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AMERICAS
Vista Equity Partners, an investment firm, completed the acquisition of Duck Creek, an intelligent solutions provider, from Apax Partners, a private equity advisory firm, and Accenture, a professional services company, for $2.6bn.
“This transaction is a testament to the value of the Duck Creek platform, the success of our strategy and the strength of our incredible team. Following a deliberate and thoughtful process, the Board approved this transaction which delivers a great outcome for Duck Creek’s shareholders, providing them a certain and substantial cash value at an attractive premium. Duck Creek is proud to have pioneered cloud-based mission-critical systems for the P&C insurance industry to deliver a best-in-class customer experience. We are excited to enter the next chapter for Duck Creek in partnership with Vista Equity Partners to continue supporting P&C insurance carriers’ move to the cloud," Michael Jackowski, Duck Creek CEO.
EIP Pharma, a privately held clinical-stage company focused on developing treatments for neurodegenerative diseases, agreed to merge with Diffusion Pharmaceuticals, a biotechnology company. Financial terms were not disclosed.
“With this proposed merger, we are creating a leading company focused on developing treatments for neurodegenerative diseases, beginning first with neflamapimod for the treatment of dementia with Lewy bodies, the second most common type of dementia after Alzheimer’s disease, and for which there are currently no approved treatments,” John Alam, EIP Pharma CEO.
Diffusion Pharmaceuticals is advised by Canaccord Genuity, Dechert (led by John Alessi), and Tiberend Strategic Advisors (led by Daniel Kontoh-Boateng). EIP Pharma is advised by Mintz Levin and Argot Partners.
Keywords Studios, a technical and creative services provider to the global video games and entertainment industries, completed the acquisition of Digital Media Management, a full-service social media agency, for $100m.
"The acquisition of DMM brings Keywords a top tier social marketing agency, world-class production location and capability, as well as a technology platform that can help scale its influencer offering. It extends our capabilities in an increasingly critical area of the marketing landscape, accelerating our progress towards being able to offer a truly holistic solution to our clients' engagement needs. With the ever-increasing convergence of entertainment and video gaming, we believe that delivering DMM's social media marketing expertise to our clients will enable them to enhance their engagement with their player base. We are looking forward to working with Luigi, Adam and the broader DMM team as we continue to deliver against our growth objectives," Bertrand Bodson, Keywords Studios CEO.
AEA Investors, an American middle market private equity firm, completed the acquisition of TileBar, a building materials producer, from LongueVue Capital, a New Orleans-based private equity firm. Financial terms were not disclosed.
"Eli and the TileBar management team have been extraordinary partners. TileBar has realized transformative growth in a short period of time as a direct result of the team's ability to execute Eli's vision. The Company is a true disruptor in its respective categories, and we are excited to watch the Company's continued success," Ryan Nagim, LongueVue Capital Managing Partner.
TileBar was advised by William Blair & Co and Norton Rose Fulbright.
CNH Industrial, an agricultural machinery company, agreed to acquire Hemisphere GNSS, a high-performance satellite positioning company, for $175m.
“This move enhances our automation and autonomy tech stack and broadens our talent pool. Having Hemisphere’s technology in-house will enable us to accelerate a broad range of our precision technology programs, providing our customers with immediate productivity-enhancing solutions. It will also increase the long-term competitiveness and flexibility of our agriculture and construction portfolio,” Marc Kermisch, CNH Industrial Chief Digital & Information Officer.
CNH INDUSTRIAL is advised by Citigroup.
Penske, a transportation solutions provider, agreed to acquire Kris-Way, a truck rental company. Financial terms were not disclosed.
"Kris-Way has earned a stellar reputation in the marketplace. Penske and Kris-Way customers will benefit from the combined services both companies have to offer across our growing network. We look forward to working closely with Kris-Way customers and associates to integrate the business into the Penske brand," Art Vallely, Penske President.
Roark is among potential buyers for Subway sandwich chain. (FS)
Roark Capital Group, an American private equity firm, is among potential buyers vying for sandwich chain Subway, Bloomberg reported.
Other private equity firms are also considering bidding on the Milford, Connecticut-based company. Subway is seeking a valuation of more than $10bn. Some suitors may value the business at as much as $8bn.
NFL’s billionaire owners want to let private equity buy stakes in teams. (FS)
A group of National Football League owners is pushing to allow private equity firms and institutional investors to buy stakes in clubs, a move that could create more bidders at a time of already skyrocketing values for professional teams.
The owners are planning to lobby for potential changes at the NFL’s annual meeting underway in Phoenix, Bloomberg reported.
JP Morgan adds partner in sustainable investment team. (FS, People)
JP Morgan has appointed Alex Bell as a partner on the sustainable investment team within the JP Morgan Private Capital group. Bell, who joins from Tikehau Capital, has nearly two decades of private equity experience.
