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AMERICAS
Bain Capital, a private investment firm, agreed to acquire Fogo de Chão, a restaurant brand, from Rhône Capital, a global private equity firm. Financial terms were not disclosed.
“Barry and his team have done an impressive job building on the brand’s differentiated concept, strong value proposition, and rich Brazilian heritage. Fogo is the clear market leader, and we believe the business is poised to continue its rapid growth as consumers increasingly seek unique and authentic dining experiences,” Adam Nebesar, Bain Capital Partner.
Fogo de Chão is advised by Deloitte, Morgan Stanley, Sullivan & Cromwell and ICR (led by Anton Nicholas). Bain Capital is advised by PricewaterhouseCoopers, Deutsche Bank, Kirkland & Ellis and Stanton PRM (led by Charlyn Lusk). Debt financing is provided by Deutsche Bank. Rhône Capital is advised by Brunswick Group (led by Alex Yankus).
Tevva, a technology company and truck manufacturer, agreed to merge with ElectraMeccanica, a designer and assembler of electric vehicles. Financial terms were not disclosed.
“Since Tevva's founding more than ten years ago, we have focused our engineering and product development capabilities on developing a portfolio of zero-emission commercial vehicles that have generated significant customer interest. Our vehicles have undertaken more than 300k miles of testing and operating experience in real-world conditions by demanding fleet operators. We are excited to merge with ElectraMeccanica and accelerate the growth of the combined company. Throughout the process, we have been impressed with ElectraMeccanica's management team and strongly believe that ElectraMeccanica’s complementary assets, skills and capital will further enhance our advantages in this large and rapidly growing market,” David Roberts, Tevva Director.
ElectraMeccanica is advised by Greenhill & Co, Fox Williams, McCarthy Tetrault, Snell & Wilmer, Laurel Hill Advisory and MacKenzie Partners. Tevva is advised by Gowling WLG and Lucosky Brookman.
LatAm Logistic Properties, a developer, owner, and manager of institutional quality, class A industrial and logistics real estate in Central and South America, agreed to go public via a merger with TWO, a special purpose acquisition company, in a $578m deal.
“We believe LLP’s combination with TWOA is a transformational event that will position LLP to realize the massive opportunities driven by the increased demand for logistics real estate across Central and South America. LLP’s well-established track-record of developing modern class A facilities in a cost-efficient manner provides a unique competitive advantage to meet the new demand created by nearshoring and e-commerce. We are excited to enter this next phase in our history through the transaction with TWOA, which will allow us to further capitalize on the macro tailwinds benefiting logistics warehouse facilities. We expect to continue building out our strong platform across existing and new adjacent geographies with US dollar denominated markets. We believe a NYSE listing will enable us to secure access to resources to fund these growth opportunities and position LLP for the future,” Esteban Saldarriaga, LLP CEO.
Esmark, a diversified, privately-held family company, offered to acquire United States Steel, an American integrated steel producer, for $7.8bn.
“With more than 40 years of steel industry experience, and as a former executive and statutory representative of US Steel, I have significant intimacy with the steel business in the US and around the globe. This is an exciting time as the entire American Steel industry is restructuring, and with Esmark’s long-standing history of excellence, we are anxious to continue to grow and we’re well positioned to come in and operate,” James P. Bouchard, Esmark Chairman & CEO.
Eli Lilly and Company, an American pharmaceutical company, completed the acquisition of Versanis, a private clinical-stage biopharmaceutical company, for $1.9bn.
"Combining our current incretin portfolio, including tirzepatide, with activin receptor blockers such as bimagrumab, could be the next major step in innovative treatments for those living with cardiometabolic diseases, like obesity. The wealth of knowledge that our new colleagues from Versanis will bring to Lilly will propel our research and development efforts forward, ultimately benefiting patients around the world," Ruth Gimeno, Eli Lilly Vice President.
