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AMERICAS
Kimco Realty, North America's largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and a growing portfolio of mixed-use assets, agreed to acquire RPT Realty, a publicly traded real estate investment trust that owns and operates open-air shopping centers, for $2.3bn.
"This transaction presents another exciting opportunity for our company to deepen our presence in key Coastal and Sun Belt markets, while accelerating our growth at an attractive valuation. Approximately 70% of RPT's portfolio aligns with our key strategic markets. Furthermore, their substantial pipeline of signed, but not yet open leases and 20% or greater mark-to-market leasing spread across the portfolio, will drive higher growth for the combined company. The transaction is immediately accretive to FFO and the addition of these properties further positions Kimco as the country's premier owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets," Conor Flynn, Kimco CEO.
RPT Realty is advised by Lazard, Goodwin Procter and Prosek Partners. Kimco is advised by JP Morgan, Wachtell Lipton Rosen & Katz (led by David Shapiro) and ICR.
One Rock Capital, a private equity firm, completed a $500m investment in BrightView, a commercial landscaping services company.
"One Rock's investment approach is centered on our capacity to deliver a broad range of operational and strategic resources to portfolio companies that are anchored by the expertise of One Rock's team of Operating Partners. We expect that our prior experience providing strategic and hands-on operational improvements to the businesses we've owned in the business and environmental services sectors will be additive to BrightView's and Dale's vision to generate returns for shareholders," Joshua Goldman, One Rock Partner.
BrightView was advised by Houlihan Lokey and Simpson Thacher & Bartlett. One Rock was advised by Mizuho Securities, Latham & Watkins and Prosek Partners.
Rio Tinto, a global mining group, and First Quantum Minerals, a Canadian-based mining and metals company, formed a $105m joint venture to progress the next phase of the La Granja copper project in Peru.
“La Granja is an exciting but complex project that has the potential to be a significant new source of the copper that is needed for the energy transition. We are pleased to enter into this agreement with First Quantum, that will bring our combined development capabilities and deep knowledge of La Granja to progress the Project. This partnership underscores not only La Granja’s potential to be a significant copper producer, but Peru’s position as one of the world’s most important mining investment destinations.” Bold Baatar, Rio Tinto CEO.
Expro, a provider of energy services, agreed to acquire PRT Offshore, an oil field equipment supplier, for $106m.
“Expro is committed to investing in innovation and technology to differentiate our services and solutions offering. This strategic acquisition is exciting for both Expro and PRT Offshore as we strengthen and expand our subsea well access technology offering and continue to deliver value to our customers across the life of their wells." Michael Jardon, Expro Chief Executive Officer.
Expro is advised by RBC Capital Markets and Womble Bond Dickinson.
Guild Mortgage, a growth-oriented mortgage lending company, agreed to acquire First Centennial Mortgage, a privately held residential mortgage lender headquartered in Illinois. Financial terms were not disclosed.
"We continue to effectively execute our strategy to grow and gain market share through acquisitions where there exists a strong cultural match and the potential for value is present for both parties. In today's market, good companies are coming together to do great things where the whole is stronger than the sum of its parts. First Centennial has high-performing local teams with a history of steady growth, and the Guild platform should allow them to accelerate growth and supercharge the good work they are already doing," Terry Schmidt, Guild CEO.
Guild Mortgage is advised by Nuffer Smith Tucker.
360 PSG, a provider of digital marketing and website design services in the Buffalo area, completed the merger with Manzella Marketing, a full-service, strategic and creative agency. Financial terms were not disclosed.
"We couldn't be more excited to join forces with 360 PSG. We share similar beliefs and, like Manzella, 360 values integrity and ethics over profit, all while providing the highest standards in what they deliver. This merger also positions our combined organizations as a one-stop resource to help companies of all sizes improve their brands and grow their business," Jim Manzella, Manzella Marketing Founder.
Skyline Champion, a producer of factory-built housing, agreed to acquire Regional Homes, a manufactured and modular housing company, for $458m.
“We are excited to welcome Regional Homes and its 1.2k employees to the Skyline Champion family.” Mark Yost, Skyline Champion President and Chief Executive Officer.
Eaton invests more than $500m in North American manufacturing.
Intelligent power management company Eaton announced significant investments in its North American manufacturing and operations to support rapidly growing demand for its electrical solutions.
The company is expanding manufacturing and bolstering resilience to increase the supply of its solutions for customers in utility, commercial, healthcare, industrial and residential markets across North America. The majority of these investments will be completed in 2024 and 2025.
EMEA
Swiss Competition Commission examining UBS takeover of Credit Suisse.
