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AMERICAS
Bally’s announced that at its Special Meeting of Stockholders held on November 19, 2024, its stockholders, including its unaffiliated stockholders, approved the adoption of its previously announced definitive merger agreement with The Queen Casino & Entertainment, a portfolio company majority-owned by the Company’s largest stockholder, Standard General. At the Special Meeting, the Company stockholders also approved, on a non-binding advisory basis, the compensation that may or will become payable by Bally’s to its named executive officers in connection with the transactions contemplated by the merger agreement.
The merger agreement has been adopted by the affirmative vote of the holders of a majority of the outstanding shares of the Company’s common stock as of the October 21, 2024 record date for the Special Meeting and the affirmative vote of the holders of a majority of the holders of the outstanding shares of the Company’s common stock as of such record date, excluding those held by Standard General, Sinclair Broadcast Group, Noel Hayden and certain executive officers and a director of the company.
Bally’s is advised by Macquarie Group, Nixon Peabody, Potter Anderson & Corroon, Sullivan & Cromwell (led by Lauren S. Boehmke and Scott Miller) and JCIR (led by Joseph Jaffoni). The Queen Casino & Entertainment is advised by Citizens M&A, Fried Frank Harris Shriver & Jacobson and Richards Layton and Finger.
Canada’s federal government is extending a national security review of Paladin Energy's acquisition of Fission Uranium, further delaying a deal that was supposed to close in September, Bloomberg reported.
Australia’s Paladin Energy said it received a notice from Canada’s industry ministry that the government’s review period for the transaction, proposed in June, will be extended until December 30. The company also warned that the deal could fall apart.
Fission Uranium is advised by Cantor Fitzgerald, SCP Resource Finance and Blake Cassels & Graydon. Paladin Energy is advised by Macquarie Group, Corrs Chambers Westgarth (led by Russell Philip), Fasken (led by John S.M. Turner) and FGS Global (led by Ian Hamilton).
Audax, a private equity firm, completed the acquisition of Total PowerGen Solutions, a provider of power generation solutions, from Trivest, a private equity firm. Financial terms were not disclosed.
“The growth we have experienced during the Trivest partnership has been nothing short of amazing and has culminated in this exciting new partnership with Audax. I would like to thank our loyal employees that show up every day ready to deliver amazing solutions for our customers’ complex PowerGen needs. Additionally, I would like to thank the entire team from Trivest. From their original investment in Total Power through the exit process, Trivest showed a steadfast commitment to investing in our company and people to help Total Power pursue its vision of becoming the leading provider of PowerGen solutions throughout North America,” Andy Rudderham, Total Power CEO.
Total PowerGen Solutions and Trivest were advised by Stephens and Blake Cassels & Graydon. Audax was advised by Guggenheim Partners, Kirkland & Ellis and Stikeman Elliott.
Savanna, a real estate investment manager, completed the acquisition of 799 Broadway office building from Columbia Property Trust, a real estate investment trust, and Cannon Hill Capital Partners, a real estate company, for $255m.
"Savanna is pleased to announce the acquisition of 799 Broadway, a perfect addition to our portfolio of exceptional office assets. The newly built property is ideally positioned in the heart of Greenwich Village neighborhood, allowing tenants to benefit from a great location with a vibrant culture as well as a modern office space that emphasizes wellness. This building is also representative of the opportunities Savanna continues to pursue, acquiring some of the very best real estate in New York City at extraordinarily discounted prices given the current turbulence in the market. We look forward to leasing up both the retail and office space components of this state-of-the-art building that offers all of the post-Covid amenities needed to maintain a healthy daily working environment," Kerry Powers, Savanna Managing Director.
Vitality, a global behavior change platform committed to making people healthier, completed the acquisition of WellSpark, a coaching provider, from EmblemHealth, an insurance and wellness company. Financial terms were not disclosed.
“Our acquisition of WellSpark is a fantastic opportunity to introduce an innovative coaching solution that meets our clients' diverse needs. WellSpark’s proven ability to make a clinical difference, even for hard-to-reach individuals, aligns perfectly with Vitality’s commitment to achieving better health for all our clients. We’re excited about how this acquisition opens up new opportunities to collaborate with EmblemHealth, offering their members our full range of health and wellbeing solutions. Our sophisticated digital tools complement WellSpark’s highly credentialed coaches, enabling us to deliver personalized, data-driven insights and support that empower individuals to achieve their health goals more effectively,” Maia Surmava, Vitality CEO.
Vitality was advised by Houlihan Lokey, Taft Stettinius & Hollister and Conway Communications (led by Cary Conway).
