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AMERICAS
Orla Mining, a mineral exploration company, completed the acquisition of Gold Standard Ventures, a gold exploration company, for $187m.
"This acquisition advances our strategy of creating stakeholder value through responsibly building and operating a portfolio of high-margin, cash-generating assets with superior geological prospectivity. The South Railroad Project is analogous to our recently completed Camino Rojo mine – a low capital intensity, open pit, heap leach project in a desirable location with exploration upside. We have the team, partners, and financial resources to develop this quality asset and we are ready to go," Jason Simpson, Orla Mining CEO.
Glold Standard Ventures was advised by Paradigm Capital, TD Securities, Blake Cassels & Graydon and Dorsey & Whitney. Orla Mining was advised by Stifel, Trinity Advisors Corporation, Cassels Brock & Blackwell and Neal Gerber & Eisenberg.
Ipsen, a biopharmaceutical company, completed the acquisition of Epizyme, a commercial-stage biopharmaceutical company, for $247m.
“Throughout the pre-close phase of planning, we have continued to be impressed by the potential of Tazverik, as well as the rest of the pipeline. Now that the deal is closed, we are excited to be working closely with our Epizyme colleagues to leverage Ipsen’s established infrastructure so that these medicines may reach more patients. Additionally, through this transaction Ipsen gains scientific expertise and we look forward to integrating the two teams which share the goal of delivering innovative treatment options to underserved patients," David Loew, Ipsen CEO.
Epizyme was advised by Jefferies & Company, MTS Health Partners and WilmerHale. Ipsen was advised by Barclays and Orrick Herrington & Sutcliffe. Barclays was advised by Cooley.
Platinum Equity-backed Solenis, an American manufacturer of specialty chemicals for the pulp, paper, oil and gas, chemical processing, mining, biorefining, power and municipal markets, agreed to acquire Clearon, a dichlor and trichlor manufacturer. Financial terms were not disclosed.
"This acquisition will help Solenis fulfill a strategic growth initiative following our recent ownership change to Platinum Equity, driving value through our branded Pool Solutions sanitization product line while providing an enhanced customer experience through expanded offerings and cost-effective pool solutions. We continue to work closely with the Platinum Equity team to identify opportunities to add value for our customers and drive growth for the Solenis team," John Panichella, Solenis CEO.
Clearon is advised by BDA Partners and Skadden Arps Slate Meagher & Flom. Solenis is advised by Holland & Knight and Willkie Farr & Gallagher. Debt financing is provided by Bank of America and Goldman Sachs.
Health Care Service, a health insurance company, agreed to acquire Trustmark Health Benefits, an insurance brokerage firm, from Trustco Holdings, a financial services company. Financial terms were not disclosed.
"With this transaction, I am confident that, with HCSC, Health Benefits and its associates will be well-positioned for future success. Trustmark will focus on markets where we can grow in the future, deliver differentiated capabilities for our clients and members and lead at a national level. In an evolving work environment, we will accelerate our efforts to become vastly more consequential in the markets we serve by helping employers offer benefits that build engaged, healthy teams," Kevin Slawin, Trustmark President and CEO.
Trustmark Health Benefits is advised by Houlihan Lokey and Latham & Watkins. Health Care Service is advised by Barclays and Foley & Lardner.
BlueCity, an online LGBTQ platform, completed the merger with Diversefuture, a blank cheque company, in a $60m deal.
The company also announced that it requested that trading of its ADSs on Nasdaq Global Market be suspended as of August 12, 2022. The company requested that Nasdaq file a Form 25 with the Securities and Exchange Commission notifying the SEC of the delisting of the company’s ADSs on Nasdaq and the deregistration of the company’s registered securities. The deregistration will become effective 90 days after the filing of the Form 25 or such shorter period as may be determined by the SEC.
Bluecity was advised by Harney Westwood & Riegels, Jingtian & Gongcheng, Simpson Thacher & Bartlett and Blueshirt Group.
HIG Capital, a private equity and alternative assets investment firm, agreed to acquire the distribution business of Avient, a global provider of sustainable and specialized material solutions, for $950m.
