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AMERICAS
TD Bank Group, a Canadian multinational banking and financial services corporation, completed the acquisition of Cowen, a diversified financial services firm that provides investment banking, research, sales and trading, prime brokerage, outsourced trading, global clearing, and commission management services, for $1.3bn.
"We are very pleased to welcome Cowen to TD. Together, with greater scale, broader capabilities and deeper resources, we will continue to serve clients with excellence and accelerate the growth of TD Securities," Bharat Masrani, TD Bank Group President and CEO.
Toronto-Dominion Bank's $13.4bn acquisition of First Horizon may be delayed even more than the Canadian lender projected last month, Bloomberg reported. Shares of the Memphis, Tennessee-based bank slumped.
First Horizon was told by Toronto-Dominion that it doesn't expect to receive the necessary regulatory approvals by May 27 — as it had projected in early February — and that it can't provide a new projected closing date.
SK Capital Partners-backed Archroma, a global specialty chemicals company committed to innovation, quality, service, cost-efficiency and sustainability, completed the acquisition of Textile Effects division from Huntsman, a publicly traded global manufacturer and marketer of differentiated and specialty chemicals, for $718m.
"Over the past seven months, we have conducted a comprehensive strategic review of our Textile Effects division, including detailed discussions with a wide range of relevant parties. After evaluating several different options and thoroughly reviewing prospective offers for the business, our Board of Directors decided that SK Capital would be a better owner of the business over the long term than Huntsman and that the value they offered was in the best interests of our shareholders. After closing, Textile Effects will combine with SK Capital's Archroma business to create a world leader in textile chemicals and dyes, with a leadership in sustainability and innovation," Peter Huntsman, Huntsman Chairman, President, and CEO.
Lavoro, an agricultural inputs retailer in Latin America, went public via a SPAC merger with TPB Acquisition I, a special purpose acquisition company, in a $1.2bn deal.
"The closing of this transaction and our forthcoming listing on the Nasdaq is a major milestone for our entire Lavoro team. We are thrilled to enter this next phase of growth as a publicly traded company, as we believe we are uniquely positioned to expand our footprint throughout Latin America and continue our mission to address food insecurity and empower farmers by creating greater access to innovative agricultural solutions," Ruy Cunha, Lavoro CEO.
Private equity firms Trivest Partners, Shoreline Equity and Lincoln Road-backed Pavement Partners, an asphalt and concrete solutions services provider, and Brothers National, an asphalt and concrete company, agreed to merge and form Pave America. Financial terms were not disclosed.
“The opportunity to combine these two businesses to form one of the leading pavement service providers in the country makes tremendous sense for all the Company’s constituents. We are quite familiar with a number of the businesses Brothers partnered with and have a strong appreciation for the platform the Brothers team and Trivest have built. With the formation of Pave America, we are going to be able to expand our service offering, geographic reach, and, most importantly, better serve our customer base," Tom York, Pave America CEO.
Trivest Partners is advised by Paul Weiss Rifkind Wharton & Garrison. Pavement Partners is advised by Citizens M&A and Solomon Partners. Debt financing is provided by Apogem Capital, LGT Capital Partners, MUFG Bank and WhiteHorse Capital.
Columbia Banking System, the parent company of Columbia State Bank, completed the merger with Umpqua Holdings, the parent company of Umpqua Bank, in an $8.2bn deal.
"Today marks the beginning of an exciting new chapter for our company. We have tremendous opportunity to deliver enhanced shareholder returns by building upon our combined bank's commitment to the success and prosperity of all our stakeholders," Cort O'Haver, Umpqua President and CEO.
Umpqua was advised by JP Morgan (led by Anu Aiyengar), Wachtell Lipton Rosen & Katz and Joele Frank (led by Steve Frankel and Jamie Moser). JP Morgan was advised by Simpson Thacher & Bartlett. Columbia Banking was advised by Keefe Bruyette & Woods and Sullivan & Cromwell.
IKAV, an international asset management group, completed the acquisition of Aera Energy, an oil and gas producer, from ExxonMobil, an international energy and petrochemical company, and Shell, a global group of energy and petrochemical companies, for $4bn.
