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AMERICAS
The Kroger and Albertsons Companies announced on April 22 that they have amended their definitive agreement with C&S Wholesale Grocers for the sale of assets in connection with their proposed merger previously announced on October 14, 2022. This amended package modifies and builds on the initial divestiture package that was announced on September 8, 2023.
The updated divestiture package increases the total store count by 166 to include 579 stores that will be sold to, and continue operating as they do today by the new owner, C&S.
Bruker, a global life science analytical instrument company, agreed to acquire NanoString Technologies, a provider of life science tools for discovery and translational research, for $393m.
“The acquisition of NanoString will add gene expression profiling and spatial transcriptomics solutions and products to Bruker’s spatial biology portfolio. NanoString’s innovative platforms are complementary to Bruker’s high-performance CellScape™ spatial proteomics platform. Over time we expect considerable, high-margin consumables pull-through, which is inherent in spatial and single-cell biology solutions,” Mark R. Munch, Bruker NANO Group President.
G Mining Ventures, a mining company engaged in the acquisition, exploration and development of precious metal projects, agreed to merge with Reunion Gold, a Canadian gold exploration and development company, in a CAD875m deal ($636m).
Through the transaction, GMIN will acquire RGD's flagship Oko West Project located in Guyana, within the Guiana Shield region, one of the most attractive mining jurisdictions in South America. Oko West has emerged as a globally significant gold discovery over the last few years, with excellent potential to become a top tier deposit that could support a large, long-life mine complex to accelerate GMIN's vision of building a leading intermediate gold producer.
Reunion Gold is advised by BMO Capital Markets, SCP Resource Finance and Stikeman Elliott. G Mining Ventures is advised by RBC Capital Markets and Blake Cassels & Graydon.
CoStar Group, a provider of online real estate marketplaces, information and analytics in the property markets, agreed to acquire Matterport, an American 3D spatial mapping company, for $1.6bn.
"CoStar Group and Matterport have nearly identical mission statements of digitizing the world's real estate. I look forward to welcoming Matterport to the CoStar Group family and believe that we will be stronger together, in pursuit of our common mission," Andy Florance, CoStar Group Founder and CEO.
CoStar is advised by JP Morgan.
Mueller Industries, an American manufacturing company, agreed to acquire Nehring Electrical Works Company, a provider of wire and cable solutions for the utility, telecommunication, electrical distribution, and OEM markets, for $600m.
"We are excited to welcome Nehring into our portfolio of companies. This acquisition provides a substantial platform for long-term growth in the electrical and power infrastructure space and complements the other critical infrastructure sectors we support. In addition to its operational culture, which is well aligned with our own, the addition of Nehring leverages our deep expertise in metals, particularly copper and aluminum extrusion, and provides synergies to both companies," Greg Christopher, Mueller CEO.
COMROD Communication, an international manufacturer of antennas, control systems, masts, and power supplies for the defense and commercial markets, completed the acquisition of a majority stake in Triad RF Systems, an innovative designer and manufacturer of RF/Microwave amplifiers and integrated radio solutions for long-range RF communication. Financial terms were not disclosed.
The acquisition of Triad further positions COMROD as a premier radio ancillary manufacturer that helps customers reach further with cutting-edge technology.
Risk Mitigation Consulting, a provider of risk management and industrial cybersecurity solutions, completed the acquisition of Securicon, a cybersecurity services provider based in Alexandria, Virginia. Financial terms were not disclosed.
"This acquisition marks a significant milestone for RMC, enhancing our substantial expertise in critical infrastructure protection and industrial cybersecurity," Vince Kuchar, RMC CEO.
Curaleaf Holdings, a provider of consumer cannabis products, completed the acquisition of Northern Green Canada, a vertically integrated Canadian licensed cannabis producer. Financial terms were not disclosed.
"We expect the NGC acquisition to be a highly accretive deal that marks Curaleaf's first step into the Australasian markets, creating a true global cannabis company with global brands. It allows Curaleaf to safeguard our position in Europe, enhancing our supply chain while increasing our margins. The opportunity in Germany alone cannot be understated, and we continue to prepare strategically for that moment and beyond. We are committed to delivering the highest quality flower in every market we operate, and we are thrilled to welcome the NGC team to the Curaleaf International family," Boris Jordan, Curaleaf Chairman.