Bell spent about a year at Tikehau as head of the firm’s North American private equity climate practice, and prior to that more than four years at Caisse de Dépôt et Placement du Québec, where he helped start a $368m platform that invests in late-stage venture and early-growth private equity opportunities in energy transition, sustainable food and agriculture and industrial decarbonisation.
EMEA
The board of Credit Suisse Group withdrew a standard request for shareholders to release its members and management from liability for the 2022 financial results, in the wake of the bank’s emergency takeover by UBS Group.
The Swiss lender is due to hold its last annual shareholder meeting on April 4. Shareholder advisers had recommended investors to vote against discharging the bank’s top executives, a step which potentially leaves members open to legal claims, Bloomberg reported.
Concentrix, a provider of customer experience services and technologies, agreed to merge with Webhelp, a company specializing in CX, sales, marketing, and payment services with a strong client and delivery footprint, in a $4.8bn.
“We are honored and excited to join forces with Webhelp, a recognized and game-changing leader in Europe, Latin America, and Africa that shares our culture, values and fanatical focus on people and the success of our valued clients. As we embark on this new journey together, we will have the most impressive toolkit of high-value services and digital capabilities, and a complementary portfolio of approximately 2k amazing clients with a diversified and robust revenue stream. With our combined strengths, we will be uniquely positioned to redefine the industry and design, build and run the future of CX,” Chris Caldwell, Concentrix President and CEO.
Webhelp is advised by Altamoda, Goldman Sachs, Alvarez & Marsal, Sycomore Corporate Finance, Gide Loyrette Nouel, Kirkland & Ellis, Latham & Watkins (led by Alexander Crosthwaite and Christopher Drewry) and Primatice (led by Olivier Labesse). Concentrix is advised by JP Morgan. Debt financing is provided by JP Morgan.
Implenia, a real estate and construction services company, agreed to acquire Wincasa, a real estate service provider company, from Swiss Prime Site, a real estate company, for $187m.
“The acquisition of Wincasa is ideally suited to our strategy for sustainable success – with a clear focus on stable service revenues along our value chain. We will benefit from Wincasa’s expertise and customer relationships. As an established, extremely well-connected company with experience of the entire property lifecycle, we will ideally complement Implenia’s value chain. Together, we can create a unique, integrated service portfolio for all our customers. We look forward to working together and sharing future success," André Wyss, Implenia CEO.
Swiss Prime was advised by Lenz & Staehelin (led by Stephan Erni).
Tatneft, a Russian vertically integrated oil and gas company, completed the acquisition of Russian operations from Nokian Tyres, a producer of tires, for €400m.
Tatneft is the fifth largest oil company in Russia and the eighth largest listed company in Russia by market capitalization.
Zound Industries, a speakers and headphones design company, agreed to acquire Marshall Amplification, a music amplifiers, speaker cabinets, brands personal headphones and earphones manufacturer. Financial terms were not disclosed.
“Combining our strengths and unique positioning as the Marshall Group will fuel our ambition to create premium, innovative, products and experiences for musicians and music lovers around the world. Zound has proven itself as a global, fast growing, and progressive company. With the Marshall Group, we are set to accelerate our profitable growth in a $100bn market,” Jeremy de Maillard, Zound Industries CEO.
ASSA ABLOY, an access solutions provider, agreed to acquire Mottura, an armored lock cases and security cylinders manufacturer. Financial terms were not disclosed.
"We are committed to growing our presence in the Italian market and the acquisition of Mottura provides a great step in strengthening our position in the residential space. I look forward to welcoming Mottura and their employees into the ASSA ABLOY Group," Nico Delvaux, ASSA ABLOY President and CEO.
PartnerOne, an enterprise software company, completed the acquisition of Stromasys, a cross-platform virtualization solutions provider. Financial terms were not disclosed.
"We are thrilled to join forces with Partner One. Partner One's investment is a strong vote of confidence in our team, our products, and our vision. Partner One's support will provide a tremendous growth opportunity for Stromasys and allow us to expand our reach and continue to deliver exceptional value to our customers," John Prot, Stromasys CEO.
Luxury boom makes Richemont, Burberry key European M&A targets.
British raincoat-maker Burberry Group and German fashion brand Hugo Boss are among the luxury-goods firms being marked out as potential M&A targets this year in Europe, Bloomberg reported.
With sales of luxury goods widely expected to withstand the darkening economic outlook and Chinese demand enjoying a post-Covid reopening boost, the sector appears ripe for a mergers & acquisitions wave. As the initial public offerings window remains largely shut, companies and investors look to dealmaking and consolidation instead.
Waystone exits jeopardise plans to sell Neil Woodford’s administrator LFS.
A deal to sell Neil Woodford’s administrator Link Fund Solutions has been thrown into doubt as three senior directors have left the bidding company Waystone Group, in another setback for thousands of investors awaiting compensation from Woodford’s collapsed funds, FT reported.
