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AMERICAS
Innisfree Hotels, an operator of beachfront hotels and resorts, completed the acquisition of the Hampton Inn & Suites by Hilton, a 94-room property in St. Augustine-Vilano Beach. Financial terms were not disclosed.
"The Hampton Inn & Suites St. Augustine-Vilano Beach fits perfectly into our beachfront and beach-oriented portfolio. If other great properties like it become available, we would very much like to have more presence in the area," Jeremy Skinner, Innisfree Hotels Regional Director of Operations.
Innisfree Hotels was advised by Butin PR (led by Mary Eva).
Compugen, an IT services company, agreed to acquire CPU Service d'ordinateur, a technology company. Financial terms were not disclosed.
"The addition of CPU allows two Canadian IT forces to come together as allies, embarking on a shared go-to-market strategy that is human-centered and technology-enabled. CPU's unique culture seamlessly aligns with Compugen's core values to be curious, collaborative, and driven," Harry Zarek, Compugen CEO.
Venterra Realty, a real estate development company, completed the acquisition of Avasa Hammock Landing Communi, a 300-unit multi-family community located in West Melbourne, Florida. Financial terms were not disclosed.
"We have seen excellent growth in the Florida Market, and are excited to expand our portfolio with Avasa Hammock Landing as our second property in the West Melbourne area," John Foresi, Venterra Realty CEO.
Daryl Hall is suing John Oates over plan to sell stake in joint venture.
Daryl Hall has sued his longtime music partner John Oates, arguing that his plan to sell off his share of a joint venture would violate the terms of a business agreement the Hall & Oates duo had forged, Bloomberg reported.
The move quickly prompted a judge to temporarily block the sale while legal proceedings and a previously initiated arbitration continue.
EMEA
JBT, a technology solutions provider to the food & beverage industry, agreed to acquire Marel, a multi-national food processing company, in a $2.6bn deal.
"JBT's non-binding proposal is consistent with the company's strategic plan and M&A objective of pursuing transactions with strong industrial logic and significant synergy potential while maintaining a strong balance sheet and preserving future strategic flexibility," JBT.
JBT is advised by Goldman Sachs and Kirkland & Ellis.
EQUASENS, a healthcare software publisher, and ARZ HAAN, a company specializes in financial services and software solutions for health care providers, completed the acquisition of Apotheken Datenverarbeitung, a company specialises in IT and software solutions for pharmacies. Financial terms were not disclosed.
"As an independent company with more than 50 years of service, supporting the core businesses of dispensing pharmacies is the heart of our strategy. The EQUASENS Germany joint venture will allow us to maintain our commitment to the long-term future of Germany's pharmacies," Philipp Siebelt, ARZ HAAN CEO.
Carlyle, a private equity firm, agreed to invest in GBTEC, a. business process management software provider. Financial terms were not disclosed.
"With our modern and user-friendly products we have become a leading BPM and GRC SaaS provider in Europe in recent years. With Carlyle's investment, we are now entering the next phase of GBTEC's growth journey. We believe Carlyle, one of the leading technology investors, is the perfect partner to support us in realizing our growth ambitions. We would like to thank Main Capital Partners for the excellent cooperation and partnership over the last four years," Gregor Greinke, GBTEC Founder and CEO.
Fastweb is said to weigh a $24.5bn deal for Vodafone Italy.
Italian telecom operator Fastweb is exploring a $24.5bn potential deal for Vodafone Group’s local operations, Bloomberg reported.
Fastweb, which is owned by Swisscom, is among suitors that have been studying a potential combination with Vodafone Italy.
Vodafone has also continued to hold on-and-off discussions in recent months with French billionaire Xavier Niel’s Iliad about a potential merger of their Italian businesses. The pending sale of Telecom Italia's network is set to reshape the industry, potentially triggering a wave of further dealmaking among carriers.
Adnoc is said to weigh deal for BASF’s Wintershall Dea unit.
Abu Dhabi National Oil is exploring a potential acquisition of Wintershall Dea, the European energy explorer backed by BASF, Bloomberg reported.
The state-owned Middle Eastern company has been studying a possible bid as it seeks to boost its global footprint. Any deal could value Wintershall Dea at more than €10bn ($11bn).
UK pension transfer boom continues as deals worth $11bn struck.
Two British insurers struck deals to take on a combined £8.8bn ($11bn) of company pension liabilities, including the largest such UK deal so far, as pension schemes strive to limit their risks in volatile markets, Reuters reported.
Legal & General had agreed a so-called full buy-in to the Boots Pension Scheme worth £4.8bn ($6.01bn), in what it said was the largest such deal in Britain by premium size.
Pension insurance specialist Rothesay, meanwhile, said it had concluded a £4bn ($5.01bn) buy-in with a section of the pension scheme sponsored by Co-operative group, whose businesses include food, funerals, insurance and legal services.
PE-backed Prima seeks bids for minority stake in $1.1bn deal. (FS)
Blackstone, Goldman Sachs, and The Carlyle Group-backed Prima Assicurazioni, an insurance start-up backed by some of the world's largest private equity firms, is seeking indicative offers this week to bring in a new minority investor and raise fresh cash.
