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AMERICAS
Blue Wolf, a private equity firm, and Stonepeak, an investment firm, completed the acquisition of LOGISTEC, a container cargo handling company, for $897m.
“LOGISTEC has a well-earned reputation for operational excellence providing marine and environmental services across critical infrastructure and industrial markets. We are excited to support LOGISTEC’s exceptional team providing safe, sustainable and creative solutions for their customers and invest in the company’s next phase of growth,” Bennet Grill, Partner at Blue Wolf.
Energy Capital Partners, a private equity firm, agreed to acquire Triple Oak Power, a green energy supplier, from EnCap Investments, a private equity firm. Financial terms were not disclosed.
"ECP is excited to work with Triple Oak Power to execute our shared mission of delivering cost-effective, clean energy to consumers. Triple Oak’s talented team shares our passion for developing integrated, diverse, and sustainable electricity infrastructure and has leveraged its senior executives’ deep experience in renewables to execute on a unique strategic vision. ECP has a longstanding history of investing at scale in the renewable energy space and we look forward to applying our expertise and capital to facilitate Triple Oak’s continued growth," Schuyler Coppedge, ECP Partner.
Energy Capital Partners is advised by Latham & Watkins, FGS Global, Ovation Group and Redbird Communications. EnCap Investments is advised by Marathon Capital and Sidley Austin.
Veracyte, a cancer diagnostics company, agreed to acquire C2i Genomics, a minimal residual disease detection company, for $95m.
"We had an outstanding fourth quarter and finished 2023 with continued growth driven by our Afirma and Decipher businesses. I could not be prouder of the Veracyte team and their commitment to our physician customers and their patients, and look forward to continued strong execution in 2024 and beyond," Marc Stapley, Veracyte CEO.
C2i Genomics is advised by Perella Weinberg Partners and Meitar Law Offices. Veracyte is advised by Morgan Stanley and Latham & Watkins.
Siris, a private equity firm focused on investing and driving value creation in technology companies, completed the acquisition of BearCom, a North American solutions provider of wireless communications and security technologies, from Bertram Capital, a middle market private equity firm. Financial terms were not disclosed.
"The completion of this transaction positions BearCom to enhance our offerings across sectors and help customers measurably improve safety, security and productivity in their businesses and communities. With Siris' resources and deep technological expertise on our side, we look forward to scaling our capabilities and pursuing new investment opportunities and acquisitions across key growth areas, including video security, private mobile networks, and event & industrial solutions," Les Fry, BearCom CEO.
Siris was advised by Sidley Austin. BearCom was advised by BlackArch Partners, Piper Sandler and Hirschler.
HCI Equity-backed AmerCareRoyal, a wholesaler, agreed to acquire Thermosource Tooling and Manufacturing, a packaging company. Financial terms were not disclosed.
"TTM's exceptional design and engineering capabilities, particularly in unique packaging formats, complement our existing product lines and capabilities, allowing us to provide a more comprehensive offering to our combined customer base. Bringing TTM under the AmerCareRoyal umbrella presents significant cross-selling opportunities, especially in segments where we have been seeking to expand, while also growing the product offering available to TTM's customers," Scott Milberg, AmerCareRoyal CEO.
HCI Equity is advised by Lambert & Co (led by Lisa Baker). AmerCareRoyal is advised by Greenberg Traurig. TTM is advised by CriticalPoint Partners and Jeffer Mangels Butler & Mitchell.
Investment companies DigitalBridge and Silver Lake agreed to invest $6.4bn in Vantage Data Centers, a global provider of hyperscale data center campuses.
"We are delighted that Silver Lake is joining DigitalBridge to support Vantage's continued expansion across North America and EMEA. Cloud computing, AI and related technologies are driving unprecedented demand for digital infrastructure. The market opportunity in front of us is extraordinary, and we are excited to chart our next phase of growth with two premier investors who have been great partners to us and have an unmatched understanding of our global technology customers and their infrastructure needs," Sureel Choksi, Vantage President and CEO.
DigitalBridge is advised by Joele Frank (led by Jonathan Keehner). Silver Lake is advised by Edelman. Vantage is advised by REQ.
Microsoft’s investment into OpenAI is facing the potential of a full-blown European Union merger probe, after a mutiny at the ChatGPT creator laid bare deep ties between the two companies, Bloomberg reported.
The European Commission said on January 9 that it’s examining whether Microsoft’s investment in OpenAI might be reviewable under the bloc’s merger rules. If found to reach the necessary conditions, regulators may start a formal probe into whether the arrangement should be allowed. The EU move follows a similar step by the UK’s Competition and Markets Authority.
