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AMERICAS
White House officials have signaled a delay in taking a decision regarding the takeover of US Steel by Japan's Nippon Steel.
The Committee on Foreign Investment in the United States, Nippon and US Steel all declined to comment. Nippon Steel and US Steel had sent a letter to President Biden about the merger after media reports that he was preparing to block the deal, Reuters reported.
Altas Partners, a North American private equity firm, agreed to invest $1bn in Carlyle and Stone Point-backed Sedgwick, a claims management, loss adjusting and technology-enabled business solutions provider.
"This new partnership with Altas, and our current stakeholders, brings together a strategic vision that builds our global footprint, expands comprehensive service capabilities and enhances our business for decades to come. Altas has a history of actively supporting companies in its portfolio, and they are very knowledgeable in the challenges our clients face in today's competitive business environment. We look forward to leveraging their expertise as informed and engaged strategic allies as we continue to lead the industry in innovation and enable clients to thrive by helping them navigate the unexpected," Mike Arbour, Sedgwick CEO.
SAP, a provider of enterprise applications and business AI, completed the acquisition of WalkMe, a provider of digital adoption platform to let organizations measure, drive, and act to maximize their digital transformation, for $1.5bn.
"Applications, processes, data, and people are the four key elements of a successful business transformation. By acquiring WalkMe, we are doubling down on the support we provide our end users, helping them to quickly adopt new solutions and features to get the maximum value out of their IT investments," Christian Klein, SAP SE CEO and member of the Executive Board.
ITT, a manufacturer of highly engineered critical components and customized technology solutions, completed the acquisition of kSARIA, a producer and supplier of mission-critical connectivity solutions, from Behrman Capital, a private equity investment firm, for $475m.
"Behrman Capital has been an excellent partner to the kSARIA team,. Their vision for the company's growth strategy and approach to due diligence on acquisition candidates added a tremendous amount of strategic value that enabled us to offer an increasingly deep portfolio of highly customized connectivity solutions to our customers, who require the highest quality products to meet their mission-critical needs," Tony Christopher, kSARIA CEO.
kSARIA was advised by BMO Capital Markets, Guggenheim Partners, and Goodwin. ITT was advised by Houlihan Lokey and Hogan Lovells (led by William Curtin). Behrman Capital was advised by Kekst CNC (led by Ross Lovern).
65 Equity Partners, HPS Investment, and Belzberg completed the investment in Kendra Scott. (FS)
Investment companies 65 Equity Partners, HPS Investment, and Belzberg, completed the investment in Kendra Scott, a celebrated lifestyle and accessories brand. Financial terms were not disclosed.
"I have never been more excited about our business, and 65 Equity Partners will allow our brand to grow while staying true to our mission.The international investment firm's focus on supporting entrepreneurs in their growth journey complements our efforts as we build a globally recognized lifestyle brand," Kendra Scott, Kendra Scott Founder & Executive Chairwoman.
Kendra Scott was advised by Goldman Sachs, Piper Sandler, Goodwin Procter, and Latham & Watkins (led by Luke Bergstrom and Mollie Duckworth). 65 Equity Partners was advised by Jefferies & Company and Baker McKenzie.
Sentry Insurance, a mutual insurance company, agreed to acquire The General, a licensed insurance agency, from American Family Insurance, an American private mutual company, for $1.1bn.
"This acquisition is the largest in our 120-year history. It brings together two of the strongest brands in the non-standard auto industry. Together, Dairyland and The General will be better able to meet the specialized needs of even more drivers across the country. It's an exciting step forward for both companies, and I'm proud of the work our team has done to make this possible," Pete McPartland, Sentry Chairman and CEO.
Sentry Insurance is advised by JP Morgan and Sidley Austin (led by Sean M. Carney and Paige Levitt). American Family Insurance is advised by Goldman Sachs and Foley & Lardner.
Christie’s, a British auction house, agreed to acquire Gooding & Company, a classic car auction company. Financial terms were not disclosed.
"Christie’s has long admired Gooding & Company and their way of doing business. The legacy that David Gooding and his team have built over the past two decades is well admired by collectors internationally and we could not be more honored to welcome them into the Christie’s family. We are confident that the combination of resources will provide many opportunities for significant global growth," Guillaume Cerutti, Christie’s CEO.
Christie’s is advised by Rothschild & Co and Alston & Bird. Gooding & Company is advised by Allen & Company and Simpson Thacher & Bartlett.
Avolon, an aircraft leasing company, completed the acquisition of a 118-aircraft portfolio from Castlelake, an investment company. Financial terms were not disclosed.
“This transaction accelerates our growth plans adding a portfolio of assets that will further strengthen our cashflow and earnings profile. Our balance sheet strength, high levels of liquidity, and established capital markets access have enabled us to acquire these assets. They are complementary to our existing portfolio and will increase our fleet at attractive yields, supporting our positive ratings trajectory,” Andy Cronin, Avolon Chief Executive Officer.
