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AMERICAS
Starton Therapeutics, a clinical-stage biotechnology company, agreed to go public via a SPAC merger with Healthwell Acquisition, a special purpose acquisition company, in a $339m deal.
“We are pleased to combine with Starton, whose innovations not only transform lives, but also drive costs out of the healthcare system. Starton’s experienced leadership team and impressive group of scientific advisors give the Company a competitive edge. We’re confident that Pedro’s track record of sophistication and deep expertise in drug development will help the Company achieve its goals. At Healthwell, we look forward to supporting the Company with an expansive network, operational expertise and public market experience to help accelerate its timeline and ability to deliver value for patients, partners and shareholders,” Alyssa Rapp, Healthwell CEO.
Starton Therapeutics is advised by Kingswood Capital, Dentons and Fox Rothschild. Healthwell Acquisition is advised by Jefferies & Company, Ellenoff Grossman & Schole, Kirkland & Ellis, Peterson McVicar and Edelman.
Sanofi, a French multinational pharmaceutical and healthcare company, completed the acquisition of Provention Bio, a publicly traded biopharmaceutical company focused on intercepting and preventing immune-mediated diseases including type 1 diabetes, for $2.9bn.
"The acquisition of Provention Bio builds on Sanofi's mission to deliver best- and first-in-class medicines and resonates with our purpose of chasing the miracles of science for the benefit of people. By coupling Provention Bio's transformative innovation with Sanofi's expertise, we aim to bring life-changing benefits to people at risk of developing Stage 3 type 1 diabetes. Any additional indications, approvals and pipeline assets only serve to further our excitement. Given our existing partnership and complementary work in the diabetes and immunology spaces, we foresee a seamless integration and execution," Olivier Charmeil, Sanofi Executive Vice President, General Medicines.
Quest Diagnostics, an American clinical laboratory, agreed to acquire Haystack Oncology, an early-stage oncology company, for $300m.
"We are excited by the opportunity to work together with Haystack Oncology, a company that we believe has developed a best-in-class ctDNA MRD technology. Haystack's liquid biopsy technology, combined with Quest's strengths in screening, pathology and sequencing, will now position us to lead in the fast-growing MRD category. Working with Haystack, we have an opportunity to broaden access to MRD insights and potentially improve favorable long-term outcomes from cancer," Jim Davis, Quest Diagnostics Chairman, CEO and President.
Haystack Oncology is advised by Goldman Sachs and Goodwin Procter. Quest Diagnostics is advised by JP Morgan and Weil Gotshal and Manges.
Suncor Energy, an integrated energy company specialized in production of synthetic crude from oil sands, agreed to acquire oil sand assets from TotalEnergies, an energy company that produces and markets oil and biofuels, natural gas and green gases, renewables, and electricity for CAD6.1bn ($4.5bn).
"This transaction represents a major step in securing long-term bitumen supply to our Base Plant upgraders at a competitive supply cost. These are valuable oil sands assets that are a strategic fit for us and add long-term shareholder value. The acquisition also introduces flexibility and optionality into our long-range capital plan, providing us with further discretion in respect of the timing and scope of future oil sands developments," Rich Kruger, Suncor President and CEO.
Suncor is advised by JP Morgan, Blake Cassels & Graydon and Paul Weiss Rifkind Wharton & Garrison. TotalEnergies is advised by Citigroup.
Audax-backed FDH Aero, a supply chain solutions provider, completed the acquisition of BJG Electronics Group, an electronic components manufacturer. Financial terms were not disclosed.
"The combination of FDH Aero and BJG enhances our capabilities in aerospace and defense electronics and advances our vision of being the most trusted supply chain partner to our customers and our suppliers. With BJG, FDH Aero can provide an expanded product offering that improves supply chain efficiencies in a market that understands the strategic importance of supply availability and on-time performance," Scott Tucker, FDH Aero CEO.
FDH Aero was advised by Crowell & Moring, Holland & Knight and Kirkland & Ellis. BJG Electronics Group was advised by Houlihan Lokey.
Ducommun, a provider of manufacturing products and solutions to customers in the aerospace, defense and industrial markets, completed the acquisition of BLR Aerospace, a provider of performance-enhancing products for helicopters and airplanes. Financial terms were not disclosed.
