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AMERICAS
Czechoslovak Group, a Czech industrial-technological holding company, completed the acquisition of the Sporting Products business of Vista Outdoor, an American designer, manufacturer, and marketer of outdoor sports and recreation products, for $2.2bn.
Qemetica, a manufacturer of soda ash, silicates and other specialty chemicals, completed the acquisition of the silicas products business of PPG, a paints, coatings, and specialty materials manufacturer, for $310m.
Qemetica was advised by Bain & Co, BNP Paribas, KPMG and Greenberg Traurig (led by Dmitriy A. Tartakovskiy). PPG was advised by Morgan Stanley and Hogan Lovells.
Paine Schwartz, a sustainable food chain investing company, completed the acquisition of Promix, a high-growth brand of high-quality protein mixes. Financial terms were not disclosed.
Fortress, an investment management company, completed the acquisition of Gyptech, a company specializing in design, construction, and commissioning of gypsum wallboard and asphalt-shingle manufacturing equipment and services. Financial terms were not disclosed.
Fortress was advised by Evercore and Moelis & Co.
Avenue Sports, a multinational investment firm, completed the investment in Unrivaled, a professional women's 3-on-3 basketball league. Financial terms were not disclosed.
Avenue Sports was advised by Kekst CNC (led by Todd Fogarty).
Heidelberg Materials, a supplier of cement, aggregates, ready mixed concrete, asphalt, and other building materials, agreed to acquire Giant Cement, a US East Coast cement producer with a focus on using waste-derived fuels, from Fortaleza, Uniland and Trituradora, for $600m.
BlackRock has reached a preliminary agreement to acquire HPS Investment Partners, a private credit firm.
The deal is expected to be valued at approximately $12bn, offering a significant premium over HPS’s $10bn post-IPO valuation. Both parties have agreed on key terms and plan to announce the agreement soon after the US Thanksgiving holiday.
Mexican retailer Elektra to propose going private. (Reuters)
Mexican retailer Grupo Elektra has called a shareholders’ meeting on November 27 to propose taking the company private, signaling a potential exit from Mexico’s main stock exchange.
The retailer, controlled by magnate Ricardo Salinas, has faced intermittent trading suspensions in recent months due to allegations of fraud involving share depositaries. If approved, the move would align Grupo Elektra with a trend of delistings in the region.
Global Payments weighs sale of payroll, Active Network. (Bloomberg)
Global Payments is considering selling its payroll and Active Network divisions after conducting a strategic review earlier this year.
The Atlanta-based payments giant has engaged financial advisers to assist in identifying potential buyers for these assets. However, no final decisions have been made, and the company may choose to retain the units.
Woodside to bring in several partners to Louisiana LNG project by March. (Reuters)
Woodside Energy plans to bring in multiple partners for its Louisiana liquefied natural gas project ahead of its final investment decision, expected in the first quarter of 2025.
The Australia-listed company is looking to sell a 50% stake in the project, which it fully owns following its $1.2bn acquisition of developer Tellurian in October. The US Gulf Coast facility has the potential to convert US shale gas into up to 27.7m tons of LNG annually.
EMEA
Achmea, an insurance and financial services provider, Lifetri, a Dutch insurance group, and Sixth Street, a global investment firm, agreed to form Achmea Pension & Life Insurance, a joint venture focused on pension and life insurance. Financial terms were not disclosed.
Achmea is advised by JP Morgan, PricewaterhouseCoopers and De Brauw Blackstone Westbroek (led by Arne Grimme and Mariska Enzerink). Sixth Street is advised by Milliman, Aperghis & Co, Bank of America, Deloitte, Cleary Gottlieb Steen & Hamilton, NautaDutilh and Stibbe. Lifetri is advised by SPJ Financial & Corporate Communications (led by Kees Jongsma).
Fortress, an investment management company, agreed to acquire Loungers, a group that operates café bars, café restaurants, and roadside dining across the United Kingdom, for £350m ($442m).
Macquarie has put forward a proposal to acquire the waste management firm Renewi for £701m ($887m). This follows over a year after the asset manager's initial attempt to purchase the British company.