"As expected, there were multiple buyers interested in acquiring the Distribution business, and it was a competitive process. Ultimately, we selected HIG Capital based on the strength of their proposal, which values the business at approximately 10x LTM EBITDA and includes no financing contingencies. We are also confident that HIG will make an excellent home for the Distribution business and a good partner for Avient as both a supplier and a customer," Robert M. Patterson, Avient Chairman, President and Chief Executive Officer.
Avient is advised by Goldman Sachs, Moelis & Co and Jones Day.
GolfTEC, a golf improvement accessories manufacturer, agreed to acquire SkyTrak, a manufacturer of launch monitors and simulators. Financial terms were not disclosed.
"We are incredibly excited about the acquisition of SkyTrak. With this acquisition, we're combining two companies that understand how data and personalized coaching can truly accelerate a person's journey to better golf. As we look to the future, and in conjunction with our parent company GDO, we're excited about delivering an improvement experience that goes beyond the traditional GolfTEC Training Bay and helps people improve with GolfTEC anywhere," Joe Assell, GolfTEC Co-founder and CEO.
SkyTrak is advised by Raymond James. GolfTEC is advised by Robert W Baird.
Valueact Capital Partners, an investment company, completed the acquisition of a 6.7% stake in New York Times, an American mass media company, for $350m.
“Our research suggests that most current readers and subscribers are interested in the bundle and would pay a large premium for it but are not aware the offering even exists. This is an opportunity we believe management needs to drive with urgency, as it is the biggest lever to accelerate growth, deepen NYT’s competitive moat, and ensure the long-term strength and stability of the platform,” ValueAct.
Blue Ridge ESOP Associates, an administration and recordkeeping firm, completed the acquisition of the ESOP business of Crowe, a public accounting, consulting and technology firm. Financial terms were not disclosed.
"We're excited to integrate Crowe's ESOP business and people with Blue Ridge. It's a great fit for our organization, as the BPS team's technical expertise and personalized client-centric culture mirrors ours," Bill Yoerger, Blue Ridge Chief Executive Officer.
Humana, a managed health care company with medical members located in the United States and Puerto Rico, agreed to acquire Inclusa, a managed care organization. Financial terms were not disclosed.
“For decades, Humana has been focused on improving the health and wellbeing of the people of Wisconsin and we are pleased to expand both our geographic presence and the scope of services we can offer through the acquisition of Inclusa. The long-term care services delivered by Inclusa and their contracted providers under Wisconsin’s Family Care program provide important assistance for eligible individuals that value their member-centered care model. We look forward to combining Inclusa’s and Humana’s expertise and capabilities to grow the Inclusa business and help even more people get the long-term care they need,” John Barger, Humana President.
Essential Utilities-backed Aqua Pennsylvania Wastewater, a private water and wastewater services company, completed the acquisition of Municipal Wastewater Assets of East Whiteland Township, a wastewater system, for $55m.
“It’s particularly pleasing to be entrusted with the wastewater assets of East Whiteland Township, a municipality for which we’ve provided water service for years. Our excellent water service in the East Whiteland community brought important credibility to our offer to handle wastewater service in the township. We look forward to serving both water and wastewater customers throughout the township in the future,” Chris Franklin, Essential Chairman and CEO.
Broadcast Music cancels a plan for its billion-dollar sale.
Broadcast Music, non-profit-making music performing rights organization, has withdrawn its offer for a billion-dollar sale.
"A sale is no longer an avenue we are considering. We’ve been clear from the start that as we explored strategic opportunities for BMI, we were going to evaluate all options that would support our affiliates and grow the value of their music," Broadcast Music.
BMI hired Goldman Sachs earlier this year to explore strategic options, including a sale. With revenue of more than $1.4bn in 2021, executives thought it could sell for at least $1.5bn. They asked some bidders for as much $2bn or $3bn, Bloomberg reported.
Activist investor Jonathan Litt pushes for a $1.5bn sale of Aimco REIT.
Activist investor Jonathan Litt has built a new position in Apartment Investment & Management, a real estate investment trust, and has met with management to discuss ways to improve value for shareholders, including exploring a $1.5bn sale.
