Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Crosspoint Capital Partners, a venture capital firm, completed the acquisition of Absolute Software, a software company, for $870m.
“We are very excited about this acquisition and working with Crosspoint Capital to further strengthen our unique position in the market and in delivering the next generation of Resilience. This acquisition is only possible because of the outstanding contributions from our employees, the support of our customers, and the powerful ecosystem of OEM partners around Absolute. I look forward to partnering with Crosspoint and to our next chapter as a privately held company with the support and expertise of the Crosspoint Capital team,” Christy Wyatt, Absolute President and CEO.
Haveli Investments to acquire Certinia from Advent International and Technology Crossover. (FS)
Haveli Investments, a technology-focused private equity firm, agreed to acquire Certinia, a software company, from Advent International and Technology Crossover, two investors, with participation from General Atlantic. Financial terms were not disclosed.
“Haveli has assembled a world-class team of investment professionals, and we are thrilled to partner with them as we enter this exciting next chapter for Certinia. We are very well positioned in a rapidly expanding market, and with Haveli as our new PE partner, we are confident we can take full advantage of growth opportunities and further enhance our ability to meet our customers’ ever evolving needs and help them achieve their full potential," Scott Brown, Certinia President and CEO.
Haveli is advised by Morgan Stanley, Ropes & Gray and Reevemark (led by Hugh Burns and Paul Caminiti). General Atlantic is advised by Paul Weiss Rifkind Wharton & Garrison (led by Matthew Abbott and Brian C. Lavin). Certinia is advised by Weil Gotshal and Manges (led by Gareth Clark and Ramona Nee).
Wasatch Equity-backed Biomerics completed the merger with the medical business of ONCAP-backed Precision Concepts. (FS)
Wasatch Equity-backed Biomerics, a vertically integrated contract manufacturer for the interventional medical device market, completed the merger with the medical business of ONCAP-backed Precision Concepts, a manufacturer of finished medical devices and specialty rigid packaging solutions. Financial terms were not disclosed.
"Precision Concepts Medical is a recognized leader that offers unique capabilities in micro-metals machining and stamping, injection micro-molding, and micro-assembly processes. The addition of these capabilities and manufacturing footprint extends Biomerics' offerings as a leading supplier to the world's largest medical device OEMs. We are excited to partner with the talented team at Precision Concepts Medical to deliver our shared vision," Travis Sessions, Biomerics CEO.
ONCAP was advised by Raymond James (led by Matthew Pangia) and Jones Day (led by William R Stewart). Precision was advised by Stifel (led by Ryan Mauer) and William Blair & Co.
Bain Capital and Valeas Capital, two private equity firms, completed the investment in Ren, a software company. Financial terms were not disclosed.
“This is a significant inflection point in Ren’s growth, but more importantly, in the philanthropic economy. We see a clear opportunity to enhance our best-in-class platform so that we remain the trusted and most sought-after partner in facilitating philanthropic giving. Bain Capital Tech Opportunities and Valeas bring deep experience in vertical software and wealth-tech and the resources needed to propel our next phase of growth. We are thrilled to partner to continue to provide a best-in-class technology offering to our customers," Joe Fisher, Ren President and CEO.
Upgrade, a fintech company, completed the acquisition of Uplift, a buy now pay later payment and credit solutions provider, for $100m.
"We are thrilled to welcome Uplift team members, partners and customers to Upgrade. The Uplift team has established the company as the leading BNPL provider in the travel industry, and we look forward to combining forces to make travel more accessible and affordable for millions of consumers, and over time implement similar solutions in adjacent parts of our customers' lives," Renaud Laplanche, Upgrade Co-Founder and CEO.
Ascent, a private loan organization, completed the acquisition of Ampersand, a workforce development training platform. Financial terms were not disclosed.
"This move strengthens our ability to maximize outcomes by eliminating the education-to-employment skills gap, and further positions Ascent as a leader in student success focused on driving positive outcomes. Ampersand's custom tools and learning modules will continue to optimize the journey for our customers from classroom to career as they build confidence, secure jobs with livable salaries, and become successful members of the workforce," Ken Ruggiero, Ascent Co-Founder and CEO.
Blattner Tech, a strategic design and innovation consultancy company, completed the acquisition of DevDigital, a full-service software developer. Financial terms were not disclosed.
"We are thrilled to welcome DevDigital into the Blattner Tech family. This strategic acquisition is a significant milestone for us as we expand our team, our capabilities and broaden our service offerings. DevDigital's expertise in guiding organizations through digital transformation efforts aligns perfectly with our mission to empower businesses with predictive analytics and innovative technologies. Together, we will be better equipped to drive our clients' success in the ever-evolving digital landscape," Russ Blattner, Blattner Tech CEO.
Private equity backers of Foundation Consumer Healthcare weigh $4bn sale of the company. (FS)
The private equity owners of Foundation Consumer Healthcare are exploring a potential sale of the company behind popular morning-after pill Plan B One-Step, Bloomberg reported.
Foundation’s backers, which include Kelso and Juggernaut Capital Partners, are working with financial advisers. The company may seek more than $4bn for the business.
Microsoft teams faces EU antitrust probe in Salesforce clash.
