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AMERICAS
Amazon is set to win unconditional EU antitrust approval for its $1.4bn acquisition of robot vacuum maker iRobot. Antitrust enforcers around the world have stepped up scrutiny of Big Tech acquiring smaller rivals, concerned about the accumulation of troves of data by a few companies and big players leveraging their dominance into new markets, Reuters reported.
The European Commission, which acts as the EU's competition watchdog, warned Amazon in July that the deal could reduce competition in robot vacuum cleaners and reinforce the US company's dominant position as an online marketplace provider. The Commission is due to decide on the deal by February 14.
Colt CZ, a holding company for the Czech firearms and related industries, offered to acquire Vista Outdoor, a designer, manufacturer, and marketer of outdoor sports and recreation products, for $1.74bn.
The deal comes amid Vista's planned sale of its sporting products business to privately held Czech defence and civil manufacturing company Czechoslovak Group, announced in October in a $1.9bn deal.
Vista Outdoor is advised by Moelis & Co, Morgan Stanley, Cravath Swaine & Moore and Gibson Dunn & Crutcher.
FLJ, an apartment rental platform, agreed to acquire Alpha Mind, an insurance company, for $180m.
“We are pleased to welcome Alpha Mind and its team. We are optimistic about the quality of Alpha Mind’s service offerings. We are confident that we can work with the Alpha Mind team to further strengthen its market position in the insurance technology and insurance agency service space,” Chengcai Qu, FLJ CEO.
Thurston-backed ARC Health, a mental healthcare provider, agreed to acquire Manhattan Psychology, a distinguished behavioral health provider. Financial terms were not disclosed.
"Our partnership with Josh and Niloo and the integration of MPG into the ARC Health family will not only expand the scope and depth of services offered but also reinforces a shared dedication to excellence in mental healthcare," Vince Morra, ARC Health CEO.
ARC Health is advised by Mertz Taggart.
IP Pathways, a technology solutions provider, completed the acquisition of Tenax Solutions, a premier security solutions provider. Financial terms were not disclosed.
“We are pleased to announce the acquisition of Tenax Solutions, an innovator in security solutions. With the ever-increasing threat of cybersecurity attacks, Tenax will allow us to provide next-level security to our clients. Tenax shares our growth mindset, and a partnership with them solidifies our commitment to reliable and secure infrastructure to empower businesses to thrive in the digital age. We are thrilled about the possibilities this partnership brings and look forward to immense success ahead," Joe Shields, IP Pathways CEO and President.
North American Kitchen Solutions, a foodservice equipment manufacturer, agreed to acquire Stainless Specialties, a custom fabricator of high-quality stainless-steel equipment. Financial terms were not disclosed.
"We're thrilled to welcome SSI to our organization. SSI's production facility in Eastlake, OH, will increase our custom fabrication capacity and create a best-in-class 'purpose-built' manufacturing organization of stainless-steel commercial restaurant equipment. We're just as excited to welcome the team from SSI into the NAKS family. SSI's team, along with the team from our 2021 acquisition of Lane Mechanical, brings together the best talent in the custom fabrication segment and furthers the goal of bringing the entirety of our product offering closer to our valued customers," Sacha Polakoff, NAKS President and CEO.
Silver Lake looks to private credit for Ticketek owner dividend. (FS)
Silver Lake Management is seeking to tap private credit funds for a loan of around $624m for Ticketek-owner TEG in order to give itself a payout, Bloomberg reported.
The dividend recapitalization debt would have a five-year tenor. Goldman Sachs Group is the arranger, and the loan would be unitranche, a blend of senior and subordinated debt that's popular among private credit lenders.
Bankrupt WeWork enters financing agreements with certain lenders.
WeWork said on November 21 that it had secured commitments for up to $683m in debtor-in-possession financing from some of its lenders, weeks after the shared office space provider filed for bankruptcy protection, DealStreetAsia reported.
The SoftBank-backed company is seeking to address more than $4bn in debt and unsustainable future rent costs through a bankruptcy plan. WeWork, once the most valuable US startup, struggled to achieve profitability as a rise in work-from-home trends following the pandemic soured demand for its shared office spaces. In a regulatory filing, WeWork disclosed it had entered into a commitment letter on November 15 with parties including Goldman Sachs International Bank, JPMorgan Chase Bank, and SoftBank Vision Fund 2.
Citigroup rejigs senior dealmakers as Jane Fraser's sweeping overhaul picks up pace. (People)
Citigroup has unveiled its senior team of dealmakers and shifted some bankers into a new unit servicing the Wall Street bank's top clients as the sweeping reorganisation by chief executive Jane Fraser continues.
The moves come as Citi began an extensive round of layoffs and organisation changes this week, part of CEO Jane Fraser's efforts to streamline the bank. Citigroup has named senior leaders for banking in Asia. The New York-based bank has named Jan Metzger, former Asia head of banking, capital markets, and advisory, to lead its investment banking franchise in its North Asia and, Australia and South Asia clusters.