Litt’s Land & Buildings Investment Management owns a stake of just under 5% in Aimco, and believes there is a large pool of potential buyers for the company. Land & Buildings agrees with the company’s assessment that its assets are worth at least $12 a share.
Litt has had discussions with management about ways of narrowing its valuation gap, including potentially exploring a sale. Land & Buildings is considering all options to improve value, Bloomberg reported.
Inspired Entertainment in talks to make a $370m bid to buy PlayAGS.
Gaming equipment provider Inspired Entertainment in talks to a $370m offer to acquire slot machine maker PlayAGS.
PlayAGS is in preliminary discussions about a potential deal with Inspired Entertainment. No transaction is certain, Reuters reported.
Park Hotels & Resorts explores a $200m sale of Caribe Hilton in Puerto Rico.
Park Hotels & Resorts, a real estate investment trust, is exploring a sale of the luxury hotel Caribe Hilton in San Juan, Puerto Rico.
Park Hotels is seeking more than $200m for the property. Potential buyers include real estate-focused private equity firms, Bloomberg reported.
Vistria Group weighs a minority stake sale. (FS)
Vistria Group, an investment firm, is exploring the sale of a stake.
The Chicago-based firm is in early-stage discussions about selling a minority holding. Deliberations are ongoing and there’s no certainty they’ll result in a sale, Bloomberg reported.
Outdoor Voices weighs a sale.
Activewear brand Outdoor Voices is exploring options including a potential sale.
The closely held company is working with an adviser to study possibilities that also include raising new financing. Deliberations are at early stage and Outdoor Voices could decide against a transaction, Bloomberg reported.
Roy Kabla to lead Barclay's media and entertainment unit. (FS)
Barclays has hired Roy Kabla to lead its media and entertainment investment banking unit.
Kabla, who was co-heading the TMT division of Houlihan Lokey, will report to Eric Federman, global head of communications and media investment banking.
EMEA
Breeze Holdings Acquisition, a publicly traded special purpose acquisition company, and D-Orbit, a market space logistics and transportation company, announced that the companies have mutually agreed to terminate their previously announced merger agreement, effective immediately.
"Since the outset of our discussions with D-Orbit over a year ago, we have continued to believe in the Company's unique value proposition and the innovation inherent in their solutions. However, the financial markets have changed substantially, and we believe that terminating our merger is in the best interest of both D-Orbit and Breeze shareholders. On behalf of Breeze, we wish Luca and the D-Orbit team the best of luck and look forward to cheering on their continued successes. As we look ahead, we remain focused on identifying another value creating opportunity for Breeze shareholders," J. Douglas Ramsey, Breeze Holdings Chairman and CEO.
D-Orbit was advised by JP Morgan, Arendt & Medernach, Chiomenti, K&L Gates and Joele Frank. Breeze Holding was advised by I-Bankers, Schiff Hardin and Woolery.
Augment Investments, a holding company, agreed to acquire Mondi Syktyvkar, a paper and pulp industry, from Mondi, a manufacturer of packaging and paper products, for $1.5bn.
The disposal is expected to complete in the second half of 2022. However, the divestment process for these significant assets is operationally and structurally complex and is being undertaken in an evolving political and regulatory environment. Therefore, there can be no certainty as to when the proposed disposal will be completed.
Mondi is advised by Rothschild & Co and FTI Consulting.
Novus Holdings, a business conglomerate, agreed to acquire a 75% stake in the South African K12 business of Pearson, an education services provider, for £53m ($64m).
"This transaction forms part of that process and follows the disposal of our K12 business in Brazil and our K12 courseware French Canadian business, as well as agreements to sell our K12 businesses in Italy, Germany, and Hong Kong," Pearson.
Pearson is advised by BNP Paribas and Teneo.
Octopus Renewables, a renewable energy investor, agreed to acquire Crossdykes Onshore Wind Farm, a wind farm. Financial terms were not disclosed.