DT Midstream, an owner, operator and developer of natural gas interstate and intrastate pipelines, agreed to acquire three FERC-regulated natural gas transmission pipelines from ONEOK, a midstream service provider that gathers, processes, transports, and stores natural gas and natural gas liquids, for $1.2bn.
“Expanding our scale through this bolt-on natural gas pipeline acquisition fully aligns with our pure play natural gas strategy. This transaction also increases the revenue contribution from our pipeline segment, supported by take-or-pay contracts with strong credit quality utility customers. We look forward to welcoming the team members that support these premier assets, both in field operations and in DT Midstream’s new Tulsa office,” David Slater, DT Midstream President and CEO.
DT Midstream is advised by Barclays and Weil Gotshal and Manges (led by Omar Samji). Debt financing is provided by Barclays.
Message Broadcast, a provider of customer engagement software for the electric utility industry, completed the acquisition of the utilities business from West Technology Group, an innovative, cloud-based, global technology partner. Financial terms were not disclosed.
“We are thrilled to welcome West Utilities and its talented team of employees. This acquisition aligns with our mission of empowering utilities with software that enhances customer engagement, especially during critical incidents that require rapid communication. We expect to make substantial investments in product, support, and sales resources to support the integration of West Utilities into Message Broadcast and drive customer value,” Maulik Datanwala, Message Broadcast CEO.
Message Broadcast was advised by Womble Bond Dickinson. West Technology Group was advised by Brownstein Hyatt Farber Schreck.
Bose, a provider of premium audio solutions, completed the acquisition of McIntosh Group, the parent company of renowned high-performance and luxury audio brands that include McIntosh and Sonus faber, from Highlander Partners, a private investment firm. Financial terms were not disclosed.
“Over the last six decades we’ve delivered the best premium audio experiences possible; now, with McIntosh Group in our portfolio, we can unlock even more ways to bring music to life in the home, on-the-go and in the car. We look forward to honouring the heritage of these brands, investing in their future and pushing the boundaries of audio innovation to bring customers experiences they’ve never heard before,” Lila Snyder, Bose Corporation CEO.
Henry Schein, a provider of healthcare products and services, agreed to acquire Acentus, a national medical supplier specializing in the delivery of Continuous Glucose Monitors.
“As the delivery of health care in the U.S. is increasingly provided in home-based settings, Henry Schein is strategically expanding our offerings to meet the growing demand. We are pleased to announce our acquisition of Acentus, which enhances our ability to deliver CGM products directly to patients’ homes. With Acentus, we will strengthen our position nationally in the home medical supply market and better serve our valued customers, including clinics, physician practices, health systems, ambulatory surgery centers, and most importantly, patients and families,” Stanley M. Bergman, Henry Schein Chairman of the Board and Chief Executive Officer.
Acentus is advised by Provident Healthcare Partners.
Oldcastle, an industry-leading manufacturer of building materials, completed the acquisition of a controlling stake in Yardzen, an online landscape design and build platform. Financial terms were not disclosed.
“At Oldcastle APG, we are continually looking for ways to improve our customer experience and offer innovative solutions that connect a strong portfolio of outdoor living products. Having partnered with the company last year, we are excited for this next chapter with Yardzen, a fellow innovator and digital pioneer, as we look to expand our digital footprint and provide even more resources to designers, contractors and homeowners seeking premium outdoor living solutions,” Tim Ortman, Oldcastle President.
Oldcastle was advised by Trevelino/Keller.
NUSO, a global provider of cloud-based communications, collaboration, and customer experience as a service for business, completed the acquisition of T-Metrics, a provider of advanced contact center solutions and communication tools for the enterprise. Financial terms were not disclosed.
“This partnership with NUSO accelerates our growth strategy, enhances our ability to address evolving market demands and expands our service offerings, enabling us to deliver even greater value to our customers. We’re excited about the value this combination offers to our clients and partners,” Arthur Pravato, T-Metrics CEO.
T-Metrics was advised by Q Advisors.
Flex, a global electronics manufacturing company, completed the acquisition of Crown Technical Systems, a provider of fully integrated power distribution and protection systems, for $325m.
"We are pleased to welcome the Crown Technical Systems team officially to Flex. This transaction strategically strengthens our unique EMS + Products + Services data center and power portfolio and expands our presence in high growth markets to help drive long-term value for our customers and shareholders," Revathi Advaithi, Flex CEO.
Surgical Information Systems, a provider of business and clinical surgical software for ambulatory surgery centers, agreed to acquire Surgical Notes, an ASC-focused revenue cycle management, transcription, and coding services provider. Financial terms were not disclosed.
