Novo is set to gain unconditional EU antitrust approval for its planned $16.5bn takeover of US contract drug maker Catalent, clearing a key hurdle,
Reuters reported.
Catalent is preparing senior management for the deal to go through.
Acerinox, a global company in the manufacturing and distribution of stainless steel and high-performance alloys, completed the acquisition of Haynes International, a developer, manufacturer, and marketer of technologically advanced high-performance alloys, for $970m.
“We are thrilled to officially welcome Haynes. Haynes has built a leading high-performance alloys business. Their addition to Acerinox strengthens our global position in this segment, creating opportunities for growth in the aerospace sector and in the attractive US market. Haynes has a committed and highly qualified and experienced team, that fits culturally with the values of our Group. This transaction will enable us to broaden the range of products that we offer," Bernardo Velázquez Herreros, Acerinox CEO.
Haynes International was advised by Jefferies & Company and Kirkland & Ellis (led by
David Klein and
Allie Wein). Jefferies & Company was advised by Covington & Burling (led by
J. D. Weinberg). Acerinox was advised by Goldman Sachs, Linklaters, Paul Weiss Rifkind Wharton & Garrison (led by
Kyle Seifried and
Scott Barshay) and Brunswick Group.
VRC Companies, a records and information management services provider, agreed to acquire Redishred Capital, a publicly traded investment company focused on the document shredding and recycling industry, for $68m.
"The transaction is supported by the two largest shareholders of the corporation and each of the corporation's directors and senior executives who, in aggregate, hold approximately 41% of the issued and outstanding shares and who have entered into agreements to vote all of their shares in favour of the transaction," Redishred Capital.
Redishred Capital is advised by Cormark Securities, Stifel and Stewart McKelvey. VRC Companies is advised by Bank of America, Jefferies & Company, Kirkland & Ellis and Stikeman Elliott.
TechPrint, a company specializing in high-quality printed graphics and electronic technologies, completed the merger with ARC Document, a provider of comprehensive solutions for graphic design, visual communications, document scanning, mobile digital document access, and managed print services, in a $220m deal.
ARC Document was advised by William Blair & Co, K&L Gates, Latham & Watkins and WilmerHale. TechPrint was advised by Houlihan Lokey and Loeb & Loeb.
Haveli Investments, an Austin-based technology-focused private equity firm with deep expertise in enterprise software, completed the acquisition of a majority stake in AppViewX, a certificate lifecycle management automation solution provider. Financial terms were not disclosed.
“This investment marks a major milestone in our company’s history and will allow AppViewX to further execute on our already vigorous growth and accelerate our global go-to-market and product strategies," Gregory Webb, AppViewX CEO.
AppViewX was advised by Piper Sandler and Paul Weiss Rifkind Wharton & Garrison. Haveli Investments was advised by Evercore, Ropes & Gray and Reevemark.
ConocoPhillips, a provider of oil exploration and production services, completed the acquisition of Marathon Oil, an independent oil and gas exploration and production company, for $22.5bn.
“This acquisition of Marathon Oil is a perfect fit for ConocoPhillips, adding to our deep, durable and diverse portfolio while meeting our strict financial framework. Marathon Oil adds high-quality, low cost of supply inventory adjacent to our leading US unconventional position. We have a strong history of seamlessly integrating assets and we expect to deliver synergies of over $1bn on a run rate basis in the next 12 months,” Ryan Lance, ConocoPhillips Chairman and CEO.
River Associates, a lower middle market private equity firm, completed the acquisition of ID Label, a manufacturer of variable information barcode labels and warehouse signage. Financial terms were not disclosed.
"We are excited to welcome ID Label to our portfolio. ID Label is an excellent platform for River's fund VIII. ID Label comes with a strong existing management team, an industry leading brand, and a pristine facility with ample capacity to achieve solid growth for the foreseeable future. We look forward to partnering with the management team and supporting the company as it continues to build on its impressive track record of success," Ken Trent, River Associates Principal.
