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AMERICAS
Nuvei, a Canadian fintech company, completed the acquisition of Paya, a provider of integrated payment and commerce solutions in the US, for $1.3bn.
“This is an important milestone for Nuvei as we continue to build a preeminent payment technology provider with strong positions in global eCommerce, Integrated Payments and B2B. I’m thrilled to officially welcome our new colleagues from Paya to the Nuvei family. We have been working diligently on our integration planning, and we are ready to begin the next step on this exciting journey as a single, unified team,” Philip Fayer, Nuvei Chair and CEO.
and Joele Frank (led by Sharon Stern, Eric Brielmann and Ed Trissel). Financial advisors were advised by Sullivan & Cromwell (led by Melissa Sawyer). Nuvei was advised by BMO Capital Markets, Barclays, Evercore, RBC Capital Markets, Davis Polk & Wardwell (led by Evan Rosen) and Stikeman Elliot. Debt financing was provided by BMO Capital Markets and RBC Capital Markets. GTCR was advised by Simpson Thacher & Bartlett (led by Elizabeth Cooper).
DATA Communications Management, a provider of marketing and business communication solutions, agreed to acquire the Canadian operations of R.R. Donnelley & Sons, an American integrated communications company, for $91m.
"This transaction brings together two companies with complementary operating models, best-in-class products and strong customer relationships across a broad range of industries. RRD Canada will be an excellent strategic fit with our business and will enable us to better serve our customers by adding new capabilities to our existing offerings and accelerating our speed to market for new innovations," Richard Kellam, DCM President and CEO.
DATA Communications Management is advised by Boston Consulting Group, Clarus Securities, PricewaterhouseCoopers and McCarthy Tetrault. RRD is advised by BakerHostetler and Blake Cassels & Graydon.
TPB Acquisition, a special purpose acquisition company, announced that its shareholders approved the previously proposed business combination with Lavoro, an agricultural inputs retailer in Latin America.
The business combination is expected to close on February 27, 2023, and the combined company and its common stock and warrants are expected to commence trading on the Nasdaq Stock Market on February 28, 2023.
Levine Leichtman Capital Partners, a middle-market private equity firm, completed the acquisition of Kilwins, a premium quality chocolate, ice cream and confectionary products manufacturer. Financial terms were not disclosed.
“Kilwins has an incredible brand proposition, a compelling product portfolio, and a loyal customer base. We are strong believers in the long-term potential of Kilwins and are excited to work closely with the Company’s management team to accelerate growth through continued franchise expansion, new channel opportunities, and additional product innovation,” Andrew Schwartz, LLCP Partner.
Kilwins was advised by BDO and Varnum. Levine Leichtman Capital was advised by Greenberg Traurig, Honigman Miller Schwartz & Cohn and Gasthalter & Co (led by Mark Semer).
The US Securities and Exchange Commission and New York's top financial regulator opposed Binance's $1bn deal to buy defunct crypto lender Voyager, Reuters reported.
The proposed deal may violate laws on the unregistered offer and sale of securities, the SEC said in a filing on Wednesday.
Voyager is advised by Berkeley Research Group, Moelis & Co and Kirkland & Ellis. Binance is advised by Latham & Watkins (led by Robert Katz and Daniel Mun).
Centerbridge Partners, a multi-strategy private investment firm, and GIC Real Estate, a real-estate arm of Singapore's sovereign wealth fund, agreed to acquire the remaining 85.2% stake in INDUS Realty Trust, a US-based industrial and logistics REIT, for $868m.
“After conducting an extensive process to explore the Company’s strategic alternatives, we are pleased to have reached an agreement with Centerbridge and GIC. The transaction delivers immediate and significant value to our stockholders, and we believe it validates the quality of the platform and portfolio we have built over INDUS’ long history. I would like to extend my thanks to the entire Board and management team for their hard work during this process, and for their unwavering commitment to act in the best interests of our stockholders,” Michael Gamzon, INDUS President and CEO.
IRG Acquisition Holdings, a partnership owned by Invenergy, CDPQ and funds managed by Blackstone Infrastructure, agreed to acquire a 1365-MW renewables portfolio from American Electric Power, an investment firm, for $1.5bn.
"We're committed to de-risking the company and prioritizing investments in our core regulated businesses. The proceeds from the sale will be directed to the significant pipeline of opportunities we have to enhance service for customers across our footprint and advance our clean energy transition," Julie Sloat, AEP President and CEO.
American Electric Power is advised by Citigroup, JP Morgan and Hunton Andrews Kurth. IRG Acquisition Holdings is advised by Bank of America.
