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AMERICAS
CCP Capital Strategies, a private equity investment firm, completed the acquisition of Wireless Maritime Services, a provider of maritime cellular networks enabling secure, high-performance connectivity at sea, from AT&T, a provider of telecommunications, media, and technology services, and Anuvu, a provider of high-speed connectivity and entertainment solutions. Financial terms were not disclosed.
"This transaction is an important milestone for WMS, and we're excited to partner with CCP to continue to deliver and innovate our best-in-class wireless offerings. Our focus will remain on our customers, employees and partners as we commence this new and exciting phase for WMS," Pramod Arora, WMS President & CEO.
CCP Capital Strategies was advised by Moore & Van Allen and Morgan Lewis & Bockius. Debt financing was provided by Brightwood Capital and PhenixFIN. AT&T was advised by Kilpatrick Townsend and Wiley Rein. Anuvu was advised by Drake Star Partners, Weil Gotshal and Manges (was advised by Brian Gingold) and Kite Hill.
Thoma Bravo, a private equity firm, completed the acquisition of Ping Identity, a provider of the intelligent identity solution for the enterprise, for $2.8bn.
"This compelling transaction is a testament to Ping Identity's leading enterprise identity solutions, our talented team, and our outstanding customers and partners. Identity security and frictionless user experiences have become essential in the digital-first economy and Ping Identity is better positioned than ever to capitalize on the growing demand from modern enterprises for robust security solutions. We are pleased to partner with Thoma Bravo, which has a strong track record of investing in high-growth cloud software security businesses and supporting companies with initiatives to turbocharge innovation and open new markets," Andre Durand, Ping Identity CEO.
LG Chem, a chemical manufacturer, agreed to acquire AVEO, a commercial-stage, oncology-focused biopharmaceutical company, for $566m.
"We are thrilled to announce this transaction, which delivers a compelling all-cash premium to our shareholders while positioning AVEO to accelerate our strong momentum to the benefit of the oncology patients we serve. By joining forces with LG Chem, AVEO expects to have significant financial and development resources to help AVEO fully realize the tremendous potential of our promising pipeline. LG Chem shares AVEO's deep commitment to patients and vision of developing innovative therapies designed to provide substantial impact in the lives of cancer patients with clear unmet medical needs. This transaction is a testament to the extraordinary efforts of our employees, who will play an integral role in the success of the combined company," Michael Bailey, AVEO President and CEO.
AVEO is advised by Moelis & Co, WilmerHale, Joele Frank (led by Joseph Sala and Tanner Kaufman) and LifeSci Public Relations (led by Hans Vitzthum). LG Chem is advised by Bank of America, Latham & Watkins and Weber Shandwick.
Vance Street-backed Terra Insights, a geotechnical, structural, and geospatial monitoring company providing a fully integrated instrumentation, data monitoring and analysis solution, completed the acquisition of NavStar Geomatics, a company in deformation monitoring technology and services. Financial terms were not disclosed.
"NavStar's product offering will continue to push Terra Insights further into data aggregation and monitoring and complement our existing portfolio of products and services. Our customers are looking for wholistic solutions and Terra Insights is the only player in the market that can provide a comprehensive suite of monitoring and data delivery solutions," Yousaf Tahir, Vance Street Vice President.
Navstar Geomatics was advised by Grant Thornton and Montgomery Miles & Stone. Vance Street Capital was advised by Davies Ward Phillips & Vineberg and O'Melveny & Myers. Debt financing was provided by National Bank of Canada, Canadian Western Bank and BMO Capital Market.
flyExclusive, a provider of private jet transportation services, agreed to go public via a SPAC merger with EnTrust Global and GMF Capital-backed EG Acquisition in a $600m deal.
"flyExclusive is raising the bar in the private aviation industry and creating the best possible experience for customers, partners, and employees so we can create more moments that matter. We are excited to enter the public markets through our business combination with EG Acquisition Corp. This capital, combined with our leadership team's significant aviation industry experience, will allow flyExclusive to rapidly grow our workforce, significantly expand our fleet, and further invest in our customer experience, while maintaining our core values and family first culture," Jim Segrave, flyExclusive CEO.
flyExclusive is advised by Wyrick Robbins Yates & Ponton. EG Acquisition is advised by BTIG and Willkie Farr & Gallagher (led by Sean Ewen). BTIG is advised by Kirkland & Ellis. Debt providers are advised by Vinson & Elkins (led by Ron G.Nardini, Michael E. Bielby and Sarah Morgan).