"In addition to our long-term goal and commitment to renewable energy, we recognize the continued need for oil and gas and for these assets to be operated safely and responsibly to facilitate a smooth and sustainable transformation of our energy supply. We advocate a co-existence between renewable and conventional energy for decades to come. Aera fits our philosophy, and we are excited to be working with its exceptional team, who share our culture and long-term ambitions," Constantin von Wasserschleben, IKAV Chairman.
IKAV was advised by Citigroup, Truist Securities, Wells Fargo Securities and Haynes and Boone. Shell was advised by JP Morgan.
First Quality, a multi-national manufacturing company, agreed to acquire Dryden pulp mill of Domtar, a provider of a wide variety of fiber-based products. Financial terms were not disclosed.
"First Quality saw this as an excellent strategic investment given the knowledgeable leadership team, premium quality NBSK coming from the mill, and the access and availability to high quality fiber supplies long term. We look forward to partnering with the existing mill team members, customers, suppliers, and community stakeholders to continue the mill's successful history of local engagement and economic development," Jim Dodge, First Quality CFO.
Cactus, a company designs, manufactures, sells and rents a range of highly engineered wellhead and pressure control equipment, completed the acquisition of FlexSteel, a company designs, manufactures, sells and installs highly engineered spoolable pipe technologies, for $621m.
"We believe the acquisition of FlexSteel offers a unique opportunity for Cactus and enhances our position as a premier manufacturer of spoolable pipe technologies delivered directly to our industry's end-users. We are excited about the ability to add these specialized products, technologies and associates to the Cactus family," Scott Bender, Cactus President and CEO.
FlexSteel was advised by Morgan Stanley and Vinson & Elkins (led by Christopher Rowley). Cactus was advised by JP Morgan and Bracewell (led by Jason Jean).
Cox Automotive, an automotive services and technology provider, completed the acquisition of FleetNet America, a third-party maintenance management company, from ArcBest, a supply chain logistics company, for $100m.
"The market leadership that comes with this joining of our two companies is unmatched in the fleet space. Empowered by our combined decades-long legacy, best-in-class customers and service provider networks, and industry expertise, we're disrupting the status quo and leading the fleet future – but not in the breakdown business – in the problem-solving business," Steve Rowley, Cox Automotive President.
Cox Automotive was advised by BakerHostetler. ArcBest was advised by Stephens and Vinson & Elkins.
Ankura Consulting, a global expert services and advisory firm, completed the acquisition of Chartwell Compliance, a financial regulatory compliance consulting company, from MVB Bank, a full-service bank. Financial terms were not disclosed.
"My colleagues and I are incredibly excited to welcome Jonathan, Sherry and the entire Chartwell team to Ankura. They have built a strong business and we are confident that they will be empowered to reach even greater heights as part of Ankura. Chartwell and Ankura share a collaborative ethos that is focused on providing the highest quality advisory services to clients, and we look forward to working with our new colleagues as we continue to help clients navigate regulatory complexity," Kevin Lavin, Ankura CEO.
Ankura was advised by Davis Polk & Wardwell. MVB was advised by Squire Patton Boggs.
Digital World Acquisition, a blank-check firm to merge with former US President Donald Trump's social media platform, said it will file an appeal against a Nasdaq de-listing notice due to the non-payment of some dues, Reuters reported.
"The company has elected to file an appeal of this matter, pay the corresponding fee, and plans to pay any fees the Hearing Department determines are due," Digital World.
Digital World is advised by EF Hutton.
Cherokee Federal, the government contracting arm of Cherokee Nation Businesses, completed the acquisition of Criterion Systems, a cybersecurity and IT services company. Financial terms were not disclosed.
"The strategic decision to acquire Criterion was made with the evolving needs and long-term success of the customer in mind. In addition to helping federal agencies address emerging cybersecurity requirements crucial to the protection of our nation, Criterion delivers efficient and secure methodologies and architectures for modernizing government IT that are unparalleled in the industry," Steven Bilby, Cherokee Federal President.