"Acquiring Surgical Notes enables us to further enhance our offerings and serve a broader customer base. Combining SIS' existing product and services expertise with Surgical Notes' RCM and transcription services will help us meet the increasing need for cost-effective solutions that accelerate revenue cycles, increasing collections and improving financial performance," Tom Stampiglia, SIS CEO.
Comcast to proceed with plans to spin off its cable channels.
Comcast is moving forward with plans to spin off its NBCUniversal cable television networks including MSNBC and CNBC, shedding a once core part of the business that has been a casualty of the streaming video revolution.
The new venture is said to be well-capitalized and positioned to acquire other cable networks if the industry consolidates, Reuters reported.
Unbabel has no specific plans for an IPO.
Unbabel, a language translator that uses artificial intelligence and human editors, has no specific plans for an initial public offering at the moment and aims to keep growing independently, Bloomberg reported.
“Translation is going through a very interesting transformation moment because of AI. It might be that at some point it makes more sense to exist inside another organization, but there are no specific intentions of selling the company right now," Vasco Pedro, Unbabel CEO.
Pony AI nears US IPO as self-driving rivalry with China heats up.
Autonomous driving startup Pony AI’s upcoming US initial public offering will be closely watched, as Donald Trump’s second administration considers moves that could ramp up competition in the sector with China, Bloomberg reported.
The Guangzhou-headquartered company, which makes self-driving software and operates a fleet of 250 robotaxis in cities including Beijing and Shanghai, is seeking a market value of as much as $4.5bn, based on the shares listed in its regulatory filings.
EMEA
Aneo, a Norwegian renewable energy company, completed the acquisition of Kokkoneva wind farm from Greencoat Renewables, an Irish energy company. Financial terms were not disclosed.
The disposal is part of Greencoat Renewables' wider strategy to focus on more contracted cashflows, as well as providing further flexibility from a capital allocation perspective.
Oakley Capital, a pan-European private equity investor, agreed to invest in Konzept & Marketing, an independent Managing General Agent in the German, personal non-life insurance market. Financial terms were not disclosed.
"Germany's insurance landscape is undergoing significant change, providing advantages for innovative businesses such as K&M to take on more of the insurance value chain while delivering a better service to end customers. We look forward to working with Joachim Müller to realise his growth and diversification strategy for the business, leveraging his strong reputation for successful business building and customer satisfaction," Peter Dubens, Oakley Capital co-Founder and Managing Partner.
Private equity firm Cinven secured a conditional approval from Italian authorities over its plan to sell a 15% stake in diagnostic service provider Synlab to laboratory operator Labcorp, a government document sent to parliament showed, Reuters reported.
Golden powers legislation requires Italian government approval for any decision which results in changes in the ownership, control or availability of strategic assets in the country.
Growth Catalyst Partners, a private equity firm, completed the acquisition of InspiredMinds!, a fast-growing, award-winning global technology and science strategy group at the epicenter of the exploding AI and AI healthcare markets. Financial terms were not disclosed.
"As the most influential and connected AI community in the world, nothing we do is status quo. It is a critical point in time for human-AI collaboration, and with the support of Growth Catalyst Partners, we are poised to supercharge the work of our community, by critically focusing on equitable AI and the opportunities that this presents to our future world," Sarah Porter, InspiredMinds! CEO & Founder.
Sanlam, a South African insurance company, agreed to acquire 12.3% stake in Ninety One, an Anglo-South African asset management business, for ZAR5bn ($277m).
“This agreement will give us the opportunity, as leaders in our respective markets, to create additional value for our stakeholders. We are making a substantial investment in the future of South Africa,” Hendrik du Toit, Ninety One Founder and CEO.
Grifols rejects Brookfield’s $6.8bn bid. (FS)
Spanish pharmaceutical company Grifols has rebuffed a potential takeover bid from Canadian investment firm Brookfield, arguing that the €6.45bn ($6.8bn) proposal significantly undervalues the company’s growth prospects and long-term potential.
Earlier this week, Brookfield disclosed its interest in acquiring Grifols with a non-binding offer of €10.50 ($11) per A share and €7.62 ($8) per B share. Grifols urged its shareholders to stick to their shares, stating the offer does not align with the company’s intrinsic value or strategic outlook.
Citi, Santander prep up to €4bn debt for Urbaser deal. (FS)
Citigroup and Banco Santander are readying a debt package of up to €4bn ($4.2bn) to back a potential sale of Spanish waste-management company Urbaser, Bloomberg reported.
The two banks are both advising on the process and offering the so-called staple financing to any potential buyer of the Platinum Equity-owned firm. With final bids due in early 2025, other banks are also working on debt financings to get a spot on the deal.