Chubb, a global insurance company, agreed to acquire Healthy Paws, a US-based managing general agent specializing in pet insurance, from Aon, a global professional services firm. Financial terms were not disclosed.
"Chubb has been an important part of our journey for more than a decade and is an ideal partner to enable us to continue our mission on a larger scale and offer even greater value to the pet community. There are tremendous opportunities ahead to expand the positive impact we have on pets and pet parents," Jon Harris, Healthy Paws President and COO.
Salesforce abandons pursuit of Informatica.
Business software maker Salesforce has backed away from its talks to acquire data-management software firm Informatica after the two companies could not agree on terms, Reuters reported.
The talks between the two companies were at an advanced stage earlier in April. If the two sides had agreed on a deal, it would've ranked as one of Salesforce's biggest acquisitions.
Next Billion Capital Partners makes first close of $250m digital growth fund. (FS)
Next Billion Capital Partners, a venture capital firm, has made the first close of its new $250m fund as it looks to ramp up digital investment in Southeast Asia, DealStreetAsia reported.
Next Billion invests early and growth stage capital in transformative companies serving the digital needs of the next billion consumers and businesses in emerging markets.
Quanex Building Products, a metal window and door manufacturing company, agreed to acquire Tyman, a supplier of engineered components to the door and window industry, for $1.1bn.
"As one company, we will have an enhanced financial profile grounded in attractive margins, strong free cash flow and a healthy balance sheet, that will enable us to invest in organic and inorganic growth opportunities to deliver superior returns for investors. The industrial logic and strategic rationale of bringing Quanex and Tyman together are clear and compelling, and we are confident in our ability to drive meaningful value creation for both Quanex and Tyman shareholders and enhanced market offerings for our customer base," George Wilson, Quanex Chairman, President and CEO.
Everton FC’s main financial adviser, Deloitte, is scrambling to find new backers to save a takeover of the struggling club by US investment firm 777 Partners amid fears that the deal could collapse, Bloomberg reported.
Deloitte has been seeking fresh funding from sports-focused investors and lenders to get 777’s deal over the line.
Public Investment Fund, the sovereign wealth fund of Saudi Arabia, agreed to acquire a 51% stake in TAWAL, a telecommunications infrastructure company, from stc Group, a Saudi telecommunication company, for $3bn.
“Today's announcement is a significant milestone for the telecommunications industry in Saudi Arabia and the wider region. By bringing together the assets of GLIC and TAWAL, we will establish a consolidated platform on which the telecommunications sector can flourish and give people a better experience to best connect communities and businesses. It is also in line with PIF’s strategy and the Saudi Vision 2030. Fast, reliable and accessible connectivity is a key enabler of growth and a cornerstone for the society, and these agreements mark a major stride towards a more interconnected digital future,” Raid Ismail, PIF Head of MENA Direct Investments.
iM Global Partner, a global network of dynamic investment boutiques, agreed to acquire a minority stake in Trinity Street Asset Management, a London-based investment boutique. Financial terms were not disclosed.
"For a few years now we have been actively looking for a Europe-based company to complement our network of nine high-quality investment firms. I am delighted to welcome Trinity Street Asset Management on board as our 10th Partner. Their approach fits in very well with our philosophy, and their products are highly complementary to those of our existing Partners. Trinity Street's performance has been impressive, and this partnership will allow us to further expand our product offering internationally," Philippe Couvrecelle, iM Global Partner Founder and CEO.
Descartes, a Canadian multinational technology company, completed the acquisition of Aerospace Software Developments, a provider of customs and regulatory compliance solutions, for $61m.
"As customers increasingly look to cover more business processes with one provider, we continue to add solutions to the GLN for them to do so. ASD shares a common vision to serve the wider global logistics community of shippers, carriers and LSPs. We're excited to welcome the ASD employees, customers and partners into the Descartes family," Edward J. Ryan, Descartes CEO.