One Energy, an industrial power company, agreed to go public via a SPAC merger with TortoiseEcofin Acquisition, a special purpose acquisition company, in a $300m deal.
“Entering into a definitive agreement to merge with TRTL is a monumental step towards our vision of reshaping the utility industry. With the added financial strength we anticipate from going public, we hope to accelerate our growth plans to continue helping industrial clients take back control of their power and transition to a more sustainable, reliable, and cost-effective power solution that is custom engineered to their individual needs,” Jereme Kent, One Energy CEO and Founder.
One Energy is advised by Cohen & Company Capital Markets, Nelson Mullins Riley & Scarborough and ICR. TortoiseEcofin Acquisition is advised by Ellenoff Grossman & Schole.
GS Technologies, a fintech company, completed the acquisition of PAYPT Finance, a financial services provider. Financial terms were not disclosed.
"We look forward to updating all stakeholders on the progress of this acquisition and the subsequent transformation of Angra into a B2B Neobank in due course." Tone Goh, GS Technologies Chairman.
GS Technologies was advised by CMC, VSA Capital and IFC Advisory (led by Tim Metcalfe).
Thermo Fisher Scientific, a scientific instrumentation supplier, completed the acquisition of CorEvitas, a provider of regulatory-grade, real-world evidence for approved medical treatments and therapies, from Audax Private Equity, an investment firm, for $913m.
“We are very excited to welcome our new CorEvitas colleagues to Thermo Fisher. CorEvitas expands our clinical research business with highly complementary real-world evidence solutions, which is an increasingly important area and will help to enhance decision-making as well as the time and cost of drug development. We are excited by the opportunity to further accelerate innovation and advance productivity for our pharma and biotech customers in their work to deliver new medicines and therapeutics to benefit patients,” Marc N. Casper, Thermo Fisher Chairman, President and CEO.
Hero Digital, a customer experience transformation company, agreed to merge with Avionos, a digital technology consultancy. Financial terms were not disclosed.
"We're thrilled to join forces with Avionos. Our blend of capabilities in strategy, creativity, technology, data, and marketing creates a unique and differentiated offering in the marketplace serving clients' digital experience and commerce needs. Avionos brings a depth of expertise in B2B commerce and marketing that is unparalleled in the industry. This adds immediate value to our combined client base. We look forward to the opportunity to deliver superior customer experience and commerce solutions for the Fortune 1000," Jay Dettling, Hero Digital CEO.
Avionos is advised by Canaccord Genuity. Hero Digital is advised by 4PR Group.
The Arena Group, a technology platform and media company, agreed to acquire Bridge Media Networks, a media group with two national television networks, from Simplify Inventions and Manoj Bhargava for $135m.
“This strategic combination dramatically accelerates our planned expansion across the video ecosystem. Our immediate opportunity to create, distribute and monetize premium video content across all linear, digital and connected ecosystems provides a lucrative opportunity for The Arena Group. The production capabilities and opportunities with advertisers will further diversify our offerings,” Ross Levinsohn, The Arena Group Chairman and CEO.
The Arena Group is advised by FNK IR (led by Rob Fink).
Sims Metal, a global metal recycler, agreed to acquire Baltimore Scrap, a scrap metal removal service provider, for $177m.
“Baltimore Scrap Corp is a company we have admired for many years. They have a strong management team who has built an excellent business over many years. This acquisition is a highly complementary fit with our strategy to expand the metal recycling business in North America and increase our diversity of sales channels to growing US domestic demand for ferrous and non-ferrous scrap metal. I welcome the Baltimore Scrap Corp team and their group of affliates to the Sims family,” Alistair Field, Sims CEO and Managing Director.
Latin American payments provider DLocal explores potential sale.
DLocal, a provider of payments services to businesses in emerging markets, is exploring options including a potential sale, Bloomberg reported.
The Montevideo, Uruguay-based company, which is working with a financial adviser, has been talking with potential buyers. The company has received takeover interest.