Switzerland's Competition Commission is looking into UBS's takeover of Credit Suisse, Reuters reported.
"We confirm that the Swiss Competition Commission is looking at the takeover of CS by UBS and will send FINMA her results probably by the end of September," Competition Commission.
Credit Suisse was advised by Alvarez & Marsal (led by Fernando De La Mora, David Edmonds and Alessandro Farsaci), Centerview Partners (led by Tadhg Flood and Blair Effron), Rothschild & Co (led by Nick Bossart and Jacques Deege), Chiomenti (led by Filippo Modulo), Cleary Gottlieb Steen & Hamilton (led by David Lopez), Cravath Swaine & Moore (led by Ronald E. Creamer Jr.), Homburger (led by Benjamin Leisinger and Daniel Daeniker), Sullivan & Cromwell (led by Ken Li) and Community Group (led by Auro Palomba). UBS is advised by JP Morgan, Morgan Stanley, UBS, Bar & Karrer (led by Rolf Watter), Cyril (led by Nivedita Rao and Cyril Shroff), Davis Polk & Wardwell (led by Evan Rosen and Marc O. Williams), Freshfields Bruckhaus Deringer (led by Michael Raffan and Jennifer Bethlehem), Brunswick Group and Community Group (led by Marco Rubino). Financial advisors were advised by Latham & Watkins (led by Edward Barnett).
Danaher, a global science and technology innovator, agreed to acquire Abcam, a global supplier of protein consumables, for $5.7bn.
"We couldn't be more excited to have Abcam join Danaher. Abcam's long track record of innovation, outstanding product quality and breadth of antibody portfolio positions them as a key partner for the scientific community. We look forward to welcoming Abcam's innovative and talented team to Danaher as we continue to help our customers solve some of the world's biggest healthcare challenges," Rainer M. Blair, Danaher President and CEO.
Abcam is advised by Lazard, Morgan Stanley, Latham & Watkins and FTI Consulting.
PureHealth, a brand of scientific innovation, agreed to acquire Circle Health, a medical and health care services, from Centene, a multi-line healthcare solutions company, for $1.2bn.
"These benefits include the expansion of clinical knowledge and delivery of new medical techniques through enhanced collaboration between medical professionals, as well as the use of cutting-edge technologies and provision of broadened treatment options for patients in the UAE," PureHealth.
Centene is advised by Barclays and Dickson Minto.
3B Scientific, a manufacturer and marketer of medical simulation products and anatomical models for healthcare education, agreed to acquire iNNOGING Medical, a pioneering cloud-based solution for ultrasound scans. Financial terms were not disclosed.
"We're extremely excited to have iNNOGING Medical join our growing 3B Scientific family. Their innovative approach to digitally training ultrasound skills with e Sono is truly impressive. Together, we will work towards revolutionizing the field of sonography training. Our shared goal is to make a profound impact on healthcare education worldwide." Todd A. Murray, 3B Scientific CEO.
Pluralis, an investment company, completed the acquisition of an additional 20% stake in Gremi Media, a Polish media house, from KCI, an investment vehicle of Polish businessman and film producer Grzegorz Hajdarowicz. Financial terms were not disclosed.
The move is the latest in a series of investments in Poland's media market linked to Soros, who is a prominent supporter of liberal political causes.
Sandoz completed the acquisition of antifungal agent Mycamine from Astellas.
Sandoz, a provider of generic and biosimilar medicines, completed the acquisition of worldwide brand rights for systemic antifungal agent Mycamine from Astellas, a Japanese multinational pharmaceutical company.
"This is another sign of our commitment at Sandoz to driving responsible access to critical antimicrobial medicines. We are both investing in our production network and selectively building out our leading portfolio in this field to ensure that we can continue to offer patients around the world the right medicine at the right time," Richard Saynor, Sandoz CEO.
FICO and LigaData partner to help telecommunications firms in Africa, Middle East, Asia add new revenue streams.
Global analytics software provider FICO announced a partnership with LigaData to bring advanced decision management and optimization tools to telecommunications firms in Africa, the Middle East, and Asia. LigaData and FICO will offer hybrid-cloud and SaaS Decision as a Service solutions that communications service providers can use to increase revenues, decrease costs, and expand their digital and mobile financial services offerings.
“Our partnership with FICO will give communications service providers new tools to expand and compete in a data-driven marketplace. In addition, we will be bringing to market new solutions that can help communications service providers serve the large number of unbanked and underbanked communities in Africa, the Middle East, and Asia," Bassel Ojjeh, LigaData CEO.
Isbank to pool units in new holding firm to boost efficiency.