ID Label was advised by Mesirow Financial and Kilpatrick Townsend. River Associates was advised by Holland & Knight. Debt financing was provided by NXT Capital.
MidOcean Partners, a private equity firm, completed the acquisition of Arnott Industries, a manufacturer of aftermarket automotive air suspension. Financial terms were not disclosed.
“We are pleased to partner with MidOcean as we continue to pave the way in designing and manufacturing innovative suspension technologies for our loyal customers across the auto aftermarket. The deep expertise that MidOcean’s investment team and operating partners have accumulated through a unique combination of investing in and running auto aftermarket businesses sets the firm apart and makes it the ideal partner for us in this next phase of growth. We are excited to engage with and learn from the deep bench of executives and board members that support MidOcean’s existing auto aftermarket investments," Joe Santangelo, Arnott Industries CEO.
Arnott Industries was advised by BMO Capital Markets, Piper Sandler and Baker McKenzie. MidOcean Partners was advised by Gibson Dunn & Crutcher.
General Atlantic, a private equity firm, completed an investment in TA Associates-backed Technosylva, a provider of catastrophic event simulation modeling. Financial terms were not disclosed.
“For nearly 30 years, Technosylva has been committed to providing our customers with the best possible wildfire science and software solutions. We believe the investment and company-building expertise from General Atlantic, coupled with the continued support of TA, will further strengthen our ability to deliver innovative, mission-critical technology to customers facing escalating risks from natural disasters. We are excited for the investment by General Atlantic’s BeyondNetZero fund and the deepening of our partnership with TA as we collectively embrace the opportunities ahead," Bryan Spear, Technosylva CEO.
Technosylva is advised by Lazard. TA Associates is advised by Goodwin Procter. General Atlantic is advised by Paul Weiss Rifkind Wharton & Garrison.
DIRECTV, a multichannel video programming distributor, terminated the $9.75bn acquisition of DISH DBS, the pay-tv business, from EchoStar, a premier provider of technology, networking services, television entertainment and connectivity.
"While we believed a combination of DIRECTV and DISH would have benefitted all stakeholders, we have terminated the transaction because the proposed Exchange Terms were necessary to protect DIRECTV's balance sheet and our operational flexibility. DIRECTV will advance our mission to aggregate, curate, and distribute content tailored to customers' interests by pursuing innovative products and providing customers with additional choice, flexibility, and control. We are well positioned for the future with a strong balance sheet and support from our long-term partner TPG," Bill Morrow, DIRECTV CEO.
Xerox, a corporation that sells print and digital document products and services, completed the acquisition of ITsavvy, an Oak Brook, Illinois-based provider of integrated IT products and associated services, from GenNx360 Capital Partners, a private equity firm, for $400m.
"We appreciate GenNx360's support and strategic insights over the past two years. They have been an outstanding partner to work with to enhance and evolve our platform. We are excited to join forces with a longstanding company in Xerox, one of the great global brands, and we look forward to supporting their next stage of growth," Munu Gandhi, ITsavvy CEO.
ITsavvy was advised by Greenberg Traurig and Loeb & Loeb.
Mori Building, an urban landscape developer, completed the acquisition of an 11% stake in One Vanderbilt, a 73-story supertall skyscraper, from SL Green, an office landlord, in a $4.7bn deal.
“We are excited about joining the ownership venture of One Vanderbilt Avenue, a modern landmark in Manhattan, and the relationship with SL Green who have long contributed to making NYC an attractive city,” Shingo Tsuji, Mori Building President and CEO.
SL Green was advised by BerlinRosen.
Odyssey Investment-backed Protective Industrial Products, a provider of a wide range of personal protective equipment, agreed to acquire the personal protective equipment Business from Honeywell, a multinational conglomerate, for $1.325bn.