"I am delighted to welcome the team at BLR Aerospace to Ducommun as we continue to add proprietary engineered products to our portfolio. This is a first step in our commitment made during Ducommun's Investor Day last December to increase the amount of engineered products and aftermarket in our revenues. BLR is an absolute industry leader in providing engineered products and aftermarket services to rotorcraft, fixed-wing business aviation OEM customers and fleet operators worldwide and their team will only strengthen our position," Stephen G. Oswald, Ducommun Chairman, President and CEO.
BLR Aerospace was advised by Houlihan Lokey. Ducommun was advised by B. Riley Securities and Winston & Strawn (led by Eva Davis).
General Atlantic, a global growth equity firm, agreed to invest in Tripleseat, an event management software and integrated payments solution for the hospitality industry. Financial terms were not disclosed.
"We are thrilled to welcome General Atlantic as our partner and look forward to drawing upon their expertise as we work towards thoughtfully scaling our business, which sits at the intersection of software and payments. We are also grateful for Vista, Level, and EHI's continued support. Over the past several years, we have remained intently focused on building Tripleseat to cater to the unique needs of our customers and deliver long-term value. Looking ahead to our next phase of growth, we are energized to continue innovating and transforming the way the hospitality industry approaches event management," Jonathan Morse, Tripleseat CEO.
eVisit, a virtual care platform, completed the acquisition of Bluestream Health, a telemedicine solutions provider. Financial terms were not disclosed.
"We are honored to welcome Bluestream Health's customers and talented team to eVisit. eVisit and Bluestream share a common ethos of empowering complex healthcare delivery organizations in their journey to transform care with a digital-first approach. We believe that such organizations require a dedicated operating platform to combine historically-disparate capabilities. Bluestream accelerates the execution of eVisit's strategic value to the organizations we serve," Sachin Agrawal, eVisit CEO.
Fortress-backed SPB Hospitality, a full-service dining restaurants operator, completed the merger with Krystal Restaurants, a fast food restaurant chain. Financial terms were not disclosed.
“We continue to have enormous confidence in SPB Hospitality and the work the team is doing to build the most successful restaurant group in the industry. Krystal’s time-honored brand, and dynamic team, are significant additions to the SPB portfolio and a major step forward in achieving SPB’s vision,” Morgan McClure, SPB Hospitality President.
Curium, HIG compete for $2bn Cardinal Health unit. (FS)
Curium Pharma, a French maker of medical imaging supplies, and buyout firm HIG Capital are among suitors shortlisted in the bidding for Cardinal Health’s nuclear medicine business.
Cardinal has invited the remaining bidders to submit final offers by mid-May. A deal could value the business at about $2bn or more, Bloomberg reported.
VC Greycroft raises over $1bn across two funds. (FS)
Greycroft, a seed-to-growth venture capital firm, has raised more than $1bn of capital commitments across two new flagship funds – Greycroft Partners VII and Greycroft Growth IV – which will look to invest in early and growth-stage enterprise and consumer businesses.
The capital commitments, which bring the total raised by the company since inception to $3bn since the company’s inception, represent a significant increase from the firm's previous venture and growth funds. This demonstrates continued support from LPs for its model of investing in startups across the entire venture lifecycle from seed to exit.
Carlyle adds independent director to board. (FS, People)
Global private investment firm Carlyle Group has appointed Sharda Cherwoo, a retired Ernst & Young senior partner, as an independent director of its Board of Directors and a member of the Audit Committee of the Board, effective 1 June, 2023.
With Cherwoo's appointment, Carlyle’s Board of Directors will now comprise 13 members. Cherwoo spent her entire, nearly 40-year career at Ernst & Young, with a specialised industry focus on private equity, financial services, health care, and emerging disruptive technologies, across diverse industries. Most recently, she served as EY’s Americas intelligent automation leader and partner, a role in which she spearheaded and founded the company’s intelligent automation strategy focused on robotic process automation and AI, leading to talent development and transformation.
EMEA
Deutsche Börse, a German multinational offering marketplace organizing for the trading of shares and other securities, agreed to acquire Simcorp, a Danish company providing software and services to financial institutions, for $4.3bn.
The combination of SimCorp's highly complementary business offering with Deutsche Börse's Data & Analytics businesses will create a full-scope front-to-back investment management solutions platform. This will allow Deutsche Börse to take even better advantage of secular industry trends and to further diversify its business mix with a growing share of recurring revenues.
Norlys, a telecommunication firm that produces renewable energy and offers electricity, television and internet services, agreed to acquire operations and network assets in Denmark from Telia, a Swedish multinational telecommunications company, for DKK6.25bn ($925m).
