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AMERICAS
Apax Partners, a British private equity firm, completed the acquisition of WGSN, a trend forecasting company, from Ascential, a British business-to-business media business specialising in exhibitions & festivals and information services, for $848m.
"We are delighted that our colleagues and friends at WGSN can now take an important step under new ownership and embark on the next chapter of their growth. The sale of WGSN completes the execution of the Strategic Review announced in 2023 and highlights our ongoing commitment to deliver value for shareholders. Ascential is now a focussed events-led business, with two of the world's leading event brands supporting our customers to lead their industries and achieve growth. We are more excited than ever about our prospects and confident in our credentials as a high quality, independent UK-listed business," Philip Thomas, Ascential Chief Executive.
Fenway Sports-backed Strategic Sports Group, a sports consulting firm, agreed to invest $3bn in PGA Tour, a professional golf tours organizer.
“Today marks an important moment for the PGA TOUR and fans of golf across the world. By making PGA TOUR members owners of their league, we strengthen the collective investment of our players in the success of the PGA TOUR. Fans win when we all work to deliver the best in sports entertainment and return the focus to the incredible – and unmatched – competitive atmosphere created by our players, tournaments and partners,” Jay Monahan, PGA Tour CEO.
LiveRamp, a data collaboration platform, completed the acquisition of Habu, a data clean room software provider, for $200m.
“LiveRamp enables next-generation data collaboration that delivers unmatched brand and business value. Through this acquisition, we will further empower our customers to unlock insights, use cases, and revenue streams by seamlessly connecting data and deepening measurement, across any platform or partner they prefer. Habu shares our vision, and together, we will help more global enterprises benefit from the transformative power of data collaboration,” Scott Howe, LiveRamp CEO.
Habu was advised by Goldman Sachs and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. LiveRamp was advised by Evercore, Baker McKenzie and Joele Frank.
Francisco Partners, a global investment firm, completed the acquisition of certain assets of The Weather Company, a weather forecasting and information technology company, from IBM, a provider of global hybrid cloud and AI, and consulting expertise. Financial terms were not disclosed.
"Amid the growing volatility of weather, The Weather Company's unique set of consumer, media, and industry-specific products provide mission critical, data-driven weather insights to individuals and businesses around the world. We are excited to partner with the management team to grow The Weather Company's robust portfolio of technology offerings and deliver a great product experience for its customers," Alan Ni, Francisco Partners Partner.
Francisco Partners was advised by Sloane & Company and Kirkland & Ellis (led by Sean Kramer and Michele M. Cumpston). IBM was advised by Paul Weiss Rifkind Wharton & Garrison and Lazard.
Clayton, Dubilier & Rice, an American private equity company, completed the acquisition of a minority stake in Foundation Building Materials, a specialty building products distributor, from American Securities, an American private equity firm. Financial terms were not disclosed.
“We are pleased to welcome CD&R as an investment partner alongside American Securities. CD&R has a longstanding track record of investing in and growing market-leading building products distribution companies like ours with an approach to value creation that is very much aligned with FBM’s guiding values and operating principles. American Securities has been a trusted partner to FBM, and shares in the broader FBM team’s excitement to have CD&R on board as we deepen our commitments to our FBM colleagues and customers and continue to build a successful business over the long-term,” Ruben Mendoza, Foundation Building Materials President and CEO.
Clayton, Dubilier & Rice was advised by Debevoise & Plimpton (led by Christopher Anthony and Uri Herzberg). Foundation Building Materials was advised by RBC Capital Markets. American Securities was advised by Weil Gotshal and Manges.
Ryder, a provider of supply chain, dedicated transportation, and fleet management solutions, completed the acquisition of Cardinal Logistics, a logistics provider offering fleet outsourcing, transportation management, last-mile services and integrated transportation IT solutions, from HIG Capital, a private equity firm. Financial terms were not disclosed.
“We’ve come full circle, back to where we started, and that was purposeful. We chose Ryder to continue our legacy because of the company culture. We experienced firsthand Ryder’s people-first, customer-centric culture, and that had an impact on us as we built our own company,” Tom Hostetler, Cardinal CEO.
