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
General Atlantic, a private equity firm, completed the acquisition of Actis, an investor in sustainable infrastructure. Financial terms were not disclosed.
“Actis represents a transformative moment in our continued growth as a diversified private investing platform. Together, we are uniquely positioned to forge deeper relationships with our investors and unlock opportunities that lie at the intersection of our core investment themes – including the energy transition, the digital economy, and the shift in economic growth to developing economies. We share a commitment to investment excellence and, as a combined firm, are energized about the value we bring to both our investors and portfolio companies,” Bill Ford, General Atlantic Chairman and CEO.
General Atlantic was advised by JP Morgan (led by Xavier Loriferne), Morgan Stanley, Ashurst (led by Rob Aird and Jake Green), Khaitan & Co (led by Rabindra Jhunjhunwala), Machado Meyer Sendacz e Opice Advogados (led by Guilherme Bueno Malouf), Paul Weiss Rifkind Wharton & Garrison (led by Conrad van Loggerenberg, Cullen Sinclair, and Matthew Abbott) and Brunswick Group (led by Alex Yankus). Actis was advised by Campbell Lutyens, Goldman Sachs, J. Sagar Associates (led by Nisha Kaur Uberoi), Kirkland & Ellis (led by Peter Vaglio, Amy Fox, and Adrian Duncan), Trilegal and Greenbrook (led by James Madsen).
Private equity firms Clearlake Capital and Francisco Partners completed the acquisition of Software Integrity Group, an application security testing software provider, from Synopsys, an American electronic design automation company, for $2.1bn.
"As security becomes more embedded in DevOps workflows, we believe the demand and importance of application security testing providers will continue to rise. We are ready to leverage Clearlake's O.P.S.® framework to foster operational enhancements, build upon the Software Integrity Group's robust product offering, and fuel new growth as a standalone enterprise," Behdad Eghbali, Clearlake Co-Founder and Managing Partner.
Arcosa, a provider of infrastructure-related products and solutions, completed the acquisition of the construction materials business of Stavola, an aggregates-led and vertically integrated construction materials company, for $1.2bn.
“The acquisition of Stavola accelerates Arcosa’s strategic transformation by adding a premier aggregates-led platform in the nation’s largest MSA with favorable attributes from its exposure to lower volatility infrastructure-led end-markets. Pro forma for the transactions, Construction Products represents 65% of Arcosa’s LTM Adjusted EBITDA, and consolidated LTM Adjusted EBITDA Margin expands approximately 220 basis points. Stavola brings an experienced management team, a reputation for strong customer service, and a successful track record,” Antonio Carrillo, Arcosa President and CEO.
SM Energy, an independent oil and gas exploration and production company, and Northern Oil and Gas, an independent energy company, completed the acquisition of Uinta Basin oil and gas assets from EnCap and Rice-backed XCL Resources, an independent oil and gas company, for $2.55bn.
"We are excited to add a third core area of very high-quality assets to the SM portfolio. We look forward to welcoming new employees to the SM team from XCL Resources and Altamont Energy and to working in our new Utah communities. The Uinta Acquisitions add significant scale and long-term value creation opportunity for SM Energy via high-quality, oily stacked pay with outstanding well economics," Herb Vogel, SM Energy Company President and Chief Executive Officer.
Haier, a home appliances and consumer electronics company, completed the acquisition of the commercial refrigeration business of Carrier, a heating, ventilation, and air conditioning, refrigeration, and fire and security equipment corporation, for $775m.
"Carrier Commercial Refrigeration is a preeminent global enterprise with respected brands, leading technology, and an experienced workforce dedicated to providing best-in-class solutions to customers globally. The acquisition will help Haier Smart Home establish its commercial refrigeration platform, enabling the Company to capture additional growth opportunities by expanding its presence to food retail refrigeration and cold storage," Huagang Li, Haier Smart Home Chairman and CEO.
Carrier was advised by Ernst & Young, Bank of America, Linklaters (led by Derek Tong) and Paul Weiss Rifkind Wharton & Garrison (led by Laura Turano). Haier was advised by Lazard, PricewaterhouseCoopers, Baker McKenzie (led by Marco Marazzi), Clifford Chance, King & Wood Mallesons and Brunswick Group.