Main Street Financial Services, the holding company of Main Street Bank, agreed to merge with Wayne Savings Bancshares, the holding company of Wayne Savings Community Bank, in a $68m deal.
"We are excited to announce this transformational merger with Main Street Financial Services. We are bringing together two high-performing community banks that have similar values and proven track records of growth and building shareholder value. We share a commitment to the communities in which we operate and are dedicated to delivering the best products and services to our customers. This combination is poised to deliver long-term value for our shareholders, customers, employees and communities and provide opportunities for future expansion," Mark Witmer, Wayne Executive Chairman.
Wayne Savings Bancshares is advised by Piper Sandler and Dinsmore & Shohl. Main Street is advised by Raymond James (led by Rob Toma) and Jackson Kelly.
McCarthy Capital, a private equity firm, led a $208m funding round in Spreetail, an e-commerce growth partner.
“Many brands, aggregators, and agencies are heavily leveraged moving into 2023, We have read the writing on the wall around post-pandemic shifts in consumer behavior combined with inflationary concerns and have repositioned Spreetail to increase our investment into our brand partnerships, our technology, and our organization this year," Brett Thome, Spreetail Global CEO.
Spreetail was advised by Moelis & Co.
Halliburton, a provider of products and services to the energy industry, and Siguler Guff, a multi-strategy private markets investment firm, formed Envana Software Partners, a joint venture that provides critical emissions management software-as-a-service solutions to track greenhouse gas emissions in the oil and gas industry and beyond. Financial terms were not disclosed.
"Envana provides breakthrough SaaS emissions management solutions and is the latest example of how innovation adds to sustainability in the oil and gas industry. Envana Catalyst provides digital solutions to generate actionable recommendations for emissions improvement throughout the asset lifecycle," Rami Yassine, Halliburton Senior Vice President.
Blue Point-backed Transtar Holding Company, an aftermarket automotive products company, agreed to acquire Pro Form Products, an automotive refinishing and repair products manufacturer. Financial terms were not disclosed.
“Pro Form and Transtar Autobody Technologies are well-paired from a strategic and commercial standpoint. This addition to our portfolio of businesses will allow us to enter new end-markets — including industrial and marine — as well as expand the depth and breadth of our product line and provide complementary geographic coverage across the US and Canada. We look forward to combining forces to enhance our capabilities and better serve our customers,” Neil Sethi, Transtar President and CEO.
Blue Point Capital is advised by MiddleM Creative.
Spouting Rock Asset Management, a multi-boutique manager platform, agreed to acquire Altan Asset Management, an investment management firm. Financial terms were not disclosed.
“Our process allows our clients to align their goals with a long-term fundamentals-driven investment approach. We aspire to provide consistent returns and attractive risk metrics. Spouting Rock’s ideology matches this commitment. We are delighted and privileged to join a team that shares common values and has an unwavering dedication to their clients,” Rehan Chaudhri, Altan Asset Management CIO.
Spouting Rock Asset Management is advised by Gregory FCA (led by Caitlyn Foster).
H.I.G. Capital, a private equity company, completed the $72m investment in ProsperOps, an optimization software provider.
“Cloud waste is rampant and holistic optimization requires an automated approach. The scale and complexity of this problem necessitates an algorithmic rather than a human solution. We’ve been profitably growing the business by triple digits, and the backing from our investors enables us to fully pursue the market opportunity. We look forward to expanding our customer reach and cost optimization platform so every business can prosper in the cloud,” Chris Cochran, ProsperOps CEO.
Sonata Software, an Indian information technology services company, to acquire Quant Systems, an IT solutions & software company. Financial terms were not disclosed.
"We are proud of our growth and the results we have delivered over the past 15 years for which we are thankful to our clients. Joining the Sonata family will enable us to take our innovative IPs and deep expertise to a broader clientele to solve complex cloud and data management challenges. This will also open up more growth avenues for our people and deepen the bench of valuable skills," Srini Veeravelli, Quant Systems CEO.
West Lane Capital, a Los Angeles-based private equity firm, and Wheel Capital Partners, a Las Vegas-based private equity firm, completed the acquisition of Epicurean Catering, a catering services provider. Financial terms were not disclosed.
"We are thrilled to partner with West Lane and Wheel Capital as the Company embarks on its next phase of growth. With their support, Epicurean is well-positioned to accelerate its expansion plans and continue to provide the highest level of service to its clients," David Friedman, Epicurean CEO.
FPT Software, a global IT services provider, agreed to acquire the IT services division of Intertec, an IT services, engineering and consulting services provider. Financial terms were not disclosed.