Cardinal Logistics was advised by William Blair & Co and McDermott Will & Emery. Ryder was advised by Greenberg Traurig.
David Rubenstein, an American lawyer, businessman, and philanthropist, agreed to acquire Baltimore Orioles, an American professional baseball team, from Angelos family for $1.72bn.
“I am grateful to the Angelos family for the opportunity to join the team I have been a fan of my entire life. I look forward to working with all the Orioles owners, players and staff to build upon the incredible success the team has achieved in recent seasons. Our collective goal will be to bring a World Series Trophy back to the City of Baltimore. To the fans I say: we do it for you and can’t do it without you. Thank you for your support,” David Rubenstein.
Alps Global, a fully-integrated biotechnology research, medical and wellness services company, agreed to go public via SPAC merger with Globalink Investment, a publicly traded special purpose acquisition company, in a $1.6bn deal.
“We are thrilled to announce the entry into the Merger Agreement. We are excited with the opportunities that Alps could offer and we strongly believe in the tremendous opportunity in the life sciences industry,” Say Leong Lim, Globalink CEO.
Alps Global is advised by Darryl, Edward & Co. Globalink Investment is advised by Hunter Taubman Fischer & Li.
Qorvo, a connectivity and power solutions provider, agreed to acquire Anokiwave, a high performance silicon integrated circuits supplier. Financial terms were not disclosed.
"The Anokiwave team is thrilled to join Qorvo and continue to expand our high-performance portfolio with speed and scale. Anokiwave's innovative portfolio of active antenna ICs, combined with Qorvo's complementary products, global scale and significant market reach, will create exciting new opportunities to deliver customers superior levels of performance, efficiency and integration," Nitin Jain, Anokiwave CTO, Founder and Chairman.
Anokiwave is advised by Barclays.
Sanofi, a global healthcare company, completed the investment in Graviton Bioscience, a clinical-stage drug discovery and development firm. Financial terms were not disclosed.
"This investment in Graviton Bioscience reflects our commitment to innovative therapies and providing patients with novel medicines and vaccines. Graviton's scientific expertise in discovering and developing the next wave of innovation has the potential to significantly enhance the landscape of therapeutic possibilities," Paul Hudson, Sanofi CEO.
Graviton Bioscience was advised by Cooley.
Dover, a diversified global manufacturer, completed the acquisition of Bulloch Technologies, a petroleum POS systems company, for $112m.
"The acquisition of Bulloch is highly strategic for DFS and expands our offering in North America with highly complementary point-of-sale and forecourt solutions. POS systems are central to the operation of convenience retail and enable multiple innovative loyalty and commercial technologies available through DFS' Wayne dispensers. DFS will support Bulloch's expansion in the US market leveraging our sales channels and service infrastructure and we look forward to offering our customers world-class end-to-end solutions in 2024," David Crouse, Dover Fueling Solutions President.
Trump says he would ‘absolutely’ block Nippon-US Steel deal.
“I would block it instantaneously. Absolutely. We saved the steel industry. Now, US Steel is being bought by Japan. So terrible, but yeah, we want to bring jobs back to the country,” Donald Trump.
Latin American travel firm Despegar eyes takeovers, robust growth.
Argentine travel booking firm Despegar plans to boost revenue and scout for takeover targets across Latin America, providing an optimistic outlook for the year ahead, Bloomberg reported.
The company has raised its guidance for key metrics in 2023 twice since November and while it doesn’t report its fourth-quarter results until March, analysts estimate 2023 revenue to grow some 29% to around $691m compared to the prior-year period.
Hong Kong billionaire Richard Li seeks to sell $157bn asset manager PineBridge. (FS)
Hong Kong investment firm Pacific Century Group, founded by billionaire Richard Li, is seeking to sell its majority stake in asset manager PineBridge Investments, DealStreetAsia reported.
PCG has hired JP Morgan to run the sales process and has held preliminary discussions with a number of financial institutions.