Mubadala Capital, an investment firm, completed the acquisition of TruFood Manufacturing, a snack food contract manufacturing service provider, from AUA Private Equity Partners, a private equity firm. Financial terms were not disclosed.
"TruFood is an exceptional company that has firmly established itself as a market leader, a position it has achieved through a history of reliability, continuous innovation, and consistently delivering superior products for its customers. Just as importantly, it has an experienced and dedicated management team and passionate employees who are committed to driving value for the company and all its stakeholders. Even as a category leader, TruFood has significant growth potential, and we are confident that access to our resources and network, combined with the synergies within the wider Mubadala Capital portfolio, will help the company reach even greater heights," Adnan Azam, Mubadala Capital Director.
Mubadala Capital was advised by William Blair & Co and Akin Gump Strauss Hauer & Feld. AUA Private Equity was advised by Houlihan Lokey, McDermott Will & Emery and Paladin.
Eli Lilly and Company, a distributor of pharmaceutical products, agreed to acquire Akouos, a genetic medicine company, for $610m.
"I am proud of the commitment and passion of our team, which has established Akouos as a pioneer in inner ear genetic medicine, as demonstrated by our work to advance the first investigational therapy for a genetic form of hearing loss into clinical development. Joining Lilly – a company that shares our purpose to make life better for people around the world – will help us accelerate the development of a broad pipeline of inner ear genetic medicines," Emmanuel Simons, Akouos Co-Founder, President and CEO.
PGT Innovations, a provider of premium windows and doors, including impact-resistant products and products, completed the acquisition of Martin Door, a manufacturer of garage doors, for $185m.
"We are honored that the group saw similar qualities in our team and selected Martin to be the brand to help them enter into the overhead garage door industry. This transaction would not have been possible without the incredible efforts of innumerable people – from our passionate employees to our loyal dealers and dedicated vendors who worked in synchrony to bring Martin to the company it is today. The support we received from every side was amazing, and I look forward to a long and successful continued relationship with each of these partners. We also would like to thank Black Oak Capital and Ridgeline Capital for their support over the past several years, helping us achieve the growth we have seen in recent years," Scott Huntsman, Martin Door CEO.
PGT Innovations was advised by Deutsche Bank and Davis Polk & Wardwell (led by Evan Rosen). Martin Door was advised by KeyBanc Capital Markets and Michael Best & Friedrich.
Resource Label, a full-service provider of pressure-sensitive labels, completed the acquisition of MedLit Solutions, a pharmaceutical packaging and printing solution provider, from CORE Industrial Partners, a private equity firm. Financial terms were not disclosed.
"As an industry leader, our priority is to provide customers the highest quality, innovative solutions to meet their challenging packaging requirements. The partnership with Resource Label Group will expand our capabilities and improve the buying experience we provide to our customers. We are very excited about the opportunity ahead of us," Kevin Grogan, MedLit Solutions CEO.
CORE Industrial was advised by Mesirow Financial, Winston & Strawn and BackBay Communications.
eCombustible Energy, an innovator, and provider of customizable hydrogen-based fuel for thermal industrial applications, terminated its $805m merger agreement with Benessere Capital Acquisition, a SPAC.
Initially, companies went into a merger agreement on November 24, 2021, and eCombustible Energy was supposed to go public in an $805m deal.
Alta Equipment Group, an operator of integrated equipment dealership platforms, agreed to acquire Ecoverse Industries, a full line distributor of environmental processing equipment, for $58m.
“The acquisition of Ecoverse is exciting for our business as it represents our first investment into large-scale equipment distribution, giving us the master dealer rights to distribute best-in-class environmental equipment to dealers and customers throughout North America,” Ryan Greenawalt, Alta CEO.
Alta Equipment Group is advised by SCR Partners.
Stone-Goff Partners-backed JSI, a provider of specialty consulting and engineering services to rural broadband telecommunications operators, completed the acquisition of Mitchell Engineering, a service provider of outside plant engineering and design services. Financial terms were not disclosed.
