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
A consortium of investors, including Elliott, Patient Square and Veritas Capital, agreed to acquire Syneos Health, a health care company, for $7.1bn.
“This agreement is the culmination of a comprehensive review of opportunities available to Syneos Health, including interest from multiple parties with the assistance of independent financial and legal advisors. The Syneos Health Board of Directors unanimously determined that this all-cash transaction maximizes value for our shareholders and is in the best interests of the Company and all stakeholders. The Company has a strong operating foundation, differentiated, integrated solutions and a focus on being committed to customers. We believe this transaction will enable Syneos Health to continue to accelerate its growth strategy, enhance customer delivery and evolve the organization toward a tech-enabled future,” John Dineen, Syneos Health Chair of the Board of Directors.
Syneos is advised by Bank of America, Centerview Partners, Ernst & Young and Latham & Watkins. Elliott is advised by Gibson Dunn & Crutcher. Veritas is advised by Covington & Burling and Milbank. Patient Square is advised by Kirkland & Ellis (led by Maggie Flores, Michael Weisser and Daniel Wolf). Debt financing is provided by BMO Capital Markets, Citigroup, Goldman Sachs, HSBC, Jefferies & Company, Macquarie Group, Natixis Partners, RBC Capital Markets, Truist Securities, UBS and Wells Fargo Securities
EU antitrust regulators are set to approve Microsoft's $69bn acquisition of Activision, with May 15 as the likeliest date, Reuters reported.
The European Commission's imminent clearance comes nearly three weeks after the UK competition authority blocked the deal, the biggest-ever deal in gaming, over concerns it would hinder competition in cloud gaming.
Allkem, a chemicals company, agreed to merge with Livent, a global lithium chemicals producer, in a $10.6bn deal.
"I am excited for what lies ahead as Livent and Allkem combine forces to help power the transition to EVs, cleaner energy and a more sustainable future. We look forward to playing an even bigger role in the acceleration of decarbonization policies by providing the lithium needed to enable this critical global energy shift," Paul Graves, Livent President and Chief Executive Officer.
Livent is advised by Gordon Dyal & Co, Allens, Davis Polk & Wardwell and Teneo (led by Andrea Calise). Allkem is advised by Morgan Stanley, UBS, King & Wood Mallesons, Sidley Austin and GRACosway (led by Ben Wilson).
Investor-backed SOBI to acquire CTI BioPharma for $1.7bn. (FS)
Investor-backed SOBI, a bio-pharmaceutical and biotechnology company, agreed to acquire CTI BioPharma, a commercial biopharmaceutical company focused on the development and commercialization of novel targeted therapies for blood-related cancers, for $1.7bn.
"CTI represents a perfect fit for Sobi's hematology franchise today, adding a powerful and highly differentiated new product that will make a significant difference for patients. There is a large unmet medical need within myelofibrosis, in particular for patients suffering from thrombocytopenia who are inadequately treated by existing medicines. The combination of the talented team at CTI, together with Sobi's broad US and global hematology capabilities, will help get this much-needed new therapy to patients faster and more effectively. The acquisition of CTI is the latest in a series of transformative transactions Sobi has conducted to build its leading rare hematology franchise," Guido Oelkers, SOBI President and CEO.
CTI BioPharma is advised by Centerview Partners, MTS Health Partners, Gibson Dunn & Crutcher, Skadden Arps Slate Meagher & Flom (led by Graham Robinson and Kady Ashley) and Joele Frank (led by Joele Frank). SOBI is advised by Bank of America, Latham & Watkins and Mannheimer Swartling. Debt financing is provided by Bank of America and Danske Bank.
Pierre Lassonde, a Canadian mining industry veteran, has made an offer to invest in Teck Resources coal business, in a bid to thwart Glencore hostile attempt to merge with Teck.
Vancouver-based Teck has rebuffed Swiss mining company Glencore's $22.5bn offer to combine the two companies and is instead pursing plans to separate its copper and coal business, Reuters reported.
Teck is advised by Ardea Partners, BMO Capital Markets, Barclays, Goldman Sachs, Origin Merchant Partners, Blake Cassels & Graydon, Paul Weiss Rifkind Wharton & Garrison, Stikeman Elliott and Sullivan & Cromwell (led by Lauren S. Boehmke and Sergio J. Galvis).