“We are delighted to welcome these brands, capabilities and new employees into PIP with the acquisition of Honeywell’s PPE Business, which is highly complementary to our business. The combination of our expanded portfolio of brands and enhanced geographic reach will enable us to offer more growth opportunities for our valued customers around the world,” Curt Holtz, PIP President and CEO.
PIP is advised by Gasthalter & Co (led by
Mark Semer).
Helen of Troy, a designer, developer, and worldwide marketer of branded consumer home, outdoor, beauty, and wellness products, agreed to acquire Olive & June, an omni-channel nail care brand, for $240m.
“We could not be more excited to add Olive & June to our portfolio of leading brands and we welcome its passionate associates and visionary leadership team to the Helen of Troy family. We believe Olive & June is an excellent fit with Helen of Troy both strategically and financially. Olive & June’s innovation-driven performance, highly relevant vision of democratizing nail care for everyone, award-winning products and unique consumer engagement model are impressive and inspiring. We see significant opportunities to build on its strengths in consumer obsession and breakthrough commercial and product innovation, in addition to helping expand the brand’s availability with increased distribution. Olive & June complements our existing Beauty portfolio and broadens us beyond the Hair category, adding a consumables business that is both high growth and high margin. We look forward to working together to fully realize the potential of Olive & June,” Noel M. Geoffroy, Helen of Troy CEO.
Wynnchurch Capital-backed FloWorks, a specialty distributor of critical flow control products, completed the acquisition of Applied Controls, a provider of industrial process controls and analyzer systems. Financial terms were not disclosed.
“Applied Controls has a long track record of technical expertise and customer service. We are excited to partner with Tim, Robb and the team at Applied Controls to accelerate the company’s growth. Applied Controls expands FloWorks’ product offering to include process controls, heat trace and analyzer systems which broadens the technical solutions for our customers,” Scott Jackson, FloWorks CEO.
FloWorks was advised by Foley & Lardner.
EQT Exeter, a global real estate investment manager, completed the acquisition of two state-of-the-art bulk distribution buildings. Financial terms were not disclosed.
"EQT Exeter is committed to delivering spaces that not only meet the complex needs of today's industrial and logistics users, but anticipate the evolving demands and growth ambitions of a variety of tenants. This acquisition reflects our ongoing strategy of investing behind high-quality properties in attractive markets while maintaining a tenant-focused approach to asset management," Jeremy Hamaoui, EQT Exeter Northern California Investment and Leasing Officer.
EQT Exeter was advised by JLL Corporate Finance (led by
Ryan Sitov).
H.I.G. Capital, a global alternative investment firm, completed the acquisition of Northwest Pump and Equipment, a provider of products and services to fueling stations, EV charging infrastructure and other industrial applications. Financial terms were not disclosed.
"Northwest Pump represents an exciting opportunity to invest in a differentiated and leading distributor that is poised for growth. We're excited to partner with Bob and the entire Northwest Pump team to execute on an organic and inorganic growth strategy focused on increasing density and expanding the Company's scope of services and product offerings," Matt Kever, H.I.G. Capital Managing Director.
H.I.G. Capital was advised by D.A. Davidson & Co.
Prospero Staff Capital, a private equity vehicle, completed the acquisition of a majority stake in Roadrunner, a metro-to-metro less-than-truckload carrier, from Elliott Management, a fund manager. Financial terms were not disclosed.
"After comprehensively unwinding the prior management's roll-up strategy to get to a pure-play LTL network, Roadrunner now stands as a premium long-haul carrier. Today marks the beginning of our growth phase, driven by new capital, strategic investments, and acquisitions. We're committed to organic expansion, as well as pursuing focused and opportunistic M&A to strengthen our market position," Chris Jamroz, Prospero Staff Capital Co-Led.
J.S. Held, a consulting firm, completed the acquisition of Luttrell Wegis, a highly specialized forensic accounting and business valuation firm. Financial terms were not disclosed.
"J.S. Held provides a remarkable platform to continue our growth trajectory. J.S. Held's support structure ensures that our team can grow alongside the business," Mark S. Luttrell, Luttrell Wegis Co-Founder.
