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AMERICAS
Enbridge, a multinational pipeline and energy company, completed the acquisition of East Ohio Gas, a natural gas distribution company, from Dominion Energy, a power and energy company, for $6.6bn.
"The addition of a strong Ohio-based gas utility company is a great strategic fit for Enbridge. It further diversifies our business and enhances the stable cash flow profile of our assets. With this acquisition, Enbridge has all four of its business units represented in Ohio, providing further value-add opportunities. We welcome EOG and its employees into the Enbridge family of companies and look forward to building long-term productive relationships with all stakeholders in Ohio and continuing to offer Ohio customers the same safe, reliable service they are accustomed to," Michele Harradence, Enbridge Executive Vice President and President, Gas Distribution and Storage.
Enbridge was advised by Morgan Stanley, RBC Capital Markets, McCarthy Tetrault (led by Toby Allan and John Osler) and Sullivan & Cromwell. Debt financing was provided by Morgan Stanley and RBC Capital Markets. Dominion Energy was advised by Citigroup, Goldman Sachs (led by Dan Korich), McGuireWoods and Brunswick Group. Financial advisors were advised by White & Case.
Chevron CEO Michael Wirth is facing a head-to-head match with Exxon Mobil with his $53bn bid for Hess and its stake in oil hotspot Guyana, and could wind up trapped in a dispute between two of South America's biggest energy rivals, Reuters reported.
On Wednesday, Exxon filed an arbitration claim that could block Hess' proposed merger with Chevron. The sale includes Hess' 30% stake in a consortium that has discovered more than 11bn barrels of oil in Guyana's Stabroek offshore block, which analysts say has potential recoverable oil at upwards of 20bn barrels.
Vinci Partners Investments, a private equity firm, agreed to merge with Compass, an asset management firm, in a $165m deal. The transaction will have a total upfront consideration of 11,783,384 shares of VINP Class A common stock, and a cash consideration of $31m, in the form of VINP Class C redeemable common stock.
"We are thrilled to partner with a leader in alternative investments in Brazil and are excited about the future opportunities for our combined platform alongside Vinci," Jaime Martí, Compass Partner and CEO.
Compass is advised by Morgan Stanley and Skadden Arps Slate Meagher & Flom. Vinci Partners is advised by Goldman Sachs, Carey Abogados, Simpson Thacher & Bartlett, Danthi Comunicações and Joele Frank.
EU regulators to decide on Tapestry deal for Michael Kors owner by mid-April.
EU antitrust regulators will decide by April 15 whether to clear Coach parent Tapestry's $8.5bn acquisition of Michael Kors owner Capri, Reuters reported.
Tapestry sought EU approval on March 6 for the deal that would create an American fashion powerhouse to challenge larger European rivals such as Paris-listed LVMH for a bigger share of the global luxury market.
Capri is advised by Barclays (led by Lowell Strug and Brett Pickett), Wachtell Lipton Rosen & Katz (led by Joshua Cammaker and Mark Stagliano) and Joele Frank (led by Andrew Brimmer). Barclays is advised by Sullivan & Cromwell (led by Stephen M. Kotran). Tapestry is advised by Morgan Stanley (led by Carmen Molinos) and Latham & Watkins (led by Leah R. Sauter, Josh Dubofsky and Charles Ruck).
Hudson Bay-backed Liberty Strategic Capital led a $1bn investment round in New York Community Bancorp, a bank holding company, with participation from Reverence Capital Partners, Citadel Global Equities, other institutional investors and certain members of the Company’s management. Liberty will invest $450m, Hudson Bay will invest $250m, and Reverence will invest $200m as part of the transaction.
"We welcome the approach that Liberty, Reverence and the other investors took in their respective evaluations of the Bank and look forward to incorporating their insights going forward. The strategic investments involving former Secretary Steven Mnuchin, former Comptroller Joseph Otting and Milton Berlinski, along with the other institutional investors is a positive endorsement of the turnaround that is underway and allows us to execute on our strategy from a position of strength. We enter this next chapter with a strong balance sheet and liquidity position supported by a diversified and retail focused deposit base. Our new leadership team, with the support of the reconstituted Board, will continue to take the actions that are necessary to improve earnings, profitability and drive enhanced value for shareholders," Sandro DiNello, NYCB Non-Executive Chairman.
