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Top Highlights
The European Commission has approved unconditionally, under the EU Merger Regulation, the proposed acquisition of Catalent by Novo. The Commission concluded that the transaction would not raise competition concerns in the European Economic Area.
SSR Mining, a gold, silver, copper, lead and zinc producer, agreed to acquire the Cripple Creek & Victor Gold Mine from Newmont, a gold mining company, for $275m.
SSR Mining is advised by Scotiabank, Holland & Hart and Stikeman Elliott. Newmont is advised by BMO Capital Markets and Davis Graham & Stubbs.
TNL Mediagene, an Asian digital-media company, went public via a SPAC merger with Blue Ocean Acquisition, a special purpose acquisition company, in a $275m deal.
Deal Round up
AMERICAS
Goldman Sachs considers sale of ETF accelerator platform. (Reuters )
OpenAI looks to remove AGI clause in Microsoft partnership. ( Financial Times )
Conagra explores a sale of Chef Boyardee. ( Reuters)
Thrive Capital explores options for Karman Space & Defense. (Bloomberg)
Advent launches fundraising for new $25bn fund. (Bloomberg)
Citi's Cary Kochman retires. (Reuters)
EMEA
Blackstone and EQT advance in bidding for Urbaser. (Reuters )
EQT to sell Luxembourg-based payments firm Banking Circle. ( Bloomberg)
Varo Energy looks to acquire Preem's Swedish refineries. (Reuters)
APAC
Temasek establishes wholly-owned private credit platform. ( Press Release)
PTT picks UBS and Bualuang for its downstream review. (Bloomberg)
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AMERICAS
Organigram, a licensed producer of cannabis, agreed to acquire Motif Labs, a cannabis brand house, for $100m.
Motif Labs is advised by Jefferies & Company, Davies Ward Phillips & Vineberg and MLT Aikins. Organigram is advised by BMO Capital Markets, Borden Ladner Gervais, MLT Aikins and spPR (led by Sonia Prashar).
Uranium Energy, a growing supplier of fuel for the green energy transition to a low carbon future, completed the acquisition of the Wyoming uranium assets of Rio Tinto, a British-Australian multinational company, for $175m.
Uranium Energy was advised by Goldman Sachs, Rothschild & Co (led by Hugo Dryland), Holland & Hart (led by Sue Oakes) and McMillan.
PSG, a growth equity firm, completed a $175m investment in Element451, an AI-first student engagement platform transforming higher education recruitment and retention.
Element451 was advised by Vista Point Advisors and Hutchison. PSG was advised by Weil Gotshal and Manges and Prosek Partners (led by Jackie Schofield).
AEA Investors, a global private investment firm, completed the acquisition of Huge, an experience design and technology business, from Interpublic, a provider of marketing solutions. Financial terms were not disclosed.
AEA Investors was advised by Joele Frank (led by Erik Carlson and Kate Thompson). Interpublic was advised by Houlihan Lokey, Morgan Stanley and Willkie Farr & Gallagher.
INDUS Realty Trust, a logistics real estate business, completed the acquisition of a majority stake in the Carolinas portfolio, a modern 4.3m sq. foot logistics portfolio, from Childress Klein, a real estate development, investment and management company, for $575m.
Childress Klein was advised by Eastdil Secured.
Wesco International, a provider of business-to-business distribution, logistics services and supply chain solutions, completed the acquisition of Ascent, a provider of data center facility management services, for $185m.
HubSpot, a customer platform for scaling businesses, agreed to acquire Frame AI, an AI-powered conversation intelligence platform. Financial terms were not disclosed.
Goldman Sachs considers sale of ETF accelerator platform. ( Reuters)
Goldman Sachs is exploring strategic options for its ETF Accelerator platform, including a potential sale. The platform aids institutional clients in launching their own exchange-traded funds and operates independently from the ETF business within the bank's asset management division.
Historically, Goldman Sachs has worked with Latham & Watkins and Sullivan & Cromwell, according to MergerLinks data.
OpenAI looks to remove AGI clause in Microsoft partnership. ( Financial Times)
OpenAI is exploring changes to its corporate structure that would allow Microsoft continued access to its most advanced AI models, even after the development of artificial general intelligence.