Turkey's biggest listed bank by assets Isbank will spin off its units to a new holding company in a bid to manage them more efficiently, Bloomberg reported.
The latest move will likely provide added value to the bank as its large portfolio "has always been a discount factor" in Isbank's valuation.
A potential IPO of the new entity, divestitures and mergers of the group companies, or potential new investment areas may help unlock the hidden value of the bank's strong participation portfolio and provide easier access to finance the projects.
PIF-backed ADES announces plan for IPO. (FS)
Saudi Arabian oil and gas driller ADES, backed by the kingdom's sovereign wealth fund, announced plans to proceed with an initial public offering on the Saudi Exchange, DealStreetAsia reported.
ADES said the public share-sale comprises of 338m ordinary shares, resulting in a free float of 30% after the sale of a mix of existing and newly issued shares through a capital increase.
APAC
XPENG, a Chinese smart electric vehicle firm, agreed to acquire the EV unit of DiDi, a mobility technology platform, for $744m.
"DiDi has been dedicated to promoting shared, electric, and smart mobility. XPENG has established its leadership position in the Smart EV technologies and intelligent driving technologies. We will continue to deepen our cooperation with XPENG in multiple areas, driving transformation of the transportation and automotive industries," Cheng Wei, DiDi Chairman and CEO.
XPENG is advised by The Piacente Group (led by Jenny Cai).
BYD, a Chinese automaker, agreed to acquire the mobile electronics manufacturing business of Jabil, a manufacturing solutions provider, for $2.2bn.
"This transformational deal would represent the largest transaction in the history of our company, and I am thrilled to be able to work with a reputable company like BYDE to drive this business successfully forward. If completed, the proceeds from this transaction will enable us to enhance our shareholder-centric capital framework, including incremental share buybacks. Additionally, it will provide opportunities for further investment in electric vehicles, renewable energy, healthcare, AI cloud data centers, and other end-markets," Kenny Wilson, Jabil CEO.
Country Garden says $100bn Malaysia project on track.
Embattled Chinese developer Country Garden said its $100bn project in Malaysia was proceeding as planned and it had sufficient assets, despite concerns about its financial strength amid debt woes, Reuters reported.
The comment by China's largest private developer came after it missed two dollar coupon payments this month totaling $22m, fuelling fears that the country's property debt crisis could hamper a broader economic recovery and spill overseas.
Augustus Global plans to build hydrogen plant in Indonesia. (FS)
Germany's Augustus Global Investment plans to invest $500m in Indonesia's Aceh province to build a green hydrogen plant next year, Reuters reported.
The planned facility would have an annual output capacity of 35k metric tons green hydrogen, hydrogen produced using renewable energy, according to CEO Fadi Krikor.
The company signed an initial deal with Indonesian state-owned fertiliser company PT Pupuk Indonesia and PT Pupuk Iskandar Muda and state utility company PT Perusahaan Listrik Negara for power supply and contruction site for the planned investment.
Sinopec said it is not interested in Shell's Singapore refinery.
China's Sinopec is not interested in acquiring Shell's refinery or petrochemical plant in Singapore, DealStreetAsia reported.
The remark came after sources last week mentioned that Sinopec was among the companies that were approached by Goldman Sachs to review Shell's assets in Singapore.
Noco-noco to debut on Nasdaq.
Japan's advanced electric battery technology company noco-noco is set to start trading on the Nasdaq on August 28, helping move its sustainability efforts one step closer to mainstream use, Bloomberg reported.
The company, a subsidiary of Tokyo-based 3Dom Alliance, is making its debut under the symbol NCNC after merging with the blank-check company Prime Number Acquisition I. It plans to enter the domestic leasing business with electric vehicles that use its battery separator technology to help improve longevity and heat resistance.
Thailand's Siam Cement puts chemical unit's IPO on hold.
Thailand's largest industrial conglomerate Siam Cement decided not to proceed with the domestic initial public offering of its unit SCG Chemicals due to unfavorable market conditions, Reuters reported.
The company, which counts King Maha Vajiralongkorn as its largest shareholder, attributed the decision to "the readiness of both Thai and foreign capital market investors to take on a sizeable IPO of a Thai company at this time as well as external circumstances such as the economic situation and energy crisis."
Citigroup banker Gidney announces retirement. (People)
Citigroup's vice chairman of banking, capital markets & advisory for Australia, Jon Gidney, is leaving the firm as he plans to retire after nearly three decades in the finance industry, Bloomberg reported.
The banker, who was previously head of M&A at JP Morgan Chase in Australia and vice chair of Greenhill Australia, announced his plans in a post on LinkedIn.
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