"Combining Telia's mobile network with our fiber business will enable Norlys to provide a full-service solution in Denmark, paving the way for significant growth opportunities. A strong mobile arm will expand our position as the number one challenger in the Danish market and add to our presence across both the digital and green value chains. Once this transaction closes, I very much look forward to welcoming our new, talented employees in Denmark. I have been impressed by the significant improvements in the business over the past 18 months, and I am convinced that our new colleagues will contribute to the Norlys group with a strong customer-centric and digital mindset," Niels Duedahl, Norlys CEO.
RS Group, a global omnichannel provider of product and service solutions for designers, builders and maintainers of industrial equipment, agreed to acquire Distrelec, an online & catalog distributor for electronics, automation, measurement technology as well as for IT and accessories, for €365m ($402m).
"Strategic acquisitions that are value creative is part of our strategy, and I'm pleased with what I've seen of our disciplined identification, assessment, valuation and integration processes. These have helped to drive good progress at Risoul since we acquired it in January 2023. Distrelec is a complementary business to RS with excellent value-creation potential under our ownership. It materially strengthens our presence in key European markets, there is a strong cultural and operational fit and there are significant potential soft and hard synergies from the combination. We look forward to welcoming Distrelec to RS and to realizing the significant potential growth and value creation opportunities it creates for all our stakeholders," Simon Pryce, RS Group CEO.
Advent seeks new Rubix investor to fund Eriks takeover. (FS)
Advent International is exploring a stake sale in Rubix Group, a European provider of maintenance and repair services for industrial companies, to help fund a takeover of smaller Dutch rival Eriks.
Advent is seeking a private equity firm to help buy and co-own a merged Rubix-Eriks entity. SHV Holdings, a family-owned investment firm in the Netherlands, is currently preparing a sale of Eriks, Bloomberg reported.
Xavier Niel's group discloses a stake in GAM. (FS)
A group of investors, including French telecoms billionaire Xavier Niel, disclosed a 7.5% stake in Swiss asset manager GAM. The group comprises NewGAMe, controlled by Rock Investment, a subsidiary of Niel's personal holding company NJJ Holding, and Bruellan, a wealth management group. Together, they hold about 12m shares in GAM.
This investment follows GAM's recent attempts to solidify its future, having twice delayed its annual earnings to engage in takeover discussions.
Deutsche Bank seeks to win over Credit Suisse clients.
Some customers who have been doing business with both firms may be seeking to diversify following the merger of the two Swiss banks, creating opportunities in areas including wealth management, corporate banking and investment banking.
Swiss maker of $20k road bikes hires adviser for sale options.
BMC Switzerland, a maker of high-end carbon-fiber road bikes, has hired an adviser ahead of a potential sale, Bloomberg reported.
BMC was owned by Andy Rihs, a Swiss entrepreneur who became a billionaire after turning around his father’s failing hearing aids company. Rihs, who bought BMC in 2000 and largely funded the company.
AstraZeneca hunts for more China deals after signing partnerships.
AstraZeneca is exploring potential deals in China, declaring the market completely open to foreign drugmakers.
Pascal Soriot, AstraZeneca’s chief executive, has just returned from two weeks in the country, where the Anglo-Swedish drugmaker has signed three licensing partnerships in recent months, FT reported.
RoundShield holds first close of latest fund at $750m. (FS)
After launching its fundraising process in December, RoundShield Partners recently held a first close – believed to be around $750m – for its latest fund, Fund V, which will focus on European asset-backed special situations and distressed opportunities.
With the first close achieving a reported re-up rate in the region of 80% and an increased amount of interest from European institutions, RoundShield plans to hold a further close for remaining capacity within the coming months.
Vodafone closes in on appointment of new chief executive. (People)
Vodafone is closing in on the appointment of a new boss after its interim chief executive won support from key institutional investors for her stewardship of the telecoms giant.
The FTSE-100 group's board is leaning towards naming Margherita Della Valle, who was its finance chief between 2018 and the end of last year, as its permanent CEO, SkyNews reported.
APAC
Kirin, a Japanese integrated beverages company, agreed to acquire Blackmores, an Australian health supplements company, for $1.2bn.
"The Kirin Scheme represents an attractive, all-cash transaction. The Blackmores Board believes the agreed Scheme Consideration represents appropriate long-term value for the Company and an attractive outcome for Blackmores shareholders. The Blackmores Board has accordingly unanimously recommended that Blackmores shareholders vote in favour of the Scheme, subject to customary conditions such as independent expert conclusions and no superior proposal," Wendy Stops, Blackmores Chair.