"This significant investment into one of the largest unsubsidised wind farms in the UK adds a substantial operational asset to our portfolio. Once completed, this will be ORIT's twelfth acquisition since IPO, with the portfolio now comprising 35 assets, highlighting the ability of our Investment Manager to build a high-quality portfolio of renewable energy assets, which in turn is critical to the UK's target of becoming net zero by 2050," Phil Austin, Octopus Renewables Chairman.
Octopus Renewables is advised by Peel Hunt and Buchanan.
Emaar Properties, a real estate developer, agreed to acquire Dubai Creek Harbour, a luxury residential project, from Dubai Holding, a REIT, for $2bn.
"The transaction will be beneficial to EMAAR shareholders as it will allow EMAAR full control over the strategically located land assets of Dubai Creek Harbour, including entitlement to 100%. of its generated profit. This will reinforce EMAAR’s position as MENA’s largest integrated and most diversified real estate company and will boost the financial and operational resilience of the combined entity via increased scale, and improvement in the portfolio mix," Emaar Properties.
Dubai Holding is advised by Rothschild & Co.
Keppel, a Singaporean conglomerate, agreed to acquire a 50.01% stake in Borkum Riffgrund 2, an offshore wind farm, from Gulf Energy Development, an energy company, for $314m.
“The demand for renewable energy is expected to intensify as the world journeys towards its net zero goal. We are pleased to strengthen our partnership with best-in-class partners such as Gulf and Ørsted through this transaction, and look forward to future collaboration opportunities. This transaction is aligned with Keppel’s Vision 2030, which see renewables, clean energy and decarbonisation solutions playing increasingly integral roles as we make sustainability our business. It also demonstrates how we can harness the Group’s eco-system and business networks to source for and capture opportunities to scale up in our focus areas and grow recurring income,” Loh Chin Hua, Keppel CEO.
ABRDN, a United Kingdom-based global investment company, completed the acquisition of Archax, a digital assets exchange platform. Financial terms were not disclosed.
"Blockchain technologies are inevitably going to form a big part of the future of financial markets," Stephen Bird, abrdn Chief Executive Officer.
Orpheus Media, a media company, agreed to acquire a 24.5% stake in the Barca Studios, digital content arm of FC Barcelona, a Spanish football club, for $103m.
"With this investment the strategic partners in Barca Studios show confidence in the value of the project and the future of digital content in the world of sport," FC Barcelona.
Brothers of Italy party plans to take Telecom Italia private and halve debt. (FS)
Italy’s far-right Brothers of Italy party, is promoting a plan to take Telecom Italia private and sell off the phone company’s assets in a bid to cut its debt pile by more than half.
The group would encourage a takeover bid by state lender Cassa Depositi e Prestiti, then sell about 30m of Telecom Italia’s mobile and landline subscribers to competitors for about $13.4bn.
The final goal would be to retain control of the former phone monopoly’s landline network after the disposals and to use the cash to reduce its approximately $30.7bn debt pile. The plan is consistent with the Right-Wing Alliance’s political agenda calling for a national “digital sovereignty,” which means keeping Italian state oversight over the country’s most crucial technological infrastructure, Bloomberg reported.
Owners of Madrilena Red de Gas aim to launch a $2.1bn sale in September. (FS)
The owners of Madrilena Red de Gas, a major Spanish natural gas network, are preparing to launch a sale process in September with a targeted valuation of up to $2.1bn, seeking a buyer who will advance its efforts to transition to low-carbon fuel.
Madrilena Red de Gas' big shareholders include Dutch pension fund PGGM and Chinese sovereign fund Gingko Tree Investment with stakes of 33.75% each as well as the EDF Invest arm of French electric utility EDF with 20% and UK's Lancashire County Pension Fund with 12.5%.
The shareholders hired RBC Capital Markets to conduct a strategic review of the company. The bank now plans to launch a sale process after the summer, Reuters reported.
South Africa gets another unsolicited bid for Telkom deal.
The South African government received an unsolicited bid for its 40.5% stake in Telkom, a South African wireline and wireless telecommunications provider, following an announcement that MTN Group, a multinational mobile telecommunications company, is planning to acquire part of the carrier.
