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AMERICAS
Media veteran Edgar Bronfman Jr, on August 26, withdrew from the race for Paramount Global, clearing the way for Skydance Media to take control of Shari Redstone's media empire and ending one of the most chaotic media bidding wars in recent history, Reuters reported.
The bidding group had informed Paramount's special committee on Monday evening of its decision to drop out of the process. "We continue to believe that Paramount Global is an extraordinary company with an unrivalled collection of marquee brands, assets and people. While there may have been differences, we believe that everyone involved in the sale process is united in the belief that Paramount's best days are ahead," Edgar Bronfman.
Paramount is advised by Centerview Partners, Rothschild & Co (led by David Baron), Cravath Swaine & Moore (led by Faiza Saeed), Simpson Thacher & Bartlett (led by Eric Swedenburg), Brunswick Group (led by Jonathan Doorley and Nik Deogun) and FGS Global (led by Dan Abernethy and Maddie Peebles). Financial advisors are advised by Gibson Dunn & Crutcher (led by Andrew Kaplan). Skydance Media is advised by Bank of America, Moelis & Co, RedBird Advisors, The Raine Group, Latham & Watkins (led by Justin Hamill, Bradley Faris, Ian A. Nussbaum, Liliana S. Paparelli Ranger, Max Schleusener and Rick Offsay), Gagnier Communications (led by Dan Gagnier) and Principal Communications Group (led by Melissa Zukerman). RedBird Capital is advised by Sullivan & Cromwell (led by Eric M. Krautheimer and Alison S. Ressler). National Amusements is advised by BDT & MSD Partners, Ropes & Gray (led by Jackie Cohen) and Kekst CNC (led by Molly Morse).
Circana, an advisor on the complexity of consumer behavior, agreed to acquire NCSolutions, the joint venture between Nielsen and Catalina that improves advertising effectiveness, and Marketing Mix Modeling Business from Nielsen, an information, data and market measurement firm, and Catalina, a company specialising in shopper intelligence and precisely targeted in-store. Financial terms were not disclosed.
“We are excited to welcome NCSolutions and Nielsen’s Marketing Mix Modeling business to Circana to expand and enhance our media capabilities for our clients. Both businesses have incredible expertise, solutions, and clients that, when combined with Circana’s data and technology assets, will fuel clients’ growth," Kirk Perry, Circana President and CEO.
Circana is advised by Dentons and Simpson Thacher & Bartlett. Nielsen is advised by Bank of America, Morgan Stanley, Baker McKenzie, DLA Piper and Gibson Dunn & Crutcher. Catalina is advised by Weil Gotshal and Manges (led by Michael Lubowitz).
Cognizant, an information technology services and consulting company, completed the acquisition of Belcan, a global supplier of engineering, supply chain, technical recruiting, and information technology services, from AE Industrial Partners, a private equity firm, for $1.3bn.
"We are delighted to officially welcome Belcan to Cognizant. We believe our combined capabilities, shared focus of providing value to our clients through distinctive technological expertise, and global scale and scope means we will be able to deliver high-quality solutions to a diverse mix of customers around the world," Ravi Kumar S., Cognizant CEO.
Cognizant was advised by Perella Weinberg Partners, Arnold & Porter Kaye Scholer (led by Bill Choe and Eric Levine), and Stikeman Elliott (led by Amanda Linett). Belcan was advised by Jefferies & Company, Solomon Partners, and Kirkland & Ellis.
Events.com to, an industry-leading event management platform, agreed go public via a SPAC merger with Concord Acquisition Corp II, a special purpose acquisition company affiliated with investment firm Atlas Merchant Capital, in a $314m deal.
"Our combination with Concord will enhance our capabilities to capitalize on the $936bn event sector and benefit from ongoing tectonic shifts in the industry. We're here to help people experience the most meaningful moments of their lives while generating high-margin, recurring revenue and gathering actionable data at scale. We have several significant initiatives on the horizon, and we are truly looking forward to working with Jeff Tuder and Bob Diamond," Mitch Thrower, Events.com CEO.
Events.com is advised by Kirkland & Ellis, Weintraub Law Group and Gateway Investor Relations. Concord is advised by Cohen & Company Capital Markets and Greenberg Traurig.
Vista Equity Partners is in talks with both Wall Street banks and direct lenders to obtain around $1bn of debt financing to support its acquisition of software company Jaggaer, Bloomberg reported.
