, drying, and more, from Koch Industries. Financial terms were not disclosed.
“Sun Capital and KSS share a common vision of innovation and continuous improvement to best serve our customers. KSS has an established history in the separations space, with over half a century’s worth of experience providing innovative solutions to customers worldwide. We are excited about this opportunity as it positions KSS to build upon longstanding relationships while growing our capabilities as a complete solutions provider. We remain committed to delivering the same level of service that our customers expect when working with us,” Manny Singh, Koch Separation Solutions President.
Sun Capital Partners are advised by Stanton PRM (led by Matthew Conroy).
SK Telecom, one of the biggest mobile carriers in South Korea, completed a $100m investment in Anthropic, an artificial intelligence startup co-founded by former OpenAI leaders.
"SKT has incredible ambitions to use AI to transform the telco industry. We're excited to combine our AI expertise with SKT's industry knowledge to build a LLM that is customized for telcos. We see industry-specific LLMs as having high potential to create safer and more reliable deployments of AI technology," Dario Amodei, Anthropic Co-Founder and CEO.
Mexican trucker Traxion sinks after $253m share sale.
Shares in trucking and logistics company Grupo Traxion sank by the most in nearly two years following a share sale that sought to capitalize on the buzz around nearshoring.
Traxion sold shares worth MXN4.3bn ($253m), of which MXN2.5bn ($147m) was new stock and the rest existing equity, excluding an over-allotment option, according to a filing. Shares sold at MXN30 ($1.76) each, which was a discount on the closing price of MXN32.88 ($1.93).
IRA Capital launches $500m Healthcare Real Estate Fund. (FS)
IRA Capital, a private equity firm based in Southern California, has recently announced the launch of the IRA Healthcare Real Estate Fund. The closed-end fund, with a total capitalization of $500m, will focus on acquiring medical properties and senior housing assets across the United States.
With an impressive track record in healthcare real estate, IRA has achieved an average annualized return of 48% and a net equity multiple of 1.7x for its investors.
Access raises $805m for build and buy mid-market investments in essential. (FS)
Access Holdings, a digitally-enabled middle market investment firm based in Baltimore, announced it has raised approximately $805m in new capital, including $525m for Access Holdings Fund II and an additional $280m for Fund II co-investment.
This capital will be used for middle-market buyouts and growth capital investments in the US. The fund exceeded its target of $500m amid strong headwinds in the private equity fundraising market. Access now manages more than $2.7bn in assets.
GEF fuels Brazil’s green future with a $214m climate solutions fund. (FS)
Global private equity firm GEF Capital Partners has announced the successful final close of the GEF LatAm Climate Solutions Fund III, raising BRL1.05bn ($214m).
The substantial funding was raised specifically for their Brazil-focused climate solutions-focused fund. GEF’s new growth fund targets innovative solutions to climate and pollution control, investing in lower-middle-market companies across Brazil.
Head of CBS News, Neeraj Khemlani, stepping away from his role. (People)
CBS News President Neeraj Khemlani said he will leave his current role to begin a new position with the company to develop books for Simon & Schuster, as well as documentaries and scripted series.
“There’s no question that this has been a transformative period. We built the best morning show in the history of CBS News, reimagined our streaming channel, and invested in the reporting ranks and the D.C. Bureau – including the Evening News – to position the network for excellence in the next presidential election,” Neeraj Khemlani, CBS News President.
Barclays hires Moelis’s Lee Counselman for tech investment banking. (People)
Barclays has hired Lee Counselman as a managing director in its technology investment banking group focused on software transactions.
Counselman will be based in Boston, reporting to Kristin Roth DeClark, the global head of the tech group, when he starts at Barclays next year, according to the statement. He’ll work closely with Ben Freeland, who runs the software banking team.
EMEA
Endless, a private equity firm, completed the acquisition of Asco Group, a global provider of multi-site integrated supply base operations to the energy industry. Financial terms were not disclosed.
"ASCO is a fantastic business servicing a blue-chip customer base across its global operations with great potential for further growth," Andrew Ross, Endless Partner.
Asco Group was advised by Deloitte, Piper Sandler, Ashurst and Burness Paull. Endless was advised by PricewaterhouseCoopers, Lodestone, Walker Morris, KPMG and JacksonBreen.
Mars, a global manufacturer of confectionery, pet food, and other food products and a provider of animal care services, agreed to acquire SYNLAB Vet, a provider of specialist veterinary laboratory diagnostics, from SYNLAB. Financial terms were not disclosed.
“We look forward to welcoming SYNLAB Vet to the Mars Petcare family of businesses. We share the belief that excellence in veterinary diagnostics and advanced technology is transformative for veterinary care. This transaction is complementary to our existing diagnostics business and will bring additional reach across Europe and further our purpose to create A BETTER WORLD FOR PETS™," Nefertiti Greene, Mars President.
Mars is advised by Lazard, Freshfields Bruckhaus Deringer, and Kekst CNC (led by Neil Maitland).
Rothschild & Co-backed Redburn, an agency broker and equities research specialist, completed the merger with Atlantic Equities, an US equity brokerage firm. Financial terms were not disclosed.
“Differentiated research and distribution, help on timing using the IDEAS1 systematic service and technical analysis, extensive corporate access, access to capital markets opportunities and excellence in execution – these distinctive services underpin our aim to help our clients across the world make better investment decisions,” Adam Young, Redburn Atlantic CEO.