“We have worked with FPT for several years and we look forward to taking our relationship to the next level. By combining forces, we can provide greater value to our customers and expand career opportunities for our employees,” Rickard Hedeby, Intertec CEO.
TriMas, a diversified manufacturer of engineered products, agreed to acquire Weldmac, a designer and manufacturer of high-performance, complex metal fabricated components and assemblies for the aerospace, defense and space launch end markets. Financial terms were not disclosed.
"We are excited to announce the agreement to add Weldmac to the TriMas family of businesses," Thomas Amato, TriMas President and CEO.
Blackstone looking to raise as much as $10bn for tactical opportunities fund. (FS)
Blackstone, the world’s largest private equity firm, is set to raise as much as $10bn for its tactical opportunities strategy, which gives it versatility to invest in a range of assets, DealStreetAsia reported.
Blackstone has amassed about $5bn for the Blackstone Tactical Opportunities Fund IV, which was initially aiming to raise only $4bn. It has also raised an extra $5bn in separately managed accounts from investors that will invest alongside the main fund.
Willow Tree Credit Partners closes latest direct lending fund complex at $2.4bn. (FS)
Willow Tree Credit Partners, a credit alternatives platform focused on providing flexible capital structure solutions and value add services to family-owned and financial sponsor-backed middle market businesses, announced the close of its latest direct lending fund complex.
"We appreciate the support of our existing and new limited partners as we continue to expand our credit alternatives platform. We are excited for the next phase of growth at Willow Tree as we rapidly deploy capital in what we believe to be an attractive vintage for floating rate private credit strategies,” Tim Lower, Willow Tree CEO and CIO.
Blackstone MD leaves to start new firm. (FS, People)
A statement released by Blackstone confirmed that Ike's resignation was announced at a recent meeting of Blackstone's tactical opportunities fund investors in New York.
Probitas names global secondaries head. (FS, People)
Nick Hatch has rejoined Probitas Partners, an independent, global placement advisory firm, as managing director and global head of secondaries. The firm's secondaries platform advises across the full range of LP and GP-led secondaries transactions globally.
Hatch has over 15 years of secondaries experience. Prior to joining Probitas, he founded the secondary advisory platforms at Harken Capital and Scalar Partners, closing over 35 unique transactions, representing over $2bn of transaction volume.
EMEA
Jounce Therapeutics, a clinical-stage immunotherapy company, agreed to merge with Redx Pharma, a clinical-stage biotechnology company focused on the discovery and development of novel, small molecule, targeted therapeutics for the treatment of cancer and fibrotic diseases and the emerging area of cancer-associated fibrosis, in a $425m deal.
"By combining Redx's proven track record in small molecule drug discovery and development with Jounce's expertise in biologics and immunotherapy, we will establish a world-class biotech company with a robust pipeline, aimed at developing therapeutics for cancer and fibrotic disease. RXC007, our next-generation ROCK2 inhibitor, will lead the clinical pipeline, and we will now further investigate opportunities for this asset in cancer-associated fibrosis and other interstitial lung diseases. While the majority of the combined group's operations, and its headquarters, will be at Alderley Park in the UK, we believe that listing solely on Nasdaq is the most efficient way to enable us to access a deep pool of risk capital and engage with specialist global investors to support our future growth," Lisa Anson, Redx Pharma CEO.
Euronext, a pan-European bourse that offers various trading and post-trade services, offered to acquire Allfunds Group, a United Kingdom-based wealth technology company, for €5.5bn ($5.85bn).
This indicative offer is currently under consideration by the Board of Allfunds and Euronext reserves the right to amend its terms. There can be no certainty that this will lead to an offer being made. A further announcement will be made as and when required.
Allfunds Group is advised by Morgan Stanley.
Lloyds Banking Group, a British financial institution, agreed to acquire Tusker, a vehicle management and leasing company, from ECI Partners, a growth-focused private equity group, for £300m ($363m).
"As part of our 2022 strategy, we outlined our ambitions to grow our participation in vehicle leasing and the acquisition of Tusker is a key part of delivering on this with a net-zero focus, at a time when the transition to sustainable methods of transport is a high priority for both our business clients and retail customers," Nick Williams, Lloyds Banking Group Managing Director.
Tusker is advised by Evercore.
Access Biotechnology led a $135m Series B round in Hemab, a clinical-stage biotechnology company, with participation from Deep Track Capital, Avoro Ventures, Invus, Rock Springs Capital, Maj Invest Equity, Novo Holdings, RA Capital Management, and HealthCap.
"Hemab is fundamentally reimagining the treatment paradigm for underserved bleeding and thrombotic disorders. This financing will allow us to progress our clinical programs for the first prophylactic treatments for Glanzmann Thrombasthenia and von Willebrand Disease, delivering functional cures for patients in need," Benny Sorensen, Hemab CEO and President.