“It is with great pleasure that we welcome Mitchell Engineering to our growing JSI family. By adding their expert team to our ranks, we not only gain their decades of industry experience and insight, but further strengthen JSI’s premier outside plant engineering capabilities, which in turn, support the continued growth and success of our clients throughout the United States. We are exceptionally pleased to be able to join forces with such a high-caliber team as Mitchell Engineering during this unprecedented period of growth for our company, for our clients, and for our industry at large,” Tasos Tsolakis, JSI CEO.
Stone-Goff Partners was advised by BackBay Communications.
Houston Natural Resources, an energy company, agreed to acquire a stake in Cunningham Energy, an independent producer of oil and gas based in Charleston, West Virginia, for $100m.
With this acquisition, the company further expands its interest in oil, natural gas and oil field services properties. It further expands its overall business interest to Canada and is looking to increase expansion internationally.
CMA orders Meta to sell Giphy.
The Competition and Markets Authority finds that Meta's purchase of Giphy would limit choice for UK social media users and reduce innovation in UK display advertising. It also found the deal has removed Giphy as a potential challenger in the UK display advertising market, preventing UK businesses from benefiting from innovation in this market.
"This deal would significantly reduce competition in two markets. It has already resulted in the removal of a potential challenger in the UK display ad market while also giving Meta the ability to further increase its substantial market power in social media. The only way this can be addressed is by the sale of Giphy. This will promote innovation in digital advertising and also ensure UK social media users continue to benefit from access to Giphy," Stuart McIntosh, CMA Chair of the independent inquiry group carrying out the remittal investigation
Kroger spin-off Albertsons is extra ammunition in regulatory battle.
Kroger and Albertsons are willing to divest up to 650 supermarket stores to secure regulatory approval for their $24.6bn deal, but if they can’t find buyers, they have an unusual spin-off structure up their sleeves.
The two largest US grocery store operators said they may divest some stores into a new company owned by Albertsons shareholders. The structure is intended to give the companies a stronger hand in negotiations with the Federal Trade Commission, the US regulator that can sue to block the deal if it believes it will be harmful to consumers in an era of rampant price inflation.
Bonaccord Capital Partners II secures a $350m commitment from CAZ Investments. (FS)
Bonaccord Capital Partners II, the second fund from Bonaccord Capital Partners, a private equity firm, has secured a $350m capital commitment from CAZ Investments, an investment manager. The two businesses have a long-term strategic partnership, resulting in over $1bn in aggregate capital commitments since 2020.
Bonaccord, an affiliate of multi-asset class private markets solution provider P10, specializes in making strategic minority investments in mid-sized alternative asset managers across private equity, private credit, real estate, and real assets globally.
BlackRock and Manulife Investment Management back Zenyth Partners' continuation fund. (FS)
Zenyth Partners, a healthcare-focused private equity firm specialising in consumer-facing and tech-enabled healthcare services, has closed a continuation fund composed of both secondary and primary capital commitments, co-led by funds managed by BlackRock and Manulife Investment Management with support from Newbury Partners.
The fund has acquired minority stakes in three portfolio companies (the Sale Portfolio) from Zenyth Partners, a 2018 vintage permanent capital vehicle. Each of the Sale Portfolio companies were founded by the Zenyth team.
BlackRock offshore sales head quits to join KKR. (FS, People)
Jordie Olivella, BlackRock’s Miami-based head of US offshore distribution has quit the company to join private equity firm KKR as head of Latin America wealth.
Olivella ended his six-year stay at the US asset manager last month, having most recently headed its offshore fund distribution efforts and helped develop BlackRock’s commercial offshore strategy. At KKR, Olivella will have respsonibility for building and managing relationships with US financial advisors and RIAs that serve Latin American clients, as well as wealth platforms in the region.
EMEA
Oculis, a developer of novel and transformative topical treatments, agreed to go public via a SPAC merger with European Biotech Acquisition in a $220m deal. Investors in PIPE indue Earlybird, Novartis Venture Fund, Pivotal bioVenture Partners, Tekla Capital Management, and VI Partners.