Dublin-based Waystone entered into exclusive talks earlier this year to buy LFS, the UK arm of Australian company Link Group, before the exclusivity period ends. However, Waystone’s chief executive Derek Delaney, chief financial officer Glen Magee and chief operating officer Paul Cahill have left with immediate effect following a disagreement over the future strategy of the company.
Mubadala eyes Bridgepoint’s $2.5bn dialysis firm Diaverum. (FS)
Mubadala Investment is exploring an acquisition of Bridgepoint Group’s European dialysis clinic chain Diaverum, in a deal that could value the business at about $2.5b, Bloomberg reported.
The Abu Dhabi sovereign wealth fund is among final bidders competing to acquire Sweden-based Diaverum. Bridgepoint is making a fresh attempt to find a buyer for the business after an earlier process to list or sell it failed in 2020. Other bidders could also emerge, and there’s no certainty the deliberations will lead to a transaction.
Owner of Dubizzle considers UAE IPO.
Emerging Markets Property Group, which operates classifieds websites popular with expatriates in the United Arab Emirates, is considering an initial public offering.
The company, which runs the Dubizzle and Bayut websites and is backed by tech investor Prosus, is set to hire Rothschild & Co for the potential listing in Dubai or Abu Dhabi, Bloomberg reported.
APAC
Axiata set for strategic review to revamp $18bn portfolio. (FS)
Axiata Group, Malaysia’s biggest wireless company by revenue, is exploring a strategic review of its businesses with total assets of about MYR81.6bn ($18.4bn).
The company, backed by Malaysian sovereign wealth fund Khazanah Nasional, is talking to advisers to come up with a plan to streamline its operations and raise funds to pare debt. Options include spinning off or selling assets outside of Malaysia, Bloomberg reported.
Ford in $4.5b deal for EV battery materials plant in Indonesia.
US carmaker Ford has joined PT Vale Indonesia and China’s Zhejiang Huayou Cobalt’s as their new partner in a $4.5bn nickel processing plant in Indonesia.
The investment is Ford’s first in the Southeast Asian country and underscores growing appetite among automakers for raw materials used in producing electric vehicle batteries, which account for about 40% of a vehicle’s sticker price, aiming to cut costs and close the gap on EV market leader Tesla, DealStreetAsia reported.
Singapore's GIC to jointly buy Japanese HR software developer for $2.6bn. (FS)
Singapore's GIC will jointly acquire Works Human Intelligence, a human-resources software provider in Japan, for $2.6bn.
Sovereign wealth fund GIC will acquire about half of Works Human's shares, with the rest held by Works Human executives and a new fund to be established by Bain Capital, Reuters reported.
Axiata’s tower arm shortlists bidders for $750m stake sale. (FS)
CVC Capital Partners and I Squared Capital are among bidders shortlisted for a stake in Edotco Group, the wireless tower business of Malaysian telecommunications group Axiata Group.
Stonepeak Partners and a consortium led by Japanese trading house Mitsui & Co were also picked to proceed to the next round of bidding. The Mitsui-led group includes Japanese telecom operator KDDI and Jtower, Bloomberg reported.
TPG weighs sale of TE Asia Healthcare at $1bn valuation. (FS)
Private equity firm TPG is considering selling its Singapore-based healthcare company TE Healthcare Partners and is seeking a valuation of almost $1bn for the business.
Several investment funds and other hospital operators have shown preliminary interest in acquiring the company, which was co-founded by group chief executive officer Eng Aik Meng and TPG in 2014, and focuses on oncology, cardiology, orthopaedics and aesthetics.
JD.com shares soar on plan to list two units in Hong Kong.
JD.com’s shares soared in the US after two of its subsidiaries filed for Hong Kong initial public offerings, paving the way for some of the year’s biggest debuts by a Chinese tech company.
Jingdong Property and Jingdong Industrials submitted listing applications to the Hong Kong Stock Exchange. JD.com would hold more than 50% of both companies after completion of the spinoffs, Bloomberg reported.
Alibaba’s $20bn logistics arm gears up for Hong Kong IPO.
Cainiao Network Technology, the logistics arm of Alibaba Group, has started preparations with banks for its Hong Kong initial public offering, paving way to be the first of the Chinese tech firm’s six business units to go public.
Banks including China International Capital and Citigroup are working with the company to prepare for the first-time share sale. The firm is targeting a listing as soon as the end of this year. Cainiao is currently valued at more than $20bn, Bloomberg reported.
Warburg-backed DNE sets up $871m RMB fund for new-economy assets in China. (FS)
Warburg Pincus-backed DNE Group has launched an RMB-denominated fund to invest RMB6bn ($871m) in new-economy infrastructure assets across key economic hubs in the country.
Shanghai-based DNE, a merger between D&J China and New Ease China, set up the new RMB fund in partnership with several institutional investors in China, DealStreetAsia reported.
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