SS&C Technologies, a financial services technology solutions provider, agreed to acquire Battea-Class Action Services, a securities class action claims management and settlement recovery services provider, for $670m.
"We are delighted to welcome the Battea team and their customers. Securities class action settlement recovery is an ongoing concern, with hundreds of cases filed yearly. SS&C's multi-asset trade data aggregation capabilities complement Battea's sophisticated analysis and extensive expertise. We look forward to further empowering our clients," Bill Stone, SS&C Technologies Chairman and CEO.
SS&C Technologies is advised by Davis Polk & Wardwell (led by Leonard Kreynin). Battea-Class Action Services is advised by Sidley Austin (led by Brien Wassner and Emily Hunter) and Keefe Bruyette & Woods.
Flutter Entertainment, an international sports betting and gambling company, agreed to acquire a 56% stake in NSX Group, a sports betting company, for $350m.
"I am excited to announce the addition of NSX, operator of Betnacional a leading Brazilian sports betting and iGaming brand, to the Flutter portfolio. We believe that combining the extensive local expertise of the NSX team, our existing Betfair business and the power of the Flutter Edge, will create a compelling opportunity to capitalize on the growth opportunity in Brazil which presents an exciting runway of future growth," Peter Jackson, Flutter Entertainment CEO.
CGI, an independent IT and business consulting services firm, completed the acquisition of Enlightenment Capital-backed Aeyon, a company specializing in digital transformation and AI technologies, including data management, analytics, and intelligent automation for the US Federal Government. Financial terms were not disclosed.
"I am thrilled to have our team join CGI's talented and experienced community of professionals. The culture at CGI is a great fit for our employees. By combining our strengths, we are poised to offer an even broader range of solutions that address the evolving needs of our clients and create greater opportunity for our employees," Sunny Singh, Aeyon Founder and CEO.
SCF, a private equity firm, completed the acquisition of Newpark Fluids Systems, a global pure-play oil & gas and geothermal fluids solution provider, from Newpark Resources, a full range of drilling & completion products and related technical services. Financial terms were not disclosed.
“We are thrilled to partner with SCF. This new partnership will be a source of enormous value creation for both our customers and the entire Newpark Fluids Systems team. Our global strategic growth plan will now accelerate under a new and focused board with significant energy experience and commitment. SCF’s unsurpassed track record of success in the global energy services," David Paterson, Newpark Fluid Systems CEO.
SCF was advised by Vinson & Elkins.
Apollo-backed ABC Technologies, a manufacturer and supplier of custom, highly engineered, technical plastics and light weighting innovations to the North American light vehicle industry, agreed to acquire TI Fluid, a multinational company which develops, manufactures and supplies automotive fluid storage, carrying and delivery systems, for $1bn.
Cloud-computing firm CoreWeave in talks for share sale at $23bn valuation.
CoreWeave, a cloud computing provider that’s among the hottest startups in the artificial intelligence race, is in talks to arrange a sale of existing shares valuing it at $23bn, Bloomberg reported.
The Roseland, New Jersey-based company, led by CEO Michael Intrator, is discussing a transaction that would allow existing shareholders such as employees to tender between $400m and $500m worth of their holdings.
Ares said in advanced deal talks with GLP Capital Partners. (FS)
Ares Management is in advanced talks on an acquisition of GLP Capital Partners operations outside of China in what could rank as one of the biggest recent combinations in the alternative asset management industry, Bloomberg reported.
Ares and GCP are finalizing details of a transaction that could be agreed as soon as the next few weeks. They have been discussing a deal that would feature a roughly $3.5bn upfront payment, with the total value climbing to around $5bn over time if certain targets are hit.
US satellite-TV providers DirecTV and Dish are in talks to merge again.
Telecom operator AT&T and its joint-venture partner TPG are in early-stage talks to merge their DirecTV satellite TV service with EchoStar owned Dish, Reuters reported.
The two companies first attempted to merge back in 2002 when the US Justice Department blocked the tie-up. The combined entity would create the largest pay-TV service provider in the US at about 16m subscribers, if the talks are successful.
Bausch + Lomb Working With Goldman Sachs to Explore Sale.
Bausch + Lomb is working with advisers from Goldman Sachs to test interest from possible buyers, Bloomberg reported.
The contact lens supplier is likely to draw interest from private equity groups.
Bicara leads trio of US biotech IPOs raising $703m.
A trio of biotech companies sold shares in their initial public offerings, an encouraging sign for a sector whose new entrants have lately struggled, Bloomberg reported.
Bicara Therapeutics expanded its IPO to sell 17.5m shares at $18 each, at the top of the price range, to raise $315m. The company had boosted the number of shares.