CyberArk, the identity security company, completed the acquisition of Venafi, a provider of machine identity management, from Thoma Bravo, a private equity firm, for $1.54bn.
"This acquisition marks a pivotal milestone for CyberArk, enabling us to further our vision to secure every identity – human and machine – with the right level of privilege controls," Matt Cohen, CyberArk CEO.
EQT, a private equity firm, completed the acquisition of Perficient, a digital consultancy, for $3bn.
“Today, Perficient begins an exciting new chapter – one that is focused exclusively on executing our long-term, global growth strategy. For more than 25 years, we have developed long-term, trusted partnerships with many of the world’s biggest brands, which would not have been possible without our global team of 7,000 strategists, designers, technologists and engineers. EQT further strengthens our ability to focus on innovation and expansion, grow our talent around the world, and forge a stronger future with and for our customers,” Tom Hogan, Perficient President and CEO.
Perficient was advised by Bank of America, Wells Fargo Securities, Kirkland & Ellis (led by Sarkis Jebejian and Rachael G. Coffey), and Joele Frank (led by Tim Lynch). Financial advisors were advised by Cleary Gottlieb Steen & Hamilton (led by Paul Shim). EQT was advised by JP Morgan, TD Securities, Simpson Thacher & Bartlett (led by Elizabeth Cooper).
Australia's Paladin Energy said it has received a notice from a Canadian ministry ordering a national security review of its acquisition of Canadian uranium explorer Fission Uranium for CAD1.14bn ($845m), Reuters reported.
In June, the Australian uranium producer had announced it had entered an agreement to acquire Fission Uranium for an implied equity value of CAD1.14bn ($845m), following which shares of the company would be listed on the Toronto Stock Exchange.
Fission Uranium is advised by Cantor Fitzgerald, SCP Resource Finance and Blake Cassels & Graydon. Paladin Energy is advised by Macquarie Group, Corrs Chambers Westgarth (led by Russell Philip), Fasken (led by John S.M. Turner) and FGS Global (led by Ian Hamilton).
RA Capital Management, RTW Investments and Janus Henderson Investors led a $175m Series B round in Aktis Oncology, a clinical-stage biotechnology company pioneering the discovery and development of novel targeted alpha radiopharmaceuticals, with participation from T. Rowe Price Associates, Avidity Partners, Bristol Myers Squibb, Eli Lilly and Company, and MRL Ventures Fund.
"The overwhelming support from high calibre investors underscores the progress we have made on our pipeline, platform, and supply chain capabilities, exemplified by the significant opportunity for AKY-1189, our first-in-class mini protein alpha radio-conjugate targeting Nectin-4 in development for several tumour types. With over $300m in cash, we are well-positioned to prosecute several opportunities to expand the benefit of this exciting modality into new patient populations," Matthew Roden, Aktis Oncology President and CEO.
Private equity firms The Baupost Group and Ridgeview Partners agreed to invest in PayRange, a provider of IOT software and payment solutions for unattended retail. Financial terms were not disclosed.
"We've grown PayRange into a leader in unattended retail with an end-to-end suite of products used by over 10k customers and are excited to accelerate our strong momentum with capital, operational, and strategic support from Ridgeview Partners. Ridgeview's investment is a testament to what we've built and will enable us to drive continued innovation to better serve our customers as we enter this new phase of growth," Paresh Patel, PayRange Founder and CEO.
TPG Capital, a private equity firm, agreed to invest in Surescripts, a health information network. Financial terms were not disclosed.
TPG's investment will allow Surescripts to develop an array of solutions addressing healthcare's biggest challenges. This investment will accelerate Surescripts' ability to scale existing Intelligent Prescribing, Benefits and Authorizations, and Clinical Interoperability solutions. It will allow Surescripts to further streamline the benefits process to reduce clinician burnout, help prescribers more efficiently deliver affordable medications to patients, and support the role of pharmacists as part of an evolving care team.
Surescripts is advised by TripleTree and Cleary Gottlieb Steen & Hamilton. TPG Capital is advised by Deutsche Bank, Evercore, JP Morgan and Kirkland & Ellis.
IsoEnergy, an uranium exploration and development company, agreed to acquire Anfield Energy, a uranium and vanadium development company, for $94m.