UK energy firm rejects Apollo. (FS)
US-based global private equity investor Apollo Global Management has had three approaches to acquire UK energy services and consulting firm John Wood Group rejected by the Aberdeen-based company.
In a stock market filing made, the FTSE-250 company had turned down the unsolicited offers from Apollo, with the most recent – a £0.23 ($0.27) per share all-cash offer made in January – having valued the business at £1.59bn ($1.92bn).
Blue Label mulls taking control of South African carrier Cell C.
South Africa’s Blue Label Telecoms is considering taking a controlling stake in the nation’s fourth-largest wireless carrier as it seeks to have more say in a company in which it is already the largest shareholder.
Blue Label could convert debt held in a special purpose vehicle to equity after it participated in a recent recapitalization of Cell C, its founder and co-Chief Executive Officer Brett Levy said. The business is valued at ZAR3bn ($164m), Bloomberg reported.
Müller yogurt maker weighs options for UK logistics unit.
Unternehmensgruppe Theo Müller, the German company behind the popular Müller yogurt brand, is weighing options for its UK cold-chain logistics unit, Bloomberg reported.
The family-owned group has been speaking with potential advisers as it studies a sale or initial public offering of its Culina Group subsidiary. Culina could be valued at more than £1.5bn ($1.8bn) in any transaction.
Coller launches private wealth secondaries business. (FS)
Coller Capital has created a new global private wealth secondaries solutions business led by Jake Elmhirst, who joined the firm in 2022 as a partner in the investor relations team, to provide high-net-worth individuals with access to private capital markets.
Coller Capital is one of the largest independent investors dedicated exclusively to investing in the private capital secondaries market, with $27.5bn assets under management and more than 30 years of experience in the sector.
Bundesliga rights sale piques PE interest. (FS)
Deutsche Fussball Liga the governing body of German football, is planning to kick off the sale of a stake in the Bundesliga's media rights business next month, with several private equity firms including Blackstone and Advent interested in bidding.
US investor Sixth Street is also looking to make a bid via its sports and entertainment portfolio firm Legends, while Bridgepoint and EQT have also previously reportedly shown interest in the business.
Dubai ruler’s firm in talks to sell luxurious Nikki beach resort.
Dubai, an investment firm owned by the emirate’s ruler, is in talks to sell the local branch of Nikki Beach resort, as the city cashes in on an influx of tourists and newcomers, Bloomberg reported.
Nikki Beach Resort & Spa Dubai, a luxurious beach club that includes 117 rooms, 15 ultra-deluxe villas and 63 private residences on the Pearl Jumeira waterfront development, is being valued at about AED800m ($218m) in the discussions.
Credit Suisse, Mizuho join banks on $1bn Olam Agri listing.
Credit Suisse Group and Mizuho Financial Group have joined the lineup of banks working on the listing of Olam Group’s agricultural business in Singapore and Saudi Arabia.
EFG Hermes and SNB Capital have also been added as joint bookrunners on Olam Agri’s planned dual-listing that could raise as much as $1bn, Bloomberg reported.
Adnoc Gas $2bn IPO covered in hours as buyers pile in.
Investors snapped up all available shares within hours of the start of Adnoc Gas’s $2bn initial public offering, showing that demand for Middle Eastern stock sales remains strong, Bloomberg reported.
Abu Dhabi National Oil is selling a 4% stake in Adnoc Gas, with each of the 3.07bn shares being offered. The company will be valued at $50.8bn at the high end, making it one of the world’s largest listed gas firms and roughly on a par with Eni and Occidental Petroleum.
APAC
Australia’s Nitro Software said that private equity firm Potentia Capital raised its takeover offer for the software maker to $364m, trumping a rival offer by KKR-backed Alludo.
Potentia and Alludo have been involved in a bidding war for Nitro since last October, as high inflation and weak consumer demand have made technology firms potential buyout targets, DealStreetAsia reported.
Nitro Software is advised by Cadence Bank (led by Garren Cronin), UBS, Allens and Cato & Clive (led by Clive Mathieson). Alludo is advised by Perella Weinberg Partners, Greenberg Traurig and Citadel Magnus (led by James Strong). Potentia Capital is advised by Jarden, Johnson Winter & Slattery (led by James Rozsa) and Domestique (led by Ross Thornton).
India's Tata Motors in talks to raise $1bn via minority stake sale in EV business. (FS)
Indian carmaker Tata Motors has begun talks with sovereign wealth funds and private equity investors to raise up to $1bn via a stake sale in its electric vehicle business, DealStreetAsia reported.
