Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Endeavor Group, an American holding company for talent and media agencies, completed the acquisition of World Wrestling Entertainment, an American professional wrestling promotion company, for $9.3bn.
Endeavor will merge WWE with UFC, to form a new, publicly listed company consisting of two iconic, complementary, global sports and entertainment brands. Upon close, Endeavor will hold a 51% controlling interest in the new company and existing WWE shareholders will hold a 49% interest in the new company. Together, UFC and WWE will have global reach, impressive scale and omnichannel distribution. On a combined 2022 fiscal year-end basis, UFC and WWE achieved revenue of $2.4bn and a 10% annual revenue growth rate since 2019.
WWE was advised by JP Morgan, Moelis & Co, The Raine Group (led by Joe Ravitch and Jeffrey Sine), Kirkland & Ellis (led by Chelsea Darnell, Jonathan Davis, Edward J. Lee) and Paul Weiss Rifkind Wharton & Garrison (led by Scott Barshay, Kyle Seifried, Jean M. McLoughlin and Daniel Kramer). Financial advisors were advised by Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg and Jenny Hochenberg). Endeavor was advised by Goldman Sachs (led by Kim Posnett), Morgan Stanley, Latham & Watkins (led by Rick Offsay, Michael V Anastasio, Ian A. Nussbaum, Justin Hamill, Jonathan P. Solomon and Morgan E. Brubaker) and Brunswick Group.
DevvStream, a technology-based sustainability company, agreed to go public via a SPAC merger with Focus Impact Acquisition, a publicly traded special purpose acquisition company, in a $213m deal.
“Entering into a definitive agreement to merge with Focus Impact is a significant step towards accelerating the growth of our differentiated technology-based approach to carbon markets. With the added financial strength, improved visibility and coverage, and improved access to capital markets, we believe we are well-positioned to execute on our current project portfolio and continue to advance our deep pipeline of opportunities towards development, with the goal of becoming the leader in technology-based solutions for carbon markets. Bringing new technology and enhanced transparency to the voluntary carbon markets should also help drive increased reliability, accountability and accessibility to the broader carbon markets, thus accelerating participation and driving a meaningful impact to reducing global carbon emissions,” Sunny Trinh, DevvStream CEO and Co-Founder.
DevvStream is advised by McMillan, Morrison & Foerster and ICR (led by Zach Gorin). Focus Impact is advised by Cohen & Company Capital Markets, Kirkland & Ellis and Stikeman Elliott.
GTCR, a private equity firm, completed the acquisition of Foundation Source, a provider of support services and foundation software. Financial terms were not disclosed.
"Over the past two decades, Foundation Source has experienced exceptional growth, and has established itself as a leader in supporting charitable giving, providing critical resources to foundations and their donors. We are pleased to partner with Joe Mrak, whose experience in building wealth technology businesses will be important as we further enhance the Company's value proposition to clients and partners. We look forward to working with the entire Foundation Source team to continue the Company's mission of supporting positive impact through philanthropic giving," Collin Roche, GTCR Co-CEO and Managing Director.
GTCR was advised by Canaccord Genuity and Greenberg Traurig. Foundation Source was advised by Lincoln International, Robert W Baird, K&L Gates and The Neibart Group (led by Carly Taylor).
Calidi Biotherapeutics, a developer of oncolytic virus-based immunotherapies, went public via a SPAC merger with First Light Acquisition, a special purpose acquisition company, in a $335m deal.
“We founded Calidi in 2014 with a mission to develop a new generation of targeted immunotherapies that could revolutionize the treatment of cancer. Our team has worked diligently to build on decades of research with human stem cells and develop two novel off-the-shelf platforms designed to directly target and attack tumor cells throughout the body, and we are proud of our promising clinical results to-date. Calidi’s cutting-edge platforms NeuroNova, targeting high-grade gliomas, and SuperNova, targeting solid tumors, use allogeneic stem cells in our clinical efforts to bring a universal cancer treatment to a broad patient population who need access to new treatment options. We look forward to pushing the boundaries of cell-based virotherapies and continuing to research novel ways to eradicate cancer in this next step as a public company,” Allan Camaisa, Calidi Biotherapeutics CEO and Chairman of the Board.
