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AMERICAS
Diamondback Energy, an independent oil and natural gas company headquartered in Midland, Texas, agreed to acquire Endeavor Energy Resources, a privately-held exploration and production company, for $26bn.
"This is a combination of two strong, established companies merging to create a 'must own' North American independent oil company. The combined company's inventory will have industry-leading depth and quality that will be converted into cash flow with the industry's lowest cost structure, creating a differentiated value proposition for our stockholders," Travis Stice, Diamondback Chairman and CEO.
AbbVie, a pharmaceutical company, completed the acquisition of ImmunoGen, a biotechnology company focused on the development of antibody-drug conjugate therapeutics for the treatment of cancer, for $10.1bn.
"The acquisition of ImmunoGen demonstrates our commitment to deliver on our long-term growth strategy and enables AbbVie to further diversify our oncology pipeline across solid tumors and hematologic malignancies. Together, AbbVie and ImmunoGen have the potential to transform the standard of care for people living with cancer," Richard A. Gonzalez, AbbVie Chairman and CEO.
Sixth Street Partners is leading a group of private credit lenders providing $2bn of debt for the buyout of software developer Alteryx by Clearlake Capital and Insight Partners, Bloomberg reported.
Blackstone, Blue Owl Capital and Apollo Global Management are also part of the group, which includes around 20 lenders.
Alteryx is advised by Qatalyst Partners (led by George Boutros and Jeff Chang), Fenwick & West (led by Michael Pilo, Michael Brown, Ran Ben-Tzur, David Michaels, Elizabeth Gartland and Jonathan Millard), Wilson Sonsini Goodrich & Rosati and Joele Frank (led by Barrett Golden and Eric Brielmann). Insight Partners is advised by Willkie Farr & Gallagher (led by Erin Kinney and Matthew Guercio). Clearlake Capital is advised by Goldman Sachs (led by Ryan Limaye), Houlihan Lokey, JP Morgan, Morgan Stanley, Sidley Austin and Lambert & Co (led by Jennifer Hurson).
Gilead Sciences, a biopharmaceutical company, agreed to acquire CymaBay Therapeutics, a clinical-stage biopharmaceutical company focused on improving the lives of people with liver and other chronic diseases, for $4.3bn.
"We are looking forward to advancing seladelpar by leveraging Gilead's long-standing expertise in treating and curing liver diseases. Building on the strong research and development work by the CymaBay team to date, we have the potential to address a significant unmet need for people living with PBC and expand on our existing broad range of transformational therapies," Daniel O'Day, Gilead Sciences Chairman and CEO.
CymaBay Therapeutics is advised by Centerview Partners, Lazard and LifeSci Public Relations (led by PJ Kelleher). Gilead Sciences is advised by Bank of America and Guggenheim Partners.
TA Associates, a global private equity firm, completed the acquisition of a majority stake in PMA Financial Network, a premier full-service provider of comprehensive financial and advisory services to municipalities, school districts and other local government entities, from Estancia Capital Partners, a private equity firm. Financial terms were not disclosed.
"We are excited to enter our next phase of growth with TA as our partner. Estancia has been a great partner for PMA, and my colleagues and I are proud to have led the business through a very successful majority exit for Estancia, its co-investors, and PMA's employee equity owners. We expect to continue our accelerated growth path under TA's ownership," James O. Davis, PMA CEO.
PMA Financial Network was advised by Jefferies & Company and Kirkland & Ellis. TA Associates was advised by Debevoise & Plimpton.
CRH, a provider of building materials solutions, completed the acquisition of cement and readymixed assets from Martin Marietta, a supplier of aggregates and heavy building materials, for $2.1bn.
"The acquisition of these high-quality assets further strengthens our market-leading position in Texas and increases our exposure to attractive, high-growth markets. Our ability to leverage our cement expertise and technical capabilities will enable us to enhance and optimize our existing footprint in Texas, resulting in significant synergies and self-supply opportunities. This transaction reflects our disciplined approach to capital allocation as well as our commitment to deliver further growth and value creation for our shareholders. We also believe there is significant potential to unlock additional growth opportunities across an expanded footprint in this attractive growth market," Albert Manifold, CRH Chief Executive.
Martin Marietta Materials, a building material company, agreed to acquire 20 active aggregates operations of Blue Water Advisors-backed Blue Water Industries, an aggregate & asphalt producer, for $2.05bn.
"We are pleased to partner with Martin Marietta, an industry leader with strong values and a distinguished safety record. I would like to thank our company's dedicated employees, along with our partners at Blue Water Advisors for their investment and meaningful support over the years," Ted Baker, Blue Water Industries CEO.
Blue Water is advised by The Greystone Group and Wachtell Lipton Rosen & Katz (led by John L. Robinson).
AtlasClear, a cutting-edge technology enabled financial services firm, went public via merger with Quantum FinTech Acquisition, a publicly traded special purpose acquisition company. Financial terms were not disclosed.
