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AMERICAS
Casella Waste Systems, a waste management company based in Rutland, Vermont, agreed to acquire select solid waste operations from GFL Environmental, a waste management company with headquarters in Toronto, for $525m.
"Today's announcement marks an important step forward in the company's growth strategy by using the strength of our balance sheet and proven capital discipline to make a compelling investment. After successfully extending our footprint into the adjacent Connecticut market with an acquisition in mid-2021, this acquisition will enable us to expand into the Mid-Atlantic region with these well-run solid waste operations that provide a platform for future growth," John Casella, Casella Chairman and CEO.
Debt financing is provided by Bank of America, Citizens M&A and JP Morgan.
SynCardia Systems, a mechanical heart replacement technology company, agreed to go public via a SPAC merger with Altitude Acquisition, a publicly traded special purpose acquisition company, in a $480m deal.
"We couldn't be more excited to partner with Picard Medical in this transaction. SynCardia is a truly compelling opportunity to address a global health crisis and improve the lives of 64.3m patients suffering from heart failure around the globe. The problem is just too big to ignore. Throughout its history, SynCardia has proven itself the leader in TAH technology and we have every confidence in its ability to execute on its growth plans, expand its addressable market and deliver positive therapeutic outcomes to those who need it the most," Gary Teplis, ALTU President and CEO.
SynCardia is advised by Winston & Strawn. Altitude is advised by White & Case and Gateway Investor Relations (led by Cody Slach).
Modern Formula, a full-service media agency, agreed to merge with Pivot CMO, an elite-performance marketing solutions company. Financial terms were not disclosed.
"We took a hard look at the evolution of performance marketing and what brands need to win in a post iOS world. What we saw was that the old tricks were no longer working, so we needed to evolve with changing consumer behavior and business needs. What is needed in this new marketing environment is fewer siloed solutions and more full-funnel strategies that balance the best of brand marketing, while keeping true to the principals of a power performance approach. This is the Modern Formula. We call it the 'Bold and Sold Philosophy," Zihla Salinas, Modern Formula CEO.
Modern Formula is advised by Sapka Communications (led by Steve Sapka).
Blue Sage Capital, an Austin, Texas-based private equity firm, and Four Point Capital Advisors, an independent broker-dealer that provides strategic financial solutions, completed the investment in NexGen Financial, a flexible capital solution for debt settlement companies. Financial terms were not disclosed.
"Partnering with Blue Sage and Four Point will enable us to meet the demands of our debt settlement partners that are rapidly growing in the current macroeconomic environment. By leveraging Blue Sage and Four Point's resources and strategic support, NexGen will be positioned to grow with our existing partners, begin supporting new partners, and expand our service offerings and analytical insight capabilities." James Shanahan, NexGen's Founder and President.
Blue Sage Capital was advised by Queen Saenz + Schutz.
MAI Capital Management, a fee-based wealth management firm providing planning and investment advisory services, completed the acquisition of Wiener Financial Management, a provider of financial planning, advice, retirement planning, and investment planning services. Financial terms were not disclosed.
"Wiener Financial Management adds depth to our existing mid-Atlantic team and complements MAI's client-focused approach to meeting the needs of our clients. Through the acquisition process, we are able to equip advisors with the depth and breadth of resources necessary to meet the needs of their clients at all life stages," Steve Trax, MAI Capital Management Regional President.
MAI Capital Management was advised by Gregory FCA.
Medaro Mining, a company specialized in exploration of mineral properties, is set to spin-off Global Lithium Extraction Technologies, a lithium extraction technology firm.
"We believe the spin-out of the GLET, Hardrock Lithium Extraction Technology will be very beneficial to shareholders. The spin-out of the technology assets from Medaro will unlock the value of the HLT by allowing it to be developed separately, by a skilled and experienced management team, and it will allow our shareholders to own shares in two companies. Post spin out, Medaro will dedicate efforts towards its suite of lithium exploration assets with a focus on the Quebec properties which are all in close proximity to each other and have similar geology," Michael Mulberry, Medaro Mining CEO.
Accesso Technology Group, a provider of queuing and ticketing technology solutions to theme parks and attractions, completed the acquisition of Paradocs Mountain Software, a provider of software solutions, designed specifically for mountain resorts. Financial terms were not disclosed.