"Oculis has built a highly diversified late-stage pipeline that has the potential to revolutionize treatment in major ophthalmology segments. EBAC was formed to invest in the untapped potential in the European biotechnology sector and has screened over 100 European biotechnology companies. Oculis is a prime example of what we set out to invest in, with great innovation, a well-thought-out strategy, and an experienced management team to bring promising therapies to market for patients suffering from eye disease," Eduardo Bravo, EBAC CEO.
Oculis is advised by PricewaterhouseCoopers, Bank of America, SVB Securities, Cooley, Vischer and Consilium Strategic Communications (led by Amber Fennell and Matthew Cole). European Biotech Acquisition is advised by Arctica Finance, Bank of America, Credit Suisse, Kempen, SVB Securities, Davis Polk & Wardwell (led by Michael Davis and Derek Dostal), Maples Group, and Stibbe. Financial advisors are advised by Shearman & Sterling.
Cube Infrastructure Managers, an independent management company, agreed to acquire firstcolo datacenters, a Frankfurt-based data centre business and provider of colocation, dedicated servers, managed services, and private cloud solutions, from EMERAM Capital, a private equity firm. Financial terms were not disclosed.
"Cube invests in businesses which capitalize on megatrends driving the need for sustainable infrastructure. In the digital sector, Cube has conducted a dozen transactions since 2008, partnering with talented management teams to achieve strong and sustainable growth. We believe firstcolo to be very well positioned to address the increasing needs of German SMEs in terms of colocation and cloud services, with the ability to anticipate the future needs of customers," Stéphane Calas, Cube Infrastructure Managers Partner.
Cube Infrastructure is advised by PricewaterhouseCoopers, Fide Partners, Marsh, DLA Piper and Peregrine Communications. EMERAM Capital is advised by Solon, ING Bank, KPMG, P+P Poellath + Partners and WMP Eurocom.
Ergon Capital-backed svt, a provider of passive fire protection products and restoration management services, completed the acquisition of Technical Fire Safety Group, an independent fire safety glass specialist, producing, processing, and supplying mission critical fire-rated products, from Soho Square Capital, an investment firm. Financial terms were not disclosed.
"As part of the Technical Fire Safety Group, international expansion is a key part of our investment strategy, and this merger with the svt Group of Companies is the next step on this journey. Together with svt, we can both increase our global market share and further develop and expand our capabilities in passive fire protection," Neil Tilsley, TFSG CEO.
Liberated Syndication, an AdTech company that provides platforms for publishers and advertisers to monetize, host and distribute podcasts, completed the acquisition of Julep Media, a German podcast company. Financial terms were not disclosed.
"Julep provides Libsyn with the immediate scale to become a leading force in podcast monetization in both Germany and the broader European market. Now that the acquisition had closed, we look forward to working with the Julep management team in rapidly expanding our presence throughout Germany and Europe," Brad Tirpak, Libsyn CEO.
Julep Media was advised by Crossgate Corporate Finance, BMH Brautigam, Blomstein and Hughes Hubbard & Reed (led by Gerold Niggemann). Liberated Syndication was advised by Wolfson Partners, Faegre Drinker Biddle & Reath, Noerr and Relev8 (led by Ray Yeung).
CFE Finance, a wealth management firm based in Luxembourg, agreed to acquire a 60% stake in RiverRock European Capital Partners, a European alternative investment management company. Financial terms were not disclosed.
"We are glad to have reached an agreement that is strategic for the growth of our business in Europe. Upon completion of the acquisition, we will immediately work with RiverRock's management team to develop the best synergies and bolster our respective market positioning," Mario Cordoni, CFE Finance CEO.
CFE Finance is advised by Barabino & Partners (led by Pietro Como).
Coatue, an investment manager, Lightspeed Venture, a venture capital firm, and O'Shaughnessy Capital, a quantitative asset management firm, led a $101m funding round in Stability AI, a community-driven, open-source artificial intelligence company.
"AI promises to solve some of humanity's biggest challenges. But we will only realize this potential if the technology is open and accessible to all. Stability AI puts the power back into the hands of developer communities and opens the door for groundbreaking new applications. An independent entity in this space supporting these communities can create real value and change," Emad Mostaque, Stability AI Founder and CEO.
