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AMERICAS
Chord Energy, a company engaged in hydrocarbon exploration and hydraulic fracturing, agreed to merge with Enerplus, an independent oil and gas producer, in a $11bn deal.
"This combination further strengthens our Williston Basin position and represents a compelling opportunity for both companies' shareholders. Enerplus' Williston Basin position brings high-quality inventory, and we are excited to leverage best practices from both companies to create a stronger, more efficient entity. The combined company is expected to benefit from improving returns, capital efficiency, low-cost inventory, and a peer-leading balance sheet, all of which support sustainable free cash flow generation and meaningful shareholder returns," Danny Brown, Chord Energy President and CEO.
Enerplus is advised by BMO Capital Markets, CIBC, Evercore, RBC Capital Markets, Blake Cassels & Graydon and Latham & Watkins. Chord Energy is advised by Citigroup, JP Morgan, Wells Fargo Securities, Goodmans, Vinson & Elkins (led by David Oelman) and Wachtell Lipton Rosen & Katz (led by Daniel A. Neff and Zachary Podolsky).
Democrat Congresswoman Maxine Waters said she was "deeply opposed" to Capital One Financial's $35.3bn planned acquisition of Discover Financial and called on banking regulators to block the deal, Reuters reported.
"This merger represents yet another struggle to rein in the economic power of the megabanks, and ensure that our financial system is designed to serve consumers, small businesses and communities across America, not Wall Street," Maxine Waters, Democrat Congresswoman.
HGGC, a middle-market investment firm, completed the investment in Century Equity-backed Rimkus Consulting, an engineering and technical consulting company. Financial terms were not disclosed.
“We are excited to welcome HGGC as a strategic partner. Their investment not only recognizes the Rimkus team’s hard work and dedication but also empowers us to accelerate our growth trajectory. With HGGC’s expertise and resources, we’re poised to reach new heights and expand our service offerings to provide even greater value for our clients,” Jonathan Higgins, Rimkus President and Chief Executive Officer.
Rimkus Consulting was advised by JP Morgan and Pierpont Communications. HGGC was advised by Piper Sandler and Stanton PRM. Century Equity was advised by Robert W Baird.
Delinea, a provider of solutions that seamlessly extend privileged access management, agreed to acquire Fastpath, an identity governance and administration and identity access rights company, from Pamlico Capital, a private equity company. Financial terms were not disclosed.
"This strategic acquisition by Delinea heralds a new era in identity security, establishing pioneering standards for Privileged Access Management in an increasingly digital and interconnected world, where cybersecurity challenges are constantly evolving. The addition of Fastpath will empower the Delinea Platform to dynamically control authorizations by assessing user risk. This advanced approach is crucial for securing modern, distributed environments across infrastructure, applications, and data," Art Gilliland, Delinea CEO.
Esperanza and Andros Capital, two private investment firms, agreed to acquire assets in the Ursa and Princess fields from ExxonMobi, an oil and gas corporation. Financial terms were not disclosed.
“This transformative transaction reflects the fundamental strategy that ECP set out to execute at our formation. Our dedicated team of Gulf of Mexico veterans has committed their careers to the basin. ECP is honored to be joining the world class partnership at Ursa as we launch our next chapter with this transaction,” David Dunwoody, Esperanza Managing Partner.
NTWRK, a retail platform, completed the acquisition of Complex Networks, a brand that has defined culture and media innovation, from BuzzFeed, a news and entertainment company, for $109m.
“The sale of Complex represents an important strategic step for BuzzFeed, Inc. as we adapt our business to be more profitable, more nimble, and more innovative. This is also an opportunity to unlock greater value for the Complex brand by combining it with NTWRK’s expansive, commerce-driven business," Jonah Peretti, BuzzFeed CEO.
BuzzFeed was advised by UBS and Freshfields Bruckhaus Deringer.
Riverside, a global private investor focused on the smaller end of the middle market, completed the investment in Fire Systems Professionals, a full-service fire and life safety inspection, repair and maintenance services company. Financial terms were not disclosed.
“We are excited to bolster the CertaSite platform with the acquisition of FSP, which is the 24th add-on and the eighth in Ohio,” Loren Schlachet, Riverside Managing Partner.