Microsoft faces an EU probe over concerns it’s driving out competition by unfairly bundling its Teams video conferencing app with its popular business software suite, Bloomberg reported.
The European Commission opened the formal investigation to examine whether Microsoft may have breached EU competition rules by tying or bundling Teams to its Office 365 and Microsoft 365 packages.
Centerview bankers face off in court over ‘oral partnership agreement’.
A contentious legal dispute pitting a technology banker against his former employer Centerview Partners has begun in court this week, testing his claim that he is entitled to as much as hundreds of millions of dollars in equity in the powerhouse investment bank based on a handshake deal, FT reported.
Centerview, one of the most profitable corporate advisers on Wall Street, has denied David Handler’s claim based only on an “oral partnership agreement,” but co-founder Robert Pruzan acknowledged in court that he had altered Handler’s pay structure in 2012 without a written contract.
Neuberger Berman closes second credit opportunities fund at $2.5bn. (FS)
Private, employee-owned investment firm Neuberger Berman has held the final close of the NB Credit Opportunities Fund II with approximately $2.5bn in limited partner capital commitments, exceeding the fund's initial target of $1.5bn.
The fund is managed by NB Capital Solutions, a group within Neuberger Berman that provides bespoke capital solutions to private equity-owned companies, enabling sponsors and management teams to achieve long-term strategic objectives.
"We are thankful for the confidence and support of our investors. The current market environment continues to create opportunities for firms like Neuberger Berman, with a global non-control private equity platform, that can invest in scale and provide strategic, flexible capital to our private equity partners," David Lyon, Capital Solutions Managing Director and Head of NB Capital Solutions.
EMEA
Global Auto raised its cash buyout offer for Lookers by £0.1 ($0.13) to £1.3 ($1.68) per share, valuing the British car dealership at 504m ($654m).
The offer price represents a 46.6% premium to Lookers' last closing price before an announcement was made.
CAREL, a provider of control solutions for air-conditioning, refrigeration and heating, agreed to acquire an 82.4% stake in Kiona, an IT services provider, for $192m.
"The transaction announced today represents CAREL's eleventh acquisition since its listing on the Milan stock exchange five years ago and once again confirms our ability to consistently and promptly pursue ambitious growth objectives by external means. Specifically, the acquisition of Kiona, an excellence in its reference sector with strong revenues growth and robust profitability, aligns perfectly with the Group's strategy to strengthen its position in the digital services sector oriented towards energy efficiency," Francesco Nalini, CAREL CEO.
CAREL is advised by Aon Securities, KPMG, Mediobanca, Chiomenti, Thommessen, Vinge and Barabino & Partners (led by Fabrizio Grassi).
Keensight Capital, a private equity manager, agreed to acquire a minority stake in e-Attestations, a third-party risk management SaaS platform. Financial terms were not disclosed.
“Keensight Capital’s team brings a wealth of experience in investing in European, founder-led, SaaS businesses, making them the ideal partner for e- Attestations’ next phase of growth. We are thrilled about this new partnership and look forward to writing the next chapter of e-Attestations’ success together," Emmanuel Poidevin, e-Attestations Founder and President.
Macquarie to acquire a 50% stake in Enel Green Power Hellas from Enel for $381m. (FS)
Macquarie, a financial services group, agreed to acquire a 50% stake in Enel Green Power Hellas, Enel's renewable subsidiary in Greece, from Enel, a manufacturer and distributor of electricity and gas, for $381m.
EGPH operates 59 plants totaling 482 MW of installed capacity powered by wind, solar and hydro as well as six solar projects under construction for an overall capacity of 84 MW. EGPH is also developing a portfolio of wind and solar projects, alongside expanding its activities in innovative solutions such as storage and hybrid projects.
Macquarie is advised by Jones Day (led by Vica Irani and Benjamin Michael Larkin).
Abrdn to merge with Global Absolute Return Strategies in a consolidation move. (FS)
Abrdn is to merge an investment fund that was once Britain’s biggest after years of mediocre performance, asset manager seeks to streamline underperforming operations, SkyNews reported.
Abrdn informed staff that Global Absolute Return Strategies, which once managed tens of billions of pounds of investors' money, is to cease operating as a standalone vehicle.
The fund was originally established to help plug the deficit in the Standard Life pension scheme, with its 'absolute return' objectives then rolled out to institutional and wholesale clients.
Emirates Steel is said to walk away from Thyssenkrupp steel deal.
Emirates Steel Arkan is walking away from a potential investment in Thyssenkrupp's steel arm, dealing a fresh blow to the German conglomerate’s plans to offload the struggling operations, Bloomberg reported.
The state-backed Abu Dhabi company has stopped actively pursuing a deal due to concerns over pension liabilities and other complexities of the business. Emirates Steel was considered the most serious contender to buy a stake in the Thyssenkrupp unit.
Wealth funds of Saudi and Oman explore cooperation. (FS)
Sovereign wealth funds of Saudi Arabia and Oman have agreed to boost cooperation and explore investment opportunities with up to $5bn earmarked for potential Saudi investments in Oman, DealStreetAsia reported.