J.S. Held was advised by Sidley Austin.
BlueHalo, a military drone manufacturer, completed the acquisition of VideoRay, a manufacturer of underwater robots. Financial terms were not disclosed.
“VideoRay gives BlueHalo an immediate leading presence in the autonomous maritime systems market. This is a strategic expansion for us as we strive to become an all-domain provider of innovative defense technologies. We are incredibly excited to bring VideoRay into BlueHalo and provide an expanded set of solution offerings to our customers as we seek to continue innovating at mission speed," Jonathan Moneymaker, BlueHalo CEO.
VideoRay was advised by Houlihan Lokey.
Quad-C Management, a middle market private equity firm, completed the investment in Flow Service Partners, a provider of heating, ventilation, air-conditioning and refrigeration and plumbing services. Financial terms were not disclosed.
"The Flow team has built an exceptional platform focused on best-in-class customer service and local expertise in its markets. We are excited to work with the team to continue to scale the existing operations, while expanding the Company's geographic reach and adding new service offerings to better serve the needs of Flow's customers," Jack Walker, Quad-C Partner.
Flow Service was advised by Houlihan Lokey.
Amazon, an American multinational technology company, agreed to invest $4bn in Anthropic, an AI safety and research company.
"The response from AWS customers who are developing generative AI applications powered by Anthropic in Amazon Bedrock has been remarkable. By continuing to deploy Anthropic models in Amazon Bedrock and collaborating with Anthropic on the development of our custom Trainium chips, we’ll keep pushing the boundaries of what customers can achieve with generative AI technologies. We’ve been impressed by Anthropic’s pace of innovation and commitment to responsible development of generative AI, and look forward to deepening our collaboration," Matt Garman, Amazon AWS CEO.
Mercury Public Affairs, a bipartisan public strategy firm, agreed to acquire Serafin & Associates, a public affairs communications company. Financial terms were not disclosed.
"Mercury-Illinois is fast becoming the premier public affairs firm in the Midwest, and joining with Serafin & Associates will accelerate that. Our clients require strategic communications counsel and execution, and Serafin has been a leader in this space. Mercury-Illinois will be full service in every sense in the public affairs world," Cheri Bustos, Mercury Partner and Co-Chair.
Applied Industrial Technologies, a distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies, agreed to acquire Hydradyne, a provider of fluid power solutions and value-added services. Financial terms were not disclosed.
“We are pleased to announce the pending acquisition of Hydradyne, which represents another key step in the expansion of our Engineered Solutions segment and leading technical industry position. We have always admired Hydradyne’s team and market approach. Their technical capabilities, local customer-centric culture, and operational caliber aligns extremely well with our strategy and long-term objectives. Overall, this transaction creates notable long-term value for all stakeholders, and we look forward to welcoming the Hydradyne team to Applied,” Neil A. Schrimsher, Applied President and CEO.
PepsiCo, a food, snack, and beverage corporation, agreed to acquire the remaining 50% stake in Sabra and Obela, two refrigerated dips and spreads companies, from Strauss Group, a manufacturer and marketer of consumer foods. Financial terms were not disclosed.
"As we evolve our food portfolio and bring people more choices for more occasions, our aim is to meet the growing demand for positive choices and on-the-go options. Nutritious, simple foods like refrigerated dips and spreads represent a space we have long desired to expand in the US and Canada. We are grateful to the Strauss Group for our long and successful partnership and look forward to this next chapter for the Sabra and Obela brands, as well as the PepsiCo food portfolio," Steven Williams, PepsiCo Foods North America CEO.
Pennybacker Capital, a real assets investment manager, completed the acquisition of Miami LNG business, a small-scale Florida-based liquefied natural gas production and distribution business, from New Fortress Energy, a global energy infrastructure company. Financial terms were not disclosed.