Austin, Texas-based Vista hasn’t yet decided which financing route to pursue and is discussing terms with competing lender groups.
Jaggaer is advised by Corporate Ink (led by Abigail Holmes). Vista Equity is advised by Goldman Sachs, Moelis & Co, Kirkland & Ellis, and Joele Frank (led by Jonathan Keehner).
Carlyle-backed StandardAero, a provider of services including engine and airframe maintenance, repair and overhaul, completed the acquisition of Aero Turbine, a provider of maintenance, repair, and overhaul services, from Gallant Capital, an investment firm. Financial terms were not disclosed.
"Gallant partnered with Aero Turbine’s founder, Doug Clayton, and its CEO, Jim Simpkins, to transform the business into an industry leading defense MRO. The successful implementation of Gallant’s value creation playbook, OTXTM, allowed Aero Turbine to dramatically increase its capacity and capabilities, in order to expand its addressable market, and achieve significant revenue growth," Gallant Capital.
Gallant Capital was advised by Lincoln International and Stradling Yocca Carlson & Rauth.
Our Home, an independent snack producer, completed the acquisition of Pop Secret, a manufacturing business of microwave popcorn products, from Campbell Soup Company, a company that manufactures and markets branded convenience food products. Financial terms were not disclosed.
"Acquiring Pop Secret marks Our Home's expansion into the microwave popcorn category, strengthening our status as a premier independent snacking platform. The brand's significant MULO consumption and widespread household recognition, combined with our extensive manufacturing capabilities, create a unique platform for growth and innovation in the market," Aaron Greenwald, Our Home Founder and CEO.
CORE Industrial-backed PrecisionX, a specialist in manufacturing complex metal components for critical applications, completed the acquisition of MSK Precision Products, a provider of precision machining and assembly services, from Brinkman International Group, a specialist in custom engineered products. Financial terms were not disclosed.
"We believe MSK's demonstrated strength in working with customers to develop and introduce new products is a key differentiator. These capabilities, along with the resources and support we plan to provide, should prove beneficial in supporting our desire to rapidly grow both MSK and the broader PrecisionX platform," Rock Lambert, CORE Operating Partner.
CORE Industrial is advised by BackBay Communications (led by Jeremy Milner).
RA Capital Management, an investment firm, and Forbion, a venture capital firm, led a $100m Series A round in Navigator Medicines, a privately-held biotech company.
“I am thrilled to join Navigator at this exciting time to advance NAV-240 through the clinic and we are deeply grateful for the support of our partner, IMBiologics, and our investors. NAV-240 has the potential to make an impact on patients living with autoimmune diseases, and our Series A funding will be pivotal in accelerating its development alongside other exciting programs within our pipeline. We look forward to initiating additional clinical studies with NAV-240 in the coming months and delivering on our commitment to innovation that enhances patient care," Dr. Dana McClintock, Navigator CMO.
RGA announces $3.5bn coinsurance transaction with American National Insurance Company.
Reinsurance Group of America, a global life and health reinsurer, on August 27 announced it has reached an agreement with American National Insurance Company and its affiliates to reinsure a diversified block of life business through a coinsurance arrangement.
Under the agreement, approximately $3.5bn of American National’s statutory reserves will be transferred to subsidiaries of RGA. Policyholder service and support will remain with American National.
RGA is advised by Wells Fargo and Clifford Chance. American National Insurance Company is advised by Skadden (led by Todd Freed and Jon Hlafter) and JP Morgan.
Apollo, BlackRock in talks to help two Amazon aggregators merge. (FS)
Apollo Global Management and BlackRock are in talks to provide new debt financing for the merger of two Amazon aggregators, Bloomberg reported.
The proposed deal continues an ongoing consolidation of such companies, which raised billions of dollars and snapped up brands sold on Amazon.com, only to watch the pandemic-era e-commerce boom fizzle.
Elliott ups stake in Southwest Air, advancing overhaul push. (FS)
Elliott Investment Management has increased its equity stake in Southwest Airlines to 9.7%, nearing the amount needed to call a special shareholder meeting at which the activist hopes to replace most of the carrier’s board, Bloomberg reported.
The larger holding, up from about 8% previously, was disclosed in a regulatory filing on August 26, just after Elliott renewed its call for sweeping leadership and operational changes at Southwest in a letter to shareholders. The activist needs a 10% stake in order to call a special gathering for Southwest investors to vote on its director nominees.
