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AMERICAS
Glatfelter, a global manufacturer of engineered materials, completed the merger with the Health, Hygiene and Specialties business of Berry Global, a global manufacturer and marketer of plastic packaging products, in a $3.6bn deal.
"The uniting of our organizations creates a premier nonwovens supplier and a global leader in specialty materials, with the talent, technologies, scale, and footprint to deliver commercial and operational excellence, and a wide range of solutions for our customers. Our combined company is scaled to accelerate innovation and leverage our intellectual property over a large worldwide commercial platform and is well positioned to deliver substantial shareholder value," Thomas Fahnemann, Glatfelter President and CEO.
Diamondback Energy, a Texas based independent oil and natural gas company, agreed to acquire Midland basin assets from TRP Energy, an energy infrastructure company, in exchange for $238m in cash and 33k net acres in the Delaware basin.
TRP’s Midland Basin assets are made up of ~15k net acres across Upton and Reagan counties and consist of 55 remaining undeveloped operated locations, the majority of which immediately compete for capital.
Diamondback Energy is advised by Jefferies & Company and Kirkland & Ellis. TRP Energy is advised by JP Morgan, Moelis & Co, RBC Capital Markets and Clifford Chance.
Ryan Specialty, an international specialty insurance services firm, completed the acquisition of Innovisk, a diverse, non-correlated portfolio of seven highly regarded speciality MGUs, from Abry Partners, a Boston-based private equity firm, and BHMS, a Connecticut-based private equity firm. Financial terms were not disclosed.
"We have tremendous respect for Innovisk. Their outstanding management team has demonstrated a differentiated value proposition to brokers, agents and carriers, and their underwriting talent is among the best in the industry. At Ryan Specialty, we see new product innovation and diversification as essential components of the value that we bring to our clients and trading partners. Innovisk clearly shares this view and has made the critical investments to be able to not only launch new products but bring those products to market quickly," Tim Turner, Ryan Specialty CEO.
Innovisk was advised by Ardea Partners, Hill Dickinson and Kirkland & Ellis. Ryan Specialty was advised by Insurance Advisory Partners. Abry Partners was advised by Chris Tofalli Public Relations (led by Chris Tofalli).
Ampersand Capital Partners, a Boston-based private equity firm, agreed to acquire the Huntsville, Alabama manufacturing facility and reagent supply business of Nektar Therapeutics, a global biotechnology company, for $90m.
"This sale streamlines Nektar's operations as we continue to focus on the future success and clinical advancement of rezpegaldesleukin and our other antibody-based immunology pipeline assets, including our TNFR2 antibody and bispecific programs," Howard W. Robin, Nektar Therapeutics President and CEO.
Ampersand Capital Partners is advised by Goodwin Procter. Nektar is advised by UBS, Sidley Austin (led by Daniel J. Belke) and LifeSci Partners.
Vinci Partners Investments, the controlling company of an alternative investment platform completed the acquisition of Lacan Ativos Reais, an alternative asset manager with a franchise in the forestry segment. Financial terms were not disclosed.
"We are thrilled to announce this transaction and to welcome Lacan's team to our platform. We have always regarded the forestry sector in Brazil as a prime opportunity for capital deployment, and we believe it is highly complementary to Vinci's current product offering. As such, we couldn't have found a better team to help establish Vinci's presence in this sector. Lacan's long-term expertise and proven track record in this asset class set them apart, and we are excited to offer our clients this new investment strategy. In addition, the Forestry vertical is already well developed in other Latin American countries, and with the Team and strong track record of Lacan, we believe there is opportunity to expand the strategy outside of Brazil," Alessandro Horta, Vinci Partners CEO.
Lacan was advised by Cepeda Advogados. Vinci Partners was advised by Pinheiro Neto, Danthi Comunicações (led by Carla Azevedo) and Joele Frank (led by Nicholas Lamplough).
Emerson, a global technology, software, and engineering company, offered to acquire the remaining 43% stake in AspenTech, a provider of software and services for the process industries, for $6.5bn.
"Emerson has been executing against a clear value creation roadmap as we build the most differentiated global industrial technology portfolio of software-defined and hardware-advantaged automation solutions. The key strategic actions we are announcing today are consistent with our objective to drive value for our shareholders and complete our portfolio transformation in the most financially attractive way. Upon the successful completion of these actions, Emerson will have created a cohesive automation portfolio which strengthens our innovation leadership in the market and positions Emerson to deliver further growth, margin expansion and shareholder value creation," Lal Karsanbhai, Emerson President and CEO.
Emerson is advised by Centerview Partners, Goldman Sachs and Davis Polk & Wardwell.