Exor, the Netherlands-based diversified holding company, completed the acquisition of a 15% stake in Philips, an electronics company that focuses on healthcare and lighting, for $2.84bn.
“Exor’s investment in Philips, their long-term outlook and increased focus on healthcare and technology, fit well with our strategy and substantial value creation potential. With our market leadership positions and people-centric innovation capabilities, Philips is well positioned to deliver on our purpose to improve the health and well-being of people, creating value for all stakeholders," Roy Jakobs, Philips CEO.
Philips was advised by Goldman Sachs, Allen & Overy, and De Brauw Blackstone Westbroek (led by Arne Grimme).
Haveli Investments, a technology and gaming-focused private equity firm, completed a $100m investment into Candivore, an independent mobile gaming studio based in Tel Aviv, Israel.
"Candivore's Match Masters is a clear category leader with a rapidly growing user base and a talented, entrepreneurial leadership team. We are excited to partner with them on our first investment in the mobile gaming space and look forward to collaborating with Gal and the team at Candivore to capitalize on their success to date and help take the business to new heights," Ophir Lupu, Haveli Investments Senior Managing Director.
Haveli Investments was advised by Reevemark (led by Hugh Burns).
Basalt, a dedicated infrastructure investment firm, agreed to acquire Reconor, a Denmark-based environmental services specialist, from Agilitas, a pan-European mid-market private equity firm. Financial terms were not disclosed.
Reconor helps its customers meet Denmark's high standards of responsible and environmentally safe recycling, and helps municipalities with waste collection.
Mastercard, a multinational financial services corporation that provides payment processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks, agreed to acquire a minority stake in MTN Group Fintech from MTN Group, a South African multinational mobile telecommunications company, operating in many African, European and Asian countries. Financial terms were not disclosed.
MTN and Mastercard also signed a memorandum of understanding which provides for a minority investment by Mastercard into Group Fintech based on a total enterprise valuation of about $5.2bn for the business on a cash and debt-free basis. Signing of the definitive investment agreements is expected to occur in the very near term as we approach finalisation of customary due diligence. The closing of the investment will be subject to customary closing conditions.
ADNOC considers pushing Covestro bid to $12.6bn.
Abu Dhabi National Oil Co has verbally signaled to Covestro that it may offer a new, written proposal of €60 ($66) per share for the German plastics and chemicals maker. This would boost the oil giant's non-binding bid to about $12.63bn on the condition the chemicals group agrees to enter formal talks, Reuters reported.
The indication of a raised offer is however not in writing adding that Covestro will take time to consider any next steps. ADNOC last raised its informal offer to €57 ($62) per share in July.
Daily Mail in talks with investors over potential bid for Britain's Telegraph. (FS)
The Daily Mail and General Trust has registered its interest with British bank Lloyds for a potential bid for The Telegraph.
However, while it has been engaging with several parties, DMGT does not yet have any formal plans, and there is no consortium, Reuters reported.
SoftBank is in talks to buy Vision Fund's 25% stake in Arm. (FS)
SoftBank Group is in talks to acquire the 25% stake in Arm it does not directly own from Vision Fund 1, a $100bn investment fund it raised in 2017, potentially delivering a win for investors who have waited years for strong returns, Reuters reported.
The discussions come as SoftBank, which currently owns 75% of Arm, is preparing to list the chip designer on Nasdaq next month at a valuation of $60bn to $70bn.
Dubai-based Shuaa Capital’s top investors are exploring sale. (FS)
Shuaa Capital's main shareholders are in early-stage talks to sell down their stakes in the Dubai-based investment bank, offering potential buyers access to one of the Gulf region’s oldest financial institutions.
As part of the plans, the bank’s Managing Director Jassim Alseddiqi — one of the top shareholders with about a 25% stake — plans to pare down his holdings and step down to focus on a career in technology, research, and academia. Other major holders are also in talks to sell down their stakes.
Burger King UK owner eyes Whopper with new franchise deal with PE firm. (FS)
The owner of Burger King’s UK operations is in advanced talks about a new franchise deal that will cut the number of new restaurants it is obliged to open each year.
Sky News has learned that Bridgepoint, the London-listed private equity firm, is close to striking a long-term deal with Restaurant Brands International, the US-based owner of the Burger King brand.
Credit Suisse retail investors plan lawsuit challenging UBS buyout.
The Swiss Investor Protection Association plans to file the claim in Zurich's commercial court on behalf of about 500 Credit Suisse equity investors.
Wilko administrator sets bidders deadline for buying ailing chain.
The administrators of Wilko have given bidders until Wednesday to submit their offers for the ailing retailer following its collapse last week.
PricewaterhouseCoopers has told interested parties to put forward its rescue bids by the middle of this week before the discount chain runs out of cash.
APAC
Blackstone eyes Japan property after selling $4.5bn. (FS)
Blackstone is exploring more acquisitions in Japanese real estate after selling about $4.5bn worth in the past year to capitalize on high international interest in property in the island nation.
The world’s largest alternative asset manager is working on more acquisitions with several bids out and properties like hotels and data centers in the pipeline, according to Blackstone’s head of Japan real estate Daisuke Kitta.
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