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
Global Payments, a provider of payment technology and software solutions, completed the acquisition of EVO Payments, a global provider of payment technology integrations and acquiring solutions, from Madison Dearborn, a private equity investment firm, for $4bn.
"The acquisition of EVO is highly complementary to our technology-enabled strategy and provides meaningful opportunities to increase scale in our business globally. Together with EVO, we are positioned to deliver an unparalleled suite of distinctive software and payment solutions to our combined 4.5m merchant locations and more than 1.5k financial institutions worldwide," Cameron Bready, Global Payments President and COO.
EVO Payments was advised by Citigroup (led by Rick Diamond), Freshfields Bruckhaus Deringer (led by Gunnar Schuster) and King & Spalding (led by Keith Townsend). Citigroup was advised by Fried Frank Harris Shriver & Jacobson. Global Payments was advised by Bank of America (led by Kevin Brunner), Barclays, JP Morgan, Wachtell Lipton Rosen & Katz (led by Jacob A. Kling) and Abernathy MacGregor Group (led by Dan Scorpio). Financial advisors were advised by Cravath Swaine & Moore and Sullivan & Cromwell. Debt financing was provided by Bank of America, Barclays, Evercore, Goldman Sachs, Greenhill & Co and JP Morgan. Madison Dearborn was advised by Kirkland & Ellis (led by Jon-Micheal A. Wheat).
CVS Health, a health solutions company, completed the acquisition of Signify Health, a health care platform that leverages advanced analytics, technology, and nationwide healthcare provider networks to create and power value-based payment programs, from New Mountain Capital, a private equity firm, for $8bn.
"This transaction advances our value-based care strategy by enhancing our presence in the home. Our expanded capabilities will bring us closer to the consumer as we continue to redefine how people access and experience care that is more affordable, convenient and connected," Karen S. Lynch, CVS Health President and CEO.
Lundin Mining, a mining company, agreed to acquire a 51% stake in Caserones Copper Mine, a copper mining company, from JX Nippon Mining & Metals, a supplier of consumable electronic materials, for $950m.
"Upon closing of the Acquisition of Caserones, we add another long-life copper mine of material size and with significant growth potential to our portfolio, in a region in which we have considerable knowledge and experience. The Caserones team has achieved meaningful operational improvements in recent years, and we will work to unlock additional upside through our strong technical resources and existing presence in the region. The initial controlling interest increases our exposure to what we believe is a growing top-tier copper mining district. We retain the option to further increase our ownership over the next few years at an attractive price. The acquisition further solidifies Lundin Mining's position as a growing global producer of copper as the world shifts to a lower carbon future," Peter Rockandel, Lundin Mining CEO.
Lundin Mining is advised by Scotiabank, Bofill Escobar Silva Abogados, Bofill Mir Abogados, Cassels Brock & Blackwell and Paul Weiss Rifkind Wharton & Garrison. JX Nippon is advised by Citigroup.
EQT, a global investment organization, agreed to acquire Lazer Logistics, a provider of outsourced yard management and trailer spotting services, from Harvest Partners, a private equity investment firm. Financial terms were not disclosed.
"We have followed the progress of the company for several years and have been impressed by management's track record of exceptional customer service, year-over-year growth, and leadership in areas like electrification and data analytics. We are excited to support management and the company through its next phase of growth and believe EQT's significant experience in the sector and expertise in electrification and digitalization will be highly complementary to what is already an exceptional platform," Crosby Cook, EQT Partner.
Lazer Logistics is advised by Harris Williams & Co, William Blair & Co and Ropes & Gray. EQT is advised by Jefferies & Company and Paul Weiss Rifkind Wharton & Garrison (led by Sarah Stasny, Megan Spelman and Suhan Shim). Harvest Partners is advised by Lambert & Co (led by Lisa Baker).
REAL Messenger, a technology company built as a social platform, agreed to go public via a SPAC merger with Nova Vision Acquisition, a blank check company, in a $150m deal.
"In a short period, REAL Messenger has proven to be a critical asset for the real estate industry. We want to enable investors to invest in REAL Messenger earlier than they would through a traditional model. We believe the SPAC model will help us in our path to becoming THE social app for real estate. We are so confident in our technology and our business model that we have agreed for half of our consideration to be in the form of a performance earnout," Thomas Ma, REAL Messenger Co-Founder and CEO.
REAL Messenger is advised by Nixon Peabody and Bospar. Nova Vision is advised by Brookline Capital, EF Hutton and Loeb & Loeb.
Macquarie Group, a private equity firm, completed an investment in Pavlov Media, a fiber-based Internet connectivity services provider. Financial terms were not disclosed.