Daiwa House, Japan's largest homebuilder, agreed to invest in Alliance Residential, one of the largest multifamily developers in the US. Financial terms were not disclosed.
"We are honored that Daiwa House chose Alliance Residential for their US residential rental real estate platform. We believe this meaningfully adds to our balance sheet capability, provides Alliance Residential additional reach into global capital markets and creates a solid foundation for our long-term success," Jay Hiemenz, Alliance Residential Chairman and CEO.
Alliance Residential is advised by Jefferies & Company, SMBC Nikko Securities and Dentons.
Tempus AI, an American health technology company, agreed to acquire Ambry Genetics, a provider of hereditary cancer screening, from Konica Minolta, a Japanese multinational technology company, for $600m.
The acquisition will provide Tempus with expanded testing capabilities for inherited cancer risk. These services are becoming more and more important for healthcare professionals navigating critical medical decisions with cancer patients and their relatives.
Tempus AI is advised by TD Cowen. Konica Minolta is advised by Mitsubishi UFJ Morgan Stanley Securities.
Jeff Bezos, Thrive Capital and Lux Capital led a $400m funding round in Physical Intelligence, a robotics artificial intelligence startup, with participation from OpenAI, Redpoint Ventures and Bond.
The San Francisco, California-based company seeks to develop universally compatible software for robots, aiming to circumvent the need for task-specific programming.
CAE, a manufacturer of simulation technologies, modelling technologies and training services to airlines, aircraft manufacturers, healthcare specialists, and defence customers, agreed to acquire a majority stake in SIMCOM Aviation Training, a simulator-based and in-aircraft training provider, from Flexjet, a provider of fractional ownership aircraft, leasing, and jet card services, for $230m.
"We are delighted to increase our investment in this core area and achieve majority ownership of SIMCOM to strengthen our position in the business aviation market, as well as extend our long-standing partnership with Flexjet, one of the leading and fastest growing private jet companies. This highlights our commitment to continuing to drive innovation and provide industry-leading technology to better serve our business aviation customers," Alexandre Prévost, CAE Division President, Business Aviation.
Chemonics, a sustainable development company, completed the acquisition of Luvent Consulting, an economic development consultancy. Financial terms were not disclosed.
"Acquiring Luvent Consulting represents an exciting milestone for Chemonics as we grow our client base and expand our capabilities. Luvent's extensive experience and understanding of the sustainable development landscape align seamlessly with our mission to promote meaningful change worldwide. Together, we look forward to driving even greater impact and advancing the sustainable development goals," Jamey Butcher, Chemonics President and CEO.
Silver Lake, Bain prepare to bid for multi-billion stake in Intel's Altera unit. (FS)
Buyout firms Silver Lake and Bain Capital are among the potential suitors that are likely to compete to acquire a minority stake in Altera, the programmable chips business that Intel acquired for nearly $17bn in 2015, Reuters reported.
Intel, which has already taken steps to spin Altera out as a separate company, kicked off a process for the stake sale in the unit in recent weeks, adding that the talks are at an early stage and the company is preparing to receive initial bids from potential buyers in the coming weeks.
Deutsche-led bank group stuck with debt for protein bar buyout.
The banks were unable to sell the debt to institutional loan investors before 1440 Foods closed its purchase of FitCrunch on November 1. In a statement announcing the acquisition’s completion, 1440 Foods said Jefferies Financial Group, a unit of Macquarie Group and BNP Paribas also provided committed financing.
Lockup on Thiel’s stake in Altman-backed nuclear firm to end. (FS)
A manic rally for Oklo, a developer of advanced nuclear systems backed by Sam Altman, has delivered a massive paper windfall to its founders and early investors since going public earlier this year. Peter Thiel’s venture capital firm is among those able to start cashing in soon, Bloomberg reported.
Major venture capital investors that previously served on the company’s board can begin divesting some 13.5m shares as soon as November 6 after restrictions preventing early backers from selling are lifted, six months after Oklo’s blank-check deal closed.
Fast-fashion retailer Groupe Dynamite hires bankers for IPO.
Groupe Dynamite, a Canadian retailer of women’s clothing, has hired banks for an initial public offering that’s likely to be marketed in the coming weeks, Bloomberg reported.
The company is working with major Canadian financial institutions and a US bank on the offering. If successful, it would provide a jolt to the stagnant Canadian IPO market, where just CAD700m ($504m) has been raised this year, largely for financial vehicles such as exchange-traded funds.
CoreWeave picks Morgan Stanley, Goldman, JP Morgan for IPO.
