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Top Highlights
EMCOR Group, a mechanical and electrical construction services, industrial and energy infrastructure and building services provider, agreed to acquire Miller Electric, an electrical contractor, for $865m.
Miller Electric is advised by Stephens and Driver McAfee. EMCOR is advised by Evercore, Ropes & Gray, FTI Consulting and Joele Frank (led by Andrea Rose).
United Rentals, an equipment rental company, agreed to acquire H&E Equipment Services, an equipment dealership company, for $4.8bn.
H&E Equipment Services is advised by Bank of America and Milbank (led by Derek Winokur and Iliana Ongun). United Rentals is advised by Sullivan & Cromwell (led by Frank Aquila). Debt financing is provided by Morgan Stanley and Wells Fargo Securities.
Ardian, a private investment house, agreed to acquire a minority stake in Sicer, a company active globally in the development and production of specialty coatings for the ceramic industry. Financial terms were not disclosed.
Deal Round up
AMERICAS
Cleveland-Cliffs considering all-cash offer for US Steel. ( Reuters)
Crumbl cookie chain explores potential $2bn sale. ( Reuters)
Honeywell plans split amid pressure from Elliott. ( Bloomberg)
EMEA
Bankers prepare up to £3bn in debt for Reckitt homecare unit sale. ( Bloomberg)
Saudi Arabia reportedly nearing $1bn-plus investment in Dazn. (TechNave)
KKR, CPPIB pursue €1bn loan to acquire Aviv from Axel Springer. ( Bloomberg)
Ares Management raises €30bn for European Direct Lending. ( Press Release)
APAC
China weighs sale of TikTok US to Musk as a possible option. ( BBC)
I Squared Capital reportedly nearing buyout offer for HKBN. ( Bloomberg)
Grab-backed Super Bank reportedly considering Jakarta IPO this year. ( Bloomberg)
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AMERICAS
Gryphon Investors, a private investment firm, agreed to acquire a majority stake in Spindrift Beverage, a producer of sparkling water with real squeezed fruit. Financial terms were not disclosed.
Spindrift Beverage is advised by JP Morgan, Piper Sandler, Morgan Lewis & Bockius and Simpson Thacher & Bartlett. Gryphon Investors is advised by Lazard, Morgan Stanley, Kirkland & Ellis and Lambert & Co (led by Caroline Luz).
Berkshire Partners, a specialist investor in private and public equity, and Court Square Capital, a middle market private equity firm, agreed to invest in Thrive, a provider of cybersecurity, cloud, and IT managed services. Financial terms were not disclosed.
Thrive is advised by Lazard, Moelis & Co and V2 Communications. Berkshire is advised by Guggenheim Partners. Court Square is advised by Edelman. Debt providers are advised by Alliance Bernstein.
Montagu, a mid-market private equity firm, agreed to acquire Tyber Medical, an orthopaedic device manufacturer. Financial terms were not disclosed.
Tyber Medical is advised by Houlihan Lokey and Dechert. Montagu is advised by Weil Gotshal and Manges (led by Ryan Taylor) and Greenbrook (led by James Madsen).
Cycle Pharmaceuticals, a provider of treatments and services for patients with neurological, rare metabolic, and rare immunological conditions, completed the acquisition of Banner Life Sciences, a pharmaceutical company. Financial terms were not disclosed.
Banner Life Sciences was advised by Leerink Partners and Skadden Arps Slate Meagher & Flom (led by Faiz Ahmad). Cycle Pharmaceuticals was advised by Ondra Partners and Goodwin Procter.
Uvaro, a skill development and career services provider, completed the acquisition of Lighthouse Labs, a tech education company. Financial terms were not disclosed.
Lighthouse Labs was advised by Tyton Partners and McCarthy Tetrault. Uvaro was advised by Gowling WLG and Talk Shop Media.
Cuadrilla Capital, an enterprise software investment firm, completed the acquisition of Repsly, a retail execution software. Financial terms were not disclosed.
Repsly was advised by Canaccord Genuity and Goodwin Procter. Cuadrilla Capital was advised by Massumi + Consoli.
Wabtec, a provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, agreed to acquire the inspection technologies division from Evident, a scientific research and development company, for $1.78bn.
Rubicon Founders, a healthcare investment firm, completed the $165m investment in Caidya, a global mid-sized CRO.
Caidya was advised by Sidley Austin. Rubicon Founders was advised by Ropes & Gray.
New Mountain Capital, an investment firm, completed the investment in Access Healthcare, a technology-enabled platform for revenue cycle management. Financial terms were not disclosed.
Access Healthcare was advised by Culver Public Relations (led by Jeanne Culver). New Mountain Capital was advised by H/Advisors Abernathy (led by Dana Gorman).
Cengage Group, an edtech company, completed the acquisition of Visible Body, a company specialised in interactive, 3D models and software for the sciences. Financial terms were not disclosed.
Visible Body was advised by Vicksburg Capital Partners.
Aline, a provider of senior living operating software, completed the acquisition of Grove Menus, a culinary management platform. Financial terms were not disclosed.
Aline was advised by Morrison & Foerster (led by Erik Knudsen).
CBRE Group, a commercial real estate services and investment firm, agreed to acquire the remaining 60% stake in Industrious, a provider of flexible workplace solutions, for $400m.
Suvoda, a clinical trial technology company, and Greenphire, a clinical trial payments, financial management and patient support tools company, agreed to merge. Financial terms were not disclosed.