Calidi was advised by Lewis Brisbois Bisgaard & Smith. First Light was advised by Brookline Capital and Weil Gotshal and Manges (led by Raymond Gietz).
Chevron, an American multinational energy corporation, completed the acquisition of a majority stake in ACES Delta, an advanced clean energy storage project developer, from Haddington Ventures, a private equity and venture capital firm. Financial terms were not disclosed.
“As we continue to pursue lower carbon energy solutions, we are excited to move forward with the Advanced Clean Energy Storage hydrogen project, through our acquisition of Magnum Development and partnership with Mitsubishi Power, to build on Chevron’s 75-year history in Utah. We seek to leverage the unique strengths of each partner to develop a large-scale, hydrogen platform that provides affordable, reliable, ever-cleaner energy and helps our customers achieve their lower carbon goals,” Austin Knight, Chevron Vice President.
Carrix, a marine terminal operator, completed the acquisition of Ceres Terminals, a stevedore and port terminal operator, from Macquarie Infrastructure, an infrastructure asset manager. Financial terms were not disclosed.
“We are excited to expand SSA Marine’s footprint further into the rapidly growing Atlantic and Gulf Coast regions of the United States. Ceres has built an attractive portfolio of container, cruise, and general cargo operations and customer relationships which will enable us to serve our combined customers in more locations with more services,” Uffe Ostergaard, Carrix President and CEO.
KKR, a global investment company, completed the acquisition of a minority stake in the Port Arthur LNG Project from Sempra, an energy network infrastructure company. Financial terms were not disclosed.
"We are pleased to close our investment in this critical energy infrastructure project led by the Sempra Infrastructure team. Port Arthur LNG Phase 1 has continued its strong momentum and is on track to meet its objectives of helping to deliver energy security, economic growth and a near-term supply of reliable and cleaner energy," James Cunningham, KKR Partner.
Genera, a vertically integrated manufacturer of sustainable and compostable products for foodservice, retail, and consumer packaging, completed the acquisition of Zume, a manufacturing technology company focused on food packaging. Financial terms were not disclosed.
“We are excited to capitalize on the opportunity to acquire Zume’s assets. The strong financial backing of our ownership team has enabled us to accelerate our expansion plan and quickly meet the needs of our growing customer base. Genera continues to lead the transition to a biobased economy with molded fiber products as the first pillar,” Ben Mascarello, Genera CEO.
Fidelity Energy & Sustainability, a technical building services and solutions provider, agreed to acquire Power of Clean Energy, a renewable energy. Financial terms were not disclosed.
"Power of Clean Energy is a visionary company that looks at the energy needs of its customers through a futuristic lens to provide long-term sustainable solutions that will positively impact customer bottom lines and our environment. The positive team culture and client dedication make PCE a great addition as we scale Fidelity Energy & Sustainability's footprint. We are ecstatic to welcome this team to our company," Dan Weeden, Fidelity Energy & Sustainability President.
Skyview Capital-backed Continuum Global Solutions , a customer care services provider, completed the acquisition of Faneuil, a business process outsourcing company. Financial terms were not disclosed.
"The acquisition of Faneuil is another key step in our growth agenda. Faneuil's experienced management team and focus on delivering exceptional service aligns with our strategy. Keeping the current team in place with the existing long-term clients, along with our innovative service technology offerings, align perfectly with our future vision of transforming customer experiences," Michael Flodin, Continuum Global Solutions CEO.
Sigma Lithium to explore alternatives after proposals for miner, Brazil unit.