Private equity investors to buy TeamSport, the pan-European go-karting operator. (FS)
Several buyout firms have tabled initial offers for the company, which is expected to fetch more than £150m ($185m), Sky News reported. EMK Capital and Livingbridge are among the private equity firms which had lodged first-round bids. Harris Williams is overseeing the auction.
Duke Street-owned TeamSport is the largest indoor go-karting operator in the UK. It operates within an activities & attractions market worth £73bn ($90bn) across the UK, Germany and the Netherlands.
Bridgepoint considers sale of Swedish drinks maker Vitamin Well. (FS)
Bridgepoint, a major international alternative asset fund management group, has appointed advisers to explore options, including selling Vitamin Well, a Swedish drinks business.
The market for healthy food and drinks products has grown significantly in recent years, as health-conscious consumers seek alternatives to high-sugar snacks and fizzy drinks. Vitamin Well is a food and drinks business that sells products in 40 markets worldwide. It has offices across Europe, the US, and Asia.
The company generates roughly €150m ($159m) in earnings before interest, tax, depreciation and amortisation, and could be valued at more than €2bn ($2.13bn), FT reported.
Tomb Raider owner Embracer plans three-way split.
Embracer Group said it plans to split into three separately listed companies in a move aimed at shoring up investors’ support amid stubbornly high debt, WSJ reported.
The Swedish videogame maker said the three new companies, Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends, would be listed in Stockholm. Asmodee Group will focus on tabletop games.
ASML takes step toward major expansion in Eindhoven, Netherlands.
ASML has signed a declaration of intent for a major expansion in the Dutch city of Eindhoven, although a deal has yet to be finalised, Reuters reported.
The decision follows an announcement last month that the Dutch government would spend $2.7bn to improve infrastructure in the Eindhoven region to prevent the company from moving significant operations abroad.
Peel Hunt to trim workforce with IPOs still in slump.
Peel Hunt, a UK investment bank, is cutting some roles across its workforce as the drought in capital markets activity enters its third year. Cuts will affect less than ten employees, Bloomberg reported.
Peel Hunt, employing 308 at the end of September, expects to report a loss this year, which would be second in the row. The company also recently lost John Welch, its head of corporate broking and equity markets, to rival Berenberg.
“Market trading volumes remain low and ECM issuance continues to be subdued. We expect these trends to continue until there are meaningful signs of recovery in the UK economy and fund outflows reverse,” the company said in a statement this month.
Cruise operator Viking sets price range for $1.1bn IPO.
Viking and its existing shareholders are seeking to raise as much as $1.1bn in a New York initial public offering, with the cruise operator looking to go public as the travel industry rebounds from its pandemic-era slump, Bloomberg reported.
The company and the investors are offering 44m shares between $21 and $25 per ordinary share. Viking is seeking to sell 11m shares and the shareholders a further 33m on a combined basis.
Buyout firm CVC sets price range for $1.7bn Dutch IPO. (FS)
CVC Capital Partners, a Luxembourg-based private equity and investment advisory firm, and some of its investors are seeking to raise $1.7bn in an initial public offering in Amsterdam as the buyout firm moves ahead with its long-delayed listing plans, Bloomberg reported.
The company and the investors are offering 114m shares for $13.8 to $15.9 each, according to a statement on Monday. That gives the company an implied market value of $13.8bn to $15.9bn.
APAC
Energy Fuels, a US producer of uranium, REEs, and vanadium, agreed to acquire Base Resources, a producer of mineral sands, such as rutile, ilmenite, and zircon, for AUD375m ($240m).
"The acquisition of Base Resources and the Toliara project represents a monumental leap forward for the Company, as we continue to execute on a truly revolutionary REE, uranium and critical mineral combined strategy. For the past four-plus years, Energy Fuels has innovated a new way to produce critical minerals, that we believe is more cost competitive than traditional approaches, by leveraging our uranium processing expertise and infrastructure to develop a secure, US-centric REE oxide supply chain," Mark S. Chalmers, Energy Fuels President and CEO.
Base Resources is advised by Azure Capital and Herbert Smith Freehills. Energy Fuels is advised by BMO Capital Markets, SCP Resource Finance, Dentons and Dorsey & Whitney.