I Squared Capital, a global infrastructure investment manager, agreed to invest $400m in Órigo Energia, a distributed energy generation firm in Brazil.
"This is a landmark transaction for I Squared. We have ambitious plans for renewables and are leveraging our extensive experience in this space to build a leading global renewables-focused platform consistent with I Squared's overall approach to investing," Gautam Bhandari, I Squared Capital Managing Partner and Chief Investment Officer.
Órigo Energia is advised by Hill+Knowlton Strategies. I Squared Capital is advised by Brunswick Group (led by Alex Yankus).
Ridgewood Infrastructure, an infrastructure investor in the US, completed the acquisition of Waste Resources Management, a provider of liquids and wastewater collection, treatment, and disposal serving the commercial and industrial market. Financial terms were not disclosed.
"WRM is an industry leader, operating a strategically advantaged, vertically integrated network of wastewater treatment facilities and related specialized rolling stock across several high-growth states. WRM services are essential to its diversified customer base. We look forward to working with the WRM management team to scale the business and further enhance its service offerings," Ryan Stewart, Ridgewood Partner.
Strategic Value Partners, a global alternative investment firm, completed the acquisition of the remaining 40% stake in IPC Systems, a global provider of mission-critical trading communication technology and network services to the financial markets industry. Financial terms were not disclosed.
"We are delighted to continue our partnership with SVP. IPC is executing an ambitious growth plan that will further enhance its already-leading position in the market with industry expertise, customer service and technology offerings," Bob Santella, IPC CEO.
Stephens Friedland, a law firm, agreed to merge with Ferguson Braswell Fraser Kubasta, a full-service business law firm. Financial terms were not disclosed.
“Todd and John are highly respected attorneys and wonderful leaders. We are thrilled for this opportunity to serve the ever-growing business community in Orange County. We have seen a significant increase in legal transactions between Texas and California and plan to leverage our joint capabilities and experience across our business communities,” Kyle Ferguson, FBFK CEO.
GSK, a pharmaceutical and biotechnology company, agreed to acquire Aiolos Bio, a clinical-stage biopharmaceutical company, for $1.4bn.
“We have a proud heritage and deep development expertise in respiratory medicines, especially addressing diseases driven by IL-5 with high levels of eosinophils or high T2 inflammation. Adding AIO-001, a potentially best-in-class medicine targeting the TSLP pathway, could expand the reach of our current respiratory biologics portfolio, including to the 40% of severe asthma patients with low T2 inflammation where treatment options are still needed,” Tony Wood, GSK Chief Scientific Office.
Lectra, a provider of CAD software and CAM cutting-room systems, agreed to invest $85m in Launchmetrics, a software industry company.
"Launchmetrics wanted to join forces with the Lectra Group in order to accelerate the development of its offering on a global scale, alongside a fashion technology leader," Michael Jaïs, Launchmetrics Founder and CEO.
Stantec, a sustainable design and engineering firm, agreed to acquire Morrison Hershfield, an employee-owned professional services firm providing engineering and management consulting services. Financial terms were not disclosed.
"We are thrilled to bring a firm of Morrison Hershfield's stature into the Stantec fold. Our firms have shared a mutual admiration over many years. Stantec and Morrison Hershfield have a similar history from our roots in the Canadian market, growing and diversifying services both by geography and service line. And, importantly, our values and culture are very well aligned," Gord Johnston, Stantec President and CEO.
SandboxAQ, an enterprise SaaS company, completed the acquisition of Good Chemistry, a computational chemistry company, from Green Sands Equity, a private equity firm. Financial terms were not disclosed.
As part of the acquisition, SandboxAQ will integrate Good Chemistry's software – QEMIST Cloud and Tangelo – into its growing enterprise software portfolio.
The Inland Real Estate Group of Companies, one of the nation's largest commercial real estate and finance groups, agreed to acquire a majority stake in Devon Self Storage, one of the largest privately owned national self-storage operators. Financial terms were not disclosed.
"Acquiring a vertically integrated self-storage platform aligns perfectly with Inland's long-term strategic plans," Tony Chereso, The Inland Real Estate Group CFO.
DeFi Technologies, a crypto native technology company, agreed to acquire Reflexivity Research, a digital asset research firm. Financial terms were not disclosed.
"As traditional finance continues to allocate to this new asset class and structured products become more important in 2024, we are excited to partner with DeFi and the pioneers of the ETP market at Valour. This collaboration will enhance our research and bring insightful, actionable intelligence to our clients, bridging the gap between traditional finance and the burgeoning potential of cryptocurrency markets," Anthony Pompliano, Reflexivity Research Co-Founder.