Miner Sigma Lithium said on September 13 that it is evaluating strategic alternatives for the whole company, including its Brazilian unit, sending the company's US-listed shares up 14.8% in premarket trading. The company said it has received multiple proposals for its Grota do Cirilo project in Brazil, Sigma Brazil and parent company Sigma Lithium, Reuters reported.
The proposals were from "global industry leaders in the energy, auto, batteries and lithium refining industries", according to Sigma Lithium. Last month, the company sued its former Co-CEO, Calvyn Gardner, accusing him of stealing trade secrets to undermine the company's effort to sell itself. The company, which is based in Vancouver, British Columbia, but operates mainly in Brazil, said it plans to conclude the evaluation this year, and a decision would be made at a shareholders' meeting.
Arm to fetch at least $54.5bn valuation in IPO.
Arm, the chip designer owned by SoftBank, received enough backing from investors to secure at least the top end of the price range in its initial public offering, which would command a $54.5bn valuation on a fully diluted basis, Reuters reported.
Reuters had reported on September 10 that this outcome was likely. After reviewing investor commitments on September 12, Arm decided it will only accept the top end of its indicated $47-to-$51-per-share range, or a price that is even higher. Arm may price its IPO above the indicated price range and will decide on how much it will sell its shares for on September 13. The shares are scheduled to start trading in New York on September 14. Arm was considering publishing a revised price range that would have been higher, reflecting the strong investor demand. It decided against such a move, adhering to its more conservative approach to marketing the offering.
Birkenstock files for IPO in further boost to US market. (FS)
Birkenstock has filed for an initial public offering in New York, in another sign of the allure US equity markets hold for European firms seeking a valuation uplift.
The German footwear maker, whose sandals are worn by hippies and preppies alike, will continue to be controlled by private equity firm L Catterton, according to a filing on September 12. The company will disclose the proposed terms of the share sale in a later filing with the US Securities and Exchange Commission, Bloomberg reported.
Brookfield partners with Societe Generale to launch €10bn private debt fund. (FS)
Growing demand for private credit has prompted Brookfield Asset Management and Societe General to team up to launch a new private debt fund, which is expected to raise a total of €10bn ($10.7bn) over the next four years.
According to Société Générale, the fund will initially launch with €2.5bn ($2.7bn) and will target deals in the power, renewables, data, midstream and transportation sectors. The fund is also expected to help Brookfield and Societe Generale meet the needs of insurance companies with investment-grade products tailored to meet their ratings and duration requirements.
Blackstone names new credit boss in bid to be $1tn lender. (FS, People)
Blackstone made sweeping changes atop its credit unit as the private equity giant seeks to become a bigger lending powerhouse, Bloomberg reported.
The firm is consolidating groups that invest in corporate credit and asset-based finance as well as a business that manages money for insurers under one chain of command. It promoted insurance chief Gilles Dellaert, 44, to lead the combined unit overseeing almost $300bn of assets — and set a goal to grow total credit assets to $1tn within a decade.
EMEA
Novo, a holding and investment company, completed the acquisition of Ellab, a company that provides software and hardware for validation and monitoring for the life sciences industry, from EQT Partners, a private equity firm. Financial terms were not disclosed.
“Ellab’s solutions play a vital role in ensuring accuracy and compliance in its clients’ biotech and pharmaceutical processes, which is key for these companies. This was true when we first invested in Ellab and remains the case today. The difference now is the scale and flexibility that Ellab offers, as it has transformed into a full-suite provider of validation and monitoring solutions and services. It has been a privilege to partner with the entire Ellab management team, who have built a company with a strong culture and customer focus, dedication to innovation and commitment to consumer safety. We believe Novo Holdings is a great partner for the next stage of Ellab’s growth journey and we wish them all the best in the future,” Rikke Kjaer Nielsen, EQT Partner.
Novo was advised by FIH Partners. EQT Partners was advised by Morgan Stanley.