"We believe that the combination of Pavlov Media's highly contracted base business and its significant growth potential represents a unique opportunity to invest in the rapidly growing consumer fiber sector. We look forward to partnering with the Pavlov Media management team to support the future growth of the business," Karl Kuchel, Macquarie Infrastructure Partners CEO.
Pavlov Media was advised by Lazard and Hogan Lovells. Macquarie was advised by Morgan Stanley and Kirkland & Ellis.
The Standard, an insurance and financial services company, agreed to acquire the life & disability business of Elevance Health, a health insurance provider. Financial terms were not disclosed.
"In researching acquisition opportunities in the group benefits space, the Elevance Health Life & Disability unit stood out as an ideal fit with our customer-first ethic and deep relationships with brokers and their employer customers. We look forward to welcoming the L&D employees to The Standard and to a mutually beneficial distribution partnership with Elevance Health as we move forward," Dan McMillan, The Standard President and CEO.
The Standard is advised by Citigroup and Debevoise & Plimpton. Elevance Health is advised by Barclays and Faegre Drinker Biddle & Reath.
Genstar Capital-backed Prometheus Group, a provider of comprehensive and intuitive plant maintenance operations and optimization software, completed the acquisition of Atonix Digital, a software developer. Financial terms were not disclosed.
"By connecting the technology developed by engineering powerhouse Black & Veatch with our plant maintenance solutions, we will make APM more accessible and more relevant than it has ever been," Eric Huang, Prometheus Group CEO.
Atonix Digital was advised by Software Equity Group. Prometheus was advised by Simpson Thacher & Bartlett (led by Michael Kaplan) and Chris Tofalli Public Relations (led by Chris Tofalli).
Providence Strategic Growth, a private equity firm, completed a $65m investment in Adeptia, a software services provider.
"We believe Adeptia sits near the epicenter of the massive shift underway in the B2B integration space. In our view, the Adeptia team has built an incredible business, and now with Vance at the helm, we believe the company is uniquely positioned to own the intersection of AI, self-service and B2B data integration. We are looking forward to partnering with Vance and the team in this new chapter," Bill Skarinka, PSG Managing Director.
Adeptia was advised by Raymond James (led by Bob Flanagan). PSG was advised by Prosek Partners.
Accel-KKR, a private equity firm, completed an investment in Riverside-backed Loftware, a technology company. Financial terms were not disclosed.
"Riverside Partners has been an invaluable advisor and supporter as we pursued growth in the past several years, and we are delighted that they will remain a significant investor in our business. We are equally excited to welcome Accel-KKR to Loftware. Now backed by not just one but two leading technology investors, we are poised to do even more for our customers, partners, and employees as we accelerate our global growth plans," Robert O'Connor, Loftware President and CEO.
Loftware was advised by DC Advisory and Robert W Baird.
The Kent Companies, a diversified business conglomerate, agreed to acquire Tom Thumb Food Stores, a convenience store operator. Financial terms were not disclosed.
"Tom Thumb Food Stores have a long history serving the Florida market, with a strong reputation of taking care of their employees and dedication to their customers. We are honored to continue their legacy of serving this market and giving back to the community," Bill Kent, Kent Companies Owner and Chairman.
Tom Thumb is advised by JP Morgan.
Stefanini Group, a private Brazilian multinational, service and software provider, completed the acquisition of Safeway Consultancy, an information security company. Financial terms were not disclosed.
"Our cybersecurity offer is strategic, and we have an aggressive investment plan for the coming years. Safeway has a solid reputation in the market and will contribute to making our cybersecurity services even more comprehensive to serve our clients," Marco Stefanini, Stefanini Founder and CEO.
Sverica Capital Management, a private equity firm, completed an investment in Hirebotics, an automation machinery manufacturer. Financial terms were not disclosed.
"We are pleased to partner with Rob, Matt and Zach to help them develop and execute a growth strategy into an exciting and evolving area of manufacturing. Hirebotics' impressive performance has them literally leading the development of a new market and is a testament to their collective business acumen, corporate culture and customer-focused model," Dave Finley, Sverica Managing Partner.
Warren Buffett ups his stake in Occidental Petroleum. (FS)
Warren Buffett's Berkshire Hathaway has upped its stake in Occidental Petroleum again, according to a filing from the Securities and Exchange Commission.
The move will lift Buffett's equity to around 23.5%, up from 22.6%, while bringing his overall investment to more than $13bn. In August 2022, the Oracle of Omaha received approval from the Federal Energy Regulatory Commission to acquire up to 50% of the Texas-based oil producer, Fox Business reported.