Spain considering support for potential Sidenor bid for Talgo.
The Spanish government is considering financial support for the partial or total purchase of train manufacturer Talgo by Basque steel maker Sidenor, Reuters reported.
Hellas Verona Football Club a target for Texas-based investor. (FS)
Italian football team Hellas Verona is a potential takeover target for a group of US-based investors, Bloomberg reported.
Austin, Texas-based Presidio Investors is raising up to €75m ($79.1m) for a controlling stake in the Serie A team. Presidio targets growing businesses in the technology, media and financial services sectors.
Egypt begins first IPO since 2021 in asset-sale push.
Egypt started selling a stake of as much as $104m in United Bank, the country’s first initial public offering in three years as it presses ahead with a privatization program being encouraged by the International Monetary Fund.
United Bank, almost entirely owned by Egypt’s central bank, is selling 330m shares - a 30% stake - at a maximum price of £15.6 ($19.8) per share, Bloomberg reported.
APAC
CNNC, Zhejiang Zheneng Electric Power, Sichuan Chuantou Energy and CLAMC completed the $1.1bn investment in CNNP Rich Energy, a Chinese renewable energy company focusing on the R&D of non-nuclear clean energy including wind, solar and biomass power.
CNNP Rich Energy wants to increase its competitiveness through the capital increase.
Australian lawmakers have expressed concerns over the ongoing ownership battle for Korea Zinc, the world’s largest zinc smelter. The high-profile dispute, which pits Korea Zinc's Chairman Yun B. Choi against an alliance led by MBK Partners and Young Poong, has raised fears of potential disruptions from foreign entities in clean energy projects and the global zinc supply chain.
The South Korean government has also acted by designating Korea Zinc’s proprietary technology as a “National Core Technology.”
Alibaba raises $5bn in dual currency bond deal.
Alibaba has raised $5bn in a dual-currency bond marking the largest deal of its kind in the Asia-Pacific this year, Reuters reported.
The company priced an offering of aggregate principal amount of $2.65bn in US dollar-denominated notes and CNY17bn ($2.35bn) worth of offshore yuan-denominated bonds.
Blackstone nears $2.6bn deal for Seibu's Tokyo complex. (FS, RE)
Blackstone has emerged as the frontrunner to buy a mixed-use office complex in Tokyo being sold by Seibu in a deal that could be worth around JPY400bn ($2.6bn).
Seibu has chosen to work with the US alternative investment firm for the sale of its Tokyo Garden Terrace Kioicho after a months-long bidding process, Bloomberg reported.
Nokia wins multi-billion dollar deal in India.
Finnish telecom equipment supplier Nokia said it had won a "multi-billion" dollar deal with India's Bharti Airtel for delivery of 4G and 5G equipment, Reuters reported.
Nokia will deploy equipment from its 5G AirScale portfolio including base stations, baseband units and Massive MIMO radios across key Indian cities and states.
Trafigura cuts share buybacks as new generation takes over.
Trafigura Group is reducing its share buybacks this year, as a drop in profits coincides with a generational succession at the top of the commodity trading giant, Bloomberg reported.
Several senior departures mean that Trafigura faces an unusually large bill for buybacks, which are the main way it rewards the roughly 1.4k top employees who own the company. This year Trafigura is making lower commitments to buy back shares from existing employees.
Hong Kong tycoons plow money into rebounding IPO market.
Property tycoons are lending their support to the Hong Kong IPO market for the first time in years, a move that could help fan the flames of a nascent recovery, Bloomberg reported.
Billionaire Robert Ng’s Sino Land is one of the largest cornerstone investors in the $793m Hong Kong listing from courier service SF Holding. An investment vehicle backed by the family of New World Development Chairman Henry Cheng is also among the 10 parties that committed to buy stock in the offering in return for guaranteed allocation.
Qinghai Lihao is said to prepare for Hong Kong IPO. (FS)
Chinese solar-energy materials supplier Qinghai Lihao Semiconductor Material is considering a Hong Kong initial public offering as early as the second half of 2025, Bloomberg reported.
The IPO of the company, which is backed by venture capital firm IDG Capital and manufactures silicon material used for solar cells, could raise around CNY1bn ($138m).
PE firm Gaja Capital eyes IPO. (FS)
Indian private equity firm Gaja Capital is weighing a public market debut, which will make it the first standalone investor in the country, DealStreetAsia reported.
Gaja Capital, founded by IIT Delhi alumnus Gopal Jain in 2004 and investing in Indian mid-market companies, is understood to have roped in IIFL Capital to advise on the potential offering.
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