Thoma Bravo is said to interview banks for Sailpoint IPO. (FS)
Thoma Bravo has begun interviewing underwriters as the firm explores options including an initial public offering for Sailpoint Technologies, roughly two years after taking the company private, Bloomberg reported.
The technology investment firm hasn’t finalized decisions, including timing of a potential listing of the enterprise security software company, the people cautioned, asking not to be identified because the information is private.
Carlyle picks IPO for StandardAero after sale attempt. (FS)
Carlyle Group has decided to take StandardAero public after trying to sell the aircraft maintenance services provider, Bloomberg reported.
The alternative asset manager decided to pursue an initial public offering of StandardAero because bids submitted this week valued the company below what it’s expected to reach in a listing, said the people, who asked not to be identified because the information was private.
EMEA
The UK competition watchdog has found that the proposed £16.5bn ($21.6bn) merger of Vodafone’s domestic business with CK Hutchison’s Three UK could lead to higher bills for tens of millions of customers, and demanded that the companies make changes to the deal, FT reported.
The companies must agree remedies for the tie-up to proceed, the Competition and Markets Authority said, as it announced the initial findings of an in-depth probe into the deal, which was first announced in 2023.
DSV, a Danish transport and logistics company, agreed to acquire Schenker, a division of German rail operator Deutsche Bahn that focuses on logistics, from Deutsche Bahn, a provider in the mobility and logistics sector, for €14.3bn ($15.8bn).
“This is a transformative event in DSV’s history, and we are very excited to join forces with Schenker. With the acquisition we bring together two strong companies, creating a world-leading transport and logistics powerhouse that will benefit our employees, customers and shareholders. By adding Schenker’s competencies and expertise to our existing network, we improve our competitiveness across all three divisions: Air & Sea, Road, and Solutions. As well as enhancing our commercial platform across DSV, the acquisition will provide our customers with even higher service levels, innovative and seamless solutions and flexibility to their supply chains,” Jens H. Lund, DSV Group CEO.
UK Government to acquire Electricity System Operator from National Grid, a British multinational electricity and gas utility company, for £630m ($827m).
"The Transaction is an important milestone for the creation of the independent National Energy System Operator," National Grid.
National Grid is advised by UBS.
Namoi Cotton has backed a higher takeover bid from Olam Agri, with the crop trader entering into agreements with two major shareholders to boost its stake in the Australian company, Bloomberg reported.
Olam’s increased all-cash offer values Namoi at AUD154m ($104m), which is 12% more than a rival bid from Louis Dreyfus — a proposal that Namoi’s independent directors had recommended.
Olam Agri is advised by FGS Global.
Richemont, a Switzerland-based luxury goods holding company, completed the acquisition of Vhernier, the renowned maison founded in Valenza. Financial terms were not disclosed.
"Maison Vhernier brings a distinguished and distinctive design that beautifully blends modern, sleek and elegant shapes with unconventional materials, magnified by exceptional craftsmanship. This unique aesthetic perfectly complements our existing collection of renowned jewellery Maisons. We are delighted to welcome Vhernier’s talented team into the Richemont family. We very much look forward to working together to realise the full potential of this exceptional Maison within the thriving branded jewellery market," Johann Rupert, Richemont Chairman.
Vhernier was advised by Intesa SanPaolo.
Equitix, an investment company, agreed to acquire the mobile towers business of Virgin Media O2, a British mass media and telecommunications company. Financial terms were not disclosed.
Telecoms groups have in recent years sold full or partial holdings in their mobile masts businesses while seeking to fund investment and cut debt. The national network of more than 15k sites is used by the company and Vodafone UK.
Axel Springer and KKR near deal on €13.5bn break-up. (FS)
German billionaire Mathias Döpfner and KKR are nearing a deal to split up the media giant Axel Springer, in a move that would allow one of the world’s largest private equity firms to bow out of news media after five turbulent years, FT reported.
The two sides are expected to discuss the proposed structure of a deal that would give KKR majority control of the company’s profitable classifieds business at a meeting of its supervisory board.
HSBC in talks to sell South African unit to FirstRand.
HSBC is in talks to sell its South African corporate banking business to a unit of FirstRand, the country's largest lender by market value, Bloomberg reported.
A deal with Rand Merchant Bank, the corporate and investment banking division of FirstRand, has not yet been finalised and there is no guarantee the transaction will close.
UniCredit, German government hold talks after Commerzbank purchase.
The talks, mark a significant development in the potential acquisition of one of Germany's largest banks by a foreign institution. Italy's second-largest bank swooped to take a 9% stake in Commerzbank earlier this week, catching German authorities off guard and getting a hostile reception from local management, who want to fend it off.