The company plans to sell a significant minority stake, eyeing a valuation of about $10.5bn. The funds and investors include the UAE-based Abu Dhabi Investment Authority and Mubadala Investment Company, the Saudi Arabia-headquartered Public Investment Fund, Singapore’s Temasek, and KKR and General Atlantic.
Macquarie plans to sell Vibrant Energy for $500m. (FS)
Macquarie Group, an Australia-based infrastructure asset manager, is planning to sell its Indian renewable energy solutions company, Vibrant Energy, for $500m in a sale managed by JP Morgan, DealStreetAsia reported.
Blueleaf Energy, a portfolio company owned by Macquarie’s Green Investment Group, acquired a majority stake in Vibrant Energy in 2020 from a US-based communication company, ATN International. Blueleaf Energy actively acquires and develops onshore wind and battery storage projects.
GDS weighs $400m stake sale in international data centers.
Data center operator GDS is considering selling a minority stake in its international business for about $300m to $400m to a strategic partner, Bloomberg reported.
The Shanghai-based digital infrastructure company is working with an adviser and is weighing selling about a 30% to 40% stake in the assets. Investment firms and sovereign wealth funds have expressed interest in the international portfolio.
IFC mulls $120m investment in Indonesia’s Karian Water Services. (FS)
International Finance Corporation, a member of the World Bank Group, has proposed an investment of up to $120m in PT Karian Water Services, which builds water supply facilities in Indonesia, DealStreetAsia reported.
IFC’s proposed investment consists of an IFC A Loan of up to $60m, an IFC B Loan of up to $20m, a loan of up to $15m from IFC in its capacity as implementing entity of the Finland-IFC Blended Finance for Climate Program, and USD:IDR cross-currency swap with the loan equivalent exposure of up to $25m.
Airbus close to landing large order from India's IndiGo.
Indian low-cost airline IndiGo is negotiating the purchase of several hundred aircrafts from Airbus, French Finance Minister Bruno Le Maire said.
The contract could be signed at the French airshow in Le Bourget in June, Reuters reported.
BYJU's considers shutting down coding platform WhiteHat Jr.
India’s most valuable startup BYJU’s is reportedly considering shutting down WhiteHatJr, a loss-making coding platform it acquired two years ago for $300m, as the edtech firm is looking at ways to cut costs.
According to media reports, BYJU’s, which is valued at $22bn, has held conversations in recent weeks about shutting down WhiteHatJr but a decision is yet to be made, DealStreetAsia reported.
Philippines’ PLDT said to weigh data center stake sale after spending overrun.
PLDT is considering the sale of a significant minority stake in its data center assets, as the Philippines’ largest telecommunications firm grapples with the fallout from a spending scandal.
The company is working with financial advisers as it weighs bringing in an investor into its data center business. A transaction could value the business at $700m to $800m, Bloomberg reported.
Philippines’ GIC-backed Metro Pacific Hospital reviving $1bn IPO. (FS)
Metro Pacific Hospital is considering reviving an initial public offering in Manila, after shelving its original plan in 2019, Bloomberg reported.
The Philippines’ largest private hospital group, backed by KKR & Co and Singapore’s sovereign wealth fund GIC, is weighing buying out minority stakes in some of its hospitals to pave the way for the potential first-time share sale. Metro Pacific could seek to raise $500m to $1bn in an IPO that could take place as soon as the first half of next year.
Philippine builder SM Prime revives $1bn REIT IPO.
SM Prime is considering reviving an initial public offering of a real estate investment trust that could raise as much as $1bn, in what would be the largest such listing in the Philippines.
The company has restarted discussions with advisers on listing its shopping mall portfolio through the REIT. A first-time share sale in Manila could happen as soon as the fourth quarter, Bloomberg reported.
Merck-backed Kelun-Biotech picks banks for Hong Kong IPO.
A biotech subsidiary of Sichuan Kelun Pharmaceutical selected Citic Securities and Goldman Sachs Group to work on its upcoming initial public offering in Hong Kong.
Kelun-Biotech plans to list as soon as in 2023. It is too early in the process to determine the offering size, Bloomberg reported.
China-focused investor Infinity Equity raises $378m for new funds. (FS)
Infinity Equity, a China-focused cross-border investment management group, has raised a total of RMB2.6bn ($378m) for three new RMB-denominated funds.
Local government-guided funds in eastern China’s Hefei City, southern China’s Guangzhou City, and the Hainan Free Trade Port committed to each of the three new vehicles, Infinity Equity announced in a recent statement, DealStreetAsia reported.
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