Veritiv, a distributor of value-added packaging, facility solutions and print products and solutions, completed the acquisition of Vivabox Solutions, a full-service provider of customized, premium marketing solutions, including tailored, multi-brand kitting solutions and packaging products for global luxury and premium consumer brands. Financial terms were not disclosed.
"This acquisition leverages our leadership and expertise in packaging distribution and commercial operations and represents an investment in building on our existing industry-leading kitting and assembly capabilities to better serve our customers," Sal Abbate, Veritiv Chief Executive Officer.
Veritiv was advised by Alston & Bird.
Aquiline Capital, a private investment specialist in financial services and related technologies, and Level Equity, a private investment firm focused on high growth software businesses, completed the investment in DocuPhase, a provider of accounting and finance process automation software. Financial terms were not disclosed.
"This investment in DocuPhase marks a significant milestone in our company. The infusion of capital validates our product's strength and potential while empowering us to accelerate our growth and expand our reach. I'm genuinely excited for our employees and our customers; having the combined support of Aquiline and Level Equity is a game changer for DocuPhase. We are poised to continue innovating and delivering exceptional value to our customers and creating additional career growth opportunities for our employees," Dan Gaertner, DocuPhase CEO.
DocuPhase was advised by Leonis Partners.
Mark Rieth, an owner of Detroit Liquid Ventures, completed the acquisition of Lansing Brewing, a brewery. Financial terms were not disclosed.
"Our roots run deep in the Lansing community so finding a partner and leader who celebrates our vision and passion for serving hand crafted hospitality was important to us. That's what makes Mark Rieth the perfect fit to elevate LBC further. He's a proven leader who can build brands while also remaining local and true to our roots," Jeremy McKowen, LBC General Manager.
Tetra Tech, a high-end consulting and engineering services provider, completed the acquisition of LS Technologies, an innovative US federal enterprise technology services and management consulting firm. Financial terms were not disclosed.
"Tetra Tech integrates high-end technology services with our subject matter expertise to provide innovative mission critical solutions for our clients. The addition of LS Technologies to our Federal IT Division enhances the support we provide our government and commercial customers in modernizing their critical infrastructure. Our combined capabilities bring the best data analytics, cybersecurity, and digital transformation solutions to these vital projects," Dan Batrack, Tetra Tech Chairman and CEO.
AbbVie eyes selling at least $13bn of bonds to fund M&A.
The sale is expected to be announced as soon as February 22, following fixed-income investor calls on February 21. The size of the offering is subject to change, and will be determined on the day of the sale.
Reddit in AI content licensing deal with Google.
Social media platform Reddit has struck a deal with Google to make its content available for training the search engine giant's artificial intelligence models, Reuters reported.
The contract with Alphabet-owned Google is worth about $60m per year. The deal underscores how Reddit, which is preparing for a high-profile stock market launch, is seeking to generate new revenue amid fierce competition for advertising dollars from the likes of TikTok and Meta Platform's Facebook.
Nucor board approves $860m funding for new rebar mill.
Nucor said on February 21 its board had approved $860m in funding for the construction of a rebar micro mill in the Pacific Northwest, the exact location of which was yet to be decided, Reuters reported.
The mill will be Nucor's largest for steel rebars, with an annual production capacity of 650k tons and is expected to be completed in two years, subject to regulatory approvals.
Koch family members in talks to purchase stake in Brooklyn Nets.
Members of the billionaire Koch family are in talks to acquire a stake in the National Basketball Association’s Brooklyn Nets, Bloomberg reported.
The discussions could also involve a stake in BSE Global, the Nets holding company that also owns Barclays Center, and the WNBA’s New York Liberty team, among other sporting assets.
Synopsys expects strong second quarter on AI-powered chip design demand.
Synopsys forecast second-quarter revenue and profit above Wall Street estimates on February 21, anticipating a surge in demand for its software to design complex and artificial intelligence-compatible chips, Reuters reported.
Insurer VSP must face eye care provider’s antitrust lawsuit.
National vision insurer VSP has lost a bid to dismiss most of a lawsuit in California federal court accusing it of unlawfully trying to dominate optometry markets, Reuters reported.
Eye care provider Total Vision can move ahead with its antitrust claims against VSP, the country's largest vision insurer, US District Judge Cormac Carney in Santa Ana said in a ruling.