Cherokee was advised by Sociable Consulting (led by Allison Burum).
Private equity firms MASTRY Ventures and General Catalyst completed the acquisition of a majority stake in Athletes First, a football agency. Financial terms were not disclosed.
"Athletes First is not simply the name of our company, it is our culture, mission, and family. MASTRY Ventures and General Catalyst are exceptional partners for us as their success is rooted in that same philosophy. This partnership will redefine the traditional continuum of representation services as we use our combined platforms and vision to help clients maximize their positive impact on families, communities, and the world," Brian Murphy, Athletes First Founder and CEO.
IBM, a technology company, agreed to acquire NS1, a DNS specialist. Financial terms were not disclosed.
"IBM is continuing to bring cutting-edge capabilities to its network automation portfolio to help enterprises better manage their hybrid multicloud environments with solutions for zero-touch network operations, complete observability of network health, and managing applications from the cloud to the edge. Following close, NS1 employees will join IBM Software. NetBox Labs will separate from NS1 as part of this transaction," IBM.
IBM is advised by Paul Weiss Rifkind Wharton & Garrison (led by Steven Williams).
Holland & Knight, a law firm headquartered in Miami, Florida, completed the merger with Waller Lansden Dortch & Davis, a firm that provides a wide array of services related to mergers and acquisitions, taxation, intellectual property, restructuring, and bankruptcy. Financial terms were not disclosed.
"We could not be more enthusiastic about joining forces with Waller. From the outset of our discussions, we quickly realized that we share complementary practice and industry strengths and a collaborative culture that focuses on providing exceptional client service. For Holland & Knight, the combination enables us to hit the ground running in Tennessee – where Waller has a lengthy history and prestigious client roster – and it greatly enhances our position in the healthcare sector. We are confident this move will accelerate our growth and lead to long-term, sustained success," Steven Sonberg, Holland & Knight Managing Partner.
Enbridge to invest $2.4bn in infrastructure, renewable energy.
Enbridge will invest $2.4bn in natural gas and liquids infrastructure and in renewable power this year and expects an annual core earnings growth rate of 4% to 6% through 2025, Reuters reported.
The Calgary, Alberta-based pipeline operator said it would buy a gas storage facility in Tres Palacios in the US Gulf of Mexico coast region for $335m to strengthen its liquefied natural gas export business.
Goldman weighs GreenSky sale among other options for consumer unit.
Goldman Sachs is considering a potential sale of GreenSky, the installment lending platform added to its money-losing consumer division less than two years ago, Bloomberg reported.
The bank is considering a sale among other strategic alternatives for the company, people familiar with the matter said. GreenSky is part of Goldman’s new Platform Solutions unit, which also houses its credit-card partnerships like Goldman’s Apple card alongside its transaction banking business.
Apollo is in talks for aerospace parts maker Arconic. (FS)
Apollo Global Management is in talks to buy Arconic, an equipment and parts developer to the aerospace industry, Bloomberg reported.
The private equity giant submitted its bid for Arconic earlier in February, said the person, who asked not to be identified discussing private matters. If discussions advance, a deal could be reached in the high $20-a-share range and debt financing is in place to secure the asset.
Bain Capital Ventures closes $1.9bn in tech investment funds. (FS)
Bain Capital Ventures, the venture arm of the namesake private equity giant, has raised $1.9bn across two new venture funds targeting startups of all sizes, Bloomberg reported.
The funds, which set a new record for Bain Capital’s 20-year-old venture capital business, will target investments in fintech, infrastructure, apps and commerce technology, BCV said in a statement Tuesday. The raise eclipses the $1.3bn BCV announced in May 2021 to invest in earlier-stage companies.
EMEA
The UK’s Competition and Markets Authority has provisionally cleared US satellite company Viasat’s $7.3bn takeover of UK rival Inmarsat following an in-depth review.
The CMA said that while the two companies compete closely in the aviation sector - specifically in the supply of satellite connections for onboard wifi - the deal does not substantially reduce competition for services provided on flights used by UK customers.