ICU Medical to compete against GE Healthcare for Medtronic units. (FS)
ICU Medical has teamed up with a private equity firm to challenge GE Healthcare Technologies in its pursuit of two medical technology businesses that Medtronic is seeking to sell for between $8bn and $9bn, Reuters reported.
ICU Medical, a US medical device maker, has submitted an offer for the assets in partnership with buyout firm Linden Capital Partners and is through to the second round of bidding in the auction process.
GE Healthcare and private equity firms Carlyle Group and Clayton Dubilier & Rice, which have been pursuing rival offers separately, are also through to the second round. Carlyle is bidding through its newly formed healthcare investment platform Atmas Health.
Cardinal Health weighs carve-out of nuclear medicine unit.
Cardinal Health is exploring a potential sale of its nuclear medicine business as part of a larger review of its strategy and operations, Bloomberg reported.
The Dublin, Ohio-based drug distributor is working with advisers to scope out interest in the unit. Several private equity firms are mulling offers and the business could fetch a value of more than $1bn in a sale.
Amazon reportedly considering purchase of AMC Entertainment.
Amazon is reportedly weighing the purchase of AMC Entertainment and its nationwide chain of movie theaters as a means of promoting Amazon's content and other services.
The Intersect reported that Amazon founder Jeff Bezos has tasked his team of investment advisers and entertainment chiefs with exploring plans to acquire AMC and its chain of nearly 600 movie theaters in North America, Europe and the Middle East, Fox Business reported.
Citigroup poaches two Credit Suisse consumer bankers in Europe. (People)
Citigroup has hired two senior consumer dealmakers from Credit Suisse Group to beef up its European investment banking ranks, Bloomberg reported.
The US firm appointed Maarten Swart as co-head of consumer and retail in Europe, the Middle East and Africa for its banking, capital markets and advisory group. He will also serve as head of investment banking for the Benelux region.
Citigroup hired Credit Suisse managing director Sophie van Kleef to work on food and beverage deals for the consumer team. Swart and van Kleef will both be based in the Netherlands. Swart has spent his entire 17-year career at Credit Suisse, while van Kleef has been with the Swiss bank for all of her 13 years in the industry.
EMEA
Worldline, a provider of information technology services, completed the acquisition of the merchant acquiring activities of Banco Desio, a bank providing cash management, leasing and factoring, asset management, internet banking, mobile banking, and foreign trade services, for €100m ($108m).
"This transaction offers attractive development opportunities for Worldline in the coming years, leveraging a strong banking network as a key commercial channel in order to distribute Worldline's full suite of end-to-end payment solutions to merchants. With this transaction, Worldline keeps on playing the leading role in the consolidation of the European payments industry, with a focus on value-creating consolidation opportunities, enhancing Worldline scale, reach and significant presence in a growing number of countries," Gilles Grapinet, Worldline CEO.
Worldline was advised by Cleary Gottlieb Steen & Hamilton. Banco Desio was advised by Vitale & Co.
NSM Insurance, a specialty insurance provider, agreed to acquire Acquis, a provider of specialist insurance programs for leased equipment. Financial terms were not disclosed.
"This investment from NSM Insurance Group marks a significant opportunity for Acquis to meet the increased demand we are witnessing for our products, and to continue to develop our market-leading insurance solutions for the asset finance market. NSM is a perfect fit for Acquis, they understand our market and are as ambitious about our growth potential as we are. This deal will enable the continued development of our people, processes and systems and will allow us to galvanize our growth plans. NSM's confidence in Acquis is testament to the hard work and dedication of our team in building the company we are today," Nick Leader, Acquis CEO.
SES, Intelsat near deal to form $10bn satellite giant.
SES, a multi-orbit constellation operator, is in talks to combine with rival Intelsat to create a satellite giant that can better compete with billionaire Elon Musk, Bloomberg reported.
Luxembourg-based SES said it's "engaged in discussions regarding a possible combination with Intelsat". SES said its board remains "fully committed" to acting in the best interest of SES shareholders, and there's no certainty a transaction will materialize.
Lufthansa CEO says final talks with ITA Airways focused on price.
Lufthansa's final negotiations for the takeover of ITA Airways are focused on price given ongoing losses, Lufthansa CEO Carsten Spohr told journalists ahead of a meeting later with the Italian government to push forward talks, Reuters reported.
State-owned ITA, which took to the air in 2021 as the successor to loss-making Alitalia, posted a 2022 loss of around $526m due to lingering effects of the pandemic and rising fuel costs, despite strong revenues of $1.7bn.