"Through our ownership, and working with Daniel and his team, we look forward to serving existing Miami facility customers and providing cost-effective and sustainable LNG solutions to new US and Caribbean customers," Sam Warfield, Pennybacker Managing Director and Head of Critical Infrastructure.
Modera Wealth Management, a fee-only comprehensive financial planning firm, completed the acquisition of Bay Point Wealth, a registered investment adviser firm. Financial terms were not disclosed.
"Bay Point's leaders share a commitment to a client-first, fiduciary approach that mirrors ours. We are excited to welcome the team to Modera and look forward to collaborating on ways to support the team and add value to their client relationships," Tom Orecchio, Modera CEO.
Stripe to buy shares in tender offer at $70bn valuation.
Private fintech giant Stripe is again buying back some of its shares and at a roughly $70bn valuation.
The price per share is $27.51, translating to a valuation of about $70bn for the startup. That’s the same value the company had in a different share sale earlier this year.
In the deal, eligible shareholders, including former employees and some current investors, have until mid-December to decide to participate,
Bloomberg reported.
Altas, Leonard Green prepare for a $5bn sale of Tecta America. (FS)
The private equity owners of Tecta America Commercial Roofing are considering strategic options for the commercial roofing company, including a sale.
Altas Partners and Leonard Green & Partners have appointed advisers to solicit interest in the company, with the effort set to kick off early next year. The company, which is expected to attract interest from peers and other private equity firms, could be valued at $3bn to $4bn,
Bloomberg reported.
Lattice Semiconductor considers offer for Intel’s Altera unit. (FS)
Lattice Semiconductor is considering making an offer for all of Intel’s Altera, in a twist that could complicate the chip giant’s plans to sell a minority stake in the unit.
Lattice is working with advisers and is seeking a private equity backer as it explores a potential bid. Buyout firms including Francisco Partners, Bain Capital and Silver Lake Management have also been studying offers to invest in Altera. Altera could also attract interest from other semiconductor companies.
Any attempt by Lattice to gain control of Altera might prove difficult, given the relatively small size of the acquirer. Lattice has a market value of $7.48bn, less than half what Intel would need to break even on the roughly $17bn it paid for Altera in 2015,
Bloomberg reported.
Saudi Aramco unit in talks to invest $1bn in Mavenir.
Saudi Aramco's digital arm is in talks to take a significant minority stake in Mavenir, in a deal that is likely to value the US telecommunications software maker at about $3bn.
Aramco Digital is in talks to invest about $1bn in Mavenir and a deal is likely to be signed before the end of the year. Mavenir is working with investment bank Evercore on its talks with Aramco Digital,
Reuters reported.
Perella, Innovatus explore a $400m sale of auto lender Flagship Credit. (FS)
The owners of Flagship Credit Acceptance are exploring a sale of the auto-finance provider. Flagship Credit is held by funds affiliated with Perella Weinberg Partners Capital Management that are sub-advised by Innovatus Capital Partners, a firm formed by former Perella executives.
Perella, Innovatus are working with an adviser to solicit interest in the company, which could fetch around $400m in any deal. No final decisions have been made and a transaction may not materialize,
Bloomberg reported.
Comcast to spin off some cable TV networks as streaming dominates.
Comcast said that it plans to spin-off the bulk of its fading NBCUniversal cable TV networks, including MSNBC and CNBC, as the company said it is repositioning itself for growth in the streaming era.
Shares of the company were off less than 1% after the announcement that Comcast would separate its entertainment and news channels, including USA Network, Oxygen, E!, Syfy and Golf Channel, into a new, publicly traded company.
The new, stand-alone company, whose cable networks generated $7bn in annual revenue, would similarly be positioned as an acquirer, or a target,
Reuters reported.
Citadel's Ken Griffin considers selling minority shares. (FS)
Ken Griffin said he would consider selling a piece of Citadel, the $65bn multistrategy hedge fund he founded in 1990. In the wide-ranging conversation, Griffin also discussed the kind of firm he might consider for such a partnership, ruled out the possibility of taking its sister market-making firm Citadel Securities public any time soon.