Pepco-backed Poundland, a retail company, agreed to acquire 71 stores from Wilko, a retail chain which sells homewares and household goods. Financial terms were not disclosed.
“The agreement to assign a number of Wilko store leases to Pepco will help to bring Poundland’s value and wide offer to even more customers in the UK. It will be pleasing to offer employment to a number of Wilko’s colleagues - who will benefit from being part of a successful and fast-growing pan-European variety discount group," Andy Bond, Pepco Executive Chairman.
discoverIE, a specialised electronic components manufacturer, agreed to acquire 2J Antennas Group, an antenna solutions casting supplier, for £45m ($56m).
"The acquisition of 2J continues our strategy of building a differentiated, international, growth focused electronics group with strong operating margins. The transaction brings another high quality business into discoverIE, which will be accretive to both underlying earnings and margins," Nick Jefferies, discoverIE Group CEO.
discoverIE is advised by Buchanan.
Bankers scrap for a piece of $3.1bn gas station deal. (FS)
Deal-starved bankers are jostling to get a piece of the financing action on British grocer WM Morrison's potential $3.1bn sale of most of its gas stations, Bloomberg reported.
The putative sale to Motor Fuel Group is still in the very early stages. But they say debt financiers have been hitting the phones to offer their services to Clayton, Dubilier & Rice, the private equity firm that owns both Morrisons and MFG.
BP commits to Germany with $11bn low-carbon investment push.
BP plans to invest up to $10.7bn in low-carbon fuels, renewables, and EV charging in Germany by the end of the decade to rival local power firms as competition over the energy transition of Europe's largest economy intensifies. Germany is one of a handful of countries BP is targeting to roll out at scale its strategy to shift away from fossil fuels towards low-carbon fuels and electricity, Reuters reported.
At the heart of the German investment push are plans to expand BP's local network of electric vehicle fast chargers, decarbonise its refineries, and develop wind power. It is also weighing a local hub to import low-carbon hydrogen. "We are talking about refineries, we are talking about the largest petrol station network in Germany, we are talking about existing business relationships, about strong brands," Patrick Wendeler, BP Europe Chair of the Board.
Berlin blocks complete takeover of satellite startup by Chinese firm.
The German government on September 13 forbid the complete takeover of satellite startup KLEO Connect by a Chinese firm. The cabinet agreed a decision by the economy ministry not to let Shanghai Spacecom Satellite Technology, which already has 53% of the company, acquire the 45% minority stake of German company EightyLeo, Reuters reported.
KLEO Connect wants to establish a network of more than 300 small, low earth orbit satellites to be fully operational by 2028 along with the ground infrastructure to provide global communications services - similar to SpaceX with its project Starlink. This emerging space sector is increasingly considered strategically important as the recent debate over the possible use of Starlink by the Ukrainian military in its defence against Russia's invasion.
Iren, F2i weigh partial sale of water venture. (FS)
Italian multi-utility Iren and infrastructure fund F2i are considering a partial sale of their water venture Iren Acqua to bring in a new partner. The subsidiary is controlled by Milan-listed Iren with a 60% stake while F2i holds the rest. It accounted for around 60% of the core profit of nearly €250m ($268) generated last year by Iren's overall water business, Reuters reported.
The unit could have an equity value of around €600m ($645m). F2i is considering selling its entire 40% stake in the company, adding this could trigger the disposal of another 9% by Iren. A new financial investor could replace the Italian infrastructure fund as a joint venture partner by buying a stake of up to 49% in the subsidiary. Iren Acqua supplies drinking water in the city of Genoa and the surrounding towns, serving 700k people over a total of 2.9m customers reached by Iren's water service as a whole.
BP CEO Looney resigns over personal relationships with colleagues. (People)
BP CEO Bernard Looney resigned on September 12 with immediate effect after less than four years in the oil major's top job for failing to fully disclose details of past personal relationships with colleagues. CFO Murray Auchincloss will act as CEO on an interim basis, Reuters reported.
