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
EQT, an independent natural gas production company, agreed to acquire Equitrans Midstream, an American energy company engaged in the pipeline transportion of natural gas and natural gas liquids, for $11.5bn.
"Equitrans is the most strategic and transformational transaction EQT has ever pursued, and we see this as a once in a lifetime opportunity to vertically integrate one of the highest quality natural gas resource bases anywhere in the world. As we enter the global era of natural gas, it is imperative for US natural gas companies to evolve their business models to compete on the global stage against vertically integrated rivals. We have identified multiple, high confidence near-term synergies, with significant upside from future infrastructure optimization projects that we believe will drive material value creation for shareholders over time. Our modern, data-driven operating model, first-hand knowledge of Equitrans' operations and successful track record integrating $9bn of acquisitions, all of which included midstream assets, gives me tremendous confidence in EQT's ability to seamlessly combine the two companies and capture synergies," Toby Z. Rice, EQT President and CEO.
Major League Baseball’s ownership committee has approved the purchase of a controlling stake in the Baltimore Orioles by Carlyle Group co-founder David Rubenstein and a consortium of investors in a deal that values the team at $1.73bn, Bloomberg reported.
Rubenstein, who will be the so-called control person of the team, is pursuing the purchase from the Angelos family alongside several co-investors. They include Ares Management co-founder Michael Arougheti; Mitchell Goldstein and Michael Smith, co-heads of Ares Credit Group; Orioles legend and Hall of Famer Cal Ripken Jr.; former Baltimore Mayor Kurt Schmoke; and former New York City Mayor Michael Bloomberg.
Baltimore Orioles is advised by Goldman Sachs and Jones Day (led by Robert Profusek). David Rubenstein is advised by BDT & MSD Partners and Wachtell Lipton Rosen & Katz (led by Eric Feinstein). Angelos Family is advised by PJT Partners and Hogan Lovells.
KKR, a global investment firm, agreed to acquire mdf commerce, a provider of digital commerce technologies, for CAD255m ($167m).
"After a comprehensive strategic review process, we are pleased to have reached an agreement with KKR that provides immediate liquidity and certainty of value at an attractive premium to our shareholders," Pierre Chadi, mdf commerce Chairman.
mdf commerce is advised by Desjardins, Scotiabank, Foley & Lardner and McCarthy Tetrault. KKR is advised by Dechert and Stikeman Elliott.
Patient Square Capital, a healthcare investment firm, agreed to acquire NanoString Technologies, a provider of life science tools for discovery and translational research for $220m.
“This agreement with Patient Square provides continuity for our scientific customers and employees, and represents an important step in our financial restructuring. We believe that Patient Square is committed to continuing NanoString’s mission to Map the Universe of Biology and is prepared to invest in our market-leading product roadmap,” Brad Gray, NanoString Technologies President & CEO.
NanoString Technologies is advised by Willkie Farr & Gallagher, AlixPartners and Perella Weinberg Partners. Patient Square Capital is advised by Kirkland & Ellis and Greenhill & Co.
MiddleGround Capital, a private equity firm based in Lexington, agreed to merge with Starrett, a manufacturer of precision tools, cutting equipment, and metrology systems, in a $119m deal.
“We are pleased to reach this agreement with MiddleGround, which provides a meaningful premium cash value to our shareholders. Following comprehensive outreach to potential parties, our Board of Directors determined that MiddleGround is the right partner for Starrett because of its deep knowledge within the manufacturing industry. As a private company, the Company will have additional financial and operational flexibility to continue providing industry-leading service and products to our customers across our markets and maintaining Starrett’s proud tradition among its employees, communities and other stakeholders,” Douglas A. Starrett, Starrett Chairman of the Board of Directors, CEO and President.
Starrett is advised by Lincoln International and Ropes & Gray. MiddleGround Capital is advised by William Blair & Co, Dechert and Dukas Linden Public Relations (led by Doug Allen).
Merck, a pharmaceutical company, completed the acquisition of Harpoon Therapeutics, a biotech company, for $680m.