"We expect that going public will provide us with a source of capital to grow AtlasClear and advance our strategic priorities, while acquiring and integrating WDCO and CB will add the requisite regulatory structures. Together, we believe this business combination will advance our vision to create a FinTech forward alternative for market participants," Craig Ridenhour, Atlas FinTech Holdings CBDO.
AtlasClear was advised by ICR. Quantum FinTech was advised by Winston & Strawn (led by Jason D. Osborn).
Mill Rock Capital-backed Tandym, a consulting, recruitment, and workforce solutions company, completed the acquisition of Kolter Solutions, a technology staffing company. Financial terms were not disclosed.
"We are thrilled to be part of the growing Tandym family. As we continue to provide personalized concierge service to our consultants, we can now offer new opportunities and resources across the entire country, leveraging Tandym's expansive platform. Tandym's leadership shares the same principles, values, and philosophy that are the cornerstones of who we are," Roger Whiteman, Kolter Solutions President.
Endeavour Capital and Greenbelt Capital, private equity firms, completed the investment in CTC Global, a company that specializes in engineering and manufacturing of advanced conductor cores for high-voltage transmission cables. Financial terms were not disclosed.
“Partnering with Endeavour and Greenbelt will enable CTC’s team to do more of what it loves to do – helping utilities around the world improve the efficiency, capacity, reliability, and resiliency of their increasingly strained electric power grids. This partnership will allow CTC to accelerate the adoption of advanced conductors globally and to introduce critical new technologies for a more sustainable energy future,” J.D. Sitton, CTC CEO.
Greenbelt Capital was advised by Prosek Partners.
ContextLogic nears $173m sale of Wish to Qoo10.
The parent of discount online retailer Wish is in advanced talks to sell its assets and liabilities for $173m to Singaporean e-commerce company Qoo10, Bloomberg reported.
ContextLogic could announce a sale of assets including Wish as soon as this week to Qoo10 for $6.50 per share in cash.
US judge orders Elon Musk to testify in SEC's Twitter probe.
A federal judge ordered Elon Musk to testify again in the US Securities and Exchange Commission's probe of his $44bn takeover of Twitter, giving the regulator and the billionaire a week to agree on a date and location for the interview, Reuters reported.
US Magistrate Judge Laurel Beeler's order, issued on Saturday night, formalized a tentative ruling she made in December.
Tritax Big Box REIT, a real estate investment trust, is set to acquire UK Commercial Property REIT, a large British investment trust dedicated to investments in UK commercial properties, for £924m ($1.2bn).
The Boards of BBOX and UKCM believe that the offer has compelling strategic and financial rationale, building on BBOX's existing strategy.
Vitol, a Swiss-based Dutch multinational energy and commodity trading company, agreed to acquire a 35% stake in Saras, an Italian energy multinational corporation with operations in petroleum refining, marketing, transportation and power generation, for €595m ($642m).
The deal emphasizes strategic growth, with Vitol planning a takeover bid for remaining Saras shares, highlighting the refinery's importance in Europe's energy sector.
The Moratti family is advised by Bank of America, Four Partners and Linklaters. Vitol is advised by JP Morgan, Chiomenti and Weil Gotshal and Manges.
L Catterton, a US-headquartered private equity firm, offered to acquire a 36% stake in Tod's, a luxury fashion house, for €504m ($543m).
"At this time exiting the stock market, with which we have always had excellent relations, we believe it is the most strategically appropriate choice. Sharing this path with L Catterton, the world's leading private equity firm in the consumer goods sector, will give us the opportunity to develop further,” Diego Della Valle, Tod's CEO.
L Catterton is advised by JP Morgan and BonelliErede. Tod's is advised by Bank of America and PedersoliGattai.
A consortium of Denis Ladegaillerie, EQT Patners and TCV offered to acquire Believe, a global digital music company, for $1.64bn.
“Believe’s track record in developing labels and artists worldwide is exceptional. With the music market growth and digitalisation, Believe has significant potential to continue thriving, through organic expansion and strategic acquisitions. We are excited to invest alongside TCV and Denis to back that next phase of development. We are fully aligned with Believe’s core values of fairness, respect and transparency and are committed to support their talented team for future success,” Nicolas Brugère, EQT Partner.
Trading Technologies, a global capital markets technology platform provider, agreed to acquire ATEO, a provider of post-trade solutions for listed derivatives. Financial terms were not disclosed.
"We've enjoyed an outstanding working relationship with the ATEO team since we embarked on our partnership in 2022, and we came to the conclusion that we can create an even stronger value proposition and end-to-end offering by bringing the entire firm and all software modules into the TT family of offerings. ATEO has both highly respected technology and established trusted relationships with a wide range of leading banks, brokerage firms, trading houses and professional traders. The total addressable market for middle-office clearing solutions is at least $100m, with plenty of room for growth in market share," Keith Todd, TT CEO.