New York Community Bancorp is advised by Jefferies & Company and Skadden Arps Slate Meagher & Flom. Jefferies & Company is advised by Latham & Watkins. Liberty is advised by Sullivan & Cromwell. Hudson Bay Capital is advised by Schulte Roth & Zabel.
ESGEN Acquisition's shareholders approve the $475m SPAC merger with Sunergy Renewables.
ESGEN Acquisition, a publicly-traded special purpose acquisition company, and Sunergy Renewables, a Florida-based provider of residential solar and energy efficiency solutions, announced that ESGEN's shareholders have approved its proposed business combination with Sunergy.
In connection with the closing of the business combination, the combined company will change its name to Zeo Energy and is expected to be publicly listed on the Nasdaq Stock Exchange.
Sunergy Renewables is advised by Ellenoff Grossman & Schole and Eversheds Sutherland (led by Craig Alcorn). ESGEN is advised by Cohen & Company Capital Markets (led by Brandon Sun), Kirkland & Ellis (led by Jack R. Shirley and Kevin T. Crews) and Gateway Investor Relations (led by Cody Slach).
BlackRock TCP Capital and BlackRock Capital Investment announce shareholder approval of merger. (FS)
BlackRock TCP Capital and BlackRock Capital Investment announced that the shareholders of each business development company have voted to approve the necessary proposals related to the merger of TCPC and BCIC.
"We thank shareholders of both BDCs for their overwhelming support for the merger. We are excited about the opportunity ahead to leverage the combined company's scale to further our strategy of investing in attractive middle market companies that we believe will drive sustainable growth and value for our shareholders," Rajneesh Vig, BlackRock TCP Capital Chairman and CEO.
TCPC is advised by Houlihan Lokey (led by Charles Hibbs) and Dechert (led by Harry S. Pangas and Eric Siegel). Houlihan Lokey is advised by Skadden Arps Slate Meagher & Flom (led by David Hepp). BCIC is advised by Keefe Bruyette & Woods (led by Allen Laufenberg) and Vedder Price.
Court Square Capital Partners, a private equity firm, completed an investment in Velosio, a provider of digital transformation services. Financial terms were not disclosed.
“As a cloud services company, we create bespoke and valuable solutions for mid-market and emerging enterprise companies. Our goal is to be a trusted guide and go-to cloud applications partner for our clients. We see the partnership with Court Square as an exciting step in the evolution of Velosio given their deep sector expertise in IT services and track record of collaborating with management to drive growth," Bob Knott, Velosio CEO.
Velosio was advised by Guggenheim Partners. Court Square Capital was advised by Robert W Baird, Dechert and Edelman.
Novacap to acquire INdigital. (FS)
Novacap, a private equity firm, agreed to acquire INdigital, a company develops and operates of Next Generation 9-1-1 services. Financial terms were not disclosed.
"Novacap is proud to partner with INdigital, a leader in the essential field of Next Generation 9-1-1 services, underscoring our commitment to mission-critical technologies that enhance public safety. Their superior technological solutions and strong market positioning align perfectly with our investment philosophy. Our objective is to drive their expansion and unlock the untapped potential within the NG911 space, leveraging our expertise to deliver enhanced value to our stakeholders and improve emergency response capabilities across North America," François Laflamme, Novacap Senior Partner.
INdigital is advised by Houlihan Lokey and Dentons. Novacap is advised by Foley & Lardner.
Arlington Capital-backed Systems Planning & Analysis, a provider of innovative solutions impacting complex national security programs and defense priorities, completed the acquisition of DARPA, OSD, and Select NRO Technical Advisory Services Programs from Carlyle-backed ManTech, a provider of national and homeland security technology solutions and services. Financial terms were not disclosed.
“These teams are recognized experts providing specialized technical advisory services and leveraging a full lifecycle approach from concept to fielded capability. We couldn’t imagine a better combination, and we are excited to have these highly qualified and experienced SMEs join the SPA family," Rich Sawchak, SPA CEO.
SPA was advised by Sheppard Mullin Richter & Hampton. ManTech was advised by Robert W Baird and King & Spalding.
MPE Partners, a private equity firm, completed an investment in Webster Industries, a manufacturer of engineered class chain, engineered class sprockets, and vibratory equipment for material handling and power transmission applications. Financial terms were not disclosed.
"MPE's cultural fit, experience with ESOPs, and successful history of providing strategic and operational resources to help accelerate growth made them the preferred partner for Webster," Andrew Felter, Webster Industries President and CEO.