“At Harpoon, we have always been committed to advancing our cancer immunotherapy candidates to improve the lives of patients. With Merck’s recognized leadership in oncology clinical development and global commercial footprint, our lead candidate, HPN328, is well positioned moving forward,” Julie Eastland, Harpoon Therapeutics President and CEO.
Elevance Health, a health insurance provider, completed the acquisition of Paragon Healthcare, a company specializing in life-saving and life-giving infusible and injectable therapies from Peak Rock Capital, a private equity firm. Financial terms were not disclosed.
“The acquisition of Paragon Healthcare will deepen our capabilities around providing affordable, convenient access to specialty medications and best-in-class services for our members living with chronic and complex illnesses,” Pete Haytaian, Elevance Health Executive Vice President.
Paragon Healthcare was advised by JP Morgan, Jefferies & Company and
Kirkland & Ellis. Peak Rock Capital was advised by Kekst CNC (led by Daniel Yunger).
Choice Hotels, an American multinational hospitality company, failed to acquire Wyndham Hotels & Resorts, an American hotel company, for $9.8bn.
"While the support from Wyndham stockholders tendering into the exchange offer was significant considering the number of investors structurally prevented from participating at this stage, it was not sufficient for Choice to conclude – particularly when taking into account the Wyndham board's obvious continuing disinterest in a combination – that a path towards a transaction is available at this time. As such, Choice has decided not to extend the exchange offer and is withdrawing its slate. Choice intends to continue focusing on its standalone strategy, which the Company is confident will create significant long-term value for its stockholders and franchisees," Choice Hotels.
Monroe Capital, a premier boutique asset management firm, completed the $250m investment in Second Avenue, a Seattle-based provider of management, strategy, and capital for early stage companies.
"We have been extremely impressed with Mike Rothman, who has decades of experience building and leading companies, and his ability to attract a seasoned management team and utilize technology to enable growth at scale. We believe Monroe’s long-term investment can strategically enhance Second Avenue as one of the largest and more importantly efficiently managed SFR platforms in North America," Ted Koenig, Monroe Chairman and CEO.
Monroe Capital was advised by BackBay Communications.
ParTech, a global food service technology company and provider of unified commerce for enterprise restaurant brands, completed the acquisition of Stuzo, a digital engagement software provider to Convenience and Fuel Retailers, for $190m.
“This is a monumental day for us at PAR – as we expand our business across the globe and enhance our product and service offerings for a wider range of the foodservice and fuel retail industry. Over the past five years, we have evolved our capabilities to include point-of-sale, loyalty, back-office, payment transaction services and digital ordering. The transactions announced today further our vision and help us to offer a more comprehensive set of best-in-class solutions for global brands. Importantly, the acquisition of Stuzo and TASK are expected to add over $80m of annual recurring revenue and over $20m of Adjusted EBITDA to our business, based on their trailing twelve-month actuals. Simply put, we expect to increase our ARR by well over 50% while adding meaningful cashflow and unlocking significant new markets that ensure faster future growth,” Savneet Singh, PAR Technology CEO.
ParTech was advised by Gibson Dunn & Crutcher.
Arcosa, a provider of infrastructure-related products and solutions, agreed to acquire Ameron Pole Products, a manufacturer of highly engineered, premium concrete and steel poles for a broad range of infrastructure applications, from NOV, a company that delivers technology-driven solutions to empower the global energy industry, for $108m.
“As we continue to effectively deploy capital into Arcosa’s growth businesses, we believe Ameron is an excellent strategic fit. It provides entry into the complementary steel and concrete lighting pole market while expanding our product offerings in traffic and telecom. The acquisition bolsters our Engineered Structures segment and increases our exposure to growing infrastructure end markets at an attractive valuation. We look forward to welcoming the Ameron team to Arcosa and combining our strengths to accelerate growth,” Antonio Carrillo, Arcosa President and CEO.
Arcosa was advised by Advisiry Partners (led by David Gold).