Middleby, a manufacturer innovative cooking equipment, completed the acquisition of Gorreri Food Processing Technology, a manufacturer of equipment for the baked goods industry. Financial terms were not disclosed.
Middleby was advised by Skadden Arps Slate Meagher & Flom (led by Shilpi Gupta).
Direct Line shares soar 41% as it rejects Aviva's $4.2bn takeover bid. (Reuters)
Shares in Direct Line surged 41% on November 28 after the company rejected a £3.28bn ($4.15bn) takeover proposal from rival insurer Aviva. Analysts predict a bidding war for the British motor and home insurance provider.
Aviva confirmed it had made a 250-pence-per-share cash and stock offer on November 19, representing a nearly 60% premium to Direct Line's closing price the day before. Direct Line, however, deemed the bid as significantly undervaluing the company.
PE firm Parcom mulls €1bn sale of Group of Butchers. (Bloomberg)
Parcom Capital Management is exploring the sale of Group of Butchers in a deal that could value the meat supplier at approximately €1bn ($1.1bn).
The Dutch private equity firm has enlisted JP Morgan Chase to advise on the potential sale, which may take place as early as next year. Parcom has engaged with other food and meat suppliers across the US, Europe, and Asia to gauge interest.
Apollo-backed ABC Technologies nears £1bn deal for TI Fluid. (Bloomberg)
ABC Technologies is nearing an agreement to acquire British manufacturer TI Fluid Systems for approximately £1bn ($1.3bn).
Backed by Apollo Global Management, ABC and TI Fluid are expected to announce a recommended offer before the UK takeover deadline on November 29.
Alibaba-backed Trendyol is said to consider $1bn fundraise. (Bloomberg)
Turkish e-commerce giant Trendyol is exploring a fundraising round to secure around $1bn to support its growth.
The company is informally gauging interest from prospective investors, with the funding round expected to commence as early as next quarter.
Amundi says 1.3% UniCredit stake held on behalf of clients. (Reuters)
French asset manager Amundi holds a 1.3% stake in UniCredit on behalf of its clients, the company stated in response to a query.
Amundi, UniCredit’s fund management partner since acquiring its Pioneer fund business in 2017, emphasized that the holding aligns with its standard operations. The 2017 acquisition saw Amundi outbid a consortium of Italian investors to secure Pioneer, despite efforts to keep the business under domestic ownership.
M&S and Kingfisher among suitors circling Homebase stores. (Sky News)
Marks & Spencer and Kingfisher, the owner of B&Q, have shown interest in acquiring several Homebase stores after the DIY retailer entered administration this month.
Both M&S and Kingfisher are among the companies considering bids for nearly 50 remaining Homebase locations. Offers are due by November 29.
Nokia gets Deutsche Telekom network deal. (WSJ)
Nokia has signed an agreement with Deutsche Telekom to deploy a new network across Germany.
As part of the deal, the Finnish telecom equipment provider will deliver Open Radio Access Network technology. This innovative approach leverages cloud-based software, allowing telecom operators to build networks using equipment from various suppliers instead of relying on a single vendor.
Orange signs deal with OpenAI to get access to pre-release AI models. (Reuters)
Orange has struck a multi-year partnership with OpenAI in Europe that will give the French telecoms operator access to pre-release AI models, group chief artificial intelligence officer Steve Jarrett said on November 27.
This collaboration allows Orange to influence OpenAI's development roadmap and ensures models are hosted on secure European infrastructure.
Croatian grocery chain Studenac cancels IPO on ‘challenging conditions’. (Bloomberg)
Croatian grocery retailer Studenac Group and its owner have canceled plans for an initial public offering in Warsaw and Zagreb after losing the European Bank for Reconstruction and Development as a key anchor investor.
The company and its private equity owner, Warsaw-based Enterprise Investors, had aimed to raise up to PLN794m ($194m) from the offering, with book-building initially scheduled to close on November 27.
Boxer rises on debut after biggest South Africa IPO since 2017. (Bloomberg)
Boxer Retail saw an 18% gain on its first day of trading, following South Africa’s largest initial public offering since 2017.