“We would be open to the possibility of selling a minority stake in Citadel at some point in the future,” Ken Griffin.
Ally Financial exploring potential sale of credit card unit.
Ally Financial is exploring the sale of its credit card business, as the company reassesses its position in the competitive credit card market. The Detroit-based car lender is reviewing possible purchasers for the unit with a financial consultant.
Ally's decision to entertain a sale signals a possible departure from a fiercely competitive sector controlled by bigger companies like Capital One Financial. Ally may quit credit cards to concentrate on core activities, including auto lending and digital banking. The organization offers deposits, mortgages, and financial advising services to over 11m users online,
Bloomberg reported.
Howard Lutnick plans BGC, Newmark divestiture amid Commerce role pursuit.
Howard Lutnick he is planning to step down from financial-services firm Cantor Fitzgerald, brokerage BGC Group and property firm Newmark Group, as well as divest interests in BGC and Newmark, after President-elect Donald Trump nominated the Wall Street billionaire as Commerce secretary.
Regarding the divestitures, Lutnick said he doesn't intend to sell shares on the open market, according to separate statements issued by BGC and Newmark. Cantor Fitzgerald, of which Lutnick is CEO, is a private firm.
Lutnick said he expects to recommend that John Abularrage, Jean-Pierre Aubin, and Sean Windeatt be named co-CEOs of BGC effective upon his confirmation. Meanwhile, Newmark sees no changes to its existing corporate structure and expects to disclose further details at a later date,
Bloomberg reported.
Coinbase eyes more acquisitions as it expands payments business.
Coinbase Global is ramping up its efforts in the digital-payments space, with ambitions to make additional acquisitions and generate more revenue from the business line.
The biggest US crypto exchange acquired payments startup Utopia Labs this month, and it may buy more payments-related businesses to expand its capabilities, according to Shan Aggarwal, Coinbase’s vice-president of corporate and business development for ventures. The company is also considering charging fees for some payment services in Coinbase Wallet, such as subscriptions for certain capabilities.
CoreWeave target valuation of over $35bn in 2025 US IPO.
Artificial intelligence cloud platform CoreWeave, is aiming for a valuation of more than $35bn in its US initial public offering that is expected to occur next year.
CoreWeave is likely to target raising more than $3bn from its share sale, which could launch during the second quarter of 2025,
Reuters reported.
CoreWeave is advised by Morgan Stanley, Goldman Sachs and JP Morgan.
Medline aims to raise over $5bn in 2025 IPO. (FS)
Private equity-owned Medline Industries, is aiming to raise more than $5bn in its US initial public offering expected to occur in 2025.
Northfield, Illinois-based Medline, which is owned by buyout firms Blackstone, The Carlyle Group, and Hellman & Friedman, has invited several investment banks to pitch for lead roles on what is likely to be one of the marquee IPOs next year. The stock market flotation could value the medical supplies provider at about $50bn and come as early as the second quarter,
Reuters reported.
Levine Leichtman Capital successfully closes a $575m multi-asset continuation fund. (FS)
Levine Leichtman Capital Partners, a private equity firm, announced the closing of a $575m multi-asset continuation fund transaction. LLCP LMM Acquisition Fund was formed to acquire interests in three portfolio companies – Blue Ridge Associates, Milton Industries and Resolution Economics – from LLCP Lower Middle Market Fund. Hamilton Lane acted as lead investor and was supported by a diverse syndicate of institutional investors.
"We are appreciative of Hamilton Lane's support and are excited to continue our partnership with the management teams of Blue Ridge Associates, Milton Industries, and Resolution Economics. We're proud of the success each of these companies has achieved and are strong believers in their future prospects. With this transaction, we are happy to deliver full liquidity on an accelerated basis to our investors and fully-realize LMM II," Michael Weinberg, LLCP Managing Partner.