A Delaware judge won’t stand in the way of a March 22 shareholder vote on a merger involving Trump Media & Technology Group that may provide a $4bn windfall for former President Donald Trump, Bloomberg reported.
Delaware Chancery Court Judge Sam Glasscock III said March 9 he wouldn’t hold up the vote because of complaints by Trump Media co-founders Andy Litinsky and Wes Moss that the former president seeks to dilute their 8.6% stake in the business as part of the merger.
Digital World Acquisition is advised by EF Hutton.
Cathedra Bitcoin, a diversified bitcoin mining company, agreed to merge with Kungsleden, a developer and operator of alternative high-density compute infrastructure, in a CAD82m ($61m) deal.
“We are excited to contribute to Cathedra’s business through this Transaction. Importantly, we are not merely acquiring a portfolio of data center assets in this merger; we are joining forces with the team responsible for developing these assets. Kungsleden has established a scalable, repeatable process for developing bitcoin mining data centers with impressive construction costs and time-to-market. We also see opportunity beyond the bitcoin mining end-market, with the potential to apply these infrastructure development capabilities to the traditional data center and high-performance compute markets,” Antonin Scalia, Cathedra Bitcoin CEO.
Volvo Group, a Swedish multinational manufacturing corporation, and Westport Fuel Systems, a supplier of advanced fuel delivery components and systems, agreed to form a joint venture in a $73m deal.
“Decarbonization with internal combustion engines running on renewable fuels, especially with High Pressure Direct Injection (HPDI), plays an important part in sustainable solutions. HPDI has been on the road in Volvo trucks for over five years and is a proven technology that allows customers to significantly reduce CO2 emissions in LBG (Liquified Biogas) applications here and now and is a potential avenue for hydrogen,” Lars Stenqvist, Volvo Group CTO.
Rupert Resources confirms transaction discussions with B2Gold relating to purchase of 70% interest in joint venture between B2Gold and Aurion Resources.
In response to the announcement on March 11 by Aurion Resources, Rupert Resources confirmed that it is in preliminary discussions with B2Gold regarding the potential purchase of B2Gold’s 70% interest in a joint venture between B2Gold and Aurion that has rights in respect of properties located near the Company’s flagship Ikkari project in northern Finland.
No definitive agreement has been entered into at this time, and there can be no assurance that any such agreement will be reached, that any such agreement will ultimately result in a completed transaction or that any of the expected objectives or outcomes will be realized. The Company intends to provide further updates as circumstances warrant and in accordance with applicable securities laws.
Shasta Ventures is pursuing strip sale in liquidity hunt. (FS)
Shasta Ventures is pursuing a so-called strip sale — the sale of a slice of fund investments — in an effort to provide its investors with liquidity, Bloomberg reported.
The early-stage venture-capital firm is working with Jefferies Financial Group to solicit interest from potential buyers for some of its holdings. Details of the portfolio-company stakes that Shasta is attempting to unload couldn’t immediately be learned.
Reddit, investors seek up to $748m in planned IPO. (FS)
Reddit and its investors are seeking to raise as much as $748m in what would be one of the biggest initial public offerings so far this year, Bloomberg reported.
The social media platform and some of its current shareholders plan a sale of 22m shares for $31 to $34 each. The company was seeking a valuation of as much as $6.5bn in the listing.
EMEA
Private equity firm Apax Partners abandoned its takeover of Kin and Carta, an international digital transformation consultancy company, after the target agreed to a competing bid from BC Partners-backed Valtech. Apax said it would not be returning with an increased offer, and the timeframe for it to return with a higher bid expired on Friday.
"Having spent time with the Valtech management team, I am excited about the increased scale and scope of the combined Valtech and Kin and Carta businesses and Valtech's commitment to Kin and Carta's B Corp re-certification. I believe the combination will further accelerate the career growth of our people and bring more to the clients we serve," Kelly Manthey, Kin and Carta CEO.