MPE Partners was advised by Jones Day. Debt financing was provided by Apogem Capital and Fidelity Direct Lending.
Starwood Capital Entities to go public via a SPAC merger with Jaws Mustang Acquisition. (FS)
Starwood Capital Entities, an investment affiliate of Starwood Capital, agreed to go public via a SPAC merger with Jaws Mustang Acquisition, a special-purpose acquisition company. Financial terms were not disclosed.
Under the terms of the LOI, the combined public company would become the direct or indirect owner of the Starwood Capital Entities' interests in ten properties.
Jaws Mustang is advised by Santander. Starwood Capital is advised by H/Advisors Abernathy (led by Tom Johnson).
BlackRock, agreed to acquire the remaining stake in SpiderRock Advisors, an asset management firm. Financial terms were not disclosed.
“By giving BlackRock more SMA capabilities, this acquisition will enable us to meet growing demand from wealth managers for personalized, tax-efficient portfolios. We look forward to fully integrating SRA’s team and capabilities into our U.S. Wealth Advisory business and to further expanding our offerings in SMA solutions,” Joe DeVico, BlackRock Co-Head of Wealth Advisory business.
SpiderRock Advisors is advised by Jones Day. BlackRock is advised by Kramer Levin Naftalis & Frankel.
MileOne Autogroup, an automotive sales and service network, completed the acquisition of Koons Wilmington Lexus, a car dealership, from Asbury Automotive, an auto dealership. Financial terms were not disclosed.
“We are thrilled to welcome another Lexus store to the MileOne network. When this location became available, we knew immediately that it would be a terrific addition to our portfolio," Michael Fader, MileOne Autogroup Vice President.
Asbury Automotive was advised by Presidio Group and Jones Day.
Iberdrola, a Spanish multinational electric utility company, offered to acquire the remaining 18.4% stake in Avangrid, an energy services and delivery company, for $2.48bn.
The objective of this transaction is to increase exposure to the networks business in the United States at a key time for Iberdrola, which wants to grow in markets with high credit ratings and in regulated businesses such as networks.
Iberdrola is advised by Morgan Stanley.
ATHA Energy completed the acquisition of Latitude Uranium for $197m.
ATHA Energy, a mineral exploration company, completed the acquisition of Latitude Uranium, an exploration company, for $197m.
"We are thrilled to announce the completion of this transaction, which in our view adds considerable maturity to our asset portfolio and further separates ATHA as the leading exploration company with comprehensive exposure to a unique profile of uranium upside. This acquisition marks a significant milestone for the company by adding historical resource to our portfolio and enabling us to expand the reach of our robust balance sheet across a diverse range of exploration catalysts. With the expertise of our excellent development team, we are very excited about the prospect of further exploration and development across multiple high-grade uranium jurisdictions, with the objective of defining the next generation of world-class uranium assets," Troy Boisjoli, ATHA CEO.
Latitude Uranium was advised by Cassels Brock & Blackwell (led by Jamie Litchen and Ben McLaughlin).
Sambazon completed the acquisition of the frozen Açaí and Smoothie bowl business from SunOpta.
Sambazon, an organic and fair trade certified açaí producer, completed the acquisition of the frozen Açaí and Smoothie bowl business from SunOpta, a food and mineral company. Financial terms were not disclosed.
"This strategic acquisition signifies a major advancement in SAMBAZON's ability to distribute nutritious, sustainably sourced superfoods more broadly, building a strong and diversified bowl business to deliver exceptional value and impact in the health food sector," Ricardo Perdigao, SAMBAZON CFO and COO.
Sambazon was advised by Fika Collective.
Trive-backed Kittyhawk completed the acquisition of Stack HIP from Stack Metallurgical Group. (FS)
Trive-backed Kittyhawk, a provider of hot isostatic pressing services, completed the acquisition of Stack HIP, a HIP services provider to aerospace, defense, and medical customers, from Stack Metallurgical Group, a provider of heat treating and metal processing services. Financial terms were not disclosed.
"We're excited to welcome Stack HIP customers, employees, and suppliers into the Kittyhawk family. Stack HIP will allow Kittyhawk to service mission critical parts up to 63" in diameter, enabling us to process the full array of components for our customers. At Kittyhawk, we commit every day to providing the best service and quality to our customers, and we're thrilled to now do that with the added capabilities and dedicated employees of Stack HIP. We look forward to the continued relationship with SMG to deliver unmatched special processing services to our valued customers," Brandon Creason, Kittyhawk President.