"IsoEnergy is committed to becoming a globally significant, multi-asset uranium producer in the world's top uranium mining jurisdictions. The US is a key jurisdiction for us, and we believe today's acquisition of Anfield strengthens both our resource base and near-term production potential. The combined uranium mineral endowment will rank as one of the largest in the US, supported by a 100% owned processing facility, multiple fully permitted mines ready for rapid restart, and a strong pipeline of longer-term development projects," Philip Williams, IsoEnergy CEO and Director.
IsoEnergy is advised by Canaccord Genuity and Cassels Brock & Blackwell. Anfield Energy is advised by Evans and Evans, Haywood Securities, and DuMoulin Black.
GIC, a sovereign wealth fund firm, agreed to acquire a 25% stake in Reworld, a waste management company, from EQT, a private equity firm. Financial terms were not disclosed.
“This partnership propels Reworld forward by significantly enhancing our ability to serve our customers and communities as their needs evolve. With the combined support of EQT and GIC, we are in an excellent position to accelerate the growth of our innovative waste solutions, amplify our zero-waste initiatives, decrease reliance on landfills, and contribute to a more sustainable and resilient future for everyone,” Azeez Mohammed, Reworld President and CEO.
GIC is advised by Goldman Sachs and Dechert. EQT is advised by Citigroup, Houlihan Lokey and Simpson Thacher & Bartlett.
New Mountain Capital, a private equity firm, agreed to invest in Portage Point Partners, a business advisory, interim management and investment banking firm serving middle market stakeholders. Financial terms were not disclosed.
"Since inception, we have focused on curating a high-performance culture that can quickly close knowledge gaps to capture value and mitigate risk for middle market stakeholders. The New Mountain investment is a testament to the team we have built, the impact of our work and the strength of our brand. New Mountain's expertise in building high growth advisory-based professional services businesses make them the ideal partner to support our ambitious vision," Matthew Ray, Portage Point Founder & CEO.
Portage Point is advised by Jefferies & Company and Kirkland & Ellis. New Mountain Capital is advised by Ropes & Gray and H/Advisors Abernathy (led by Lisa Pham).
Turnspire Capital Partners, a private equity firm, completed the acquisition of GHP Group, a manufacturer and distributor of outdoor living, BBQ/Grill, heating, hearth, fire pits, and fountains products. Financial terms were not disclosed.
“GHP is at a very exciting inflection point, with tremendous opportunities across its product portfolio. Our team is excited to collaborate with Turnspire, whose operational expertise, highly relevant experience, and strategic guidance will enable GHP to better serve both current and future customers. GHP is well positioned to capitalize on its comprehensive product offering, supply chain management expertise, and deep customer relationships,” Ron Calvert, GHP CEO.
Turnspire Capital was advised by William Blair & Co, Willkie Farr & Gallagher, and Gasthalter & Co (led by Mark Semer).
Partners Group, one of the largest firms in the global private markets industry, agreed to invest in Gateway Fleets, a provider of electrification solutions for logistics fleet operators in the US. Financial terms were not disclosed.
"We identified Gateway through our deep thematic research into New Mobility, which is a theme that looks at the infrastructure required to support changing consumer and societal trends. After reviewing a number of investment opportunities over the years, we developed a strong view of what a winning transformational business model should be in the EV fleet migration space. Gateway met those criteria due to its tangible contract pipeline with anchor customers and a repeatable development model with a visible opportunity to scale in the near term," Andre Burba, Partners Group Managing Director, Infrastructure Americas.
Gateway Fleets is advised by Sheppard Mullin Richter & Hampton. Partners Group is advised by Ropes & Gray (led by Doug Giannantonio and Bob Rivollier).
Altor, a private equity firm focused on leveraged buyout and growth capital investments, agreed to invest in CCM Hockey, a global hockey brand. Financial terms were not disclosed.
"CCM is a fantastic company with an iconic brand and impressive history. We understand why sport lovers have turned to CCM for quality equipment for over a century. We are impressed by the durability and innovation that continues to keep the performance of their products at the forefront. We are excited to partner with the management team and accelerate the growth journey for CCM. Together we will continue the tradition of making sure that all players and goalies are represented in the best possible way in the sport they love," Andreas Källström Säfweräng, Altor Partner and Head of the Consumer Sector.