Hampton Lumber Mills, a wood products manufacturer, agreed to acquire RedBuilt, a building materials company, from Atlas, a private equity firm. Financial terms were not disclosed.
"The decision to conclude our extraordinary partnership with the team at RedBuilt is bittersweet. The journey over more than 14 years to build the company in partnership with Atlas Operating Partners Tom Denig, Bill Corbin and Kurt Liebich and current CEO Don Schwabe has been long and rewarding, but the time is right to transition RedBuilt to great new partners in Hampton Lumber. We wish Hampton and our good friends at RedBuilt every success," Andrew Bursky, Atlas Co-Founder and Managing Partner.
Hewlett Packard Enterprise nears $13bn deal to buy Juniper Networks.
Hewlett Packard is in talks to buy Juniper Networks in a deal valuing the network gear maker at about $13bn, Reuters reported.
A deal between the two companies could be announced as early as this week. Shares of Hewlett Packard fell 7.7%, while Juniper jumped 21% in extended trading.
Novartis in advanced talks to buy Cytokinetics.
Novartis is close to clinching an acquisition of Cytokinetics and its promising heart drug, as big pharmaceutical companies continue to snap up fast-growing biotechs to replenish their pipelines, WSJ reported.
A purchase by the Swiss drug company of South San Francisco-based Cytokinetics, which has a market value of more than $10bn, could be completed as soon as this week. Cytokinetics has been running a sale process, and it is possible another suitor could re-emerge; there also might be no deal at all.
JP Morgan-backed AppDirect gets $100m to fuel expansion. (FS)
AppDirect, an online marketplace for buying, selling and managing apps, obtained $100m in debt financing to propel its growth, Bloomberg reported.
Canadian pension fund Caisse de Depot et Placement du Quebec is providing the funding to help AppDirect expand the financing it offers to users, the San Francisco-based startup said January 9. It adds to the $80m received from CDPQ in 2021.
Lidar maker Aeva wins multiyear contract for Daimler Trucks.
Aeva Technologies has won a multiyear contract to supply Daimler Truck with technology to help advance autonomous driving on highways, Bloomberg reported.
The Silicon Valley firm will serve as a tier 1 supplier, transacting directly with the large automotive player, and provide both the hardware and software for what it calls its 4D lidar system. Because it uses a constant beam of light to collect information, Aeva’s method measures velocity as well distance in real time, helping to deliver “highway automation at highway speeds,” Soroush Salehian, Aeva CEO said.
Consultancy Bain & Company names new global CEO. (People)
Consultancy Bain & Company appointed board member Christophe De Vusser as its global CEO, effective July 1, Reuters reported. De Vusser will succeed Manny Maceda, who is serving his second three-year term as CEO, according to a statement from Bain.
De Vusser, the first European to become Bain's CEO, joined the Boston, US-headquartered firm in 2000 and has been the head of the company's Private Equity and Financial Investors practice in Europe, Middle East and Africa since 2018.
JetBlue CEO to step down as airline awaits judge’s ruling on Spirit Airlines merger. (People)
Robin Hayes will step down as CEO of JetBlue Airways after about nine years at the helm, citing a doctor’s advice, as the company waits to find out whether a federal judge will block the merger with Spirit Airlines that he championed, WSJ reported.
Joanna Geraghty, 51 years old, a longtime JetBlue executive and the airline’s current president, will take his place as chief executive when Hayes, 57, steps down in February. She will become the only woman at the helm of a major US airline.
EMEA
YouGov, an international market research and data analytics group, completed the acquisition of the consumer panel business of GfK, a market research company, for €315m ($345m).
"We are delighted to be acquiring one of the leaders in European household purchase data and to be welcoming their employees into the YouGov fold. The business' approach to data collection and their geographic coverage are highly complementary to YouGov and we are fortunate to have been in a position to make this Acquisition, which brings exciting future growth opportunities. We believe this transaction will support YouGov's stated ambition of becoming the world's #1 market research company," Stephan Shakespeare, YouGov Chairman and CEO.
TricorBraun, a global packaging firm, completed the acquisition of Glassland, a glass packaging provider. Financial terms were not disclosed.
"The Glassland team is equally passionate about customer service as they are about design, and as a result, they've built a longstanding business with an impressive reputation. We welcome Glassland to TricorBraun and look forward to supporting the team's continued growth," Declan McCarthy, TricorBraun Europe President.
TricorBraun was advised by Proventis Partners.