EMEA
Boehringer Ingelheim, an animal health care services provider, agreed to acquire T3 Pharmaceuticals, a clinical stage biotech company, for $509m.
“The acquisition of T3 Pharma will significantly expand our immuno-oncology pipeline portfolio and is synergistic with many of our existing R&D programs. This will bring us closer to achieving our vision of driving a paradigm shift in cancer care treatments,” Michel Pairet, Boehringer Ingelheim Member of the Board of Managing Directors.
Macron to unveil €2.1bn Novo Nordisk pharma investment in France.
French President Emmanuel Macron will on November 23 inaugurate a €2.1bn ($2.3bn) investment by Danish pharmaceutical company Novo Nordisk in France, pitching it as a sign of newly restored French industrial competitiveness, Reuters reported.
The investment, for which no detail was provided by Macron's office, will be based in Chartres, west of Paris, where Novo already employs nearly 2k people. Novo is known for its hugely popular anti-obesity drug Wegovy. The Elysee palace deemed it the most significant investment in the health sector of Macron's mandates so far and said it would create 500 jobs.
Sweden starts corruption probe of Alecta's Heimstaden investment. (FS)
A Swedish prosecutor said on November 23 that he had begun a preliminary investigation into suspected corruption concerning investments made by pension manager Alecta, following a report to police last week by Sweden's financial watchdog, Reuters reported.
The FSA, in its report, asked police to investigate whether one or more people were guilty of corruption linked to Alecta's investment in property group Heimstaden Bostad. "I can confirm that a preliminary investigation has begun regarding the FSA's report concerning suspected corruption," Johan Lindmark prosecutor.
Company boards waffle over buyout bids in $40bn deal wave. (FS)
A wave of dealmaking has come to Europe, and corporate boards aren't sure what to do about it. Listed European companies have received about $40bn in takeover bids over the past three months, as everyone from Blackstone to Cinven hunts for bargains in the region's depressed stock markets, Bloomberg reported.
In several cases, the target's directors can't decide whether minority shareholders are getting a good deal. Adevinta, Synlab boards say offers are below long-term value. Directors refrain from making recommendations to shareholders.
Meloni and Scholz deepen ties, leaving France behind.
Italian Prime Minister Giorgia Meloni and German Chancellor Olaf Scholz are spearheading a series of closer business dealings between their two countries, with France being sidelined, Bloomberg reported.
Meloni's first visit to Berlin on November 22, accompanied by senior government ministers, marked the nations' highest-level gathering in seven years. Scholz welcomed his guest as "dear Giorgia" as a series of fiscal wins for Rome coincided with a budget debacle in Berlin.
Spain's Endesa cuts profit, dividend outlook after LNG ruling.
Spanish power utility Endesa, on November 23, cut its profit and dividend outlook to take into account the impact of a court order to pay $570m following a dispute over a long-term liquefied natural gas supply contract with Qatar, Reuters reported.
The Spanish firm is now aiming for an adjusted profit - which strips out one-off items and is used to calculate dividend - of €1.1bn ($1.2bn) this year and €1.6bn-€1.7bn ($1.74bn -$1.85bn) in 2024, below its previous guidance. The target for 2026 is €2.2bn-€2.3bn (2.39bn-2.5bn). The group also introduced a dividend floor of €1 ($1.1) a share along with its 70% payout policy and now sees 2024 dividend at €1.1 ($1.2) a share, slightly below a previous forecast.
Crypto exchange Binance sees outflows of $956m in last 24 hours.
Investors pulled about $956m from crypto exchange Binance over the past 24 hours, data firm Nansen reported on November 22, a day after its chief, Changpeng Zhao, stepped down and pleaded guilty to breaking US anti-money laundering laws, Reuters reported
Nansen analysts said the data only includes flows on the Ethereum blockchain.
Bankers rush to Milan in $600 sneakers for Golden Goose IPO.
Bankers vying for a role on a possible initial public offering of Golden Goose showed up at pitch meetings wearing pairs of the luxury Italian shoemaker's $600 sneakers, Bloomberg reported.
Roughly a dozen banks competed last week in a so-called bakeoff for roles on a potential Milan listing of Golden Goose. Bankers pitched valuations of €3bn ($3.3bn) to €4bn ($3.9bn) for the company.
Z Capital Group partners with NSIA to establish a $2bn infrastructure fund for Africa. (FS)
The Nigerian Sovereign Investment Authority has agreed on a partnership with a US-based private equity firm, Z Capital, to establish an investment infrastructure fund for Africa.
ZCG and NSIA have outlined their intentions to invest in equity, debt, and a mix of financial instruments in various sectors, encompassing healthcare, digital and social infrastructure, renewable energy, and climate-smart agriculture. Zenni mentioned that the venture is targeting a fundraising goal of $1bn to $2bn.