CoreWeave, a cloud-computing provider that’s one of the hottest startups in artificial intelligence, has selected Morgan Stanley, Goldman Sachs Group and JP Morgan to lead its planned initial public offering, Bloomberg reported.
The company is planning to go public next year.
Coatue seeks $1bn for its flagship fund to wager on AI. (FS)
Coatue Management is looking to raise $1bn to amplify bets on artificial intelligence and tech innovation, marking the first time in several years it has sought cash for the flagship fund.
The tech-focused hedge fund firm will raise most of the capital from institutional investors, with a smaller amount coming from wealthy individuals through a new arrangement with Raymond James and Associates, Bloomberg reported.
Paramount chair Shari Redstone will leave board after Skydance merger. (People)
Redstone, the chair of the film and TV company, and her son, Tyler Korff, both have the option of joining the board of the new company, but don’t plan to.
EMEA
The £15bn ($19.5bn) merger between Vodafone Group and Three would be approved if the firms committed to investing in a large scale upgrade of the UK’s mobile network, Bloomberg reported.
The Competition and Markets Authority also said Tuesday that measures to protect customers should be put in place to prevent price increases. The watchdog will make a final decision on December 7.
Italy's Treasury has put on hold the sale of a minority stake in ITA Airways to Lufthansa amid differences with the German carrier over the agreed price, Reuters reported.
Lufthansa won EU antitrust approval in July to buy 41% of state-owned ITA, the successor airline to bankrupt Alitalia, for €325m ($354m), in a deal designed to boost its presence in the lucrative southern European market.
TA Associates, a global private equity firm, agreed to acquire Nexus, a European e-health software company, for €1.21bn ($1.32bn).
"After careful consideration of various strategic options and after analyzing the proposed partnership with TA and the associated takeover offer, the Supervisory Board and Management Board have come to the unanimous conclusion that the transaction is in the best interests of the company and its shareholders. We therefore welcome the strategic partnership with TA and support the offer. The transaction is in the best interest of our customers, partners and employees and creates immediate value for our shareholders," Hans-Joachim König, Nexus Chairman of the Supervisory Board.
TA Associates is advised by Barclays, Kirkland & Ellis and FGS Global (led by Tanja Dorr). Nexus is advised by GSK Stockmann.
EQT Partners, a Swedish global investment organization, agreed to acquire OEM International, a technical trading company, for SEK12.25bn ($1.15bn).
"EQT is impressed by OEM International’s management team and their achievements to date and intends to continue develop the decentralized model and entrepreneurial focus that has made the Company successful. There are no decisions on any material changes that may impact OEM International’s employees and management or the existing organization and operations, including the terms of employment and locations of the business," EQT.
OEM International is advised by Lenner & Partners and Mannheimer Swartling. EQT Partners is advised by UBS.
Exyte, a provider of engineering, design, and delivery of high-tech facilities, completed the acquisition of TTP Group, a provider of consulting and engineering for the pharmaceutical and chemical industry in Europe. Financial terms were not disclosed.
"This strategic move is an important step for Exyte on our 'Pathway to Ten' and aligns perfectly with our future agenda 'Next Level'. By combining TTP's engineering expertise with Exyte's project execution capabilities, we will strengthen our presence in Europe's biotech and pharma sectors, offering clients comprehensive support from strategic planning to facility delivery," Wolfgang Büchele, Exyte CEO.
German air-taxi maker Lilium hires KPMG to explore M&A options.
German air-taxi maker Lilium, which is set to file for insolvency after running into a cash crisis, said it had hired consultancy KPMG to explore merger and acquisition options, Reuters reported.
The move to explore options comes after a court granted Lilium's application for self administration.
French grocer Carrefour studies options to boost valuation.
French grocer Carrefour is in the early stages of studying ways to boost its valuation, more than three years after talks to sell itself to an industry rival fell apart, Bloomberg reported.
Carrefour is discussing various scenarios internally and speaking to advisers about potential options for the business. Possibilities under review include asset divestments, growing through partnerships and acquisitions, or an operational reorganization.
German steelmaker Salzgitter jumps 33% on planned takeover bid.
Beleaguered German steelmaker Salzgitter posted a record gain after a major shareholder said it’s planning a takeover offer, Bloomberg reported.
Industrial conglomerate GP Günter Papenburg Aktiengesellschaft is working with TSR Recycling on plans to submit a takeover bid if it can acquire more than 45% of the company’s stock, Salzgitter said. GP Günter Papenburg had a 25% stake at the end of last year, making it the steelmaker’s second-largest investor.
Commerzbank sells SRT as CEO embarks on plan to free up capital.