Buffett’s Berkshire cuts Activision, unveils homebuilder bet. (FS)
Warren Buffett’s Berkshire Hathaway slashed its stake in Activision Blizzard by 70% during the second quarter amid the video-game maker’s prolonged effort to merge with Microsoft and disclosed a bet on the housing market, Bloomberg reported.
The conglomerate also exited its position in insurance broker Marsh McLennan, and trimmed positions in other companies including Chevron. Berkshire reported new holdings in homebuilders D.R. Horton, NVR and Lennar.
Apollo to loan over $4bn to struggling buyout firms. (FS)
Apollo Global Management is poised to sign more than $4bn in so-called NAV loans, as the asset manager steps up unorthodox lending to private equity firms looking to raise cash in a challenging high-cost environment, Bloomberg reported.
Some of the transactions include multiple loans of more than $1bn each. Net asset value financing allows PEs to borrow against a pool of their portfolio companies, and helps them to return money to investors.
Angeles Equity Partners closes Fund II above $540m. (FS)
Angeles Equity Partners, a private investment firm focused on value creation through operational transformation, announced the final closing of Angeles Equity Partners II and its parallel funds with total capital commitments exceeding its target of $500m.
“We are incredibly grateful for the strong support and partnership of our Fund II investors and feel it is a true recognition of our investment strategy, ability to deliver value across the industrials landscape, and the institutional-quality firm we have thoughtfully constructed to capitalize on the incredible opportunity in the industrial sector,” Timothy Meyer, Angeles Equity Partners Co-Founder and Managing Partner.
MetLife Investment Management announces final close of Single Family Rental Fund at $390m. (FS)
MetLife Investment Management, the institutional asset management business of MetLife, announced that it has successfully closed the MetLife Single Family Rental Fund with $390m in capital commitments.
"We have a high level of conviction in the demand for single family rentals, and we see this fund as a natural extension of our experience investing in other housing segments, where our perspective as a leading institutional investment manager has served clients well. We believe there’s a significant and sustained opportunity to give renters access to well-located units designed specifically for their use,” Robert Merck, MIM Global Head of Real Estate and Agricultural Finance.
Amazon’s Chief of Devices plans to leave. (People)
Dave Limp, Amazon's Chief of Devices plans to retire, the latest senior leader to announce his departure from the e-commerce and cloud computing giant, WSJ reported.
A longtime executive with the Seattle-based company, Limp oversees the unit that makes Echo smart speakers and the accompanying Alexa software, Fire-branded TV streaming sticks and tablets, among other gadgets. He’s a member of Amazon’s S-team, the senior group of leaders.
EMEA
Tenaris, a steel pipes manufacturer, agreed to acquire Bredero Shaw International, a pipe coating solutions provider, from Mattr, a Canadian materials technology company, for $166m.
"The business being acquired includes nine plants located in Canada, Mexico, Norway, Indonesia, the UAE and the US, and several mobile concrete plants. The business also includes world-class R&D facilities in Toronto and Norway and a wide IP/product portfolio," Tenaris.
Infosys, Liberty Global sign $1.64bn deal to scale digital platforms.
Indian software services exporter Infosys and Liberty Global have signed a €1.5bn ($1.64bn) agreement to evolve and scale the communications firm's digital entertainment and connectivity platforms, Reuters reported.
The 5-year agreement, which has an option to be extended to 8 years and beyond, will have Infosys taking over the operations of the UK-headquartered company's entertainment and connectivity platforms, with its AI offering Infosys Topaz.
Ares weighs loosening Crystal Palace ties to focus on Chelsea. (FS)
Ares Management is considering loosening ties with Crystal Palace as it explores an investment in rival British football club Chelsea, Bloomberg reported.
US-based Ares is in discussions about changing the structure of its investment in Eagle Football, the vehicle that owns roughly 40% of south London-based Crystal Palace. This could see Ares relinquishing its position on Eagle Football’s board.