Blackmores is advised by Adara Partners, Barrenjoey Capital Partners, Herbert Smith Freehills and Capital Markets Communications (led by Martin Cole). Kirin is advised by UBS.
Godrej, an Indian multinational conglomerate, agreed to acquire the FMCG business of Raymond Consumer Care, an FMCG manufacturer in Mumbai, for $345m.
"We are excited to welcome the Raymond Consumer Care team and brands to Godrej Consumer Products. This acquisition allows us to complement our business portfolio and growth strategy with under-penetrated categories that offer a long runway of growth. Raymond is a leading player in the deodorants and sexual wellness categories with brands like Park Avenue and KamaSutra. These categories have the potential to deliver double-digit multi-decade growth given the low per capita consumption in India compared to similar emerging markets. Per-capita consumption (USD) of deodorants in India is 0.4x that in Indonesia, 0.05x that in Brazil and 0.04x that in the USA. We look forward to building on this potential by unlocking the significant integration synergies with our business," Sudhir Sitapati, GCPL Managing Director and CEO.
Tradeweb, an international financial services company, agreed to acquire Yieldbroker, an interest rate securities and derivatives broker, for $83m.
"We believe this transaction would leverage both firms’ innovative trading solutions and deep industry experience to create more liquid, transparent and efficient fixed income markets. This acquisition would provide Yieldbroker’s domestic client network, including superannuation funds, with access to Tradeweb’s global multi-asset platform, deep liquidity and advanced technology," Tradeweb.
Brookfield Renewable, an owner and operator of a portfolio of assets that generate electricity from renewable resources, completed the $1bn investment in Avaada Group, a green energy developer.
"We are pleased to be investing in Avaada through the Brookfield Global Transition Fund, which focuses on investments that accelerate the progress to a net-zero carbon economy. This strategic partnership will leverage Brookfield's global track record, access to capital and operational expertise alongside Avaada's strong local footprint, to enable their vision for the energy transition business. Brookfield remains committed to supporting the next generation of clean energy technologies and contributing to India's net-zero aspirations," Nawal Saini, Brookfield Managing Director of Renewable Power & Transition.
Axiata’s fintech arm Boost Holdings weighs funding round.
A fintech unit of Axiata Group, Malaysia’s biggest wireless firm by revenue, is weighing raising $50m to $100m in a new funding round, Bloomberg reported.
Boost is working with a financial adviser on the potential fundraising, which may give the startup a valuation of several hundred million dollars. The funding round would help finance the expansion of Boost’s digital banking operations.
Nomura’s Thawani expects mid-sized companies to drive India M&A.
Nomura expects mergers and acquisitions in India will regain momentum after a slow start this year, as Indian and overseas companies look to join private equity and sovereign wealth funds in buying assets.
“Indian corporates will start becoming buyers of assets rather than sellers,” Amit Thawani, Nomura head of India coverage investment banking.
Japan-Based VC firm GLOBIS Capital closes Fund VII at $543m. (FS)
Japan-based venture capital firm GLOBIS Capital Partners has announced the final close of Fund VII at $543m, DealStreetAsia reported.
With a maximum investment of $75m per company, Fund VII is GCP’s largest fund ever. The fund invests in startups looking to update large industries in Japan that can be expanded globally and aims to create unicorn and decacorn companies that break into new domestic markets.
India's Orios Venture Partners targets $120m corpus for latest fund. (FS)
India’s Orios Venture Partners is targeting a total corpus of $120m for its latest fund, as it looks to ramp up investments in early-stage startups, DealStreetAsia reported.
“The fund has seen over 50% institutional participation. It is expected to close over the next few months and is betting big on sectors such as domestic SaaS, climate and sustainability, financial services, education, and healthcare, among others,” Anup Jain, Orios Venture Partners Managing Partner.
Arm CEO to join SoftBank’s board as landmark IPO approaches. (FS, People)
SoftBank Group has nominated Arm Chief Executive Officer Rene Haas to its board, underscoring the British chip designer’s importance ahead of its highly anticipated initial public offering.
The Japanese company will put Haas up for election at its shareholders’ meeting on June 21, replacing outgoing director and Z Holdings chairperson Kentaro Kawabe. All eight other existing directors will continue to serve, SoftBank said in a statement.
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