"Accesso is passionate about serving the ski industry, and incorporating Paradocs' specific expertise and experience into our offering is a powerful step forward in addressing the unique and evolving technology demands of the burgeoning ski market. Adding this contemporary and powerful solution to our offering supports Accesso's long-standing commitment to serving as the industry's premier ski solutions provider," Steve Brown, Accesso CEO.
Partner pay at top US law firms hit by dealmaking drought.
Partners at Latham & Watkins, the world's second-highest grossing firm, took home $5.1m on average for the 12 months to December, down from $5.7m the previous year as revenues slipped 3% to $5.3bn, FT reported.
The Los Angeles-founded firm, whose clients include financial titans such as private equity group Carlyle, was one of a number of large firms hit last year as the fallout of Russia's invasion of Ukraine and higher interest rates affected deal volumes.
NBCUniversal CEO Jeff Shell to depart after probe into improper conduct. (People)
NBCUniversal Chief Executive Jeff Shell is departing after an investigation into a complaint of inappropriate conduct, a stunning fall for an executive who pushed for sweeping changes at the media giant as it entered the streaming era, WSJ reported.
Mr. Shell's exit, effective immediately, was announced Sunday by parent company Comcast, where he has worked for roughly two decades.
EMEA
IK Partners, a mid-market European private equity group, agreed to acquire Medica Group, an international provider of high-quality telemedicine services, for £269m ($335m).
"The Board of Medica believes that the offer from Bidco represents an attractive and certain value in cash today for Medica shareholders which reflects our reputation as a leading, high-quality teleradiology and wider telemedicine provider with a compelling service offering. The Board of Medica believes that IK Partners is a strong and credible partner for the business and is well positioned to support its next phase of development, including accelerating investment in the company which will benefit our customers and their patients going forward," Roy Davis, Medica Chairman.
EP Global Commerce, an acquisition group of Czech investor Daniel Kretinsky, offered to invest €1.1bn ($1.2bn) in Groupe Casino, a mass-market retail group.
"It has acknowledged the proposal from Křetínský and that it could lead to a change of control of Casino and to a dilution which might be very significant for existing shareholders," Casino.
Groupe Casino is advised by Kroll and Image Sept.
Aliaxis becomes the second largest shareholder in Uponor with a 10.6% ownership.
Aliaxis, an advanced fluid management solutions provider, has reached a total shareholding of 7.7k shares in Uponor, a drinking water delivery, radiant heating and cooling products manufacturer, representing approximately 10.6% of the total number of issued shares in Uponor.
"We are now the second largest shareholder of Uponor, with over 10% of all outstanding shares. Aliaxis is a responsible long-term industrial owner sharing both similarities and complementarities with Uponor. Our potential offer could bring scale and scope to all stakeholders in Finland and internationally. We look forward to constructively engaging with the Board of Directors of Uponor regarding our potential offer," Eric Olsen, Aliaxis CEO.
HSBC investors hold talks as proxy advisors oppose the Asia spinoff.
HSBC's most vocal individual activist shareholder Ken Lui said he had spoken for the first time with the bank's largest investor, Ping An, about their controversial proposals to spin off the lender's Asia business, Reuters reported.
Top management executives of Ping An Asset Management, an investment unit of the Chinese insurer, exchanged views on the proposals with Lui and reaffirmed its support.
Clayton, Dubilier & Rice names head of ESG in Europe. (FS, People)
Private investment firm Clayton, Dubilier & Rice has expanded its ESG capabilities with the addition of Hannah-Polly Williams as a director and the head of ESG in Europe.
Williams will work closely with CD&R's European investment teams and the US and Global ESG team to accelerate initiatives that create value for the firm's portfolio companies in the UK and Europe.
APAC
TPG, a private equity company, withdrew its offer to acquire InvoCare, a funeral homes and funeral services company, for $1.22bn.
The Board of Directors of InvoCare unanimously concluded that the
indicative proposal did not provide compelling value for shareholders and therefore access to full due diligence would not be granted to TPG.
Eaton, an intelligent power management company, completed the acquisition of a 49% stake in Jiangsu Ryan Electrical, a manufacturer of power distribution. Financial terms were not disclosed.