LLCP is advised by Robert W. Baird and Kirkland & Ellis.
Theory Ventures launches $450m second fund. (FS)
Theory Ventures, the venture capital firm specializing in early-stage software investments across data, AI, and web3, announced the closing of its $450m second fund.
"With this new fund, we’re excited to accelerate our growth and continue forging long-term partnerships with visionary founders who share our conviction in the potential of these emerging technologies," Tomasz Tunguz, Theory Ventures Founder.
Frontline Healthcare Partners closes its inaugural fund at $125m. (FS)
Frontline Healthcare Partners, a private equity firm, announced the final close of its inaugural fund, at $125m. The Fund was created to pursue control investments in micro-cap distributed healthcare businesses, with the strategic goal of partnering with entrepreneurs to build market-leading healthcare companies.
"The successful closing of our inaugural fund underscores our confidence in the micro-cap distributed healthcare sector and the tremendous potential for partnerships with visionary entrepreneurs. We are grateful for the strong support from our investors, and are excited to continue building market-leading healthcare businesses," Derek Spence, Frontline Co-Founder and Partner.
Frontline was advised by CrossBay Capital Partners and Latham & Watkins.
EMEA
doValue, an Italian financial service company, completed the acquisition of Gardant, a debt purchaser and debt servicer, from Elliott Management, a private equity firm, for €230m ($240m).
"This acquisition marks a transformative milestone for doValue, solidifying our position at the forefront of the credit management industry. We welcome Gardant’s team into the Combined Group, with whom we share focus, ambitions and culture," Manuela Franchi, doValue CEO.
Gardant was advised by Datasite. doValue was advised by Banca Akros, Citigroup, Intesa SanPaolo, Jefferies & Company, Mediobanca, PricewaterhouseCoopers, UniCredit, BonelliErede, White & Case and Image Building. Elliott Management was advised by Mediobanca and Herbert Smith Freehills.
Cinven, a private equity firm, agreed to acquire a majority stake in Grant Thornton UK, a diversified professional services firm offering audit, tax and advisory services in the UK. Financial terms were not disclosed.
“This investment in our business is a testament to the hard work of everyone at Grant Thornton UK and the exciting opportunity that lies ahead. Cinven’s proactive and thoughtful approach to partnering with management teams, the value they place on culture and their articulation of how they could reinforce and enhance our commitment to audit quality was a key differentiator in our decision to partner with them. I look forward to working with the Cinven team to continue the firm’s strong growth trajectory," Malcolm Gomersall, Grant Thornton UK CEO.
Grant Thornton UK is advised by LEK Consulting, Ernst & Young, Rothschild & Co and DLA Piper. Cinven is advised by Oliver Wyman, Ernst & Young, Goldman Sachs, Freshfields Bruckhaus Deringer and Deloitte.
Media Concierge, an independently owned media group providing local marketing solutions, offered to acquire National World, a British multimedia company, for £56m ($70m).
"In consultation with the company's advisers and counsel, and following engagement with certain shareholders of the company, the board continues to pursue these matters to safeguard shareholders' interests and to enable it to properly evaluate the merits of the possible offer," National World.
National World is advised by Cavendish Corporate Finance, Dowgate Capital, Orrick Herrington & Sutcliffe and Montfort Communications. Media Concierge is advised by Europa Partners, Panmure Gordon & Co, CMS and Garfield Advisory.
Arla Foods, a dairy company, completed the acquisition of the whey nutrition business of Volac, a nutrition products manufacturer. Financial terms were not disclosed.
“Our acquisition of Volac Whey Nutrition brings together two major manufacturers of whey ingredients, and consolidates our position as a leader in the space. Having Volac’s experts – and its network of trusted supply partners – as part of our team gives us several strategic advantages. It expands our market reach, helping us serve even more customers, and strengthens our global supply chain at a time when demand for whey is growing," Luis Cubel, Arla Foods Group Vice President and Managing Director.