A Brian Kahn-led consortium agreed to acquire the remaining 64% stake in Franchise Group, an American publicly traded holding company that acquires and manages mainly franchise companies, for $1.7bn.
"This transaction is an exciting milestone for our company. The Special Committee and its advisors conducted an independent process and review of the strategic alternatives available to the Company, with a focus on obtaining the best outcome for public stockholders. We believe the proposed transaction delivers immediate and certain value for public stockholders at a significant premium to the unaffected share price, and we have the flexibility to explore other potential transaction opportunities during the go shop period under the Merger Agreement," Matt Avril, Franchise Group Chairman of the Board of Directors and the Special Committee.
Franchise Group is advised by Jefferies & Company, Troutman Pepper and Wachtell Lipton Rosen & Katz (led by David A. Katz and Zachary S. Podolsky). Brian Kahn is advised by Willkie Farr & Gallagher. B. Riley is advised by Sullivan & Cromwell. Irradiant Partners is advised by Davis Polk & Wardwell.
MVB Financial terminated the $98m acquisition of Integrated.
MVB Financial and Integrated Financial Holdings, announced that they have mutually agreed to terminate their previously announced merger agreement dated August 12, 2022.
“Due primarily to the changes that have occurred in the banking industry since the announcement of the transaction, the termination of the merger agreement with IFHI is the right decision at this time for the shareholders of both companies. MVB will continue our working relationship with Windsor Advantage, IFHI’s wholly owned subsidiary providing comprehensive SBA 7(a) and USDA lending services to community banks. MVB’s diversified business model keeps our balance sheet strong through changing marketing conditions.” Larry F. Mazza, MVB Financial CEO.
Centerbridge Partners, a global multi-strategy private equity firm, agreed to invest in TA Associates-backed Netwrix, a private IT security software company that develops software to help companies identify and secure sensitive data and assist with compliance auditing. Financial terms were not disclosed.
"Netwrix solutions help organizations of any size strengthen their security posture across all the primary attack surfaces: data, identity and infrastructure, as well as ensure regulatory compliance. With Centerbridge and TA's backing and technology acumen, we're well positioned to address our customers' mission-critical needs," Steve Dickson, Netwrix CEO.
Netwrix is advised by Jefferies & Company and Avista PR (led by Eric Jones). Centerbridge Partners is advised by Moelis & Co and Kirkland & Ellis. TA Associates is advised by DLA Piper and Goodwin Procter.
Jacobs, a creator of global solutions infrastructure, cybersecurity to space exploration, is set to demerge its Critical Mission Solutions business, a provider of technical consulting, applied science research, training, intelligent asset management and program management services to federal government agencies. Financial terms were not disclosed.
"Today's announcement is a significant milestone in our long record of taking bold actions to drive value creation. By separating CMS, we will streamline our business portfolio and transform Jacobs into a higher-growth, higher-margin company more closely aligned with key global megatrends and growth sectors. For the CMS business, the benefits from the separation are equally compelling. CMS has grown to be an industry-leading government services provider with significant scale, differentiated services and deep client relationships. As an independent company, CMS will be better able to focus on its distinct strategy and operating needs, driving further momentum in its business. We believe the separation will create value for all stakeholders," Bob Pragada, Jacobs CEO.
Court Square Capital Partners, a middle market-focused private equity firm, agreed to acquire a majority stake in Team Select Home Care, a specialist in home health and long-term pediatric care, mobile therapy and mobile physician services, from Tenex Capital Management. Financial terms were not disclosed.
"As home care specialists, our patients and their families will always be our primary focus. Our goal has always been to raise the bar on the standard of care our industry provides. Partnering with Court Square is an exciting opportunity because of their deep healthcare knowledge and proven track-record of working with companies similar to ours," Fred Johnson, Team Select Home Care CEO.
Team Select is advised by Cantor Fitzgerald. CSCP is advised by Edelman. Tenex Capital is advised by Willkie Farr & Gallagher (led by Jessica Sheridan).