The proposed adjustment would enable Microsoft to maintain its investment and access rights beyond the AGI milestone, potentially securing billions of dollars in future funding for OpenAI.
Conagra explores a sale of Chef Boyardee. ( Reuters)
Conagra Brands, the Chicago-based food giant behind Slim Jim and Healthy Choice, is exploring the sale of its iconic canned pasta brand, Chef Boyardee.
The company has engaged Centerview Partners to assess buyer interest, with the business expected to fetch a valuation exceeding $500m.
Historically, Conagra has worked with Goldman Sachs, Centerview Partners, Jones Day and Mayer Brown, according to MergerLinks data.
Thrive Capital explores options for Karman Space & Defense. ( Bloomberg)
Private equity firm Trive Capital is exploring strategic options for Karman Space & Defense, including a possible sale or initial public offering. The aerospace and defense manufacturer could be valued at $3bn or more in a potential transaction.
Karman is expected to draw attention from other private equity firms and industry players seeking exposure to the growing space and defense sectors.
Historically, Trive Capital has worked with Weil Gotshal and Manges and King & Spalding, according to MergerLinks data.
Advent launches fundraising for new $25bn fund. ( Bloomberg)
Private equity firm Advent International started early-stage discussions with investors to raise a new flagship fund, which is expected to be similar in size to its previous $25bn fund.
Preliminary meetings with limited partners have been underway since last month, as the firm targets a fundraising goal in the mid-$20bn range.
Citi's Cary Kochman retires. ( Reuters)
Cary Kochman, the head of Citigroup’s Global Mergers and Acquisitions Group, is retiring from the investment bank after 14 years. The news was announced via an internal memo.
Kevin Cox was named as the interim head of global M&A.
EMEA
Crédit Agricole, a French international banking group, agreed to acquire an additional 5% stake in Banco BPM, an Italian bank. Financial terms were not disclosed.
Crédit Agricole aims to raise its stake up to 20%, but is not interested in making a tender offer for all Banco BPM shares.
Blackstone and EQT advance in bidding for Urbaser. ( Reuters)
Blackstone and EQT have progressed to the second round of bidding for Urbaser, a waste management company owned by private equity firm Platinum.
Citi and Santander are advising on the sale, which could value Urbaser at approximately €5bn ($5.27bn).
Historically, Blackstone has worked with Citigroup, Morgan Stanley, Simpson Thacher & Bartlett and Kirkland & Ellis, according to MergerLinks data.
EQT to sell Luxembourg-based payments firm Banking Circle. ( Bloomberg)
Private equity firm EQT engaged FT Partners and Morgan Stanley to facilitate the sale of Banking Circle, a Luxembourg-based payments services provider. The formal sales process is expected to commence in Q1 2025, with the company potentially fetching a valuation between $3bn and $4bn.
Potential buyers may include private equity firms and major financial institutions.
Varo Energy looks to acquire Preem's Swedish refineries. ( Reuters)
Carlyle-backed European energy firm Varo Energy is in discussions to acquire Preem’s two refineries in Sweden, aiming to capitalize on the growing demand for low-carbon biofuels.
The acquisition would bolster Varo’s position in Europe's refining and fuel trading market, where the company has been expanding rapidly in recent years.
Historically, Varo Energy has worked with Rothschild & Co, according to MergerLinks data.
APAC
Temasek establishes wholly-owned private credit platform. ( Press Release)
Temasek, a Singaporean state-owned multinational investment firm, announced the formation of a wholly-owned private credit platform.
The platform’s initial portfolio will amount to about SGD10bn ($7.67bn), consisting of direct investments and credit funds. This portfolio will be managed by a team of around 15 seasoned credit investment professionals across offices in New York, London, and Singapore, who have been transferred from Temasek’s Credit & Hybrid Solutions team.
PTT picks UBS and Bualuang for its downstream review. ( Bloomberg)
Thailand’s state-backed oil and gas company, PTT, has initiated a review of its downstream businesses with the aim of improving operational efficiency and enhancing valuations. To support the process, PTT has engaged Bualuang Securities, a unit of Bangkok Bank and UBS as financial advisors.
The review will explore a range of strategic options, including potential mergers of certain business units or the introduction of an equity partner to raise capital.
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