Astera Labs eyes up to $4.5bn valuation in US IPO.
Astera Labs said it was targeting a valuation of up to $4.5bn in its US initial public offering, as the chip firm looks to list amid a wave of enthusiasm for artificial intelligence.
The company said it, along with some of its existing shareholders, is aiming to raise up to $534m by selling 17.8m shares priced between $27 and $30 each. Astera is offering nearly 14.8m shares, while the selling stockholders are offering about 3m shares, Reuters reported.
Intel-backed Astera seeks $534m in IPO With AI appeal.
Astera Labs and its investors are seeking to raise as much as $534m in an initial public offering as the Intel-backed semiconductor connectivity company seeks to tap investor demand for artificial intelligence plays, Bloomberg reported.
Astera plans to sell about 14.8m shares, while existing shareholders are offering another 3m, the Santa Clara. The stock is being offered at $27 to $30 a share.
Stonepeak raises $3.3bn for its first Asia-dedicated infrastructure fund. (FS)
Stonepeak, a New York-headquartered alternative investment firm said it has raised $3.3bn for its Stonepeak Asia Infrastructure Fund, its first fund dedicated to Asia.
The firm said it exceeded its $3bn target after receiving robust demand from new investors and existing investors in other Stonepeak funds. The Fund seeks to construct a diversified portfolio of infrastructure assets predominantly within the communications, transport and logistics, and energy sectors. Its geographic mandate spans the Asia-Pacific region, including both developed and high-growth countries. To date, the Fund has made six investments spanning each of its target sectors.
“The strong demand for this fund underscores Asia’s compelling long-term economic and demographic tailwinds, and is a resounding acknowledgement by our partners, including many of the world’s most sophisticated investors, that Stonepeak’s team is well positioned to capitalize on the associated investment opportunities," Hajir Naghdy, Stonepeak Senior Managing Director and Head of Asia and the Middle East.
Stonepeak was advised by Simpson Thacher & Bartlett.
EY hires Canadian M&A advisers Waly and Rossi for Quebec deals. (People)
Ernst & Young hired two merger and acquisition advisers from Raymond Chabot Grant Thornton to strengthen its practice in Quebec and prepare for a potential rebound in Canadian deal activity, Bloomberg reported.
Yasser Waly and Mark Rossi are joining EY as partners in strategy and transactions. EY will now have seven partners devoted to M&A in Quebec.
Dealmaking is poised to bounce back in Canada this year as more predictability over the direction of interest rates allows firms to put their abundant capital reserves to work. Canadian companies were involved in about 3.6k deals with a total value of roughly $263bn announced last year, down from 4.77k transactions totaling $327bn in 2022.
EMEA
Canada Pension Plan Investment Board, a private equity firm, has entered into an agreement to join KKR for the acquisition of NetCo, the most extensive telecoms network in Italy, from Telecom Italia. CPPIB has committed to acquire a 17.5% interest in NetCo for up to €2bn ($2.18bn), as part of a transaction which values the business at an enterprise value of approximately €18.8bn ($20.5bn).
“NetCo will provide critical end-to-end data connectivity services that support the functioning of the Italian economy. Our investment alongside these key partners with a shared long-term vision will help deliver high-quality digital infrastructure across Italy as well as generating long-term risk-adjusted returns for the fund. We are optimistic that NetCo can represent the first of several infrastructure investments in Italy for CPP Investments," James Bryce, CPPIB Managing Director, Global Head of Infrastructure.
KKR is advised by Citigroup, Colombo & Associati, JP Morgan, Morgan Stanley, UBS, Freshfields Bruckhaus Deringer, Gianni Origoni Grippo Cappelli & Partners and Community Group. TIM is advised by Equita SIM, Goldman Sachs, LionTree Advisors, Mediobanca, UniCredit, Vitale & Co, Clifford Chance, Gatti Pavesi Bianchi Ludovici, Studio Carbonetti and Community Group. Finacial advisors to TIM are advised by Sullivan & Cromwell. Vivendi is advised by Chiomenti.