"The powerful combination of Ryan's high-quality products and Eaton's global distribution will enable us to better serve customers in Asia Pacific and around the world. Together, we'll be well-positioned to provide the solutions for the transition to more renewable energy and electrical content in a variety of applications," Howard Liu, Eaton President of Asia-Pacific Electrical Sector.
Brookfield in talks to acquire CleanMax Solar. (FS)
Canadian investor Brookfield entered into exclusive negotiations to invest as much as $363m to buy a controlling stake in CleanMax Solar, which provides renewable energy to commercial and industrial establishments.
The funds, largely primary equity infusion into the company, will be used to expand its business in India as well as southeast Asia and Gulf countries and to retire some debt.
Drone firm Aerodyne to pick Citigroup for funding round. (FS)
Aerodyne Group, a Malaysian drone services company, has picked Citigroup for a funding round ahead of its planned initial public offering, Bloomberg reported.
The company is looking to raise $150m to $200m and aims to make its first close in mid-year, ahead of an IPO in 2024 or 2025. Aerodyne will be a unicorn once its series C round closes.
India's Adani Ports launches $130m buyback of debt securities.
India's Adani Ports and Special Economic Zone, a group company of the beleaguered Adani Group, said that it started a buyback programme of certain debt securities to prepay part of its loans due in 2024, DealStreetAsia reported.
Adani Ports has floated a tender of up to $130m in outstanding debt, it said in an exchange filing, as it seeks to boost investor confidence after the group's shares were pummelled earlier this year by a US short-seller's report.
Vietnamese VC Touchstone Partners actively looking to invest in hardware and deep tech startups. (FS)
Vietnamese venture capital firm Touchstone Partners is looking to invest in more hardware and deep tech startups as it spots great promise in the skills of the local engineering sector, DealStreetAsia reported.
"While Touchstone focuses on early-stage startups and is sector-agnostic, we will be more actively looking for startups in hardware, deep tech and the climate change mitigation space," Tu Ngo, Touchstone Partners General Partner.
Nickel Asia to open two more Philippine mines, eyes power unit IPO.
Nickel Asia, the Philippines' biggest nickel ore producer, expects to bring two more mines into production in three years and will assess the feasibility of building another processing plant, DealStreetAsia reported.
President and CEO Martin Antonio Zamora said the miner, which partly owns the Philippines' only two nickel ore processing plants, is also looking to ramp up investment in a renewable energy business, before undertaking an initial public offering for it, hopefully in three years.
China's Evergrande faces vote on offshore restructuring plan.
China Evergrande Group's onshore flagship unit Hengda Real Estate said the holders of an onshore bond worth $1.2bn will hold a meeting on Wednesday to vote whether they will join the group's offshore restructuring proposal, DealStreetAsia reported.
The bond in question, due July 8 after extending the maturity by 12 months last year, could be the first onshore notes offered the same offshore restructuring terms in this round of debt crisis in the sector.
Vietnam's Masan plans $500m bond issue and delays The CrownX IPO.
Vietnamese conglomerate Masan Group is considering issuing up to $500m worth of international convertible bonds, DealStreetAsia reported.
Responding to questions at a live-streamed meeting, CEO Danny Le said it would also delay the launch of an international initial public offering for its consumer retail unit, The CrownX due to unfavourable market conditions.
SG's Keppel Capital launches three new private funds targeting to raise over $5bn. (FS)
Keppel Capital, an asset management arm of Singapore-listed Keppel, has announced the launch of three funds with a total target of over $5bn, DealStreetAsia reported.
"The board and management are excited about what the future holds for Keppel, as we steer the group's transformation into a global asset manager and operator, focused on investing in and creating solutions for a sustainable future," Loh Chin Hua, Keppel CEO.
Hitachi launches $300m fund. (FS)
Hitachi announced the establishment of a third fund for Hitachi Ventures, the global corporate venture capital arm of Hitachi, for the purpose of accelerating innovation and initiating new business opportunities in the digital domain.
The fund will begin with a size of $ 300m, which is twice the size of the first and second funds established previously and will make strategic investments in startups driving the latest digital trends including Web3 and generative AI technologies.
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