A deal could value Prima Assicurazioni, which sells online motor and home insurance policies supplied by third parties, at around $1.1bn. The Milan-based group has been sounding out other private equity investors to inject capital to support its growth, Reuters reported.
Celsa creditors formalize takeover of Spanish steelmaker. (FS)
Creditors of Spanish steelmaker Celsa Group, including Strategic Value Partners and Deutsche Bank, formalized the takeover of the company from the Rubiralta family, Bloomberg reported.
In early September, a commercial court in Barcelona approved the creditors’ plan to take control of the company, which stopped paying its debts more than three years ago. The creditor group also includes Anchorage Capital Group, Attestor Capital, Cross Ocean Partners, GoldenTree Asset Management and Sculptor Capital Management.
Congo’s new rules could force banks to sell stakes of up to 45%.
A directive from the Democratic Republic of Congo’s central bank has lenders in the country concerned they may need to sell stakes of as much as 45% within three years, Bloomberg reported.
The order, known as Instruction 18, requires each of Congo’s banks to have at least four unrelated shareholders including current owners holding a minimum of 15% each in order to spread risk. This means most of Congo’s banks would need to sell a large chunk of their equity by 2026.
UK waste water firm Lanes Group is said to weigh stake sale.
Lanes Group is considering strategic options that could lead to the sale of a majority stake in the water treatment company, Bloomberg reported.
The Leeds, UK-based group is working with an adviser on a strategic review. A formal sales process could begin in the first quarter of 2024.
Cameroon in talks to buy Actis’ 51% stake in power distributor. (FS)
Cameroon is in talks to acquire Actis’ majority stake in the country’s energy distributor as the London-based private equity firm seeks to exit the investment, Bloomberg reported.
Central Africa’s biggest economy wants to buy all the 51% shares held by Actis in Energy of Cameroon. The government is assessing the value of the company also known as Eneo.
APAC
Origin Energy's largest shareholder AustralianSuper said it will vote against the latest revised $10.6 billion takeover bid from a Brookfield-led consortium, reiterating its view that the offer is "substantially below" its estimate of the power producer's long-term value.
AustralianSuper, which owns more than 17% of Origin Energy, said the latest "low-ball offer" reaffirmed its view that the bid remained substantially below its estimate of the energy retailer's long-term value, DealStreetAsia reported.
Origin Energy is advised by Barrenjoey Capital Partners, Jarden and Herbert Smith Freehills (led by Rebecca Maslen-Stannage and Kwok Tang). EIG is advised by JP Morgan and FGS Global. Brookfield is advised by Citigroup, Allens and White & Case (led by Christopher Flynn). GIC is advised by SEC Newgate.
Qatar Investment Authority, a private equity firm, completed a $50m investment in Global Dental Services, a dental services provider.
"QIA is committed to supporting innovative companies with high-growth potential and sees great potential in India's fast-growing healthcare and retail markets. We have been impressed by Clove's rapid expansion across India, commitment to quality, and innovative approach to dental care and look forward to welcoming them to our diverse global healthcare portfolio," Sheikh Faisal Thani Al-Thani, QIA CIO.
Australia's clean energy plan muddles $10.6bn takeover fight for Origin.
The Australian government announced plans to underwrite 32 gigawatts of new wind, solar and battery projects. It could spur investment worth at least $20bn.
Taisho eyes $4.75bn management buyout.
Taisho Pharmaceutical, a drugmaker, announced an offer by management to take the company private, looking to facilitate a pivot toward online and overseas sales of its mainstay over-the-counter drugs amid a weak domestic market.
Taisho expressed support for the bid and recommended that shareholders tender their stock. The Uehara family and the organizations through which its members hold Taisho shares have agreed to reinvest some or all of the proceeds from their sales into the acquiring company.
Amid this shift, Taisho sees a need for medium- to long-term measures such as building infrastructure for online sales of OTC products and acquiring other brands that can be sold globally. These would take time and involve substantial risk, and gaining full support from shareholders would be difficult, Nikkei Asia reported.
PCCW is said to explore $1bn stake sale in fiber business.
PCCW, a telecommunications, media and technology conglomerate controlled by billionaire Richard Li, is mulling a significant minority stake sale in its fiber business for about $1bn, Bloomberg reported.
The Hong Kong-listed company is working with a financial adviser on the potential transaction. The asset has drawn interest from Chinese investors as well as Middle Eastern sovereign wealth funds.
Mideast wealth funds draw greater US scrutiny over China ties.
Middle Eastern wealth funds are facing greater scrutiny on US deals from the Biden administration, part of a broader pushback on entities perceived to have close ties with Beijing, Bloomberg reported.
The Committee on Foreign Investment in the United States is reviewing several multibillion dollar deals this year on concerns they could pose national security risks. Officials in President Joe Biden’s cabinet are currently reviewing more than half a dozen acquisitions, including deals from Abu Dhabi Investment Authority, Mubadala Investment and Saudi Arabia’s Public Investment Fund.
GIC-backed AESC said to target $10bn value in new round. (FS)
AESC Group is targeting a valuation of about $10bn in its latest funding round as the Asian maker of batteries used in electric vehicles seeks to boost growth, Bloomberg reported.
AESC, which is controlled by Chinese clean energy firm Envision Group, is considering raising about $1.5bn from private investors in a series C round.
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