Record $4.8bn private loan refinances Vista’s Finastra. (FS)
Private credit behemoths including Blue Owl Capital and Oak Hill Advisors are providing a record $4.8bn fully funded direct loan as part of Vista Equity Partners’ refinancing of fintech firm Finastra Group's debt, Bloomberg reported.
The private loan is structured as a unitranche, a blend of senior and subordinated debt. The deal will be the largest such direct loan when it closes. Last year saw a $4.95bn private financing for Zendesk, but that included a $850m delayed-draw term loan component.
CVC Capital Partners revives stock market listing plan. (FS)
CVC Capital Partners, one of Europe's largest buyout investment firms, is again looking at a multibillion-euro stock market listing that could happen before the end of this year.
The Luxembourg-based firm, which has around $140bn of assets under management, paused plans for an IPO last year following Russia's invasion of Ukraine which sent global markets into a tailspin.
APAC
Wanshun, a ride hailing services marketplace, agreed to go public via a merger with AlphaVest Acquisition, a special purpose acquisition company, in a $300m deal.
“AlphaVest recognizes the significant opportunity within Wanshun’s distinctive business model and recent launches of new growth initiatives, which created a vibrant synergy within its business ecosystem. We are excited to have Wanshun for this business merger and look forward very much to consummating this transaction. We believe that, with the value proposition that AlphaVest brings into this transaction, Wanshun will have the ability to amplify its growth plans and create significant value for stockholders over time,” David Yan, AlphaVest Acquisition CEO.
Wanshun is advised by Jun He Law. AlphaVest Acquisition is advised by Small Seashell and Winston & Strawn (led by Mike Blankenship).
NWTN Motors, a green mobility technology company, agreed to acquire a 27.5% stake in China Evergrande New Energy Vehicle Group, a Chinese automobile manufacturer, for $500m.
"The Company believes a partnership with EVGRF will enable synergies between the two companies, while facilitating EVGRF’s research and development and mass production of new car models for eventual export overseas. By helping to address EVGRF’s near-term capital needs and partner in expanding its market overseas, the Company believes EVGRF can be instrumental in addressing the EV needs of the Middle East," NWTN Motors.
India's Adani Group moves to buy remaining stake in Quintillion Business Media.
Adani, Indian billionaire Gautam Adani's flagship firm, would buy the remaining 51% stake in Quintillion Business Media, which operates business and financial news digital media platform BQ Prime, Reuters reported.
Quintillion, in which Adani bought a 49% stake for INR478m ($6m) in March last year, was his first bet in the Indian news industry before taking a nearly 65% stake in broadcaster NDTV in December.
Tokio Marine Southeast Asia asset sale draws Japan rivals.
Japanese insurers Dai-ichi Life and Nippon Life Insurance are among the firms considering bids for Tokio Marine's life insurance business in Southeast Asia, Bloomberg reported.
Dai-ichi Life and Nippon Life are working with financial advisers as they weigh making non-binding bids for the assets, which include Tokio Marine’s businesses in Indonesia, Malaysia, Singapore and Thailand. While other insurance companies have expressed interest in some specific markets, Tokio Marine’s preference is to sell the assets as a package.
Indonesia says Tesla plans to invest in battery material facility.
Indonesia said that US electric carmaker Tesla plans to invest in the manufacturing of battery materials in the Southeast Asian country and will make an announcement in the next few months, DealStreetAsia reported.
Indonesia has for years been wooing Tesla to invest in battery making and car manufacturing in the country, trying to leverage its rich reserves of nickel, which can be processed for use in electric vehicle batteries.
Ex-GIC managers raise $567m for Asia private equity deals. (FS)
A Singapore-based private equity firm started by two former investors from sovereign wealth fund GIC has raised $567m to spend on deals across Southeast Asia and India, Bloomberg reported.
The amount generated by Growtheum Capital Partners is one of the largest in the region this year. The firm was founded by managing partner Amit Kunal and partner Choo Koon Po in late 2021.
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