Volac was advised by OC&C Strategy Consultants, Houlihan Lokey, PricewaterhouseCoopers and Ashurst.
Halozyme Therapeutics, a biopharmaceutical company, terminated its €2bn ($2bn) acquisition of Evotec, a drug discovery and development company.
"We continue to believe that a combination of Halozyme and Evotec would create a leading, differentiated, global pharma services company, benefitting shareholders, patients and employees. However, to date, Evotec has been unwilling to engage with us to explore a potential combination and a company spokesperson has publicly commented that its goal is to remain an independent company. As a result, we are withdrawing our proposal to acquire Evotec for €11 ($11) per share in cash," Helen Torley, Halozyme President and CEO.
Goldman Sachs, a financial services provider, agreed to acquire Melita, a telecommunications company, from EQT, a private equity firm. Financial terms were not disclosed.
“Thanks to the support from EQT, the past 5 years have been transformational, enabling us to make substantial progress across all aspects of our business and becoming the first operator in the European Union to deploy both a nationwide Gigabit broadband network and a nationwide 5G network. Melita has done this sustainably: we are carbon neutral, are investing in solar farms to produce renewable energy and have replaced almost half our fleet with electric vehicles. This transaction reflects the achievements of our entire team and the loyalty of our customers. With Goldman Sachs Alternatives’ support and expertise, we are excited to continue our journey sustainably, investing in our infrastructure, enhancing our services in Malta and driving further innovation," Harald Roesch, Melita CEO.
EQT is advised by UBS. Goldman Sachs is advised by Sullivan & Cromwell.
Apollo Hospitals Group, a healthcare services firm, completed the acquisition of the radiology reporting wing of InHealth Group, a provider of diagnostic and healthcare solutions. Financial terms were not disclosed.
"InHealth is delighted to be partnering with ARI. Both organisations share an approach which puts quality at the heart of all our services. We are particularly excited about the opportunity this brings to support our NHS partners in addressing the shortage of Radiologists, not only through offering an expanded teleradiology service but through a suite of technological innovations that are now possible through working with ARI," Geoff Searle, InHealth CEO.
InHealth was advised by Talwar Thakore & Associates.
KKR, Mitsui OSK said among bidders in €1.5bn LBC Tank sale. (FS)
US private equity firm KKR & Co and Japanese shipping company Mitsui OSK Lines are among bidders for bulk liquid storage company LBC Tank Terminals.
VTTI Energy Partners is also considering making an offer, with indicative bids due in December. Several other infrastructure funds, buyout firms and companies may also make preliminary offers.
The sale could value the Netherlands-based company at more than €1.5bn ($1.6bn). APG Asset Management, Ardian and PGGM, which jointly own LBC Tank Terminals, have hired Macquarie Capital to handle the auction process,
Bloomberg reported.
Adnoc is said to consider selling stake in gas unit.
The United Arab Emirates’ state energy company is weighing plans to sell a further stake in its gas business. Abu Dhabi National Oil is considering selling 3% to 5% of Adnoc Gas.
The deal could be announced in the coming days. No final decisions have been made on the size or timing and the company could decide against an offer if market conditions are not favorable.
Earlier this year, Adnoc sold down a stake in its drilling unit in a move analysts said could trigger significant inflows from passive investors,
Bloomberg reported.
UBS promotes Hannon to UK M&A head. (People)
UBS has promoted a former Credit Suisse dealmaker to lead its UK M&A business as it continues to reshape its European investment banking team.
Joe Hannon has been named head of UK M&A. His promotion follows UBS’s move to shift Philipp Beck from Switzerland to London to head up its M&A team in Europe, the Middle East and Africa.
Hannon spent around 10 years at Credit Suisse before officially joining UBS in October last year as it integrated its former rival. UBS brought over 20 dealmakers from Credit Suisse within its UK investment bank, which is the biggest market in Europe,
Financial News reported.