Macquarie close to dialling up £1.2bn TalkTalk wholesale deal. (FS)
Macquarie, the Australian banking giant, is closing in on a deal to buy a big stake in the wholesale arm of TalkTalk Telecom, one of Britain's biggest consumer broadband providers, Sky News reported.
Macquarie could sign an exclusivity agreement as soon as this week that would pave the way for a transaction with the company founded by Sir Charles Dunstone.
Dutch insurer Achmea weighs $3.2bn sale of life insurance division.
Dutch insurer Achmea is weighing the sale of its life insurance division. Achmea has hired JP Morgan to chart the possibilities for the division, including a sale which bankers estimated could yield around €3bn ($3.2bn), Reuters reported.
Achmea is the Netherlands' largest cooperative insurer, whose customers contributed €21bn (22.7bn) in premiums in 2022.
Advent prepares Evri for £2bn sale. (FS)
Advent International is working with advisers on a possible £2bn ($2.5bn) sale of UK parcel delivery group Evri. The US buyout firm has hired Rothschild & Co to explore options for the company. Advent owns a 75% stake in the company, which paid a £762m ($962m) dividend to its shareholders, Bloomberg reported.
Evri has tripled in size over the past five years off the back of international expansion and a boom in online sales during the pandemic. Since then, it has struggled with the return of high street shopping and as Britons cut down on consumption amid higher inflation.
Glencore to halt New Caledonia nickel plant and sell stake.
Glencore will sell its stake in Koniambo Nickel in New Caledonia and that production at KNS's processing plant will be halted for six months while a new investor is sought for the loss-making business, Reuters reported.
France has been negotiating to save New Caledonia's nickel industry and Paris said last week it had offered KNS state support worth around €200m ($216m).
EQT hires Morgan Stanley to explore sale for Idealista. (FS)
EQT has hired Morgan Stanley to explore a sale of Spanish property website Idealista. Idealista could be valued at around €2.5bn ($2.69bn) including debt in a sale, Reuters reported.
The process is in the early stages and the Swedish private equity owner is expected to progress with an auction in the second half of the year.
Abu Dhabi AI firm to pare back China presence in pivot to US.
Abu Dhabi’s G42 is paring back its presence in China and has pledged to invest in key Western markets in an effort to assuage US concerns over the artificial intelligence firm’s ties to Beijing.
“All of our China investments that were previously made are already divested. Because of that, of course, we have no need anymore for any physical China presence,” Peng Xiao, G42 CEO.
Bahrain's Investcorp plans to list at least one portfolio company in the Gulf in 2024. (FS)
Alternative investment company Investcorp plans to list at least one of its portfolio companies in the Gulf in 2024, a senior executive said, as its Abu Dhabi-listed unit Investcorp Capital reported financial results, DealStreetAsia reported.
Bahrain-based Investcorp, with around $50bn in assets under management and known for taking luxury brands public, listed Investcorp Capital on the Abu Dhabi exchange last year, defying a depressed market for initial public offerings to price at the top end of an upwardly revised range.
UAE launches technology fund for developing nations. (FS)
The United Arab Emirates launched a fund to finance the development of
sophisticated technology in developing nations. The fund was launched with capital of $200m, financed by the Abu Dhabi government, and will be overseen by the Gulf state's Advanced Technology Research Council, DealStreetAsia reported.
ATRC Secretary General Faisal Al Bannai said the fund would open up technologies developed by the Gulf state to governments and organisations in poorer nations, and would finance research projects.
APAC
SSP Group, a British multinational contract foodservice company, agreed to acquire Airport Retail Enterprises, a privately-owned airport F&B operator. Financial terms were not disclosed.
"We are very pleased to have signed an agreement to acquire a high quality and highly complementary business in Australia. The acquisition will increase our portfolio of brands and concepts, give us entry into new prime air locations, enhance our position as a leading airport F&B operator in the country and create significant value for shareholders," Patrick Coveney, SSP Group CEO.
Airport Retail Enterprises is advised by Alvarez & Marsal, KPMG, Greenstone Partners and Corrs Chambers Westgarth. SSP Group is advised by Deloitte, Gilbert + Tobin, Mills Oakley and Powerscourt (led by Rob Greening).
General Catalyst, a private equity firm, led a $102m Series E round in Bugcrowd, a cybersecurity startup, with participation from Rally Ventures and Costanoa Ventures.
“We saw an opportunity to make a strategic investment in the crowdsourced security market, with the goal of fostering collaboration between customers and hackers to collectively tackle real threats and vulnerabilities. In our view, the validation from customers, hackers, industry analysts, and the broader cybersecurity community well positions Bugcrowd to be a category-leading company. We look forward to partnering with Dave and team in setting new standards in crowdsourced security,” Mark Crane, General Catalyst Partner.
Bugcrowd was advised by Lumina Communications.
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