CDPQ and OTPP-backed Constellation Insurance, an insurance holding company, agreed to acquire the Chile annuity business of Zurich Insurance Group, an insurance company that provides general insurance and life insurance products and services. Financial terms were not disclosed.
"Today's announcement marks another important step for Constellation, as we execute our growth strategy across segments through organic growth and inorganic investments. Together with our US life insurance and annuity segments, our Latin American operations are increasingly forming an integral part of the organization," Anurag Chandra, Constellation Founder, Chairman and CEO.
Constellation is advised by BNP Paribas. Zurich is advised by Willkie Farr & Gallagher (led by Maria-Leticia Ossa Daza).
Jackson Healthcare, a highly specialized healthcare staffing, search, and technology company, agreed to acquire LRS Healthcare, a provider of medical staffing that connects nursing and allied healthcare professionals to facilities nationwide. Financial terms were not disclosed.
"We are delighted to share the news about LRS Healthcare joining the Jackson Healthcare family of companies. LRS has a proven track record of success in the market, is led by an impressive management team, and powered by talented professionals across the business," Shane Jackson, Jackson Healthcare President.
LRS Healthcare is advised by Bridgepoint.
Avista Capital-backed Probo Medical, a global provider of medical imaging equipment, parts, repair and service, completed the acquisition of National Ultrasound, one of the largest ultrasound marketing and sales organizations in the US. Financial terms were not disclosed.
"National has a deep history for their sales and marketing prowess, selling new and pre-owned ultrasound equipment to private practices across the country. They have leveraged that position to expand into the veterinary market. The opportunity to connect this expertise to our world-class ultrasound sales, service, and repair services is tremendously exciting," Michael Asmer, Probo CEO.
Truv, a provider of a consumer-permissioned data platform, agreed to acquire Credegraph, a provider of a credit decisioning platform. Financial terms were not disclosed.
"Credegraph is very excited and passionate about joining forces with Truv to deliver a new lending verification experience that reduces risk while allowing lenders to approve more loans." Bental Wong, Credegraph Founder & CEO.
Gryphon-backed Right Time Group, a home services provider, completed the acquisition of Thomson Industries, a residential heating, cooling, electrical and air quality services provider. Financial terms were not disclosed.
"We are excited to have Thomson join the Right Time Group of Companies."With a reputation for exceptional customer service and outstanding business practices, Thomson will be a great addition to Right Time; we look forward to carrying on its tradition of excellence," Craig Goettler, Right Time Group CEO.
SoftBank nears deal to sell Fortress to Mubadala for up to $3bn. (FS)
Months of protracted talks to sell SoftBank Group-owned asset manager Fortress Investment Group to Abu Dhabi sovereign wealth fund Mubadala have reached a late stage, with the parties close to a deal for as much as $3bn, FT reported.
A sale, which would transform Mubadala into one of the largest credit investors in the world by adding Fortress’s close to $50bn in assets under management, could be announced later this month.
Occidental buys back 6.5% of Warren Buffett’s preferred stock. (FS)
Occidental Petroleum redeemed $647m, or about 6.5%, of Berkshire Hathaway’s preferred stock as the oil company begins paying back Warren Buffett four years after he helped finance its acquisition of Anadarko Petroleum, Bloomberg reported.
The total cost of Occidental’s redemption was $712m as it includes a 10% premium to Buffett and matches distributions to common stock holders. Buffett’s preferred stock carries an 8% annual dividend, making it an expensive part of Occidental’s capital structure.
Apollo dials back $25bn goal for flagship buyout fund. (FS)
Apollo Global Management expects commitments for its 10th flagship private equity fund to reach the “low $20bn range,” falling short of the buyout giant’s earlier $25bn target, Bloomberg reported.
The fund received $16bn of commitments through March 31, with a final close expected in the summer, after the firm reported a sharper-than-expected drop in first-quarter profit.
One Equity Partners closes $1bn continuation fund. (FS)
One Equity Partners, a middle market private equity firm, announced the close of a $1bn continuation fund, co-led by AlpInvest Partners, a subsidiary of global investment firm Carlyle, and HarbourVest Partners that will support continued growth for two European portfolio companies.
