EMEA
Possible bid for Intu Properties collapses due to Brexit woes. (Financial Sponsors)
Millenium rules out possible M&A deals after the acquisition of Eurobank.
GlaxoSmithKline is looking to merge its consumer healthcare business.
Goldman Sachs and Morgan Stanley will lead EQT's IPO. (FS)
The Seydoux family launched a takeover offer for Parrot.
AMERICAS
CVS Health and Aetna have closed their $69bn merger.
Altria seeks to acquire a stake in Juul.
Nutrien is due to put its stake in lithium miner SQM on the market.
SoftBank-backed Lemonade sets eyes on European expansion.
Icelandair abandons a takeover of rival budget airline Wow.
Suzano Papel secured conditional EU regulatory approval to buy Fibria Celulose.
APAC
Chinese authorities approved the acquisition of Costa Coffee.
SoftBank IPO gathered $21bn.
Renault, Nissan, and Mitsubishi reaffirm commitment to the joint alliance.
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EMEA
On November 29th, a consortium comprising the Peel Group, the Olayan Group, and Brookfield Property Group withdrew its possible offer for Intu, the British shopping center operator.
The consortium cited uncertainty caused by the ongoing Brexit situation as the reason for withdrawing its possible offer. The possible offer was first disclosed on the October 18th.
Millenium rules out possible M&A deals after the acquisition of Eurobank.
The head of Portugal’s largest listed bank, which has just bought a small lender in Poland, ruled out further mergers and acquisitions, saying that its strategy is to become more agile and profitable.
“Dimension and consolidation are the two words crossed out in my book. None of them are among Millennium BCP’s priorities. “Gaining agility and profitability, these are the two concerns.” Miguel Maya, Millenium CEO.
Millennium BCP’s Polish unit, Bank Millennium agreed on Nov. 5 to buy Euro Bank from France’s Societe General for $484m. Bank Millennium said at the time it expected further consolidation in Eastern Europe’s biggest banking sector.
GlaxoSmithKline is looking to merge its consumer healthcare business.
GSK, confirmed it was considering a merger of its consumer healthcare business as part of a review of its Indian Horlicks nutrition business and other consumer healthcare nutrition products.
GSK did not clarify who the unit could be merged with.
According to rumours, Unilever may look at merging GSK Consumer Healthcare with Unilever's Indian unit HUL.
Goldman Sachs and Morgan Stanley will lead EQT's IPO.
Goldman Sachs and Morgan Stanley are expected to lead preparations for the planned IPO of Swedish buyout firm.
Listed private equity funds are relatively rare in Europe, with the majority in the United States, where firms such as Blackstone, KKR, and Carlyle have been able to diversify and style themselves as alternative asset managers.
EQT, whose companies include pest control firm Anticimex and data communications provider IP Only, is also working on raising more funds to use to bulk up its assets under management before listing.
The Seydoux family launched a takeover offer for Parrot.
Majority shareholder in the French drone maker, the Seydoux family, launched a takeover offer for the company whose shares have been hit by a series of weak results.
Seydoux family’s Horizon vehicle announced an offer of €3.5 ($4) per share to buy out Parrot. The offer price marked a premium of 100% to Parrot’s closing price of €1.75 ($2).
AMERICAS
CVS Health and Aetna have closed their $69bn merger.
It's been a year in the making, but CVS Health finally closed on its acquisition of Aetna, creating a new health-care powerhouse.
The final deal valued Aetna at $212 per share, CVS said in a press release, or about $70bn, up from the previously agreed upon $207 per share, or roughly $69bn. CVS will now need to integrate Aetna and start trying to accomplish its three main priorities: making health care local and accessible, simplifying how consumers access to care and lowering costs.
Aetna was advised by Davis Polk & Wardwell, Allen & Company, Evercore and Lazard. CVS Health was advised by Bank of America Merrill Lynch, Barclays, Centerview Partners, Goldman Sachs, Dechert, McDermott Will & Energy, Shearman & Sterling and Sullivan & Cromwell.
SFW Capital Partners, a specialized private equity firm that invests in mid-sized companies providing analytical tools and related services, has sold Spectro Scientific to AMETEK for approximately $190m.
“SFW’s unique sector-focused experience and business building expertise proved to be incredibly valuable to Spectro as we made substantial investments to pursue our strategy. SFW’s support and the resources they provided allowed us to develop a truly unique position in the market for predictive analytics for maintenance, enabling us to serve our customers more effectively and create significant opportunities for our employees and business partners." Brian Mitchell, Spectro Scientific CEO.