Saudi Arabia has stepped up investments in Oman in a show of support for one of the Gulf's weaker economies as it recovers from the impact of the Covid-19 pandemic and seeks to grow non-oil sectors in a diversification push.
Astorg VIII reaches €4bn at interim close. (FS)
Astorg has held an interim closing of its its flagship fund, Astorg VIII, with total fund commitments of €4bn ($4.42bn), which represents about 90% of the target size and hard cap of €4.5bn ($4.98bn), and a nearly 10% increase on Astorg's predecessor fund.
Astorg VIII is an Article 8 Pan-European fund targeting B2B global niche investments in defined subsegments of its four targeted verticals: healthcare, technology, business services and industrials.
Nestle raises sales guidance, predicting rebound in consumption.
Nestle inched up its revenue guidance, forecasting a rebound in consumption after passing peak inflation, Bloomberg reported.
Sales should rise 7.5% to 8% this year on an organic basis. First-half revenue gained more than analysts expected as the world’s largest food company pushed up prices of Purina pet food and KitKat chocolate bars.
Roche CFO flags need to bolster late-stage drug development.
Swiss drugmaker Roche needs to have better drug development projects in advanced stages to bolster its battered stock market value, Reuters reported.
"The point is really the setbacks we had last year in the late-stage pipeline. We have to now fill up the pipeline again and prove ourselves that we really have a strong late-stage pipeline," Alan Hippe, Roche CFO.
He said some progress had been made already and that Roche's share price had also suffered because strong Covid-19 related demand for tests and treatments has subsided.
European commercial property deals drop 58% to lowest since 2010.
European commercial real estate transactions plunged 58% in the second quarter as rising rates upended the continent’s property markets, Bloomberg reported.
In the three months through June, deals valued at just €34.4bn ($38.3bn) — the lowest level since 2010 — were recorded. Offices were hardest hit major segment, with transactions tumbling 68%, while hotels were the most stable with a drop of 36%, MSCI Real Assets.
Shell profits cut by half due to plunging energy prices.
The oil and gas major reveals a surge in its dividend but a weaker share buyback programme after its latest earnings figures falls short of analysts' estimates, SkyNews reported.
Shell has revealed a big fall in the second quarter of its financial year, largely due to energy prices plunging from their Russia-Ukraine war peak. The oil and gas major reported net profits of just over $5bn for the three months to the end of June.
Renault has held encouraging investor meetings on EV arm IPO.
Renault said early feedback from potential investors in its planned initial public offering of its electric-vehicle unit has been positive, amid record first-half earning for the French carmaker, Bloomberg reported.
CEO Luca de Meo, leading Renault through a turnaround for the past three years, has met with over 30 potential investors on its share sale plan for Ampere. The unit is set for a possible listing during the first half of next year, slightly later than an earlier timeline.
APAC
Volkswagen completed the acquisition of a 5% stake in XPENG for $700m.
Volkswagen, an automotive manufacturer, completed the acquisition of a 5% stake in XPENG, a smart EV company, for $700m.
“The Volkswagen Group and XPENG each brings in highly complementary strengths into this long-term strategic partnership. We will share Smart EV technologies and world-class design and engineering capability with each other and learn from each other. Since the founding of XPENG, we have been developing full-stack technologies from EV platform to Connectivity and ADAS software in house. We are excited about the opportunity to contribute our expertise to the strategic partnership and create value for XPENG and our shareholders," Xiaopeng He, XPENG Chairman and CEO.
XPENG was advised by The Piacente Group (led by Jenny Cai). Volkswagen was advised by Morgan Stanley.
Everstone Capital and Recognize completed the investment in MediaMint. (FS)
Everstone Capital, an investor, and Recognize, a venture capital firm, completed the investment in MediaMint, a digital advertising operations service provider. Financial terms were not disclosed.
"MediaMint has built a strong foundation focused on delivering high-value outcomes through process excellence and deep domain expertise for our global base of digital marketing clients. Working with Everstone and Recognize will enable us to enhance our global infrastructure to better service our clients with on-shore account management, incremental global delivery centers, and an expanded solution set," Aditya Vuchi, MediaMint CEO and Co-Founder.
MediaMint was advised by DC Advisory (led by Klaas Oskam).
BlackRock, an American multinational investment company, and Jio Financial Services, a financial services provider, agreed to form Jio BlackRock, a joint venture, to deliver tech-enabled access to affordable, innovative investment solutions for millions of investors in India. Financial terms were not disclosed.
“India represents an enormously important opportunity. The convergence of rising affluence, favourable demographics, and digital transformation across industries is reshaping the market in incredible ways. We are very excited to be partnering with JFS to revolutionise India’s asset management industry and transform financial futures. Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India,” Rachel Lord, BlackRock Chair & Head of APAC.
GIC shifts focus to private credit as rising interest rates boost returns. (FS)
Singapore sovereign wealth fund GIC is betting that tighter bank lending policies will see companies look to private credit to provide the capital they need and is shifting money to the sector as a result.
GIC CIO Jeffrey Jaensubhakij describes private credit an asset class that currently offers the “most attractive” risk-reward profile with rising interest rates pushing up returns.
|