Looney, 53, became CEO in February 2020 with a vow to reinvent the 114-year-old company, laying out ambitious plans for the British energy giant to achieve zero net emissions by 2050, and to invest billions in renewable and low-carbon power. Looney's surprise resignation came after allegations of personal relationships with company colleagues surfaced recently, prompting the company to launch an investigation.
St James's Place names Mark Fitzpatrick as new CEO. (People)
The UK's largest wealth manager, St James's Place, has named Mark Fitzpatrick as its new CEO. Fitzpatrick succeeds Andrew Croft, who has been with the firm since 1993, having stepped in as CEO in 2018, before which he was CFO, Reuters reported.
Croft, who has been with the company for around 30 years, has been at the helm since 2018 after a 13-year stint as the group's finance chief. He will remain with the company into 2024 "to assist the business as required", the asset manager said. FitzPatrick was the finance chief of Prudential from 2017 to 2022, and served as the Asia-focussed insurer's group CEO on an interim basis till February this year.
APAC
Sumitomo Life, a mutual life insurance company, agreed to acquire a 26% stake in Singlife, a life insurance company, from Aviva, a multinational insurance company, for £800m ($999m).
"This is a good outcome for Aviva. The transaction further simplifies the business and we are in a very strong position to build on our trading momentum in the UK, Ireland and Canada," Amanda Blanc, Aviva CEO.
Aviva is advised by JP Morgan, Allen & Gledhill, Mori Hamada & Matsumoto and Slaughter & May (led by Claire Jackson and Richard Smith).
AT Capital, an investment company, and Vitol, a Swiss-based Dutch multinational energy and commodity trading company, completed the $350m investment in Juniper Green Energy, an independent renewable energy power producer.
"We are thrilled to deepen our partnership with Juniper Green Energy through this increased investment. Their impressive project pipeline, combined with their proficiency in EPC and O&M services, aligns seamlessly with our vision for a sustainable and greener future," Sanjay Bakliwal, AT Capital Director.
Adani in talks for $3.5bn, one of top Asia loans this year.
Adani Group is in talks with banks to refinance debt taken on to fund its purchase of Ambuja Cements, with lenders divided into three categories in what could be one of Asia’s largest syndicated loan deals of the year, Bloomberg reported.
Banks are likely to refinance a total of $3.5bn. Adani would repay at least $300m on the original Ambuja facility. The Indian conglomerate, backed by billionaire Gautam Adani, has been in talks with lenders for several months as it seeks to refinance as much as $3.8bn worth of debt taken for its Ambuja acquisition.
Reliance Retail in $1.5bn Gulf, Singapore funds talks. (FS)
India's Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi, and Saudi Arabia for combined new investments of around $1.5bn. Reliance Retail is India's largest retailer and is led by Asia's richest person, Mukesh Ambani. The talks with investors are part of an internal target to raise $3.5bn, which the company wants to close by the end of September, Reuters reported.
Of that, QIA last month announced a $1bn investment and KKR this week $250m. Singapore's GIC, the Abu Dhabi Investment Authority and Saudi Arabia's Public Investment Fund are looking to invest at least $500m each in Reliance Retail at a valuation of $100bn.
Macquarie, Columbia Asia among bidders for Ramsay-Sime Darby $1.3bn healthcare JV. (FS)
Australia's Macquarie and Malaysian hospital chain Columbia Asia are among the bidders for the acquisition of a healthcare joint venture between Ramsay Health Care and Sime Darby, Reuters reported.
GIC considers selling stake in the Dalmore scotch maker. (FS)
Singapore's sovereign wealth fund GIC is considering selling its stake in the Philippines' Emperador, the world's biggest brandy manufacturer and owner of scotch brands, including Jura and The Dalmore, Bloomberg reported.