“One Equity Partners is proud to partner with AlpInvest and HarbourVest on this oversubscribed transaction that generates liquidity and attractive returns for our existing investors in two proven assets and gives us the opportunity to continue driving acquisitions and growth. We were able to garner support in this transaction from new investors and institutions across both North America and Europe who recognized the firm’s strong track record of creating and driving value via its unique transformative combination strategy,” David Lippin, One Equity Managing Director and Head of Investor Relations.
One Equity was advised by Kirkland & Ellis and Moelis & Co. AlpInvest Partner was advised by Ropes & Gray.
Aaron Rodgers’ fund backed by athletes and celebrities. (FS)
RX3, the venture firm co-founded by football star Aaron Rodgers, Nate Raabe and Byron Roth, has raised $150m from athletes and celebrities for its second consumer-focused growth equity fund, Bloomberg reported
The new fund counts athletes such as Buffalo Bills quarterback Josh Allen, Detroit Lions quarterback Jared Goff, retired swimmer Michael Phelps and celebrities including Christina Aguilera, Josh Duhamel, Machine Gun Kelly and Vanessa Hudgens as investors, Raabe, RX3’s managing partner, said in an interview. RX3’s trio of founders invested more than $30m in the vehicle.
EMEA
Royal DSM, a business conglomerate, completed the merger with Firmenich, a fragrance and flavor maker, in a $20.7bn.
"The combination of DSM and Firmenich is transformational, and brings together two culturally aligned and iconic businesses, each with over 125 years' heritage of innovation. Our shared purpose and common values, combined with our highly complementary capabilities gives me confidence we can accelerate our growth further through innovation and new creations. I am confident that for all stakeholders of the future DSM-Firmenich business, the most exciting times are still to come," Patrick Firmenich, Firmenich Chairman.
Royal DSM was advised by Centerview Partners, JP Morgan, Allen & Overy (led by Jasper de Jong), Walder Wyss (led by Thiemo Sturny) and FTI Consulting (led by Edward Bridges). Financial advisors were advised by Clifford Chance (led by Gregory Crookes). Debt financing was provided by JP Morgan. JP Morgan was advised by Clifford Chance (led by Titus de Vries). Firmenich was advised by BDT & Co, Goldman Sachs, Bar & Karrer (led by Rolf Watter and Urs Kaegi), Bredin Prat (led by Laetitia Tombarello), Davis Polk & Wardwell (led by George R. Bason Jr.), Homburger (led by Daniel Daeniker), Oberson Abels, Stibbe (led by Bjorn van der Klip) and Brunswick Group (led by Joseph Chi Lo). Financial advisors were advised by Sullivan & Cromwell (led by Stephen M. Kotran).
Germany’s Software rebuffed a fresh bid of at least €2.5bn ($2.7bn) from Bain Capital, choosing to maintain support for a lower takeover offer from existing backer Silver Lake Management.
Bain said it’s increasing its indicative proposal to €34 ($37) per share, with the possibility to go higher under certain conditions. Software quickly announced it won’t engage with Bain on the offer, which it believes isn’t superior to Silver Lake’s agreed deal at €32 ($35) per share, Bloomberg reported.
Ambienta, a European private equity manager, completed the investment in Previero, a company offers a complete range of machinery for the grinding of plastic, natural rubber, and synthetic rubber and recycling plants for the treatment of materials such as copper wires, tires and post-consumer packaging. Financial terms were not disclosed.
The investment provides the company with financial and managerial resources, promoting further investments in fixed and human capital.
Adnoc to sell 15% stake in logistics unit in Abu Dhabi IPO.
Abu Dhabi’s main energy company will sell a 15% stake in its maritime logistics unit in an initial public offering, kicking off the second listing of one of its businesses this year, Bloomberg reported.
Abu Dhabi National Oil will offer about 1.1bn shares in Adnoc Logistics & Services. The company will announce the price range and start taking investor orders on May 16, with final pricing slated for May 25. Shares are expected to begin trading June 1.
Blank-check pioneer Martin Franklin launches London IPO. (FS)
Serial dealmaker Martin E. Franklin, who warned of excesses in blank-check companies last year, is raising money for a new buyout company, Bloomberg reported.