Mondi, a multinational packaging and paper group, offered to acquire DS Smith, an international packaging company, offering sustainable, plastic-free packaging, integrated recycling services, and sustainable paper products, for £5.14bn ($6.6bn). Mondi shareholders would own 54% and DS Smith shareholders would own 46% of the issued and to be issued share capital of Mondi.
Mondi and DS Smith reiterated in the latest filing that the potential combination is an exciting opportunity to create a pan-European industry leader in paper-based sustainable packaging solutions, with opportunities to bring together their strengths in the corrugated value chain, including their virgin containerboard mills, converting network and recycled containerboard production sites.
The Competition and Markets Authority has decided to allow the proposed deal between Arçelik and Whirlpool to go ahead. An independent CMA panel has gathered and analysed a wide range of evidence, and found that Arçelik and Whirlpool will continue to face significant competition from other suppliers. The evidence showed that the competitive landscape has changed considerably in recent years and continues to do so.
The CMA referred the deal to a Phase 2 review after initially identifying concerns which warranted further investigation during its Phase 1 investigation. Since then, an independent CMA panel has gathered and analysed a wide range of evidence – including seeking views from businesses and customers – in order to assess the potential impact of this deal.
“We conducted a thorough investigation into this deal, which included extensive engagement with customers, competitors, and others. We found that the deal may not be expected to harm competition, with shoppers continuing to benefit from a wide range of options. As such, we believe this deal should be allowed to proceed," Martin Coleman, CMA Chairman.
Arcelik is advised by Clifford Chance, Brunswick Group and Kekst CNC. Whirlpool is advised by Perella Weinberg Partners, Cleary Gottlieb Steen & Hamilton and Latham & Watkins.
Quilvest Capital Partners, a private equity firm, completed an investment in Acuiti Labs, a SAP consulting services provider. Financial terms were not disclosed.
“We are thrilled to welcome Quilvest as our strategic partner, poised to support our company in its next phase of growth. Leveraging their professional expertise and extensive network, coupled with Acuiti Labs’s strong positioning and talented management team, we are looking forward to further success," Manoj Harbhajanka, Acuiti Labs CEO.
Acuiti Labs was advised by Houlihan Lokey, Capital Law and KPMG. Quilvest Capital was advised by Fried Frank Harris Shriver & Jacobson and Greenbrook.
Britain's antitrust regulator said that T&L Sugars' purchase of Tereos UK & Ireland's assets could result in higher sugar prices for UK shoppers, Reuters reported.
The deal, if approved, would see two of the three sugar suppliers in the UK merge, leaving Associated British Food's British Sugar as its only competitor, the Competition and Markets Authority said.
Blackstone-Thomson Reuters launch sale of $2bn LSEG stake. (FS)
An investor consortium including Blackstone and Thomson Reuters, the parent company of Reuters News, is selling £1.7bn ($2.18bn) worth of shares in the London Stock Exchange Group to trim its joint stake.
Investment banks managing the sale of 23m LSEG shares had orders for all the stock in the offering. Separately, the bourse operator plans to buy back up to £750m ($964m) of stock from the Blackstone-Thomson Reuters consortium by April 2024, Reuters reported.
Partners considers a $2bn sale of German renewables firm VSB. (FS)
Partners Group is exploring options, including a sale, for German renewable energy company VSB Group. A sale of VSB could reach a valuation of up to $2bn including debt.
The Swiss private equity firm has been interviewing financial advisers in the last few weeks. The possible sale coincides with a drop in renewable asset values, although interest in the sector remains high as the European Union requires 42.5% of the bloc's energy to be renewable by 2030. If a sale goes ahead, VSB is likely to attract interest from infrastructure funds and utilities, Reuters reported.
Warner Music plans a $1.8bn bid to buy Believe. (FS)
Warner Music Group said it planned to make a bid of at least $18 per share for Believe, valuing the French digital music company at $1.8bn and topping an earlier takeover bid from a consortium.
The US music label's potential offer tops the $16 per share bid from a consortium made up of Believe's largest shareholders that valued the company at around $1.65bn. The consortium's offer was also backed by the company's board of directors.
"As opposed to the purely financial transaction contemplated by the consortium formed by EQT Group, TCV, and Denis Ladegaillerie. WMG would provide Believe with strategic support and financial stability to help the development and growth of the company, including by accelerating its expansion into new geographies," Warner.
TP ICAP separates data unit following investor pressure.
UK broker TP ICAP has separated a fast-growing division that sells data to traders as it attempts to respond to pressure from its investors to return capital, FT reported.