Woodside gets interest in potential selldown of US ammonia project.
Woodside Energy has received interest from groups seeking to acquire equity in the US ammonia project that it is buying from OCI Global for around $2.35bn, WSJ reported.
Woodside this month agreed to a deal for the ammonia project in Beaumont, Texas, which aims to start production as soon as next year. The transaction is due to complete within months and help to balance Woodside’s energy portfolio that generates most of its profits from oil and natural gas.
NFL owners set to vote on letting private equity invest in teams.
NFL owners are set to vote on selling stakes in their franchises to private equity, potentially joining a shift by professional sports leagues to attract institutional investors, Bloomberg reported.
The discussion will take place on August 27 afternoon in a Minneapolis hotel during a special one-day league meeting.
Paramount explores sale of 12 local TV stations.
Paramount Global is moving ahead with asset disposals to raise cash, amid the ongoing takeover saga involving the media company. The CBS parent has hired a bank to help it explore options, including a potential sale of a dozen TV stations that it considers non-core, Bloomberg reported.
These include independent stations in markets including New York, Philadelphia, Dallas and Tampa, some of which used to be CW affiliates.
Petrobras eyes Argentina deals to boost energy imports.
Brazil’s state-controlled oil producer Petroleo Brasileiro is hunting for shale gas deals in Argentina as part of a bigger plan to increase supplies of the fuel to spur industrial growth, Bloomberg reported.
Assets in which Petrobras is looking to acquire a stake include those of Tecpetrol, a unit of billionaire Paolo Rocca’s Techint Group.
Apple’s top finance executive to step down. (People)
Apple said its chief financial officer is stepping down next year, one of a number of top long-serving executives that are approaching 65. Luca Maestri will be succeeded by Kevan Parekh, 52, Apple’s current vice president of financial planning and analysis, WSJ reported.
Maestri is a core member of Apple’s close-knit top leadership team and a close confidant of chief executive Tim Cook. He will stay at the company to lead its corporate services teams.
Outback Steakhouse owner hires Delta operations chief as CEO. (People)
Bloomin’ Brands has hired the former chief operating officer of Delta Air Lines to be the restaurant-chain operator’s next chief executive. The Outback Steakhouse parent company said August 26 that Mike Spanos will take the helm on September 3 from David Deno, who said in May that he would retire after 12 years at the company, WSJ reported.
Delta last week said that Spanos would be leaving the airline after a year with the company. His departure comes a month after a global Microsoft Windows outage triggered by a botched CrowdStrike software update resulted in thousands of canceled flights at Delta.
EMEA
Britain's Harbour Energy said on August 27 that it expects to complete the acquisition of Wintershall Dea's assets in early September, versus its previous forecast of early in the fourth quarter of the year, Reuters reported.
The largest British North Sea oil and gas producer said it has made considerable progress on satisfying the conditions for completion, including regulatory approvals in Mexico. Harbour develops and produces oil and gas reserves on the United Kingdom and Norwegian continental shelves, Indonesia, Vietnam and Mexico.
Nigerian regulators said they expect to formally consent to Exxon Mobil’s sale of its oil and gas assets to Seplat Energy within four months, ending a hiatus that has stalled the conclusion of a transaction that was first announced in February 2022, Bloomberg reported.
The approval process should be completed within the 120-day legal timeframe, the Upstream Petroleum Regulatory Commission said in a statement on August 26.
BU-backed BuildTec Software, a platform comprising of partner companies for innovative software solutions in the construction and trade sector, completed the acquisition of SORBA, a provider of modular solution for digital construction processes. Financial terms were not disclosed.
Headquartered in St. Gallen, Switzerland, SORBA has been offering the leading modular solution for digital construction processes in Switzerland for over three decades and stands for reliability and innovation. As a proven comprehensive solution, the software is used by more than 2.5k companies in the construction industry.
BuildTec was advised by Rothschild & Co.
Spain has rejected a bid by Hungary’s Ganz-Mavag Europe to buy train maker Talgo, saying the proposed deal could have compromised its strategic interests and threatened national security, Bloomberg reported.
The offer presented “insurmountable risks” to public order, the Madrid-based government said in a statement on August 27.
euNetworks closes on €2.1bn equity recapitalisation. (FS)
euNetworks Group, a Western European bandwidth infrastructure company, announced that it has closed on a €2.1bn equity recapitalisation.