Investment firm Toto Consortium made an offer valued at $433m for the stake in the nation’s third-largest mobile-phone company. The Telkom bid is based on a 30-day average share price of the firm, plus a 20% black empowerment discount, Bloomberg reported.
Harris family in talks to acquire Butlin from Blackstone Group. (FS)
Harris family, a developer of leisure retreats, in talks to acquire Butlin, a chain of large seaside resorts, from Blackstone Group, a private equity firm, in a deal worth more than $364m.
The transaction, which may come as soon as next week, would follow the sale of Butlin’s holiday park sites to private pension fund USS last month, Bloomberg reported.
Prada seeks at least $1bn in Milan listing.
Prada, a maker of luxury clothing, fragrances and accessories, is considering seeking at least $1bn from a second listing in Milan, as the Italian fashion house looks to diversify its investor base away from Hong Kong.
Prada is working with Goldman Sachs on preliminary preparations for a potential offering. A listing would likely take place next year.
Prada and its advisers are working through the complexities of attempting the first Hong Kong-Milan dual listing and no final decisions on size or timing have been taken, Bloomberg reported.
APAC
Lenovo, a multinational technology company, completed the acquisition of the digital units of PCCW, a global telecommunications provider, for $614m.
"The transaction allows the company to expand its IT services capabilities, its suite of service offerings as well as the geographic and vertical coverage of customers and partners," Lenovo.
Lenovo was advised by HSBC and Cleary Gottlieb Steen & Hamilton. PCCW was advised by JP Morgan and Slaughter & May.
Abu Dhabi Investment Authority, a private equity firm, agreed to acquire a 10% stake in Aditya Birla Health Insurance, an insurance services provider, for $84m.
"This partnership with ADIA strengthens our resolve to further expand the company’s ‘Health-First’ proposition, as we empower our customers to lead a healthy life. We remain committed to this promise and have reimagined our business model and customer engagement accordingly, by creating differentiated products, a digital health ecosystem and a large distribution presence across the country. ABHI remains committed to grow the reach and impact of the nascent health insurance market in India," Mayank Bathwal, Aditya Birla Health Insurance CEO.
ABHI is advised by Cyril Amarchand Mangaldas.
Dai-ichi Life, a life insurance company, agreed to acquire Partners Life, a life and health insurance provider for $1bn.
“This transaction is a testament to the New Zealand market’s ability to create globally sought-after leaders in a traditional industry. We’re proud of how Partners Life has developed from a startup into a large, fully integrated business over the last 12 years, playing an important role in New Zealand’s financial services sector. Dai-ichi Life is a global industry leader and a specialist in personal risk insurance. It has deep life insurance expertise around the world and knows the industry inside and out. Its scale, access to capital, and industry knowledge will be a huge benefit to Partners Life,” Steward Taylor, Partners Life Chief Financial Officer.
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, agreed to acquire 2.1k Philippine tower assets of Globe Telecom, a provider of telecommunications services, for $472m.
“We are delighted to partner with MIESCOR and the MIDC team on this exciting opportunity with Globe. This transaction is a great fit for our Asia Infrastructure strategy, which targets investments across energy transition, transportation and logistics, and communications and digital infrastructure, and represents a significant milestone for our growing Asia Pacific business,” Hajir Naghdy, Stonepeak Senior Managing Director and Head of Asia and the Middle East.
Huobi Group in talks to dispose of a 60% stake in the business for $1bn.
The founder of China’s Huobi Group, which runs one of the world’s largest cryptocurrency exchanges, is in talks with investors to sell his almost 60% stake in the exchange for over $1bn.
Leon Li’s stake sale would value Huobi between $2bn and $3bn, and could be completed as soon as the end of the month. Tron founder Justin Sun and Sam Bankman-Fried’s FTX are among those who have been in contact with Huobi regarding the proposed stock sale, DealStreetAsia reported.
Torrent Power and Sembcorp Industries are in a race to buy GIP-backed Vector Green Energy.
Electricity producer Torrent Power and Singapore-listed utilities company Sembcorp Industries are in the race to buy clean energy platform Vector Green Energy.
Global Infrastructure Partners-backed Vector Green Energy is expected to be sold for $377m, Bloomberg reported.