Pollen Street Capital, an independent, alternative investment management company, agreed to acquire Mattioli Woods, a provider of wealth management and employee benefit services, for £432m ($550m).
Pollen Street believes the acquisition will provide Mattioli Woods and its management team the flexibility to take longer-term decisions to maximise the growth potential of the business, continuing to invest in capabilities and client propositions, while also providing strategic support to develop new growth areas and operational expertise to drive greater efficiency.
Macquarie, a private equity firm, completed the acquisition of a 20% stake in the gas transmission and metering business of National Grid, an electricity and gas utility company, at a £9.6bn ($12.2bn) valuation.
“This additional investment underlines our commitment to National Gas and the critical role it plays in the UK’s energy system. We have been working closely with the National Gas team since January as they have continued to meet the energy needs of millions of households and businesses. We are pleased to continue our strong relationship with National Grid, and aspire to acquire the Remaining Interest in due course," Martin Bradley, Macquarie European Head of Infrastructure.
Crane NXT, an industrial technology company, agreed to acquire OpSec Security Group, a company providing anti-counterfeiting technologies and services, from Investcorp Technology Partners, a global manager of alternative investment products, for $270m.
“OpSec is an excellent fit with our portfolio of technologies that secure, detect, and authenticate our customers’ most valuable assets. The authentication and brand protection markets are large and growing, bolstered by secular mega trends, including the continuous rise of counterfeiting and proliferation of online marketplaces, as well as digital media and piracy. OpSec is a global leader in these markets with its proprietary technology, broad suite of solutions, and integrated offering. This acquisition will enable us to leverage our complementary expertise in anticounterfeiting technology and drive growth and sustainable value creation as a trusted partner to clients,” Aaron W. Saak, Crane NXT President and CEO.
OpSec Security Group is advised by Proskauer Rose. Crane NXT is advised by Robert W Baird and Davis Polk & Wardwell.
Elliott withdrew its offer to acquire Currys for £757m. (FS)
Elliott, an investment management company, withdrew its offer to acquire Currys, a multinational electrical and telecommunications retailer for £757m ($963m).
Elliott said "following multiple attempts to engage with Currys' board, all of which were rejected," it did not have the necessary information to make a third bid.
Style Capital, a Milan-based private equity fund, agreed to acquire a 50.2% stake in Autry, a classic American brand of sneakers and shoes, from Quadrivio & Pambianco, an Italian private equity fund, for €300m ($328m).
Established in Dallas in 1982, initially focusing on running, tennis, and basketball shoes, the brand experienced success before fading into obscurity. Refunded in 2019 by Italian entrepreneurs Marco Doro, Alberto Raengo, and Gino Zarelli, it has since experienced a resurgence with offerings for women, men, and children.
Quadrivio & Pambianco is advised by JP Morgan.
SPIE, a provider of multi-technical services in the areas of energy and communications, agreed to acquire a 92% stake in ICG Group, a turnkey service provider for telecommunication infrastructure, from HIG Capital, a private equity firm. Financial terms were not disclosed.
"The acquisition of ICG Group enables SPIE to further strengthen its position as a leading player in the deployment of fibre networks and mobile telecommunication infrastructure in Germany, which are very strategic and rapidly growing markets. With its high growth perspectives and very strong level of profitability, we are convinced that the combination of ICG Group with SPIE will be highly value creative," Gauthier Louette, SPIE Chairman and CEO.
SPIE is advised by Image Sept and Latham & Watkins (led by Ingo Strauss).
Oaktree Capital-backed The Specialist Group, a provider of technical engineering specialists, completed the acquisition of iks Engineering, an engineering resourcing provider in Germany. Financial terms were not disclosed.
The acquired entity will operate under TSG's flagship label STAR. The acquisition accelerates STAR's successful growth journey in Germany and serves as an important milestone in its ambitions to become the leading technical resourcing services provider for Europe's energy transition needs.
Boels Rental, a rental industry company, agreed to acquire Riwal, a specialist in rental and sales of access equipment. Financial terms were not disclosed.