The watchdog pointed out that the sector is expanding rapidly, and said this is a trend that is expected continue. It added that as the sector grows, airlines will have more options to choose from when selecting a provider for on-board wifi services.
Inmarsat is advised by Barclays (led by Osvaldo Ramos), JP Morgan, Trinity Advisors Corporation, Clifford Chance (led by David Lewis), Kirkland & Ellis (led by Rory Mullarkey), Steptoe & Johnson, Kekst CNC (led by Oliver Mann) and Teneo. Viasat is advised by PJT Partners, Latham & Watkins (led by Craig Garner), Linklaters and Brunswick Group.
Nexi, a payment services provider, agreed to acquire an 80% stake in Paycomet, a fintech company, from Banco Sabadell, a multinational financial services company, for €280m ($297m).
"We are very proud to have been chosen by Banco Sabadell, the best possible Spanish strategic partner, for our deep product and technology capabilities. With this partnership we enter, from a strong position, Spain, a market that we have always considered highly attractive for digital payments with great potential for further profitable and sustainable long-term growth, quite similarly to Italy. We have strong confidence on the combined capabilities of our teams and their willingness to drive strong growth together," Paolo Bertoluzzo, Nexi CEO.
Nexi is advised by Boston Consulting Group, Jefferies & Company, KPMG, Rothschild & Co and Allen & Overy. Banco Sabadell is advised by Barclays.
Stark Group, one of the largest retailers and distributors of building materials, completed the acquisition of the UK merchanting brands of Saint-Gobain, a French multinational building materials corporation, for €850m ($900m).
These divestments are part of Saint-Gobain's continued business profile optimization strategy to enhance the Group's growth and profitability in line with its "Grow & Impact" plan.
Fujitsu, a technology company, agreed to acquire GK Software, a cloud services provider, for €432m ($458m).
"I welcome Fujitsu's offer and am pleased that GK's growth story will continue as part of one of the largest IT companies in the world. It was very important to Stephan Kronmüller and me to find a strategic partner for the company we founded, who will continue to develop GK and who fits with GK’s strategy and its employees. I am therefore convinced that this is the right step for the development and growth of the company and am tendering all my shares into the offer. In doing so, I would also like to give all shareholders a signal of confidence in Fujitsu's offer. I am very much looking forward to a new chapter in the history of the company that we founded together in 1990,” Rainer Gläß, GK Software CEO.
GK Software is advised by Arma Partners and Freshfields Bruckhaus Deringer (led by Christoph Heiner Werner Seibt). Fujitsu is advised by Bank of America and Morrison & Foerster.
Thoma Bravo, a private equity firm, completed a minority investment in Summa Equity-backed LOGEX, a healthcare analytics company. Financial terms were not disclosed.
"Our mission is to turn data into better healthcare. There is an urgent need for stronger, more resilient, and more accessible health systems in Europe. We are already active in 10 European markets and we know we can play a meaningful role in evolving healthcare in Europe and making systems interoperable for improved international collaboration if we can expand further. Thoma Bravo, with their deep technical knowledge and their expertise in operational excellence, will be a fantastic partner to help us achieve that goal," Philipp Jan Flach, LOGEX CEO.
LOGEX is advised by Jefferies & Company and Allen & Overy. Thoma Bravo is advised by Harris Williams & Co and Kirkland & Ellis.
Churchill Capital-backed Nuveen, an investment manager, completed the acquisition of Arcmont Asset Management, a private debt investment manager. Financial terms are not disclosed.
"Arcmont and Churchill will work together in partnership, giving both firms geographic scale and the ability to offer a broader range of products and financing options to corporate borrowers. This expansion of our private market capabilities better positions us to help our clients meet their portfolio objectives as they seek differentiated investment allocations," William Huffman, Nuveen Head of Equity & Fixed Income and Chairman.
Arcmont was advised by Evercore and Prosek Partners. Churchill Capital was advised by Ropes & Gray (led by Daniel S. Evans). Nuveen was advised by Debevoise & Plimpton (led by William Regner).