Commerzbank is working on a significant risk transfer amid an effort by Chief Executive Officer Bettina Orlopp to unlock capital.
The German lender is selling an SRT linked to a portfolio of €2bn ($2.2bn) in corporate loans. The size of the SRT is about €150m ($163m), Bloomberg reported.
Thames Water backers urge rivals to join £1.5bn plan.
The group of financial heavyweights offering Britain's biggest water supplier a £1.5bn ($1.95bn) lifeline is calling on the company's other backers to accept the plan in a last-ditch bid to save the utility, Sky News reported.
Thames Water has been fighting to stay afloat since March when its investors declined to give it more money, raising the prospect of temporary nationalisation.
APAC
KKR has secured more than one-third of software developer Fuji Soft after the private equity firm completed the first stage of its tender offer, Bloomberg reported.
3D Investment Partners and Farallon Capital have tendered their shares to KKR following an earlier agreement. Together with stock tendered by other minority shareholders, KKR is set to hold more than one-third of Fuji Soft shares, paving way for its plans to take control of the company.
Hanwha Group, a business conglomerate in South Korea, agreed to acquire the remaining 74.6% stake in Dyna-Mac, a floating facility designer and manufacturer, for $599m.
The tender offer is conditional upon a minimum acceptance condition of more than 50% of the shares in Dyna-Mac, including all shares owned by the offeror and its concert parties, and a favorable anti-trust decision from the Competition and Consumer Commission of Singapore.
CVC DIF, the infrastructure arm of global private markets manager CVC, agreed to acquire a 49.9% stake in ECO, a hazardous waste management company in Singapore. Financial terms were not disclosed.
"ECO’s leading market position, their longstanding and diversified client relationships and the high barriers to entry in the sector make this an interesting investment for DIF Infrastructure VII. Moreover, this investment marks the first investment of CVC DIF in Southeast Asia, on the back of CVC DIF’s global sector relationships and CVC’s widespread local office network in the region. We are delighted to partner with Séché Environnement, a market leader in hazardous waste. Together with Séché Environnement and ECO’s Singapore based management team, we are well-positioned to drive ECO’s growth as a leader in sustainable infrastructure in the region," Gijs Voskuyl, CVC DIF Managing Partner.
17LIVE, an SGX-listed leading live-streaming platform, completed the acquisition of N Craft, a production company dedicated to developing and managing virtual talents, creating engaging content that connects with fans through live performances and interactive experiences. Financial terms were not disclosed.
This strategic acquisition will bolster 17LIVE’s V-Liver business segment as it adds production and talent development capabilities in the V-Liver space within the Group.
Broadband firm HKBN eyes about $800m loan for refinancing.
Hong Kong broadband service provider HKBN is seeking an about HKD6.25bn ($800m) loan for refinancing purposes, Bloomberg reported.
About four to five banks will likely underwrite the deal. The financing hasn’t been finalized and could change as negotiations continue.
India proposes merging regional rural banks to help them shore up capital.
The Indian government has proposed merging regional rural banks to reduce their number to 28 from 43, which could help these lenders cut costs and shore up their capital base, Reuters reported.
Regional rural banks provide credit to small farmers, agricultural labourers and businesses in rural areas but have suffered from inadequate access to capital and technology.
Chevron is said to weigh sale of Hong Kong gas stations business.
Chevron is considering a sale of all of its gas stations in Hong Kong amid interest from prospective investors, Bloomberg reported.
The American oil and gas company, which operates more than 40 Caltex-branded service stations in Hong Kong, may seek a valuation of about $400m for the assets. Considerations are ongoing and details could change or not result in a deal.
India's Apollo Green Energy plans solar module plant, targets IPO in 2025, CEO says.
India's Apollo Green Energy, an engineering and construction firm, plans to set up a 500 megawatt solar module plant in the next two-three years and tap domestic public markets in 2025 to execute new projects, its chief executive said.
The company, which focuses on constructing renewable energy projects, currently has an order book of INR35bn ($416m), and is looking to expand so that it can triple the size to INR100bn ($1.2bn) by the end of this financial year, Reuters reported.
Singapore's CapitaLand Investment secures $198m for SEA and India funds. (FS)
Singapore-based global real asset manager CapitaLand Investment announced that it has secured a total of SGD261m ($198m) in fresh commitments for its Southeast Asia and India private funds, DealStreetAsia reported.
The company said CapitaLand SEA Logistics Fund, its first logistics fund in Southeast Asia, has secured SGD130m ($98.5m) in commitment from Japanese shipping major Mitsui O.S.K. Lines.
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