This strategic move aligns with Boels Rental's ambitious growth strategy to become the number one rental partner of choice in Europe, solidifying presence in existing markets, expanding into new territories, and enlarging AWP fleet.
UK weighs approval of Abu Dhabi-backed Telegraph newspaper buyout.
Britain's government is weighing whether to approve a UAE-led takeover of Britain's Daily Telegraph amid howls of protest from politicians, journalists and even a former spy chief that the deal risks press freedom, Reuters reported.
Britain's competition and media regulators submitted reports on the takeover to the government on March 11. Media Secretary Lucy Frazer will now decide whether the purchase of the Telegraph and its sister title, the Spectator magazine, should go ahead.
Signa to sell luxury Vienna landmarks to break debt impasse.
Signa’s flagship property unit is close to an agreement to sell a portfolio of luxury Austrian assets to Germany’s Schoeller Group, Bloomberg reported.
A deal may help Signa Prime Selection resolve a deadlock in its broader restructuring related to a previous loan deal with Schoeller. It would also be the first major transaction with property held by Rene Benko’s troubled empire since its insolvency at the end of last year.
Netherlands, Germany near deal on TenneT grid.
The Netherlands is close to announcing a deal to sell TenneT Holding's power grid in Germany to the government in Berlin, Reuters reported.
The purchase will likely happen via German state bank KfW, which will sell on the asset to private investors in a second step, while Berlin is expected to keep a blocking minority long-term.
APAC
A Japanese plastic recycling company is gearing up to go public in the US through a SPAC merger this month, even as many IPO hopefuls are delaying or scrapping such plans, Bloomberg reported.
Kawasaki-based Jeplan plans to merge with special purpose acquisition company AP Acquisition to debut on the New York Stock Exchange in coming weeks. If the deal moves forward, it would value Jeplan at around $300m and the merged entity at an estimated $429m, assuming no additional equity financing or redemptions by AP Acquisition’s investors.
Jeplan is advised by Greenberg Traurig. AP Acquisition is advised by Kirkland & Ellis (led by Joseph Raymond Casey and Jesse Sheley), Maples Group and Mori Hamada & Matsumoto.
ParTech, a global foodservice technology company and provider of unified commerce for enterprise restaurant brands, agreed to acquire TASK Group, an Australia-based global foodservice transaction platform, for $206m.
"Our goal at PAR has been to be the largest food service technology company in the world. Adding TASK will provide us with a global platform to build upon this vision. TASK not only broadens our reach beyond the United States and has a strong cash flow profile but also has the potential to bring premier global brands into the PAR fold, and accelerate our future growth,” Savneet Singh, PAR Technology CEO.
Sumitomo Mitsui, a Japanese multinational banking financial services institution, agreed to acquire the ARA Private Funds business in Australia, Singapore, South Korea and the USA from ESR Group, APAC's largest real asset manager, for $270m.
The APF business to be sold primarily consists of finite-life funds owning assets in traditional real estate sectors including office, retail and hospitality. The transaction is structured as the sale of ESR's interests in certain subsidiaries, with the purchase price calculated with reference to their net asset value and a market valuation for the funds management platform. The transaction is subject to regulatory and other conditions and is expected to be completed by 3Q 2024.
Avia Solutions Group, the world's largest ACMI provider, completed the acquisition of Skytrans Airlines, an airline and air charter business based in Cairns, Queensland. Financial terms were not disclosed.
This development is part of Avia's growth strategy within the Asia-Pacific region. Expansion in the region provides valuable leverage to counterbalance the reduced seasonal demand in Europe by shifting aircraft between counter-seasonal regions. The obtained AOC brings the total number of air operator certificates held by the group to 12.
OKX Ventures, an investment company, completed the investment in DeBox, a decentralized social networking platform for Web3 communities and Decentralized Autonomous Organizations. Financial terms were not disclosed.