Bain Capital plans to invest $7bn in India, boost hiring. (FS)
Bain Capital has earmarked $7bn to invest in India over the next three to five years as the country’s relatively steady politics and economic growth lift its attractiveness for overseas money managers, Bloomberg reported.
The Boston-based firm also plans to increase its team of 25 private equity and special situations investment professionals by 15% to 20% over the next two or three years, said Pavninder Singh, partner and a member of the Asian Pacific private equity team. Singh said that amount of capital would mark a substantial boost to the prior seven or eight years it took to deploy his firm’s first $7bn in the country.
EMEA
Var Energi, a Norwegian oil and gas company, completed the acquisition of the Norwegian oil and gas assets of Neptune Energy, an oil and gas company, from CIC, a sovereign wealth fund, for $2.27bn.
“Vår Energi is one of the fastest growing E&P companies in the world and is on track to nearly double production by end-2025. The acquisition of Neptune Norway is an important step to this end. Neptune Norway’s complementary assets and highly skilled organisation are a perfect fit to Vår Energi. We will work as one strong team, a company committed to delivering high value barrels from one of the most attractive oil and gas regions in the world with low cost and low emissions. The transaction is cash generative from day one supporting attractive and predictable dividends going forward,” Nick Walker, Vår Energi CEO.
ION Group, the financial services firm run by Andrea Pignataro, is pushing back against scrutiny by Italy’s government of its planned €1.35bn ($1.46bn) takeover of asset manager Prelios, saying the review puts the deal at risk, Bloomberg reported.
The government is seeking reassurance about what Prelios’s debt levels would be after the acquisition, and wants ION to submit a new request for approval once it has completed financing, but banks that signed up to provide funding can only proceed once authorities clear the transaction. That’s effectively holding up the deal until the impasse is resolved.
Lithia & Driveway, an American nationwide automotive dealership group, completed the acquisition of the UK motor and leasing businesses of Pendragon, an automotive dealership group, for $482m.
"Today marks the formal completion of our investment in Pinewood and Pendragon. This begins an exciting new chapter in our long-term growth strategy, as we turn our efforts to 2024 and beyond, executing and demonstrating the power of what the Lithia & Driveway ecosystem can and will produce. We look forward to delivering on the significant potential in this new partnership, adding $4.5bn in revenue, entering the fleet management space and welcoming our new colleagues to the Lithia & Driveway family," Bryan DeBoer, Lithia & Driveway President and CEO.
KKR-backed IVI RMA, a clinic that specializes in human reproduction, developing reproductive medicine, and GED Capital, an independent private equity group, completed the acquisition of Eugin Group, a fertility center group that provides customized solutions and services for assisted reproduction, from Fresenius, a global health care group, for €500m ($541.5m).
“We are thrilled to add Eugin’s operations in the US and Canada to the IVI RMA group. Our ethos of compassionate, personalized care will help ensure we deliver a world-class patient experience and successful outcomes for more patients. We are pleased to have partnered with GED in this creative transaction. We’re confident that our shared vision and complementary strengths make this partnership greater than the sum of its parts, allowing IVI RMA to continue its growth in North America and GED to invest behind a leading platform in Europe and Latin America,” Javier Sanchez Prieto, IVI RMA CEO.
GED Capital was advised by Evercore (led by Juan Pedro Perez Cozar) and King & Wood Mallesons. Fresenius was advised by Lazard and Freshfields Bruckhaus Deringer.
Nesma & Partners, a contracting company in the Middle East, completed the acquisition of Kent, a global energy services provider, from Bluewater, a private equity firm. Financial terms were not disclosed.
"We are delighted to have completed the acquisition of Kent. This now marks a new chapter for both our companies. We are looking forward to supporting the Kent business to not only continue but supercharge its current trajectory of success,” Samer Abdul Samad, Nesma & Partners CEO.
BAWAG, a financial services provider, agreed to acquire Knab, an online bank, from ASR Nederland, a major Dutch insurance group, for €510m ($552m).