Leading investors in the recap included a Stonepeak managed vehicle anchored by Mercer and Aware Super, and direct investments from the Investment Management Corporation of Ontario and APG Asset Management. The equity commitments follow the company’s recent debt refinancing announced in June and together will further euNetworks’ momentum as the company continues to scale and execute against its strategic priorities.
Germany, state gov't likely to take 80% stake in shipbuilder.
The German government and state of Lower Saxony are likely to acquire about 80% of Meyer Werft to secure the future of the company, one of the world's largest cruise shipbuilders, Reuters reported.
Under the plan to keep the 229-year-old company afloat, the family that currently wholly owns it would keep a roughly 20% stake as a temporary step in the coming years before being offered a kind of buyback option.
Klarna profit soars as fintech preps for potential IPO next year.
Klarna Bank said revenue jumped 27% in the first half of this year, buoying adjusted profit as the fintech continues to prepare for one of the most anticipated potential initial public offerings, Bloomberg reported.
The Stockholm-based company’s adjusted profit rose to SEK673m ($66m) for the quarter ending in June. That compares with an adjusted loss of SEK456m ($44.6m) in the same period a year ago.
APAC
Asia Cement (China)'s shareholders have rejected Asia Cement's offer to acquire the remaining 26.62% stake for $172m.
Asia Cement Corporation is advised by UBS and Freshfields Bruckhaus Deringer (led by Philip Li and Thomas Ng). UBS is advised by Sullivan & Cromwell (led by Gwen Wong).
BAIYU, a provider of B2B bulk commodity e-commerce platform and supply chain services, agreed to acquire Shenzhen Jintongyuan Energy Storage Technology, a tech enterprise specializing in the R&D and production of high-performance energy storage batteries, for $105m.
"The acquisition represents substantial progress in our expansion into the energy storage and lithium battery industries. Our goal is to drive Jintongyuan's growth and profitability through technological innovation and industrial upgrades. For years, we have advocated for global cooperation and competition as essential to achieving sustainable development and a circular economy. This acquisition aligns perfectly with our vision of a growth model centered on reduction, high efficiency, reuse, and recycling – an approach of strategically significance for global environmental optimization and carbon emission reduction," Ouyang Renmei, BAIYU CEO.
BAIYU is advised by Ascent Investor Relations (led by Tina Xiao).
Seven & i wants the Japanese government to require prior notification of any purchase of its shares above 10%, raising a potential hurdle for Alimentation Couche-Tard's buyout proposal to proceed, Bloomberg reported.
The Japanese operator of 7-Eleven stores is seeking designation as a "core" company under the Foreign Exchange and Foreign Trade Act, an upgrade from its current "non-core" status under the law.
Warburg Pincus, a private equity firm, and Lendlease, a provider of property and infrastructure solutions, agreed to acquire the portfolio of assets in Singapore from Blackstone, a multinational private equity firm, and Lim Chap Huat for $1.23bn.
"We are delighted to be completing this landmark acquisition shortly after establishing the JV platform. The portfolio gives us immediate scale in the tightly held Singapore market, cementing our position as one of the top industrial asset owners in Singapore and reiterating our conviction in the life sciences and R&D sector," Takashi Murata, Warburg Pincus Managing Director.
Accenture, a global professional services company, agreed to acquire consus.health, a healthcare management consultancy. Financial terms were not disclosed.
“By joining Accenture, we will continue our mission of structurally and economically empowering healthcare organizations to care for their patients. I am convinced that with Accenture's digital expertise and consus.health's healthcare know-how, we will help make a difference in healthcare and offer exciting new opportunities to our employees," Djordje Nikolic, consus.health Founder and CEO.
Tower Capital Asia, an investment company, completed the investment in WWRC, a chemicals distributor. Financial terms were not disclosed.
"As a leading player in the specialty chemicals space with an established track record, WWRC is primed to leverage its extensive experience, regional footprint and ambition to scale up," Danny Koh, TCA Founder and CEO.
Chatterjee Group seeks Indian state oil firms’ partnership for $10bn project. (FS)
US-based private equity firm The Chatterjee Group is seeking to partner with Indian state-run companies for its oil-to-chemicals project in the nation, Bloomberg reported.
TCG is in talks with Oil & National Gas and its unit Hindustan Petroleum for the planned project estimated at more than $10bn in the southern Indian city of Cuddalore in Tamil Nadu.