Chaarat is in talks to acquire Shanta Gold.
The Board of Chaarat Gold Holdings, an exploration and development company, notes the press speculation and confirms that Chaarat is in early-stage discussions regarding a possible offer for Shanta Gold, a gold-producing company.
There can be no certainty that an offer will be made nor as to the terms of any such offer. If completed on the currently proposed terms, the possible offer would be classified as a reverse takeover transaction.
British Land weighs £590m Facebook London office sale. (RE)
British Land, a property development and investment company, is planning to sell a portfolio of London buildings whose tenants include Facebook owner Meta Platforms, Bloomberg reported.
The London-based real estate investment trust has appointed an adviser to sell 10, 20 and 30 Brock Street which are valued at about £590m ($668m).
Panmure Gordon in takeover talks with finnCap.
The Board of finnCap, a financial service company, notes recent speculation and confirms that it has received indicative non-binding proposals from Panmure Gordon, a UK-based investment bank. A possible combination of the two companies is structured as the acquisition for cash of finnCap by Panmure Gordon with the alternative of electing shareholders to receive partial consideration in Panmure Gordon securities.
Discussions between the companies are still at an early stage. There can be no certainty that any offer will ultimately be made for finnCap, nor the terms on which any offer might be made.
Parle is in talks to buy Dr Gerard. (FS)
Parle Products, a biscuit maker, is in discussions to consider buying Dr Gerard, the second largest biscuits producer in Poland, from private equity firm Bridgepoint, The Economic Times reported.
Bridgepoint, which bought Dr Gerard from Groupe Poult of France in 2013, had appointed investment bank Houlihan Lokey to exit the business earlier this year before the Russia-Ukraine war slowed the sale process considerably. Dr Gerard is valued at $122m to $146m.
Repsol and Engie are in race for Asterion.
Spanish oil and gas company Repsol and French utility Engie have submitted indicative offers to buy European renewable power company Asterion Energies, Reuters reported.
Madrid-based Asterion is working to build wind and solar plants in Spain, France and Italy with an expected combined capacity of 6 gigawatts. One gigawatt of power is roughly equivalent to the average production from one nuclear plant, although, unlike nuclear, renewable power is intermittent. Investment bank Greenhill, which is handling the sale, started collecting nonbinding offers from a small group of interested parties.
Credit Suisse places US asset management arm for sale, looks for capital increase, top banker to leave. (FS, People)
Credit Suisse Group, an investment bank and financial services firm, is considering selling its US asset management business. The unit, which includes a platform for investing in collateralized loan obligations, is expected to draw interest from private equity firms. A capital increase, under the name Project Ghana, could come after the bank’s formal restructuring announcement on October 27. Credit Suisse's investment banking chief, Christian Meissner, will be leaving the bank then.
Credit Suisse has approached at least one Middle Eastern sovereign wealth fund for a capital injection, while some funds are looking at the scandal-hit Swiss bank's businesses as potential investment opportunities.
Credit Suisse Group is working with Royal Bank of Canada and Morgan Stanley on a potential capital increase, should the bank need to shore up its balance sheet and raise funds for its restructuring, Bloomberg reported.
Intel eyes significantly lower valuation in IPO of Mobileye Unit.
Intel is eyeing a significantly lower valuation than previously expected in the initial public offering of its Mobileye Global self-driving car unit, WSJ reported.
Mobileye, which was originally expected to land a roughly $50bn valuation, is now set to target one that is under $20bn and sell a smaller number of shares than originally planned. By selling fewer shares at a lower price, the company and its advisers are hoping to drum up interest that will push up the shares after they start trading.
APAC
EQT Partners, a purpose-driven global investment organization, completed the acquisition of Baring Private Equity Asia, a private markets investment firm in Asia, for $7.4bn.
"Asia is home to more than half of the world's population and predicted to generate over 40 percent of global GDP within ten years – as a result, it's expected that the growth of the Asian private market will accelerate at nearly double the pace of global markets through 2025. As a combined firm, we offer local experience and global capabilities – underlined by shared values – that puts EQT in an even stronger position to capture the opportunity through our leading investment strategies across private equity, infrastructure and real estate," Christian Sinding, EQT CEO and Managing Partner.