EQT Partners, a private equity firm, agreed to acquire Mabtech, a specialist in immune monitoring, from IK Investment Partners, a pan-European private equity firm. Financial terms were not disclosed.
"This is a high-quality player with deep technical and scientific expertise in a growing niche market, that we have been following for many years. By offering 'must-haves' along the drug development value chain and building on its leading position in Europe, Mabtech is well-placed to expand its scale and reach, especially in the US. This is an ideal example of the kind of company that the EQT Healthcare Growth Strategy seeks to continue investing in: it's a fast-growing European champion with innovative, proven solutions that drive positive healthcare outcomes. We look forward to working with Jan Wahlström and team to help Mabtech reach its full growth potential," Isabel de Paoli, EQT Partners Partner.
IK Investment Partners is advised by H/Advisors Maitland (led by Vikki Kosmalska).
Penske Automotive Group, a diversified international transportation services company, completed the acquisition of Rybrook Group, consisting of 15 premium dealerships in the United Kingdom. Financial terms were not disclosed.
The purchase consists of four BMW dealerships, four MINI dealerships, four Volvo dealerships, two Land Rover dealerships and one Porsche dealership. Three of the BMW locations also retail BMW Motorrad motorcycles. The dealerships represent estimated annualized revenues of $1bn.
Italy clashes with ArcelorMittal over control of steelmaker.
Italy’s government pledged to acquire a majority stake in the country’s biggest steelmaker in a clash with its main shareholder ArcelorMittal which threatens to trigger a legal battle over ownership, Bloomberg reported.
The dispute kicks off a new crisis for what was once Europe’s main steelworks, which like many of its counterparts in the region has been hit by higher energy costs and weaker industrial demand. The administration of Prime Minister Giorgia Meloni is anxious about declining output and the risk of mass lay-offs.
Northvolt gains EU nod for $986m German aid to build EV battery plant.
Swedish lithium-ion battery producer Northvolt on January 8 secured EU approval for €902m ($986m) in German state aid to build an electric vehicle battery production plant in the north of Germany, Reuters reported.
The European Commission said the plant would accelerate the 27-country bloc's green transition and reduce fuel dependencies, and that the German aid was necessary as without it, Northvolt would build the plant in the United States with support from the US Inflation Reduction Act.
Airport operator Ferrovial starts Nasdaq listing process.
Spanish infrastructure company Ferrovial began the process to list its shares on the Nasdaq as it aims to boost liquidity and broaden its appeal to international investors.
Ferrovial, which has stakes in airports in the UK, Turkey as well as in a terminal at New York’s John F. Kennedy, expects the initial listing price to be based on the current trading of its shares on Euronext Amsterdam and the Spanish Stock Exchanges, Bloomberg reported.
Cinven raises $14.5bn for UK buyout firm’s eighth fund. (FS)
Cinven has raised $14.5bn for its latest private equity fund in one of the larger European fundraisings in recent months, even as financial sponsors grapple with muted appetite for new investment vehicles, Bloomberg reported.
The eighth Cinven fund met the company’s so-called hard cap, or maximum target, and is also about 30% larger than its 2019 predecessor, according to a statement on January 9.
APAC
TikTok owner ByteDance in talks with Tencent, others to sell gaming assets.
TikTok owner ByteDance said on January 9 it is in talks with multiple prospective buyers of its gaming assets, including the world's largest video games company, Tencent, as the Chinese social media firm retreats from the gaming industry, Reuters reported.
Talks are ongoing but no deal has been reached. ByteDance and Tencent are discussing a deal involving multiple popular video games published by ByteDance's Nuverse gaming unit including "Crystal of Atland" and "Earth: Revival".
Japan's Kyushu Electric may invest in Lake Charles LNG project in US.
Kyushu Electric Power is considering investing in the US Lake Charles liquefied natural gas project of Energy Transfer, among other projects, to secure a stable supply of the fuel, Reuters reported.
The comment partially confirmed a Sunday report by the Nikkei business daily that Kyushu Electric may buy a stake of about 10% in the Lake Charles project and sign a 20-year contract, importing about 1.6m metric tons a year on behalf of other Japanese utilities.
Mobileye agrees deal with India’s Mahindra to supply ADAS tech.
Mobileye Global will supply advanced driver assistance technology for Mahindra & Mahindra’s next-generation vehicles as it eyes growth in India’s auto market, Bloomberg reported.
The companies will also work together on a fully autonomous driving system for India, Mobileye said in a statement January 9 at the Consumer Electronics Show in Las Vegas. Financial terms weren’t disclosed.
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