APAC
EIG Partners CEO Blair Thomas said on November 23 that the consortium behind the $10.6bn bid for Origin Energy was "done" negotiating with top shareholder AustralianSuper in an attempt to gain its backing for the offer, Reuters reported.
Thomas said he believed AustralianSuper, which holds 16.5% of Origin, was acting against the best interests of the company's remaining shareholders. Origin Energy's top shareholder said on November 23 that it would reject a complex new offer by a Brookfield-led consortium to buy Australia's biggest energy retailer made after it became clear investors would vote down an earlier $10.6bn bid.
Origin Energy is advised by Barrenjoey Capital Partners, Jarden, and Herbert Smith Freehills (led by Rebecca Maslen-Stannage). EIG is advised by JP Morgan and FGS Global (led by Kelly Kimberly). Brookfield Renewable is advised by Citigroup, Allens, and White & Case (led by Christopher Flynn). GIC is advised by SEC Newgate.
Silvercorp Metals, a Canadian-based, China-focused precious metals company, agreed to acquire OreCorp, a development and exploration company listed on the Australian Securities Exchange, for $170m.
Tanzania-focused OreCorp has squeezed out an extra $19m in cash from suitor Silvercorp Metals, following rumours shareholders in the takeover target — which include major WA mining identities — were growing unhappy with the buyout deal.
OreCorp is advised by CIBC World Markets, Allen & Overy and REX Attorneys. Silvercorp Metals is advised by Canaccord Genuity, A&K Tanzania, King & Wood Mallesons and NWR Communications (led by Nathan Ryan).
Chinese financial conglomerate Zhongzhi has a $31bn problem.
China's Zhongzhi Enterprise has at least $31bn more liabilities than assets and now faces "significant going concern risks," WSJ reported.
The company, which caused alarm when one of its key businesses missed a series of debt payments earlier this year, said it has liabilities of $59bn to $64bn. Its assets are worth $28bn.
RMZ to invest $7bn to expand real estate business.
Indian office landlord RMZ said on November 22 that it will invest $7bn to diversify into four new segments in a bid to more than double the value of its rent-yielding real estate assets to $40bn by 2029, Reuters reported.
The privately-held firm, whose rent-yielding assets are currently valued at $15bn, will fund the investment through a combination of internal accruals and funds raised from existing and new investors as it expands into ultra-luxury residential living, industrial and logistics, hospitality, and mixed-use sectors. The Bengaluru-based company will invest 60% of the capital in expanding office and mixed-use properties.
GoTo soars after TikTok mulls investment to save online shop.
ByteDance TikTok is in talks to invest into a unit of Indonesia's GoTo, one of several options the Chinese company is weighing to try and restart its online shop in its biggest e-commerce market, Bloomberg reported.
The companies are working on a potential investment into GoTo's online retail unit Tokopedia, which could be finalized in the coming weeks. Instead of a direct investment, the deal could take the form of a joint venture between the two firms.
India plans to ask ONGC to consider rights issue to fund HPCL.
India plans to ask state-run Oil and Natural Gas to consider launching a rights issue to help fund green projects at refining arm Hindustan Petroleum, an exercise that could raise about $1.9bn, Reuters reported.
The comments come after India's finance minister announced a plan this year to provide equity of $3.6bn to help the big state oil refiners move towards cleaner energy. The government is weighing options for HPCL, including directly providing loans at preferential rates. The oil ministry is awaiting a response from the finance ministry on the plan for ONGC to launch a rights issue.
China launches social security fund-backed $707m investment fund in Shanghai. (FS)
An investment fund backed by China's National Social Security Fund was launched in Shanghai, with a size of $707m for its first phase, the financial regulatory authority in Shanghai said on November 23.
The fund, to be managed by investment firm IDG Capital, will focus on supporting innovation in the city of Shanghai alongside the Yangtze River Delta region. The fund will invest in strategic areas such as integrated circuits, biopharma and life sciences, artificial intelligence, new energy vehicles, high-end equipment and advanced materials, Reuters reported.
Fidelity International raises $700m in its first China bond mutual fund. (FS)
Fidelity International has garnered $700m from investors for its first fixed-income mutual fund in China, deepening the asset manager's involvement in the $3.8tn mutual fund market, Reuters reported.
Fidelity China's Managing Director Helen Huang said that she is lobbying Chinese regulators to relax stringent data security rules to allow cross-border sharing of research so that it can better utilise its growing capabilities in the country.
Australia's ROC Partners in the market to raise $300m for its latest APAC fund. (FS)
Sydney-based alternative investment manager ROC Partners is in the market to raise its sixth Asia Pacific-focused fund, which has a target of $300m.
SEC filings typically reflect only the amount raised from US investors. The vehicle, ROC Asia Pacific Private Equity Fund VI, has so far raised at least $66m from three investors since its launch in late October, DealStreetAsia reported.
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