NTT weighs the sale of its 69.2% stake in Nihilent.
NTT, a Japanese telecommunication giant, is considering a sale of its controlling stake in consulting and IT services firm Nihilent.
NTT is working with an adviser to find a buyer for its holdings of about 69.2% in Nihilent. NTT is seeking a valuation of about $314m for Nihilent. Considerations are at early stage and NTT could decide to keep the assets in the end, Bloomberg reported.
Centurium Capital-backed Taibang picks CICC and JP Morgan for its $6bn Hong Kong IPO. (FS)
Centurium Capital-backed Taibang Biologic Group, a plasma-derived biopharmaceutical product maker, has chosen banks for an initial public offering in Hong Kong.
Taibang Biologic was listed in New York until 2021, is working with China International Capital and JP Morgan on the proposed share sale. The listing could take place as soon as next year and could value the company at as much as $6bn, Bloomberg reported.
CTG Duty Free seeks up to $2.2bn in Hong Kong listing.
China Tourism Group Duty Free, a China-based company principally engaged in the travel agency businesses and duty free businesses, is seeking to raise as much as $2.2bn by selling shares in Hong Kong, in what could be the city’s biggest offering this year.
CTG Duty Free will start taking investor orders for about 102.8m Hong Kong shares at between $18.3 and $21.1 each. The deal has attracted nine cornerstone investors including China State-Owned Enterprise Mixed Ownership Reform Fund.
The offering by the state-controlled operator of duty-free outlets gives a boost to the ailing IPO market in Hong Kong, which has hosted only one such offering larger than $1bn this year. CTG Duty Free suspended a potential $5bn listing last December, joining a slew of companies that chose not to move ahead with deals amid a choppy market, Bloomberg reported.
Tenaga plans a $1bn IPO for its power business.
Malaysian electricity utility Tenaga Nasional plans to begin the process next year for a potential $1bn listing of its power generation business.
In what would be the country's largest initial public offering in a decade, TNB Power Generation, known as TNB Genco, could be valued at about $4bn. Proceeds from the offering will be used to grow TNB Genco's renewable energy portfolio, Reuters reported.
Hygon raises $1.6bn on STAR Market.
Hygon Information Technology, a manufacturer and distributer of computer components, surged in their Shanghai debut, making them this year’s second-best opening performance among large listings in China.
The stock closed 67% higher at $9 after soaring as much as 105% shortly after open. Hygon’s offering raised $1.6bn following the sale of 300m shares at $5.3 each. It’s the largest debut for the Nasdaq-like Star Board in 2022.
The Beijing-based company executed this year’s third-largest listing in the Asian country, where big offerings are flourishing despite a slump in traditional IPO venues. Mainland China IPOs mostly target local investors as capital controls make it harder for foreigners to participate, and they tend to pop when trading begins, Bloomberg reported.
Hongene Biotech weighs a new funding round at $6bn.
Hongene Biotech is weighing a new funding round that could value the Chinese synthesis blocks and enzymes maker at about $6bn.
Hongene Biotech s working with advisers on the fundraising, which could raise about $400m. Deliberations are ongoing and details of the plans including size and timeline could still change, Bloomberg reported.
EarlySalary in talks to raise $110m in TPG-led funding. (FS)
EarlySalary, an Indian digital lending startup, is in talks to raise $110m in a round led by private equity firm TPG Capital.
Norwest Venture Partners will also come in as a new investor in the deal, which involves some existing investors paring stakes, DealStreetAsia reported.
Starboard Value disposes about 80% of its stake in Kohl's.
Activist hedge fund Starboard Value, which had offered to buy Kohl's for roughly $9bn early this year, slashed its stake in the department store by more than 80% in the second quarter.
Starboard sold 2.8m shares during the quarter, leaving it with 535k shares. Starboard first invested in Kohl's during the first quarter of 2022 and the firm owned 2.59% of the company's stock, making it a top 10 holder. Investment managers are beginning to release their quarterly holdings before 13-F filing deadline which details what they owned in US-based companies on June 30, Reuters reported.
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