The state-owned firm has had talks with financial advisers about the possibility of an eventual divestment. GIC hasn't decided whether to pursue a sale and a deal isn't imminent.
Bumi Armada inks deal for LNG development in Indonesia.
Malaysia's Bumi Armada on September 13 said it has signed a deal with a subsidiary of Indonesian energy company Pertamina and natural gas trading company PT Davenergy Mulia Perkasa for development and commercialization of liquefied natural gas, Reuters reported.
Under the deal, the companies will record key principles to develop and commercialize LNG from the Madura Gas Field and its surrounding fields in Indonesia. Bumi and Pertamina will design, construct, install and operate a floating natural gas liquefaction and storage facility, together with an LNG carrier to transport LNG to consumers who are not close to clean energy sources. Preliminary discussions have been initiated with potential off-taker clients and the first shipment of LNG is expected three years after making final investment decision.
Cathay Life and Fubon Life commit $160m to four PE funds. (FS)
Taiwanese insurers Cathay Life Insurance and Fubon Life Insurance have made a total of $160m in new capital commitments to four funds, according to separate filings on the Taiwan Stock Exchange. Cathay Life Insurance, the insurance subsidiary of Taiwanese conglomerate Cathay Financial, has agreed to commit $20m to Decarbonization Partners Fund I, the first fund from BlackRock and Temasek's joint venture.
Decarbonization Partners Fund I is a late-stage venture and early-stay growth equity strategy with a $1bn target. Cathay also committed $60m for a 0.5% stake in New Mountain Partners VII, the new flagship fund of PE firm New Mountain Capital. The fund targets $12bn, more than the $9.6bn that its predecessor fund, Fund VI, raised in 2021. The Taiwanese insurer also made a $30bn commitment to ICONIQ Strategic Partners VII-B, a PE growth expansion fund managed by US-based investment management firm ICONIQ Capital. Meanwhile, Fubon Life Insurance, the insurance unit of Taiwanese financial conglomerate Fubon Financial Holdings, committed no more than $50m to Hamilton Lane Secondary Fund VI-B, which forms part of Hamilton Lane Advisors' sixth flagship secondaries fund, DealStreetAsia reported.
MUFG launches $136m fund. (FS)
Mitsubishi UFJ Innovation Partners, a subsidiary of Japan's MUFG, has launched a $136 fund called MUFG Innovation Partners No. 3 Investment Partnership fund. The vehicle aims to facilitate collaboration with innovative startups possessing new technologies such as generative artificial intelligence, to enhance MUFG's financial services and products, DealStreetAsia reported.
MUIP has made strategic investments in more than 40 startups through two core funds and an additional fund focused on Indonesia. One of the largest financial services players in the world with over 360 global networks across approximately 2,5k locations in more than 50 countries, Tokyo-headquartered MUFG has been recently betting big on Southeast Asia.
Xponentia Capital Partners' Fund II crosses $120m. (FS)
Indian private equity firm Xponentia Capital Partners on September 12 announced that it has raked in over $120m for its second fund as it looks to ramp up investments in the mid-market segment across the country, DealStreetAsia reported.
The PE major announced the first close of its Opportunities Fund II in July 2022. So far, it has invested around $32m in four companies, which are commercial electric vehicle maker Altigreen, fintech platform Zype, casual fashion brand The Souled Store, and education financing platform Auxilo. With the amount raised, the fund claims to have oversubscribed and exceeded its initial target of $90m.
Lombard Odier completes first close of environment-focused fund. (FS)
Investment management firm Lombard Odier has completed the first close of its Plastic Circularity Fund. Among the initial investors to make commitments in the Fund are Dow and LyondellBasell. In addition to investing in the Fund, Dow's Stephanie Kalil will join the Fund's advisory committee, DealStreetAsia reported.
The Fund follows a technical, impact and financial screening process to identify and invest in companies offering innovative plastic materials designed for reuse and recyclability, and improved collection, sorting and recycling solutions.
|