Blackstone is said to seek AUD5.5bn loan for AirTrunk bid. (FS)
Private equity firm Blackstone is in discussions with banks for a five-year loan of about AUD5.5bn ($3.7bn) to back its bid for Australian data center operator AirTrunk, Bloomberg reported.
The financing, which is expected to be raised at the holding company level, would be comprised of a AUD2bn ($1.35bn) term loan and a AUD3.5bn ($2.37bn) revolving credit facility.
Zee, Sony India settle legal dispute over collapsed merger deal.
Zee Entertainment Enterprises’s shares rallied after it announced the settlement of its legal dispute with Sony Pictures Networks India, finally pulling the curtains down on a corporate battle over a failed merger that would have created a media giant, Bloomberg reported.
Zee’s shares surged 15% on August 27 after the Mumbai-based broadcaster issued a joint statement on a “comprehensive non-cash settlement, amicably resolving all disputes” related to their aborted merger with Sony Group’s India unit.
Rothschild & Co to boost India ECM, debt businesses as deals heat up.
Rothschild & Co plans to beef up its equity capital markets advisory business in India and also provide debt advisory services amid the country’s dealmaking boom, Bloomberg reported.
The expansion plans at Rothschild follow a surge of initial public offerings in the Indian stock market, partly driven by some multinational companies seeking to unlock value from their local operations, according to Aalok Shah, a managing director and co-head of Rothschild India.
Guzman y Gomez gains as profit tops forecast in post-IPO results.
Shares of Guzman y Gomez rose after the Mexican-themed fast-food chain beat its profit forecast, though its retained guidance disappointed some investors following the stock’s blockbuster debut, Bloomberg reported.
The shares gained 3.2% on Tuesday, closing at the highest price since their June 20 listing after GYG reported pro forma net profit after tax of AUD5.7m ($3.9m) for the 12 months ended June 30, exceeding its prospectus target. Same-store sales growth in the first seven weeks of the current financial year topped expectations at 7.4%, partly on demand for healthy food options and value menu items, the Sydney-based eatery said in a statement.
LG Electronics weighs India IPO to chase $75bn goal.
LG Electronics is considering an initial public offering for its India business, tapping a booming stock market to help hit a target of $75bn in electronics revenue by 2030, Bloomberg reported.
Chief Executive Officer William Cho said an Indian market debut is one of several options it’s weighing to revitalize a decades-old consumer electronics business. It’s the first time the South Korean company, which competes head-on with larger rival Samsung Electronics, has spoken publicly about an Indian debut, the subject of persistent market and media speculation.
A $1.4m IPO overbought 400 times shows India stock frenzy.
A planned initial public offering by an Indian motorcycle dealership with just two outlets and eight employees has been oversubscribed by more than 400 times, demonstrating how overheated the nation’s new-share market has become, Bloomberg reported.
Resourceful Automobile is seeking to raise INR120m ($1.4m), which it plans to use to repay debt and open new showrooms. Operating under the brand name Sawhney Automobile, the company is an authorized dealer for Yamaha Motor.
Singapore’s SeaTown secures $1.3bn for second private credit fund. (FS)
Singapore-based alternative investment firm SeaTown International has successfully closed its second private credit fund with over $1.3bn in capital commitments from a range of LPs, including insurance companies and family offices.
SeaTown, a subsidiary of Temasek’s asset management arm Seviora, surpassed the $1.2bn raised for its first private credit fund with this new round. While the firm has not disclosed specific details about its investors, it did reveal that a prominent Middle Eastern institutional investor is among the contributors.
Swiggy-backer Accel seeks to close eighth fund at $700m by year end. (FS)
Silicon Valley venture capital firm Accel, which has backed Indian startups such as Flipkart and Swiggy, is expected to close its eighth India-focused fund by the end of the year, DealStreetAsia reported.
The firm is targeting a minimum of $600m for the eighth fund. The fund size may exceed $700m depending on the response from LPs over the next few months. In March 2022, Accel raised $650m for its seventh fund.
JPMorgan is said to hire dealmaker Yang Ruo for China TMT. (People)
JPMorgan Chase has hired Yang Ruo to lead its China telecommunications, media and technology team, Bloomberg reported.
Yang previously served as chief financial officer at Shopline and Xiaohongshu Technology, and was a co-chief financial officer at Fosun. He also worked as an investment banker at Citigroup.
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