Harris Blitzer Sports & Entertainment, a sport management company, and Comcast Spectacor, an American sports and entertainment group, agreed to form a joint venture to build an arena in the South Philadelphia Sports Complex that will be the new home of the Philadelphia 76ers and Philadelphia Flyers. Financial terms were not disclosed.
eBay, a global commerce company, agreed to acquire Caramel, an end-to-end online automotive transaction solution provider. Financial terms were not disclosed.
Compass, a residential real estate broker, completed the acquisition of @properties, a real estate services company, from Quad-C Management, a middle market private equity firm. Financial terms were not disclosed.
Cleveland-Cliffs considering all-cash offer for US Steel. ( Reuters)
Cleveland-Cliffs is teaming up with industry peer Nucor to explore a potential all-cash bid for US Steel, targeting an offer in the upper $30s per share.
Cliffs plans to acquire US Steel in its entirety and, if successful, intends to sell the Big River Steel mill to Nucor.
Historically, Cleveland-Cliffs has worked with Moelis & Co and Jones Day, according to MergerLinks data.
Crumbl cookie chain explores potential $2bn sale. ( Reuters)
Crumbl’s owners are considering a sale that could value the popular cookie chain at nearly $2bn, including debt.
The Lindon, Utah-based bakery franchise is working with investment bank North Point on a process that may draw interest from private equity firms.
Honeywell plans split amid pressure from Elliott. ( Bloomberg)
Honeywell International is preparing to move forward with a breakup after facing pressure from activist investor Elliott Investment Management.
The Charlotte, North Carolina-based industrial giant plans to separate into two independent publicly traded companies, with one focusing on automation and the other on aerospace and defense.
EMEA
Strategic Value Partners, an alternative investment firm, agreed to invest €200m ($205m) in Bjelin Group, a flooring company.
Bjelin Group is advised by Mannheimer Swartling. SVP is advised by Citigroup, Nordea Bank, Kirkland & Ellis, Schjodt, Wolf Theiss and Greenbrook (led by James Madsen).
Gamma Communications, a provider of technology-based communication services, agreed to acquire STARFACE, a telecommunications contractor. Financial terms were not disclosed.
Bankers prepare up to £3bn in debt for Reckitt homecare unit sale. ( Bloomberg)
Banks are vying to offer up to £3bn ($3.7bn) in debt financing to support a potential sale of Reckitt Benckiser Group’s homecare assets.
Lenders are assembling multi-currency deal proposals aimed at attracting interest from both the leveraged loan and high-yield bond markets. The debt will primarily be issued in euros and dollars due to higher liquidity in those markets.
Saudi Arabia reportedly nearing $1bn-plus investment in Dazn. ( TechNave)
Saudi Arabia’s sovereign wealth fund’s sports investment arm is in advanced discussions to invest at least $1bn in Len Blavatnik’s streaming platform Dazn Group, which broadcasts several top-tier European football leagues.
The potential deal between SURJ Sports Investment, a division of the $925bn Public Investment Fund, and Dazn could be announced as early as this month. Final terms are still being negotiated and may change.
KKR, CPPIB pursue €1bn loan to acquire Aviv from Axel Springer. ( Bloomberg)
Lenders are arranging a €1bn ($1bn) loan to support the sale of Axel Springer’s real estate ads unit, Aviv Group.
KKR and Deutsche Bank are leading the effort. This move is part of a broader plan by KKR, the Canada Pension Plan Investment Board, and German billionaire Mathias Döpfner to restructure media giant Axel Springer.
Ares Management raises €30bn for European Direct Lending. ( Press Release)
Ares Management, a global leader in alternative investments, announced the final closing of its sixth European direct lending fund, Ares Capital Europe VI. The Fund secured total commitments of €17.1bn ($17.5bn), surpassing its €15bn ($15.4bn) target and reaching its hard cap.
Ares states that ACE VI is the largest institutional fund in the global direct lending market to date, based on LP equity commitments. The final fund size reflects a 53% increase in LP commitments compared to its predecessor, Ares Capital Europe V, which closed in 2021 with a €11.1bn ($11.4bn) hard cap. Including related vehicles and anticipated leverage, the Ares European Direct Lending strategy is expected to have approximately €30bn ($30.7bn) in total available capital.
APAC
China weighs sale of TikTok US to Musk as a possible option. ( BBC)
Chinese officials are weighing a backup plan involving Elon Musk acquiring TikTok’s US operations if the platform faces a ban.
While Beijing prefers TikTok to remain with ByteDance, the company is appealing the ban to the US Supreme Court, though justices hinted they may uphold it. Officials have discussed contingency options, including Musk, amid broader talks on handling the Trump administration.
I Squared Capital reportedly nearing buyout offer for HKBN. ( Bloomberg)
I Squared Capital is nearing a buyout bid for HKBN, potentially sparking a bidding war with China Mobile for the Hong Kong-listed broadband provider.
After beginning due diligence in December, I Squared is now assessing potential synergies to determine the pricing of a new offer. The US-based infrastructure fund could submit its offer in the coming weeks.
Historically, I Squared Capital has worked with Barclays, Rothschild & Co, Linklaters and Gibson Dunn & Crutcher, according to MergerLinks data.
Grab-backed Super Bank reportedly considering Jakarta IPO this year. ( Bloomberg)
Super Bank Indonesia is planning a potential initial public offering in Jakarta, possibly as early as this year.
The digital banking firm, part of Indonesian conglomerate PT Elang Mahkota Teknologi, is looking to appoint banks to manage a share sale that could raise between $200m and $300m. The Jakarta-based company is considering a valuation of $1.5bn to $2bn for the listing.
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