US needs another CHIPS Act to lead the world, says Raimondo.
Commerce Secretary Gina Raimondo said that the US will need continued investments in semiconductor manufacturing to regain global leadership and meet demand from artificial intelligence technologies, Bloomberg reported.
“I suspect there will have to be — whether you call it Chips Two or something else — continued investment if we want to lead the world. We fell pretty far. We took our eye off the ball," Gina Raimondo, Commerce Secretary.
Agilent names Padraig McDonnell as next CEO. (People)
Agilent Technologies on February 21 named Padraig McDonnell as its next chief executive officer, effective May 1, succeeding Mike McMullen, Reuters reported.
McDonnell has been president of the company's unit Agilent CrossLab Group since May 2020 and was also named chief commercial officer in November 2021. Once McMullen relinquishes charge, he will become an adviser to the new CEO and will retire from the company on October 31.
Suncor appoints former TC Energy CEO Russ Girling as board chairman. (People)
Suncor Energy appointed former TC Energy Chief Executive Officer Russ Girling as chairman in the latest change for the Canadian oil-sands producer, Bloomberg reported.
Girling will replace Michael Wilson, a 10-year veteran of Suncor’s board who won’t be running for reelection this year. Girling joined Suncor’s board in 2021 after retiring from the Canadian pipeline giant and will assume his new role starting March 15. Board member Dennis Houston is also retiring.
Nikola CEO Girsky appointed as acting chief financial officer. (People)
Nikola appointed its Chief Executive Stephen Girsky as the electric-truck maker's acting chief financial officer on February 14, Reuters reported.
This comes after the former Chief Financial Officer Anastasiya Pasterick resigned in November, less than a year after taking up the role. The US electric truck maker named Girsky, a former General Motors executive, as its fourth CEO in as many years last year.
EMEA
Axway, a provider of multi-enterprise cloud integration and API and identity management software, agreed to acquire a majority stake in Sopra Banking Software, a financial technology company that’s helping banks and the financial services industry to reimagine how to operate in an increasingly digital world, from Sopra Steria, a consulting, digital services, and software development company. Financial terms were not disclosed.
"Axway's proposed acquisition of most of SBS's activities represents an undeniable strategic opportunity for both companies. Together, they would consolidate values, expertise and organizations that already have a lot in common, and would mutually benefit from each other. The creation of this strong critically-sized enterprise software house would support an independent and successful entrepreneurial project over the long term. Furthermore, by welcoming One Equity Partners to Sopra GMT's capital, we will be in a better position, through our role as reference shareholder, to support the combined entity in its future external growth objectives," Pierre Pasquier, Axway Chairman.
Axway is advised by Credit Agricole. Sopra Steria is advised by Messier & Associes and Societe Generale.
TPG in talks on €4.5bn deal for Permira’s Alter Domus. (FS)
TPG has emerged as the highest bidder for Alter Domus, the fund administration company backed by Permira, in what’s set to be one of the biggest European private equity deals this year, Bloomberg reported.
The buyout firm is competing with rival suitors Hellman & Friedman and Cinven to acquire the business. A transaction could value Alter Domus at about €4.5bn ($4.9bn).
Repsol pledges €10bn in attempt win over investors.
Repsol will increase its dividend by 29% and buy back more shares, following the trend set by most other major oil companies of rising shareholder returns despite lower profits. Shares rose.
The Spanish company will pay out €0.90 ($0.98) per share to investors this year, subject to approval at its next annual general meeting, and will increase the payment by 3% every year through 2027, according to a statement on February 22. The total spend on dividends in the period will be €4.6bn ($4.9bn). In addition, it will repurchase as much as €5.4bn ($5.8bn) of shares also through to 2027, Bloomberg reported.
With Currys buyout, China's JD.com could get hungered short-cut to Europe expansion.
If JD.com does acquire British electronics retailer Currys, the Chinese ecommerce giant would get the store and warehouse network it needs to expand rapidly in the UK and Europe at a bargain-basement price, Reuters reported.
JD's interest in the struggling retailer, unveiled on February 19, underscores the Chinese firm's efforts to deepen its overseas presence as a counterweight to weak demand and cut-throat competition in its domestic market.