Kuwait wealth fund sells €1.4bn of Mercedes shares. (FS)
The Kuwait Investment Authority sold shares worth about €1.4bn ($1.5bn) in Mercedes-Benz Group roughly a quarter of its stake after the carmaker's stock almost quadrupled over the last three years, Bloomberg reported.
The KIA will own around 53m shares after the share placement of about 20m shares, which is part of an effort to diversify its portfolio.
L Catterton, OTPP sell 6% stake in Italian cosmetics firm Intercos. (FS)
Private equity fund L Catterton and the Ontario Teachers' Pension Plan said they had completed the sale of an around 5.7% stake in Italian cosmetics manufacturer Intercos.
The price was at €13.25 ($14.36) per share. The price represents a 6.8% discount to closing value of €14.15 ($15.32), DealStreetAsia reported. The sale took place through an accelerated bookbuilding procedure managed by Jefferies and UBS, while Rothschild & Co acted as financial adviser to the sellers.
Ride-hailer Careem in advanced talks with UAE's e& for Super App investment.
Uber Technologies Middle East subsidiary Careem is in advanced talks with Emirates Telecommunications Group Company to invest in its expansion into services beyond ride-hailing, Reuters reported.
Careem began seeking outside investors last year to help finance its Super App, which offers services outside its core ride-hailing business such as food delivery, bike rentals, digital payments and courier services.
Airbus ends talks for stake in Atos Big Data spinoff Evidian.
Airbus said that it will no longer pursue a minority holding in Atos's Evidian, ending a bid to buy a stake in the spinoff of its cybersecurity, cloud and supercomputing businesses, Bloomberg reported.
According to Airbus, acquiring a 29.9% stake in Evidian "does not meet the company's objectives in the current context and under the current structure. The companies will continue to discuss other potential options.
OCI plans strategic review as activist Ubben urges shake up. (FS)
OCI said it will conduct a strategic review after one of its largest shareholders, activist investor Jeff Ubben, urged it to consider asset sales to unlock value.
The Dutch chemical producer will "examine all potential suggestions" put forward by Ubben, Chief Executive Officer Ahmed El-Hoshy said in a phone interview. Ubben, whose firm Inclusive Capital Partners owns 5% of OCI, said the company is worth about 90% more than its current stock price, Bloomberg reported.
EQT delays $3.3bn Galderma IPO. (FS)
Credit Suisse's role in a $3.3bn initial public offering of private equity-backed skincare group Galderma is under review following the bank's rescue takeover, Bloomberg reported.
EQT, the Swedish investment firm that owns Galderma, is considering whether to keep Credit Suisse in a lead position on the deal after a government-orchestrated takeover by UBS.
First Mills to seek $1bn value in IPO.
Saudi Arabia's First Mills is planning an initial public offering on the local stock exchange that could value the company at as much as $1bn, Bloomberg reported.
The firm has appointed SNB Capital, the investment banking arm of the kingdom's largest lender, as financial adviser on the deal.
UBS Veteran Ermotti returns to lead Credit Suisse takeover. (People)
UBS Group is bringing back Sergio Ermotti as chief executive officer to oversee the historic acquisition of Credit Suisse Group, tapping a Swiss insider with extensive restructuring experience to replace Ralph Hamers after just over two years.
Ermotti, chairman of Swiss Re, will retake the role he held for nine years after the annual general meeting next week, the bank said. Hamers will stay on at the bank for a transition period, having helped broker the $3.3bn deal that saw UBS buy its local rival this month amid a collapse in confidence and client outflows, Bloomberg reported.
APAC
InVivo, an agricultural group, offered to acquire United Malt, a maltster, for $998m.
"Today's announcement is completely in line with the strategic approach we designed for Malteries Soufflet in 2021 with our strategic partners, KKR, Bpifrance and Crédit Agricole Group. The acquisition of United Malt is a unique opportunity to reinforce our presence in the high-value craft beer market, expand our geographical footprint to new strategic markets, and accelerate our ambitious strategy in the malt sector. A larger global platform would also enable customers to access increased resources and support their own growth ambitions. This acquisition would be a key step in our journey to becoming a global leader in the malt sector," Thierry Blandinières, InVivo CEO.
InVivo is advised by Credit Agricole, Goldman Sachs, Allens, Aramis, Bredin Prat and Vivien & Associes.
D Capital, a private equity firm, agreed to acquire Catalina Marketing Japan from Catalina, a global target marketing service company. Financial terms were not disclosed.