Admiral Acquisition is selling units at $10 each on the London Stock Exchange. The sponsor is Mariposa Capital, a Miami-based family office owned by Franklin.
SoftBank investors focus on Arm IPO at Q4 earnings. (FS)
SoftBank Group reports earnings amid an uptick in some stocks held by its Vision Fund unit, and with the market thirsty for details on its upcoming listing of Arm aimed at bolstering the investment company's balance sheet, Reuters reported.
The fourth-quarter earnings come after the Vision Fund unit posted four consecutive quarters of investment loss, with investors debating whether the value of privately held stakes have further to fall.
Brookfield leans on Middle East, Asia in drive for $1tn. (FS)
Brookfield Asset Management has raised $19bn for new funds this year and says it’s relying heavily on cash-rich investors in the Middle East and Asia to fuel its growth, Bloomberg reported.
About 40% of the capital the firm has raised in the past year comes from those two regions and US clients are becoming a smaller part of the business.
BlackRock seeks $1bn for new fund with Middle East backing. (FS)
BlackRock is targeting an initial $1bn fundraise from some of the Middle East's largest sovereign wealth funds for a new private equity fund focused on infrastructure investments in the region’s, Bloomberg reported.
While the fund's first close may raise about $1bn, total capital commitments could eventually reach several billion dollars. BlackRock is considering domiciling the fund, which will operate out of Riyadh, in the Abu Dhabi Global Market.
APAC
Endava, a software development company, completed the acquisition of Mudbath, a technology firm. Financial terms were not disclosed.
“Mudbath brings a new and exciting client base, a very talented team and strengthens our leadership bandwidth in Australia. Together, we see exciting potential to do more for existing and new clients, whilst creating attractive opportunities for our people,” John Cotterell, Endava CEO.
Temasek-backed STT GDC is said to mull $1bn pre-IPO round. (FS)
A digital infrastructure provider backed by Singapore’s state-owned investment firm Temasek is considering raising as much as $1bn in a funding round before its potential initial public offering, Bloomberg reported.
ST Telemedia Global Data Centres has held talks with potential advisers on the fundraising as it’s keen to bring in strategic investors. The funding round would help set a valuation benchmark for an IPO, which could happen as soon as next year.
Eneos considers spinning off JX Nippon Mining & Metals.
Japanese energy giant Eneos is considering spinning off subsidiary JX Nippon Mining & Metals, Reuters reported.
Eneos said it is "constantly considering various capital policies," no decisions have been made now.
Mobvoi picks banks for $300m Hong Kong IPO.
Mobvoi, a Chinese artificial intelligence company and smart device maker, has selected banks for a Hong Kong initial public offering that could raise about $200m to $300m, Bloomberg reported.
The Beijing-based firm, which last month debuted its own AI large language model, is working with China International Capital and China Merchants Bank International to prepare for the first-time share sale. The IPO could take place as soon as this year.
Virgin Australia says IPO planning advanced, finalizing capital return. (FS)
Planning for Virgin Australia's upcoming initial public offering is "well advanced", Chairman Ryan Cotton said in an internal email that also outlined bonus payments to the airline's shareholders and staff after a return to profit, Reuters reported.
Investors led by US private equity firm Bain Capital will share a $495m payment. It will be structured as a capital reduction rather than a dividend, with Bain Capital taking around 90% followed by Richard Branson's Virgin Group with 5% and the rest going to the remaining shareholders.
Actis launches a $500m renewables platform in Japan. (FS)
London-based infrastructure investor Actis has launched a $500m, Japan-focused renewables platform called Nozomi Energy, which will target 1.1 GW of onshore wind and solar power generation by 2027, DealStreetAsia reported.
Financing for Nozomi Energy will come from Actis’ fifth and latest energy infrastructure fund, which has $6bn of investable capital. The platform will have a dedicated team, which will be led by Jose Antonio Millan Ruano, the former President & CEO of Hinode Energy.
Genesia Ventures closes third fund below target at $110m. (FS)
Japanese early-stage investor Genesia Ventures has closed its third fund at $110m, lower than its initial target of $130m, DealStreetAsia reported.
In February last year, the investment firm hit the first close of its third fund at approximately $90m.
|