Barclays, a universal bank, completed the acquisition of Kensington Mortgages, a mortgage lender, from Blackstone and Sixth Street, two investment firms, for $2.8bn.
“The transaction reinforces our commitment to the UK residential mortgage market and presents an exciting opportunity to broaden our product range and capabilities. KMC is a best-in-class specialist mortgage lender with an established track record in the UK market, strong broker and customer relationships and data analytics capabilities. KMC complements our existing UK mortgage business and broker relationships through the addition of a specialist prime mortgage originator and the utilisation of our strong UK funding base. We look forward to KMC management and employees becoming part of the Barclays group,” Matt Hammerstein, Barclays CEO.
Kensington Mortgages was advised by Morgan Stanley and Edelman. Blackstone was advised by Freshfields Bruckhaus Deringer.
Surteco North America, a full-service provider of decorative surfaces, completed the acquisition of the laminates, films and coated fabrics businesses from Synthomer, a specialty chemicals company, for $262m.
"This divestment is consistent with our recently announced strategy to increase the specialty weighting of our portfolio and focus on higher value, higher growth markets where we have strong and sustainable leadership positions. The proceeds represent excellent value for our shareholders and the transaction is a significant step in the deleveraging of the Group. I would like to thank those colleagues leaving Synthomer and wish them well for the future," Michael Willome, Synthomer CEO.
Synthomer is advised by JP Morgan, Piper Sandler and Teneo.
Lamb Weston, a supplier of frozen potato, sweet potato, appetizer and vegetable products, completed the acquisition of the remaining 50% stake in Lamb-Weston/Meijer joint venture, a producer of potato products, from Meijer Frozen Foods, a family-owned grocery chain, for €700m ($740m).
"We're proud of the business we've built together to create a market leader in Europe. We remain confident in the long-term outlook for Lamb Weston and the global frozen potato category. By holding an investment in common stock of Lamb Weston after the transaction closes, we sustain our strong belief in a bright future for the business," Kees Meijer, Meijer Frozen Foods CEO.
Euronext, a pan-European bourse that offers various trading and post-trade services, terminated the €5.5bn ($5.8bn) acquisition of Allfunds Group, a United Kingdom-based wealth technology company.
"The Allfunds board considered that the terms of the proposal were inadequate. Allfunds subsequently entered into discussions on terms with Euronext but no agreement was reached and discussions have been terminated," Allfunds.
Inflexion, a private equity firm, agreed to acquire a majority stake in Nomentia, a treasury and cash management software provider, from PSG Equity, a growth equity firm, and Verdane,, a specialist growth investor. Financial terms were not disclosed.
"Nomentia is a market leading SaaS business benefitting from a best-in-class offering for its clients. Now is the right time for the business to accelerate its growth across Europe whilst continuing to maintain its high level of customer service. We look forward to supporting Jukka and the team as Nomentia further penetrates the European market both organically and through acquisitions," Flor Kassai, Inflexion, Partner and Head of Buyout Fund.
PSG Equity is advised by Prosek Partners.
Behrman Capital-backed Micross Components, a provider of mission-critical microelectronic components and services for high-reliability markets, completed the acquisition of the High-Reliability DC-DC converter business of Infineon Technologies, a semiconductor manufacturer in power systems and IoT. Financial terms were not disclosed.
"We are delighted to partner with this experienced team which further expands the Micross team's design capabilities. The acquisition brings significant proprietary IP around power management, combined with state-of-the-art manufacturing capabilities and a product portfolio that is a market leader for the advancement of innovative solutions. We will be better positioned to produce an even wider range of high-quality products for our customers. Together, we plan to pursue a number of compelling opportunities to further realize our exciting growth prospects, all while upholding excellent quality and service to our customers," Vince Buffa, Micross Chairman and CEO.
Belgium raises $2.3bn from BNP Paribas stake sale.
Belgium has sold $2.3bn worth of shares in BNP Paribas, cutting its stake in the French lender built during the financial crisis by about a third, Reuters reported.
Belgian state participation agency SFPI said it had successfully placed 33m shares with investors following an accelerated sale. Investment banks marketed the shares at $68.7 apiece, implying a 1.8% discount to BNP Pariba's closing price.