CD&R in talks with banks over debt to fund equity for Sanofi arm. (FS)
Clayton Dubilier & Rice is discussing the possibility of using borrowed money to fund a part of the equity check in its bid for Sanofi’s €15bn ($16.6bn) consumer health division, Bloomberg reported.
The New York-based buyout firm is talking with banks about obtaining so-called back leverage. That’s a type of loan that buyout shops can obtain to finance part of an equity investment in a specific company.
SoftwareOne weigh deal for Crayon as Apax closes in. (FS)
Swiss technology firm SoftwareOne is exploring a potential merger with smaller Norwegian competitor Crayon Group, Bloomberg reported
Apax Partners, the leading bidder for SoftwareOne, is discussing with the company's major shareholders various structures to take both SoftwareOne and Crayon private and combine their businesses.
Twitter backer Aliya joins John Textor’s bid for Everton FC. (FS)
Aliya Capital Partners is backing US investor John Textor’s bid to acquire Everton FC, the historic English football club that’s struggling to find a buyer, Bloomberg reported.
“We are delighted to support John Textor in his investment in Everton Football Club,” Aliya Capital Partners.
Abu Dhabi’s Mubadala takes stake in Revolut. (FS)
Abu Dhabi sovereign investor Mubadala has taken a stake in Revolut for the first time, participating in a share sale that last month secured the London-based fintech a $45bn valuation and netted at least $200m for its founder and chief executive Nik Storonsky, FT reported.
The Middle Eastern fund was among investors such as Coatue, D1 Capital Partners and Tiger Global that took part in the sale of $500m of shares by Revolut employees in August. The size of Mubadala’s investment could not immediately be ascertained.
Sony in talks to buy Pink Floyd music rights for about $500m.
Sony Music is in advanced talks to buy the rights to music recorded by legendary English rock group Pink Floyd for about $500m, Reuters reported.
Pink Floyd has been riven by personal differences between band members, notably Roger Waters and David Gilmour, that has made reaching an agreement difficult.
Inflexion raises £975m for Enterprise Fund IV. (FS)
Inflexion, a European mid-market private equity firm, has held the final close of Inflexion Enterprise Fund VI at its hard cap of £975m ($1.27bn). The fundraising was completed in less than five months and is more than double the £400m ($523m) raised for the firm’s predecessor fund.
Focused on the lower mid-market, the new fund follows the same strategy employed by Inflexion for over 25 years, backing “high growth, entrepreneurial businesses with ambitious management teams and working in partnership with them to accelerate growth”.
RoundShield closes Fund V with over $1bn in commitments. (FS)
RoundShield, a private investment firm focused on European asset-backed private credit opportunities and capital solutions, has closed the RS Fund V with over $1bn in capital commitments – $150m above its fundraising target.
The fund attracted commitments from existing investors in RoundShield’s earlier vintage funds, as well as from ten new investors, including a diversified mix of public and private pension funds, endowments and foundations, insurance companies and large family offices globally. Over 80% of the investors in Fund V have invested in a previous RoundShield fund.
APAC
Brookfield Asset Management, a private equity firm, completed the acquisition of the Indian operations of American Tower, an American real estate investment trust which owns and operates wireless and broadcast communications infrastructure, for $2.5bn.
“We look forward to expanding and enhancing our existing telecom tower portfolio in India, which enables a broader array of solutions for our customers and partners. Through strategic acquisitions like ATC India, we remain deeply committed to empowering digital connectivity and transforming the telecom infrastructure landscape across the region," Arpit Agrawal, Brookfield Managing Director, Head of Infrastructure.
Brookfield Asset Management was advised by S&R Associates (led by Rajat Sethi) and Brunswick Group. American Tower was advised by CDX Advisors, Citigroup and Talwar Thakore & Associates (led by Swati Chauhan).
Blackstone said to weigh sale of $7bn consular tech firm. (FS)
Blackstone is considering options including a sale of its majority stake in visa outsourcing and technology services firm VFS Global after receiving interest from prospective investors, Bloomberg reported.
The US alternative asset manager has held preliminary discussions with advisers to evaluate a full or partial stake sale in VFS. A potential transaction could value VFS at about $7bn.
LG said to pick banks for $1.5bn listing of Indian unit.
South Korea’s LG Electronics has picked banks for a potential initial public offering of its Indian business that could raise as much as $1.5bn, Bloomberg reported.
LG has tapped banks including Bank of America, Citigroup, JPMorgan Chase and Morgan Stanley as arrangers for an IPO that may take place as early as next year. LG may seek to raise $1bn to $1.5bn from the share sale, which could give LG Electronics India a valuation of about $13bn.
Tokyo Metro is said to announce share IPO plan next week.
Tokyo Metro is expected to announce on September 20 details of its initial public offering plan that could value the company around $5bn, Bloomberg reported.
The subway operator in Japan’s capital plans to list its shares in late October. October 23 is the most likely listing date.
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