EQT Partners was advised by Ernst & Young, Morgan Stanley, AZB & Partners (led by Ashwath Rau, Rushabh Maniar and John Adwet Raghav), Clifford Chance, Kirkland & Ellis (led by Roger Johnson and Adrian Duncan), Vinge (led by Sofie Bjartun and Erik Sjoman), Greenbrook (led by Andrew Honnor) and Kekst CNC (led by Daniel Yunger). BPEA was advised by Goldman Sachs, JP Morgan, Mannheimer Swartling, Paul Weiss Rifkind Wharton & Garrison (led by Ariel Deckelbaum and Adam Wollstein), Simpson Thacher & Bartlett (led by Elizabeth Cooper) and SEC Newgate.
ABC International, an investment banking unit of the Agricultural Bank of China, led a $278m Series B round in Hithium, an energy storage startup, with participation from Matrix Partners China, Fenghe Capital, Dayone Capital, and Chengtun Mining Group.
Hithium is a high-tech enterprise formally established in 2019, specializing in the R&D, production and sales of lithium-ion battery core materials, LFP energy storage batteries and systems. Hithium is committed to providing safe, efficient, clean and sustainable green energy solutions for the world.
Fosun plans $2.1bn asset sale.
Fosun International, a global innovation-driven consumer group, is to sell its stake in the parent company of Nanjing Iron & Steel, a business engaged in producing and selling steel products, for $2.1bn, Bloomberg reported.
Jiangsu Shagang, a provider of steel products, is set to buy the roughly 60% stake in Nanjing Iron & Steel from Fosun. The three parties signed an initial agreement last week, adding deliberations are ongoing, and the companies could decide not to proceed with a deal.
CDH Investments and PAG consider joining fray for Vnet. (FS)
Buyout firms CDH Investments and PAG are considering bids for US-listed Chinese data center company Vnet Group, Bloomberg reported.
CDH and PAG have separately been exploring financing and deal structures for a potential offer. The investors could either bid on their own or form a consortium with other prospective bidders.
Australia’s top banks eye payments firm Tyro as housing market cools.
Three of Australia’s largest banks are considering a bid for Tyro, a payment terminals company, underscoring the importance of new revenue streams as rising interest rates hit the mortgage market, Reuters reported.
Australian retail banks are keen to compete with Block, the payments company controlled by Twitter founder Jack Dorsey, which has expanded its point-of-sale offering in the country since launching the buy-now-pay-later-Giant bought additional payment this year.
Renault and Nissan near a deal to reshape alliance.
Renault, an automobile manufacturer, is in the final stages of concluding a deal this week to reduce its stake in Japanese partner Nissan Motor and reshape their two-decades-old alliance, Bloomberg reported.
The pact would allow the French carmaker to proceed with a planned carve-out of its electric-vehicle business. Both sides are set to sign a non-binding agreement after details were largely finalized late last week.
Sunshine Insurance is seeking HKEX nod for $1bn IPO.
Sunshine Insurance, a provider of insurance products and services, is planning to seek Hong Kong stock exchange approval for its initial public offering as soon as next week, Bloomberg reported.
The Beijing-based company may start gauging investor demand once approval is obtained and seek a listing as soon as November. The insurer could raise about $1bn in the first-time share sale. Sunshine Insurance has been authorized to sell a maximum of 3.97bn shares in the offering.
Indonesia sets up a $1bn fund to improve access to clean water. (FS)
Indonesia has launched a $1bn fund that will invest in projects providing clean water access throughout the archipelago.
Dubbed the Indonesia Water Fund, the government has assigned state-owned fund management firm Danareksa, construction company Nindya Karya, and water management companies Perum Jasa Tirta 1 and Perum Jasa Tirta 2 to manage the fund and build the necessary infrastructure.
Vertex Ventures is set to raise nearly $500m for China-focused fund. (FS)
Venture capital firm Vertex Ventures, backed by Singapore state investor Temasek, is set to raise nearly $500m for a new fund that will invest in efforts to step up China's domestic tech development, DealStreetAsia reported.
The new fund's size will exceed an initial target of $400m, compared with an earlier, similar fund that raised $275m, said Tay Choon Chong, Vertex Ventures Managing Partner.
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