Equinix, a digital infrastructure company, CPPIB, a Canadian Crown corporation, and GIC, a global long-term investor, agreed to form a joint venture. Financial terms were not disclosed.
"As the world's leading companies build out their infrastructure to support key workloads such as artificial intelligence, they require the combination of large-scale data center footprints optimized for AI training and interconnection nodes for the most efficient inferencing. Our xScale and IBX offerings are uniquely positioned to address this business need, enabling companies to realize the powerful potential of AI," Adaire Fox-Martin, Equinix CEO and President.
Equinix is advised by Morgan Stanley.
Accel-KKR, a global technology-focused investment firm, completed the acquisition of VisiQuate, a provider of advanced revenue cycle analytics, AI-powered workflow, and automation. Financial terms were not disclosed.
"VisiQuate delivers mission-critical solutions that empower healthcare organizations to optimize their revenue cycles and enhance financial performance. We are excited to support VisiQuate's next chapter of growth and look forward to helping them continue to provide industry-leading innovations, while delivering even greater value to their clients," Park Durrett, Accel-KKR Managing Director.
Atlas Venture, Bain Capital Life Sciences and RTW Investments led a $400m Series A round in Kailera Therapeutics, a clinical-stage biopharmaceutical company focused on advancing a broad pipeline of next-generation therapies for the treatment of obesity and related conditions, with participation from Lyra Capital.
"In this period of rapid innovation in the metabolic space, I believe that Kailera is poised to make an impact beyond the current market leaders. We have an incredible opportunity to develop next-generation treatments for chronic weight management, helping people reclaim their health and live their lives to the fullest," Ron Renaud, Kailera Therapeutics CEO.
CACI International, an American multinational professional services and information technology company, completed the acquisition of Applied Insight, a technology solutions provider company, from Acacia, a private equity firm. Financial terms were not disclosed.
“With the close of this acquisition, CACI further establishes its unparalleled reputation for delivering expertise and technology to modernize our customers’ enterprise IT infrastructure. The combined business of CACI and Applied Insight will enhance enterprise-wide cloud, cyber, and user productivity for secure networks in the IC, thus accelerating decision-making and optimizing mission outcomes for analysts and warfighters around the globe,” John Mengucci, CACI President and Chief Executive Officer.
Ares nears buyout of Form Technologies with $1bn financing. (FS)
Jefferies Financial Group is in early discussions with investors on a roughly $1bn financing package to support Ares Management’s potential buyout of industrial manufacturer Form Technologies from Partners Group, Bloomberg reported.
The financing is set to include a $650m term loan and a $100m revolver, along with $150m of preferred equity and $125m in common shares. Proceeds will be used to refinance Form’s existing $633m term loan at face value.
Apollo plans to double assets by 2029 as it lays down challenge to banks. (FS)
Apollo Global Management is aiming to more than double in size over the next five years and become one of the largest debt underwriters in the world, under new targets unveiled by chief executive Marc Rowan.
Rowan laid out plans to increase Apollo’s assets under management from less than $700bn to $1.5tn by 2029, as companies increasingly turn to the private capital group for credit instead of the banks on which they have historically relied, FT reported.
Talos Energy moves to defend against Carlos Slim’s share-buying spree.
Talos Energy has implemented a so-called poison pill plan in a bid to defend itself against Mexican billionaire Carlos Slim’s repeated share purchases, which have reached 24.2% of the firm, Bloomberg reported.
The company will issue one right per each common share and the rights won’t be exercisable unless a person or group acquires beneficial ownership of 25% or more of the company’s stock without approval of the board.
Carlyle-backed StandardAero prices IPO above range to raise $1.44bn. (FS)
StandardAero, a US aircraft maintenance services provider, priced its US initial public offering above its indicated range to raise $1.44bn, Reuters reported.
Scottsdale, Arizona-based StandardAero, which is backed by buyout firm Carlyle, priced its offering at $24 apiece, above its range of $20 to $23.
Brazilian digital bank PicPay eyes Nasdaq IPO in 2025.
Brazilian digital bank PicPay will start hiring financial firms to carry out a planned initial primary offering in New York next year, Reuters reported.