Shares rose to ZAR63.69 ($3.5) rand by midday, up from the IPO price of ZAR54 ($2.97) per share.
Sweden’s Nalka is said to pick banks for healthcare unit IPO. (Bloomberg)
Swedish investment firm Nalka Invest AB is working with advisors on a potential listing of its majority-owned medical unit, Asker Healthcare Group.
Carnegie Investment Bank, Nordea Bank, and Citigroup are advising on the IPO, which is expected to take place in Sweden. Final details of the listing have yet to be confirmed, as discussions remain private.
Apse Capital announces closing of €350m continuation fund led by JP Morgan Asset Management.
On November 28, Apse Capital announced the successful closing of a €350m ($368m) continuation fund connected to the acquisition of three existing assets from its Bridge Fund.
The transaction was led by JP Morgan Asset Management and attracted a broad range of secondary and primary investors, including strong support from existing Apse limited partners.
Swiss Bourse CEO departs in surprise move, Sibbern takes helm. (Bloomberg)
Jos Dijsselhof, CEO of the Swiss stock exchange, will step down after seven years at the helm.
He will be succeeded by Bjørn Sibbern, the bourse’s head of international exchanges, effective January 1, 2025. Sibbern, who joined earlier this year, previously managed Nordic and Baltic stock exchanges at Nasdaq.
APAC
A consortium led by Starwood Capital Group and Warburg Pincus is working to finalize a deal to take ESR Group private, valuing the Hong Kong-listed real estate fund manager at over $7bn.
The group, which includes ESR’s founders and a Qatar Investment Authority unit, is offering a premium exceeding 18% over ESR’s average share price of HKD11.06 ($1.4) over the past month. The transaction is expected to close in the coming weeks.
ESR Group is advised by FGS Global. Starwood Capital is advised by Morgan Stanley and H/Advisors Abernathy (led by Tom Johnson).
Hedge funds pile into Japan’s $165bn real estate trade. (Bloomberg)
Hedge funds and private equity firms are increasingly focusing on Japanese companies to unlock approximately JPY25tn ($165bn) in hidden property value.
Undervalued real estate assets have driven major activist campaigns and M&A activity in Japan this year. In one recent example, Elliott Investment Management disclosed a 5.03% stake in Tokyo Gas, valuing the utility's real estate holdings at around JPY1.5tn ($9.8bn) - nearly matching its total market capitalization.
Fortress Investment Group is reportedly considering acquiring an intermediate holding company that owns the Ito-Yokado supermarket chain from Seven & i.
Earlier reports from Kyodo News indicated that trading firm Sumitomo also plans to participate in the first round of bidding for shares in the holding company.
M&A activity in Vietnam sees 46% growth riding on few big-ticket deals. (DealStreetAsia)
Vietnam's mergers and acquisitions market saw a 46% year-on-year increase in activity during the first nine months of 2024, with transaction values reaching $3.2bn.
This robust growth contrasts with a combined 11.3% decline in M&A deal values across neighboring countries, including Thailand, Indonesia, Malaysia, Singapore, and the Philippines.
Mizuho weighs new push to target private equity boom in India. (Bloomberg)
Mizuho Financial Group is exploring opportunities to enter the private equity and venture capital sector in India.
The move would mark a new focus for the lender, targeting collaborations with some of the country's most active dealmakers in the rapidly growing investment landscape.
GCash said to weigh record Philippine IPO of up to $1.5bn. (Bloomberg)
GCash, the largest fintech platform in the Philippines, has invited banks to pitch for an initial public offering in Manila, aiming to raise between $1bn and $1.5bn.
The company plans to list in the second half of 2025. If successful, the IPO could become the largest ever in the Philippines.
Early-stage investor Stellaris Venture Partners closes third fund at $300m. (DealStreetAsia)
Stellaris Venture Partners, an early-stage investment firm and backer of Indian unicorns Mamaearth and Glance, has closed its third fund at $300m.
Founded in 2016, Stellaris specializes in technology-focused investments across diverse sectors, including SaaS, financial services, B2B commerce, consumer brands, social commerce, education, electric vehicles, and healthcare.
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