Golden Gate Capital has invested $200m in Nassau Reinsurance, which operates a range of insurance businesses including reinsurance, distribution and asset management. The funds will be used to launch the company's fixed annuity and life insurance divisions. Golden Gate founded Nassau with an initial $750m investment in 2015.
Kraft Heinz has agreed to buy Primal Kitchen brands, which makes more health conscious dressings and condiments, as the large US packaged foods maker seeks to diversify its portfolio of products to better compete with rivals.
The company controlled by 3G Capital and Warren Buffett, who is better known for executing mega deals, will buy Primal Kitchen for about $200m, Kraft Heinz said on Thursday, without disclosing further financial details.
“Primal Kitchen is an authentic, premium and growing brand that fits perfectly with our core Condiments & Sauces categories, and we are excited to partner with the Company’s strong existing team to drive growth across multiple categories going forward.” Paulo Basilio, Kraft Heinz US zone president.
Altria seeks to acquire a stake in Juul.
The Altria Group, whose fortune was built on traditional cigarette brands like Marlboro, is in talks to buy a minority stake from 20-40% in Juul Labs, the start-up that has captured much of the market for e-cigarettes.
Terms of the potential investment, including the size and price, were unknown, although Altria would probably have to pay a substantial amount. Juul, a three-year-old company that is privately held, was valued by investors this summer at about $16bn.
Nutrien is due to put its stake in lithium miner SQM on the market.
Canadian fertilizer giant Nutrien will auction its 23.77% share in Chile´s SQM on December 3, the Chilean stock exchange said. In a statement, the local stock exchange said the minimum bid would be set at $65 per share, for a total package price of $4.1bn.
China’s Tianqi has agreed to purchase the shares. The company struck a deal earlier this year to buy nearly a fourth of SQM from Nutrien.
SoftBank-backed Lemonade sets eyes on European expansion.
Lemonade, home, and renters insurance start-up is making Europe its first global expansion target. The New York-based firm uses artificial intelligence and chatbots to tailor insurance products for homeowners and tenants on its platform.
Icelandair abandons a takeover of rival budget airline Wow.
Icelandair is dropping its $18m purchase of financially troubled Wow Air, a rival Iceland-based budget airline that touts cheap flights between the USA and Europe.
Icelandair's interim president, Bogi Nils Bogason, calls the deal's collapse disappointing. Icelandair Group said Thursday it's unlikely terms of the Nov. 5 deal could be met in time for a shareholder meeting scheduled for Friday.
Suzano Papel secured conditional EU regulatory approval to buy Fibria Celulose.
Suzano Papel e Celulose secured regulatory approval on Thursday. The European Commission said Fibria had agreed to end its exclusive sales deal with Brazilian peer Klabin, and help create a competitor in Europe, to address EU antitrust concerns.
The merger of Suzano and Fibria will create a company that will lead world pulp production with an annual capacity of 11 million tonnes. That is more than double the 5 million tonnes of capacity at the world’s second-largest producer, International Paper Co, according to consultancy Poyry.
APAC
Malaysian sovereign wealth fund Khazanah Nasional is selling a 16% stake in IHH Healthcare to Japan's Mitsui & Co for about $2bn in cash, kicking off a restructuring of its portfolio under a new government.
Chinese authorities approved the acquisition of Costa Coffee.
Chinese authorities have approved the sale of Whitbread Plc's Costa coffee chain to Coca-Cola.
However, the deal still needs approval from the EU regulators in order for deal to close.
SoftBank IPO gathered $21bn.
SoftBank Group Corp.’s $21bn initial public offering of its Japanese telecommunications unit has successfully secured sales for the bulk of its shares to individual investors, meaning that SoftBank's’ IPO reaches Retail Sales target.
Renault, Nissan, and Mitsubishi reaffirm commitment to the joint alliance.
Renault SA, Nissan Motor Co., and Mitsubishi Motors Corp. said they were committed to their globe-spanning auto alliance as senior executives from all three met formally for the first time since the arrest of Carlos Ghosn, the partnership’s prime architect.
In a short joint statement, the three companies said their boards "have all - individually and collectively - emphatically reiterated their strong commitment to the Alliance," adding that the group "has achieved unparalleled success" in the past two decades.
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