"We are motivated to invest in DeBox because of its potential to transform social use cases within the Web3 space, making it easier to onboard the next billion users. DeBox leads its community with a DAO format, enabling seamless wallet access and engagement through unique NFT avatars based on animal characters and DID names. DeBox enhances its user experience with interactive DApps, fostering the sharing of ideas, content management, and providing trading or staking options," Dora Yue, OKX Ventures Founder.
Aditya Birla Capital to merge with financial unit.
India's Aditya Birla Capital is set to merge with its unit Aditya Birla Finance and turn into an operating non-banking financial company from a holding company, Reuters reported.
On a proforma basis, total assets of the merged company as of December 31 stood at INR1.1tn ($13.3bn), and it expects an around 150 basis point increase in total capital adequacy ratio, it said in a statement.
AG&P Pratham, Think Gas set for $1.1bn merger. (FS)
Global infrastructure investor I-Squared Capital-backed city gas distribution companies in India - AG&P Pratham and Think Gas Distribution - are set to merge, The Economic Times reported.
The combined entity will be valued at over $1.1bn, acquiring the heft that will help it compete with rivals. It will be a stock-for-stock merger - a share of one company for each of the other.
Vietnam’s HDBank is said to consider $500m share sale.
Ho Chi Minh City Development JSC Bank is exploring raising $500m through selling new shares, Bloomberg reported.
The Vietnamese lender has asked financial advisers to submit proposals to help with the potential fundraising. Deliberations are ongoing and there is no guarantee that HDbank will proceed with the offering.
Hillhouse, Boyu in talks to invest in GDS’s southeast Asia data centers. (FS)
Alternative asset managers Hillhouse Capital, Boyu Capital and CDH Investments are in advanced talks to invest in GDS Holdings’s data center business outside China, sending the company’s shares up as much as 24% in Hong Kong on March 11, Bloomberg reported.
An agreement on a total investment of $500m to $600m may be reached as soon as the coming weeks, though no final decisions have been made. Other investors could also be involved in a deal.
CATL shares rise after JV News, Morgan Stanley upgrade.
Contemporary Amperex Technology’s shares surged March 11 on multiple drivers, including news of a collaboration with Chinese companies Xiaomi and BAIC Motor, as well as an upgrade by Morgan Stanley, WTJ reported.
Shares of the battery specialist were 14% higher at CNY179.97 ($25.04) by midday, on track for their largest one-day percentage gain in more than three years. CATL, which supplies batteries to carmakers like Tesla, was the top riser in China’s blue-chip CSI 300 index, with year-to-date gains climbing to 10%.
Intel-backed Horizon picks banks for $500m Hong Kong IPO. (FS)
Horizon Robotics, a Chinese provider of autonomous driving computing solutions, has picked banks to help arrange its Hong Kong initial public offering this year that may raise about $500m, Bloomberg reported.
The Intel-backed firm is working with China Securities International, Goldman Sachs and Morgan Stanley on the first-time share sale. The company may file its preliminary prospectus in the coming weeks.
Chinese solar inverter maker Sungrow’s $2.6bn new energy unit targets local IPO. (FS)
A new energy subsidiary of Chinese publicly listed solar inverters developer Sungrow Power Supply has roped in its first external investors at a pre-money valuation of CNY19bn ($2.6bn), as the unit moves towards an onshore IPO, DealStreetAsia reported.
Sungrow New Energy Development, whose businesses cover the design and production of power generation systems and equipment used in new energy power plants, is raising CNY347m ($48m) in its first external financing from two state capital investors in eastern China.
India's A91 Partners on track to raising its largest fund at $700-750m. (FS)
A91 Partners, led by former Sequoia Capital executives VT Bharadwaj, Gautam Mago, and Abhay Pandey, is in the process of raising its largest fund at $700-750m, DealStreetAsia reported.
The fund, which has backed companies including Blue Tokai Coffee, Atomberg, Digit Insurance, HealthKart, and Paper Boat, launched its maiden fund of $350m in 2019 from which it has made 14 investments. A91 Partners is currently investing from its second fund, which has a total corpus of $550m. It was raised in 2021-22.
|