Saudi Aramco near deal to join Renault-Geely car venture.
Saudi Aramco is nearing a deal to acquire a stake in Renault and Zhejiang Geely's planned combustion-engine venture to grow its footprint in transport, Bloomberg reported.
The world's biggest oil company will take a minority stake, with Renault and China's Geely planning to remain at parity. While a non-binding agreement could be announced as soon as this week, there's no certainty it will be finalized.
Alastair Beveridge and Daniel Imison to sell a 37% stake in SMCP. (FS)
Alastair Beveridge and Daniel Imison of AlixPartners UK are selling a 37% stake in SMCP, the French premium fashion company that owns Sandro, Maje, Claudie Pierlot and Fursac. The sale process is expected to take several months.
“At this initial stage in launching the sale process, the timing for the sale process, the conclusion of any sale of the pledged shares, the identity of any purchaser (or purchasers), and whether all or any part of the pledged shares may be sold to one or more purchasers are currently unknown. Accordingly, it is not yet possible to assess whether the transaction will trigger or not a subsequent mandatory takeover bid,” AlixPartners.
Saudi Aramco eyes stake in foreign LNG plant as demand for fuel surges.
Saudi Arabia’s Aramco is considering an investment in a liquefied natural gas facility outside the kingdom, as global demand for the fuel soars following Russia’s invasion of Ukraine, Bloomberg reported.
The state energy company is in early discussions with LNG plant developers to procure a stake and secure supplies through an off-take agreement.
Purplebricks starts sell process.
Purplebricks Group said its strategic review would include a formal sale process as Britain's biggest online-only estate agency attempts to turn its fortune around, Reuters reported.
Purplebricks, which has a market capitalisation of $28m, said since its strategic review announcement last month it has received interest from several parties that the board wishes to pursue.
Investcorp raises over $1.2bn for its inaugural North America private equity fund. (FS)
Investcorp, a global alternative investment firm, today announced the final closing of Investcorp North American Private Equity Fund I, which focuses on control buy-out investments in middle market services businesses in North America. Fund I closed at over $1.2bn in capital commitments from blue-chip institutional investors, including pension plans, family offices, private wealth funds and an insurance company across North America, Europe and the Gulf region.
"We have a long and established history of investing in North America mid-market services companies, and we look forward to continuing to broaden and deepen our institutional investor base as this strategy continues to scale. We are grateful for the trust that our institutional investors have placed in us during this time of greater uncertainty and a more challenging capital raising environment," Mohammed Alardhi, Investcorp Executive Chairman.
APAC
KKR, an investment firm, completed the acquisition of Hitachi Transport System, a supplier of logistics services, for $6bn.
"We are pleased to have this opportunity to invest in Hitachi Transport System, a pioneer in the Japanese 3PL market that has provided innovative logistics and supply chain solutions for many years. We look forward to utilizing KKR's global network and expertise to accelerate Hitachi Transport System's next phase of growth and help the company achieve its goal of becoming the leading 3PL company in Asia through technology enablement and inorganic growth in a collaborative manner," Hiro Hirano, KKR Co-Head of Asia Pacific Private Equity.
Tata Group’s talks over $1bn Bisleri stake stall.
Tata Group’s talks for a majority stake in Bisleri International, one of India’s largest bottled water makers, have stalled over valuation, Bloomberg reported.
The Indian conglomerate had been in advanced discussions to take control of Bisleri and the parties were working on finalizing the structure of a transaction. Bisleri’s owners were looking to raise about $1bn from a deal. Negotiations later hit a snag as the companies were unable to agree on a valuation.
Self-driving firm iMotion weighs $300m Hong Kong IPO.
iMotion Automotive Technology, a developer and provider of AI automated driving solutions, is considering a Hong Kong initial public offering that could raise $200m to $300m, Bloomberg reported.
The Suzhou, China-based firm is working with CCB International Holdings, Citigroup and Huatai Securities on preparations for a first-time share sale. The listing could take place as early as this year.
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