The data unit, Parameta Solutions, was registered in February as a standalone company as TP ICAP prepared a possible sale or listing of it. Parameta is registered as a separate company on the Jersey companies register.
The decision to separate Parameta follows intense pressure from some of TP ICAP's biggest shareholders to offload it because of the broker's sinking share price. One investor said Parameta could generate as much as £1.5bn ($1.93bn) from an initial public offering, which is more than TP ICAP's entire market capitalisation of £1.46bn ($1.87bn), based on its stock price.
Kering and EssilorLuxottica among suitors for eyewear maker Marcolin.
French-based multinational corporation specializing in luxury goods Kering and Italian-French eyewear corporation EssilorLuxottica are among suitors for Marcolin, the Italian manufacturer of Tom Ford's popular eyewear line, Reuters reported.
The Veneto-based company, whose private equity owners are seeking a valuation as high as €1.3bn ($1.42bn), has held preliminary talks in recent weeks with groups including rival Safilo as well as the Franco-Italian eyewear group and French luxury conglomerate. US-based Marchon has also expressed an interest.
HMV owner considers rescue bid for The Body Shop.
Doug Putman, the Canadian businessman who bought HMV out of administration, is exploring a rescue bid for The Body Shop, Bloomberg reported.
Putman has contacted The Body Shop's administrators, FRP Advisory, to express an interest but has yet to make a formal bid.
It comes as the cosmetics retailer prepares to close almost half of its 198 UK stores, including its flagship on London's Oxford Street, resulting in almost 500 workers being made redundant after its British operations fell into insolvency last month.
Germany's backbone of family-owned firms is up for sale.
Steffen Cyris, the owner and chief executive of Schrutka-Peukert, a Bavarian manufacturer of refrigerated deli counters and dry-age beef rooms, boasted at last year's Christmas party about the company's packed order books, brushing off Germany's broader economic woes and telling employees to prepare for some extra work this year, Bloomberg reported.
But within a matter of weeks, that optimism was gone. Butchers and bakeries canceled their orders, pointing to subsidies Germany stopped at the beginning of January. Now, with the country sliding deeper into recession, Cyris is increasingly concerned about the long-term prospects of his business.
Turkish battery firm bets on a pivot away from Chinese tech.
Turkey's Kontrolmatik Enerji Ve Muhendislik is planning to tap international debt markets and list various units to help finance its expansion in the lithium battery market, as it bets on demand for alternatives to Chinese technology, Bloomberg reported.
The energy and engineering firm is considering a green Eurobond issuance later this year depending on market conditions. The debt could be in dollars, euros or a combination of the two.
The company's current activities range from making lithium-ion batteries used in transport and power plants to operating satellites that connect data-driven devices back on Earth. It wants to expand to cover the entire battery value chain from mining to recycling in the next three to four years betting that efforts in the US and Europe to cut reliance on Chinese supply will boost demand for alternatives.
Corran Capital secures £80m for clean energy investments. (FS)
Corran Capital, a private equity firm, has secured £80m ($102m) for its second fund, Corran II, dedicated to investments in clean energy and climate-focused companies throughout the UK.
Investors in Corran II include US fund Lexington Partners, Strathclyde Pension Fund’s direct impact fund and SSE.
The investment in Vital Energi comes as new government zoning regulations are introduced requiring new and existing buildings and developments to connect to low-carbon heat networks where available. This is expected to drive significant private investment into the sector.
Corran Capital was advised by Evercore and Dickson Minto.
APAC
iClick Interactive, an enterprise and marketing cloud platform in China that empowers worldwide brands with full-stack consumer lifecycle solutions, announced that at an extraordinary general meeting of shareholders held at March 8, the company's shareholders voted in favor of the merger with TSH Investment.
The completion of the merger is subject to the satisfaction or waiver of the conditions set forth in the merger agreement. The company will work with the other parties to the merger agreement towards satisfying all other conditions precedent to the merger set forth in the merger agreement and completing the merger as quickly as possible.
iClick is advised by Houlihan Lokey, Cleary Gottlieb Steen & Hamilton (led by Denise Shiu) and Travers Thorp Alberga. Houlihan Lokey is advised by Hogan Lovells (led by Stephanie Tang). TSH is advised by Harney Westwood & Riegels, Prospera Law and Ropes & Gray (led by Oliver Nip and Boxin Wang).