TotalEnergies, a global integrated energy company, agreed to acquire a 50% stake in SapuraOMV, a Malaysian independent gas producer and operator, from Sapura Upstream Assets, a global integrated oil and gas services and solutions provider, for $530m.
“Following the transaction with OMV announced two months ago and this new transaction with Sapura Upstream Assets, TotalEnergies will have full ownership of SapuraOMV and become a significant gas operator in Malaysia. The SapuraOMV assets are fully in line with our strategy to grow our gas production to meet demand growth, focusing our portfolio on low-cost and low-emission assets. We look forward to strengthening our global partnership with Petronas in Malaysia, a country where we see further development opportunities for our Company,” Patrick Pouyanné, TotalEnergies Chairman and CEO.
Shanghai Electric Power Company, an electric services company, failed to acquire a 66.4% stake in K-Electric, an energy company in Pakistan, for $1.77bn.
Shanghai Electric has been in talks to acquire a stake in KE for more than half a decade. The deal has been repeatedly delayed due to regulatory approvals and liquidity constraints as a consequence of mounting circular debt in the country's power sector.
Aramco to buy $1.5bn stake in Hengli Petrochemical.
Saudi Aramco is in talks to acquire a 10% stake in Chinese refiner Hengli Petrochemical, Bloomberg reported.
The companies signed an agreement on the proposed transaction, which “aligns with Aramco’s strategy to expand its downstream presence in key high-value markets,” the companies said in the statement. The stake is valued at about $1.5bn.
AirAsia among six bidders for state-run SriLankan India Airlines.
AirAsia is among six bidders for Sri Lanka's state-run carrier SriLankan Airlines as the island nation looks to reduce losses incurred by government-owned enterprises under a $2.9bn International Monetary Fund programme, DealStreetAsia reported.
AirAsia Consulting has submitted a request for qualification from potential investors for the acquisition of shares in SriLankan Airlines, a statement released by Sri Lanka's finance ministry said.
MUFG said to weigh sweeter HDBF offer as it eyes say in strategy.
Mitsubishi UFJ Financial Group is considering sweetening its $1.7bn offer for a minority stake in HDFC Bank’s consumer lending unit in India, with a deal potentially hinging on valuation and the Japanese bank having a say in strategy, Bloomberg reported.
The two sides are seeking to reach an agreement in about a month.
TikTok vows legal battle as the US presses for app’s sale or ban.
TikTok, a social media platform for creating, sharing and discovering short videos, told employees it will fight in the courts if a US bill forcing a ban or divestiture of the Chinese-owned app is signed into law, as one of the world’s most valuable technology businesses tries to fend off an existential crisis in its most important market, Bloomberg reported.
“This is an unprecedented deal worked out between the Republican Speaker and President Biden. At the stage that the bill is signed, we will move to the courts for a legal challenge,” Michael Beckerman, TikTok head of public policy for the Americas.
Khazanah leads up to $627m venture fund for region. (FS)
Khazanah Nasional, Malaysia’s sovereign wealth fund, will set up a venture capital of up to MYR3bn ($627m) with two other partners to invest in startups in Southeast Asia, Bloomberg reported.
Local pension fund Kumpulan Wang Persaraan Diperbadankan, or KWAP, and Blue Chip Venture Capital will co-invest in the fund.
Foundation Private Equity to raise funds to cash in on the growing Indian market. (FS)
Foundation Private Equity is looking to raise its first INR-denominated fund to capitalise on India's maturing private equity market, DealStreetAsia reported.
Foundation Private Equity is a provider of bespoke secondary solutions across Asia, founded in 2017 and experienced in delivering innovative secondary solutions to GPs and LPs across Asia.
IPO-bound Ola Electric secures $50m debt from EvolutionX. (FS)
Ola Electric, a SoftBank-backed electric vehicle maker, has raised about $50m via non-convertible debentures from EvolutionX, DealStreetAsia reported.
This is the second debt financing for Ola Electric in the last six months. The company raised $385m in a mix of equity and debt funding from Temasek-led investors and the State Bank of India in October last year. Its valuation had reportedly touched $5.5bn after a $140m funding round led by existing backer Temasek in September last year.
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