Axa to return €6bn to investors in new payout policy. (FS)
Axa plans to return about €6bn ($6.5bn) of last year’s earnings to investors under a new payout policy unveiled by Chief Executive Officer Thomas Buberl, Bloomberg reported.
The French insurer vowed to return 75% of underlying earnings per share over the coming years, including 15% via buybacks. For last year, Axa announced a dividend of €1.98 ($2.1) a share along with a €1.6bn ($1.7bn) buyback, in line with the new policy.
Saudi wealth fund plans to buy Binladin stake amid building boom. (FS)
Saudi Arabia’s sovereign wealth fund is seeking to acquire a stake in the kingdom’s biggest construction conglomerate as it leans on local firms to build key mega-projects and infrastructure needed to host showcase events such as the World Expo, Bloomberg reported.
The Public Investment Fund is working with Morgan Stanley on a potential deal to buy into Saudi Binladin Group.
Dubai property frenzy sees buyers queue for million-dollar homes. (RE)
Hundreds of buyers queued overnight outside a Dubai-based developer’s office for a chance to snap up luxury waterfront homes, in the latest sign of the frenzy gripping one of the world’s hottest property markets, Bloomberg reported.
Government-backed Nakheel sold all houses on offer in the first two phases at the Bay Villas development within hours. In all, the project on Dubai Islands will feature more than 500 homes, with prices starting at $1.2m apiece. The most expensive properties will cost upwards of $4m.
APAC
AstraZeneca, a pharmaceutical company, completed the acquisition of Gracell Biotechnologies, a global clinical-stage biopharmaceutical company, for $1.2bn.
“We look forward to working with AstraZeneca to accelerate our shared goal of bringing transformative cell therapies to more patients living with debilitating diseases. By combining our expertise and resources, we can unlock new ways to harness the Gracell FasTCAR manufacturing platform, which we believe has the potential to optimise the therapeutic profile of engineered T cells, to pioneer the next generation of autologous cell therapies,” William Cao, Gracell Biotechnologies Founder, Chairman and CEO.
Blue Earth Capital, a private equity firm, completed the acquisition of a minority stake in Nepra, an Indian dry waste management company, from Aavishkaar Capital, a venture capital firm. Financial terms were not disclosed.
“Nepra has been a pioneer in India’s dry waste management ecosystem and has built very strong digital transformation tools and state of the art infrastructure to enable Inclusive Circular Economy and ‘Zero Waste to Landfill’ models. Along the journey, we have created positive climate outcomes, while also enhancing the lives of thousands of people, including waste-pickers. We are grateful to Aavishkaar Capital for consistently backing us since the beginning and look forward to BlueEarth’s support as we become the global leader in climate action,” Sandeep Patel, Nepra CEO.
US investor presses Japan Aviation and NEC to cancel buyback, reconsider buyout offers. (FS)
Chicago-based investor Curi RMB Capital said on February 22 that NEC and its listed unit Japan Aviation Electronics should cancel their buyback deal and reconsider alternative buyout offers they have received, Reuters reported.
The call came after Reuters reported NEC had received multiple buyout offers from global private equity funds for JAE before agreeing to tender much of its 51% stake to the unit at a discount via a tender offer.
Delivery Hero terminates talks on potential sale of foodpanda business in Southeast Asia.
German food delivery company Delivery Hero said on February 21 that the ongoing talks for the potential sale of its foodpanda business in selected markets in Southeast Asia have been terminated, Reuters reported.
Delivery Hero has been trying to divest its loss-making Southeast Asian business in a wider effort to reach profitability while maintaining growth, as investor concerns regarding the company's cash position grow.
Thai Potash mine owner ITD weighing $500m stake sale.
Italian-Thai Development is considering selling its 90% stake in Asia Pacific Potash, which has mining rights in Thailand, and is seeking about $500m, Bloomberg reported.
The Bangkok-based construction company is working with an adviser and talking with potential buyers, including from China.
China's Xpeng tie up with UAE's Ali&Sons, eyes Italian market.
China’s Xpeng on February 22 said it has established a strategic partnership with UAE-based Ali&Sons and added Italy to its Europe plans, as the electric vehicle maker ramps up overseas expansion, DealStreetAsia reported.
The announcement adds to Xpeng‘s partnerships with local dealers for the Egypt, Azerbaijan, Jordan and Lebanon markets.
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