It will be the second time PicPay, owned by the holding group J&F, which also controls meatpacker JBS, aims to list shares in the US In 2021, the group made preparations for a Nasdaq IPO, but it dropped that plan due to market headwinds.
Commercial retail REIT FrontView raises $251m in IPO.
FrontView REIT, a landlord that focuses on businesses with stores in prominent locations, raised $251m in an initial public offering, Bloomberg reported.
The real estate investment trust sold 13.2m shares for $19 each. The shares were marketed for $17 to $21 each.
OceanSound Partners closes $1.49bn Fund II. (FS)
OceanSound Partners, a growth-oriented private equity firm that invests in technology and technology-enabled services companies serving government and highly regulated enterprise end markets, announced the final close of its second fund, OceanSound Partners Fund II, with $1.49bn in total capital commitments. Together with affiliated co-investment vehicles and a single-asset continuation fund closed in April 2024, OceanSound has raised in excess of $2.15bn of cumulative committed capital in connection with the Fund.
OceanSound received support from a diverse group of existing and new, well-regarded limited partners, including leading pension plans, endowments and foundations, family offices, institutional consultants, asset management firms and insurance companies. The fund was oversubscribed, and nearly all of the inaugural fund investors returned as fund investors.
North Sky Capital names new Co-CEO. (People)
North Sky Capital, a specialist in impact investing, has promoted Managing Director Danny Zouber, who has worked for the firm for nearly 20 years, to Co-CEO. Zouber will serve alongside fellow Co-CEO Scott Barrington, who has led North Sky since 2005.
Zouber joined the firm in 2006, its his responsibilities having steadily increased over the years. He helped launch the first cleantech fund of funds in North America (2006), Nort Sky’s sustainable infrastructure strategy (2010) and the world’s first impact secondaries strategy in 2013.
EMEA
Spain's BBVA said that it had adjusted its takeover offer for Sabadell to take into account interim dividend payments from both lenders to shareholders in order to maintain the economic terms of the bid, Reuters reported.
In April, BBVA launched a more than €12bn ($13.4bn) bid for all Sabadell's shares, which turned hostile in May.
SK Bioscience, a biotechnology research services firm, completed the acquisition of a 60% stake in IDT Biologika, an innovative company in researching, developing, manufacturing and marketing products for the global protection of human and animal health, from Klocke Gruppe, a group of consolidated companies, working in the field of contract manufacturing and contract packaging, for $244m.
"With the successful completion of IDT Biologika acquisition, we are rapidly stabilizing management as SK bioscience and IDT Biologika now unite one family. The capabilities of the two companies are expected to generate significant synergies, and we will accelerate our global expansion," Jaeyong Ahn, SK bioscience President and CEO.
Telemos Capital, a European mid-market private equity firm, agreed to acquire a majority stake in Helios Global Group, a healthcare communications firm, from NorthEdge, a private equity firm. Financial terms were not disclosed.
"We’re incredibly excited about the next chapter for Helios. We chose Telemos as our next investment partner because of their flexible approach and agile decision-making capabilities, alongside their wish to assist strong management teams in building great companies for the long term," Andrew Minnock, Helios CEO.
Helios Global Group is advised by Robert W Baird (led by Tom Cowap).
Riverside-backed Dastex Group, a distributor and supplier of disposable/reusable consumables, agreed to acquire pure11, a German distributor of consumables for cleanrooms and other controlled environments. Financial terms were not disclosed.
"With pure11, Dastex continues its expansion strategy in Europe, acquiring a sizeable independent cleanroom consumables player in the DACH region. The company has established a robust market presence through its experienced commercial sales force and strategic distribution partners. This success is further bolstered by maintaining strong relationships with suppliers and leveraging its strong technical expertise. Besides strengthening Dastex's market positioning in the DACH region, the addition of pure11 will further improve the product offering of the Group, diversify end-market exposure, and enable Dastex to integrate a strong management team in place at pure11," Damien Gaudin, Riverside Partner.
German experts speak out in favor of Commerzbank takeover by UniCredit.
A growing number of German experts are voicing support for a possible acquisition of Commerzbank by a rival, potentially adding pressure on the government to soften its stance in response to a recent approach from UniCredit, Bloomberg reported.