International Chemical Investors Group-backed WeylChem Group, a fine and specialty chemicals company, agreed to acquire a majority stake in Vasant Chemicals, a specialty chemical manufacturing company. Financial terms were not disclosed.
“By integrating the expertise, resources, and technologies of both companies, the acquisition aligns with our strategic goal to create long-term value for our customers, employees, and stakeholders. It allows WeylChem to directly participate in the fast-growing Indian market and adds a manufacturing and distribution base in Asia. Vasant Chemicals aligns seamlessly with WeylChem’s commitment to support the success of our customers with expertise and dedication," Andreas Maier, WeylChem CEO.
Vasant Chemicals is advised by Ambit, Deloitte and S&R Associates. ICIG is advised by PricewaterhouseCoopers and Dentons.
Private equity firms Advent International and Multiples Private Equity, agreed to invest $230m in Svatantra Microfin, a financial and non-financial solutions provider to rural entrepreneurs.
“This investment by Advent and Multiples marks a momentous occasion for us. My team and I are grateful to have investors on board who share our vision. This transformative era for Svatantra, propels us towards our goal of becoming the foremost and most impactful microfinance institution, creating a conducive environment for entrepreneurs who fuel India’s growth story," Ananya Birla, Svatantra Chairperson.
Advent is advised by Adfactors PR. Multiples is advised by Cyril Amarchand Mangaldas.
Nebula Energy-backed AG&P LNG, a LNG terminals and downstream infrastructure company, completed the acquisition of a 49% stake in Cai Mep LNG Terminal from Hai Linh, a petroleum product import terminal and trader. Financial terms were not disclosed.
"Cai Mep LNG Terminal will play a pivotal role in enhancing energy security of Vietnam, paving the way for energy transition in Vietnam. Strategically located, Cai Mep LNG will enable reliable LNG access to multiple power plants in its vicinity, including Hai Linh's Hiep Phuoc Power Plant - currently under construction - and to the industries in the South Vietnam region. AG&P LNG team has already worked closely with the Cai Mep LNG Terminal team to operationalize the terminal by Q3 2024. We are privileged to work with Hai Linh and make LNG available quickly and safely to the Vietnam market," Karthik Sathyamoorthy, AG&P LNG CEO.
Indonesia's Indosat set to sell minority stake in $1bn fibre business.
Indonesia's Indosat Ooredoo Hutchison is set to begin a process to sell a minority stake in its fibre business as early as March, in a deal that could value the asset at over $1bn, DealStreetAsia reported.
The sale would come after IOH received interest from global infrastructure and financial investors as well as strategic firms keen to partner with the company to further expand its fibre optic telecommunications business.
Vietnam's biggest bank taps Citi for $1bn share sale.
JSC Bank for Foreign Trade of Vietnam has picked Citigroup to help arrange a share placement that may raise about $1bn, Bloomberg reported.
Vietnam's biggest lender by market value, also known as Vietcombank, may reach out to potential investors for the offering in the second half of this year. The share sale is part of the bank's plan to boost its capital.
Top Asia poultry firm Japfa owners said to mull go private deal.
Owners of Japfa, the second-largest poultry maker in Indonesia, are considering taking the Singapore-listed company private and have started talks for a loan that would back any such move, Bloomberg reported.
Discussions have been held with several banks and at least one private credit fund for an around $150m loan.
Japfa shares climbed 8% to $0.16, the biggest intraday gain since November 28, giving the company a market value of $329m.
Goldman Sachs to exit Japan transaction banking.
Goldman Sachs said it will exit transaction banking in Japan, DealStreetAsia reported.
The financial group will close Goldman Sachs Bank USA Tokyo Branch, whose sole purpose was to support transaction banking in Japan.
"While remaining focused on growing transaction banking as a strategic priority, we are stepping back from building out this business here in Japan," Goldman Sachs.
Hong Kong to name ex-KPMG China head Carlson Tong to chair stock exchange. (People)
The Hong Kong government plans to name Carlson Tong, the former chairman of KPMG China, to preside over the city's stock exchange, Bloomberg reported.
Tong is expected to take over as the next chairman of the Hong Kong Exchanges & Clearing after April 24. The city's leader John Lee will formally make the appointment as mandated by the local securities law. The government owns about 5.9% of the stock exchange and appoints half of the board, including Tong who has been a director since 2023.
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