"For Catalina, these actions will allow us to move forward with significantly reduced debt and an infusion of cash to continue advancements in strategic growth areas powered by our AI-enabled data science capabilities, including advanced personalization, measurement as a service, and a portfolio of full funnel marketing solutions that are connected across channels to deliver 1:1 targeted value to consumers whether they are digitally or non-digitally engaged. These are the areas where we plan to grow our business over the next three to five years," Wayne Powers, Catalina President and CEO.
Catalina is advised by FTI Consulting, Houlihan Lokey, Weil Gotshal and Manges, Joele Frank (led by Andrew B. Siegel) and WRP Communications.
Recognize, a technology investment platform, completed a significant strategic investment in 2X, a B2B-focused marketing as a service firm. Financial terms were not disclosed.
"2X is the kind of company we were looking for when we created Recognize. We see hundreds of service companies every year and found a truly differentiated business in 2X. 2X's innovative MaaS model packages the new-age revenue marketer with global delivery economics to allow increased impact at a fraction of current costs," Mike Grady, Recognize Partner.
2X was advised by Canaccord Genuity and Morgan Lewis & Bockius.
Sarvapriya Healthcare Solutions, a holding company, agreed to acquire a 42.36% stake in Dalmia Bharat Refractories, a refractories manufacturer, from Dalmia Bharat Group, a cement group, for $97m.
"In line with its strategy to exit non-core business/investment and pursuant to the approval granted by its Board of Directors in its meeting held on March 25, 2023, Dalmia Cement, a material wholly owned subsidiary of the Company, has entered into a binding agreement to sell its entire investment of 18m equity Shares of $0.12 each (42.36% of share capital) of Dalmia Bharat Refractories, an associate company, at a consideration of $97m to Sarvapriya Healthcare Solutions, a promoter group Company." Dalmia Bharat.
Sarvapriya is advised by AZB & Partners (led by Zia Mody).
A consortium led by Lifelong Group, a machinery and equipments manufacturing company, completed the acquisition of GoMechanic, a network of 1000+ car service centers. Financial terms were not disclosed.
"This transaction will assist in preserving the ecosystem at large and also enable providing continued livelihood to the employees at GoMechanic," Lifelong Group.
ConocoPhillips to acquire an additional 2.49% stake in APLNG for $500m.
ConocoPhillips, a petroleum refiner, has agreed to purchase up to an additional 2.49% shareholding interest in Australia Pacific LNG, a producer of coalbed methane and supplier of gas, for $500m.
"We are pleased to have the opportunity to become upstream operator and increase our ownership in APLNG. Origin pioneered the development of coal seam gas into LNG and has contributed to APLNG's status as a safe and dependable LNG supplier. We look forward to leveraging our global upstream expertise to further enhance APLNG as a world-class integrated LNG operation," Andy O'Brien, ConocoPhillips Senior Vice President of Global Operations.
ConocoPhillips is advised by Morgan Stanley.
3D Investment Partners cuts Toshiba stake to 4.9%. (FS)
Major Toshiba shareholder 3D Investment Partners scaled back its stake the day before the Japanese conglomerate announced it had accepted a higher-priced takeover bid, DealStreetAsia reported.
Singapore-based fund 3D Investment Partners cut its stake in Toshiba to 4.90% from 7.20% in an off-market transaction.
Sime Darby says no decision yet to sell Ramsay healthcare JV.
Malaysian conglomerate Sime Darby said it has not yet decided to divest its Asia-focused healthcare joint venture with Australia's largest private hospital operator Ramsay Health Care, DealStreetAsia reported.
The two parties were planning to revive the sale of the venture Ramsay Sime Darby Health Care, in a deal that could value the business at about $1.36bn.
BetterPlace finalising deal to buy Malaysian recruitment firm Troopers.
Indian frontline workforce management platform BetterPlace is in final talks to acquire Malaysian staffing and recruitment services firm Troopers, DealStreetAsia reported.
The company is expected to make a formal announcement about the acquisition in a week.
Vietnam's Vincom Retail in stake sale talks with strategic investors.
Vietnam's largest conglomerate, Vingroup, is in discussions to sell a stake in its shopping mall arm as it seeks to bring in strategic investors, Reuters reported.
Vincom Retail, Vietnam's biggest shopping mall operator, which is nearly 60% controlled by Vingroup, commands a market value of $2.8bn.
Alibaba's breakup lifts hopes China's regulatory winter is thawing.
Alibaba Group's plans for a major revamp have been taken as a signal that Beijing's regulatory crackdown on corporates is ending, propelling its shares higher and boosting investor confidence in prospects for Chinese tech firms.
The Jack Ma-founded conglomerate said it was planning to split into six units and explore fundraisings or listings for most of them, marking the biggest restructuring in its 24-year history, Reuters reported.
|