Germany’s banks need to grow to be “reliable partners” for small- and medium-sized companies.
“If in the case of Commerzbank, a merger with another European bank contributes to this, we welcome it,” Christoph Ahlhaus, Mittelstand Head of the business association.
Saga in talks with Belgium's Ageas about insurance arm deal.
Saga, the London-listed financial services and travel provider for over-50s consumers, is in detailed talks with one of Europe's biggest insurers about a deal that will allow it to repay a chunk of its huge debt pile, Sky News reported.
Saga is in exclusive negotiations with Ageas, a Belgian insurer which tried to buy Direct Line Group earlier this year, about a long-term partnership arrangement for its insurance division.
Sanofi is said to ask bidders to revise consumer health offers.
Sanofi has asked bidders to revise their proposals for its consumer health unit, as it considers whether to seek a sale or listing of the business, Bloomberg reported.
The French company asked suitors to submit revised bids for the Opella business in the coming days. The request gives bidders the chance to either improve their proposals or provide additional clarity on specific terms under negotiation.
Greece's HFSF narrows National Bank share sale price range.
The price range for an offer of National Bank of Greece shares has been narrowed to between €7.40 ($7.95) and €7.65 ($8.22) per share, Reuters reported.
HFSF is selling a 10% stake in Greece's second largest bank by market value through a book-building process and a public offer in Greece which end on October 2. The offering was oversubscribed by more than 11 times by late October 1.
Dechert adds fund finance Partner in London. (People)
Dechert has appointed Anthony Lombardi as a fund finance partner in London to help expand its fund leverage capacity across asset classes, including private equity funds, hedge funds and private credit funds, and bolster its presence in Europe.
Lombardi specialises in banking, corporate and contract law and represents clients in a variety of fund finance, structured finance and debt capital markets transactions. In addition, Lombardi has extensive experience with the purchase and sale of European and emerging markets distressed assets, including bank debt and claims, plus swaps, derivatives and repurchase agreements.
APAC
India’s antitrust regulator approved Mankind Pharma’s INR136.3bn ($1.6bn) acquisition of vaccine-maker Bharat Serums and Vaccines, Bloomberg reported.
Mankind Pharma, which has brands including Manforce condoms and Prega News pregnancy tests, signed an agreement to acquire Bharat Serums from a number of funds owned by private equity giant Advent International back in July. The proposed acquisition also requires approvals from the Turkish Competition Authority and Federal Ministry of Economic Affairs and Climate Action.
Bharat Serums and Vaccines is advised by Jefferies & Company. Mankind Pharma is advised by AZB & Partners (led by Sneha Nagvekar). Advent International is advised by Khaitan & Co (led by Swathy Ramanath).
Rio Tinto, a global mining group that focuses on finding, mining and processing mineral resources, completed the acquisition of an additional 11.65% stake in Boyne Smelters, Australia's second largest aluminium smelter, from Mitsubishi, a global integrated business enterprise. Financial terms were not disclosed.
Rio Tinto looks forward to continuing to work with its BSL joint venture partners and other stakeholders on securing a competitive low-carbon future for its Gladstone operations.
Mitsubishi was advised by Rothschild & Co (led by Jérôme Finck).
Korea Zinc, Bain team up to buy back shares above MBK’s bid. (FS)
Korea Zinc, which is fending off an unsolicited bid for control from a private equity firm, has roped in Bain Capital to buy back up to 18% outstanding shares of the Seoul-listed company, Bloomberg reported.
Korea Zinc and buyout shop Bain offered KRW830k ($627) per share to buy back shares of the company, a 10.7% premium over the KRW750k ($566) of sweetened offer from its largest shareholder Young Poong and private equity firm MBK Partners.
Adnoc-backed VTTI looks to buy into LNG terminals in Asia. (FS)
Energy storage company VTTI, backed by Abu Dhabi’s main oil company and Vitol Group, is looking to invest in LNG import terminals in Asia as demand for the fuel increases in the region, Bloomberg reported.
“There is a lot of potential in India, Bangladesh, Pakistan and the Philippines. There will be a disproportionate need for regasification facilities in that region. More than, I would say, in Europe or the Americas,” Guy Moeyens, VTTI CEO.
|