“We are excited about the acquisition of Knab and the many opportunities this presents for the Group. This is a great strategic fit in terms of customers, product offering, market presence and team members. We’re excited to build on the strong Knab brand and look forward to further growing the franchise and expanding on the current offering of current accounts, mortgages, and savings products across a large and diverse customer base. I am excited to welcome the whole team and look forward to the many opportunities ahead,“ Anas Abuzaakouk, BAWAG CEO.
Canal+, a French media and telecommunications conglomerate, offered to acquire MultiChoice, a South African pay-TV company. Financial terms were not disclosed.
“We are in a world where we are facing global competitors, most of them from America that have been smart at creating scale through the internet. To face these giants you need to be able to invest in content and technology and to that you need scale,” Maxime Saada, Canal+ chairman and CEO.
Harbor, a provider of expert services across strategy, legal technology, operations, and intelligence, completed the acquisition of Pinnacle, a legal technology and managed services provider in the UK. Financial terms were not disclosed.
"The digital transformation of the legal industry has accelerated the migration of critical enterprise applications and data to the cloud. Our expansion with the addition of Pinnacle enhances our ability to assist clients with their cloud migration challenges, and deliver managed services on an ongoing basis. It also enables Harbor to anchor the services we provide in the UK and Europe and build our presence in Asia Pacific, meaning we can offer our broader portfolio in international markets. This access to global talent that we now offer our clients is exceptional," Matt Sunderman, Harbor CEO.
Arc’teryx maker Amer gets $1.37bn in below-range IPO.
Amer Sports raised about $1.37bn in a US initial public offering priced below a marketed range in the second major IPO in a week to miss its target, Bloomberg reported.
The maker of Wilson tennis rackets and Salomon ski boots sold 105m shares at $13 each. Three members of the consortium that acquired the company in 2019 agreed to buy 21m additional shares at the IPO price.
PwC kicks off hunt for successor to Ellis as UK chief. (People)
Several female partners are expected to be candidates to replace Kevin Ellis as the first woman to lead PwC's UK operation in its 175-year history, Sky News reported.
PricewaterhouseCoopers is kicking off the hunt for its first new UK chief in nearly a decade amid growing expectations that it could appoint a female boss for the first time in its 175-year history. The world's biggest accountancy firm has initiated the process through which its supervisory board - consisting of PwC partners - will oversee the installation of a successor to Kevin Ellis.
APAC
Santos amends PNG stake sale terms with Papua New Guinea's Kumul Petroleum.
Oil and gas giant Santos said on February 1 it had amended the terms of sale of its 2.6% stake in PNG liquefied natural gas (LNG) project to Kumul Petroleum, allowing the Papua New Guinea state-owned firm additional time to pay the purchase price, Reuters reported.
The Australian energy company had in September last year agreed over a cash deal valued at $576m, of which Kumul has till date paid $352m.
Reliance, Bodhi Tree set for 60% stake in Disney India merger.
Billionaire Mukesh Ambani's Reliance is close to merging its India media business with Walt Disney, with a 51%-54% stake, a deal that values the US giant's Indian operations at just $3.5bn, Reuters reported.
The valuation of Disney's India unit is sharply lower than the $15-$16bn estimated when Disney acquired it in 2019. Disney's TV and streaming business in India has struggled over the years, with its digital platform facing a user exodus in stiff competition over cricket streaming with Ambani's platform.
Alibaba said to weigh sale of mall chain in latest overhaul step.
Alibaba is considering selling its InTime department store arm, suggesting the Chinese internet company is rethinking a years-old ambition of dominating physical and online retail as it undergoes a broad restructuring, Bloomberg reported.
Alibaba has reached out to several firms to tap their interest in acquiring the nationwide chain of more than 100 stores and malls. It initiated discussions around the time Joseph Tsai replaced Daniel Zhang at the helm of the e-commerce company in 2023. One potential buyer held talks as recently as last month.
KKR closes $6.4bn Asia Pacific Infrastructure Investors II Fund. (FS)
KKR, a leading global investment firm, today announced the final close of KKR Asia Pacific Infrastructure Investors II SCSp (the “Fund”), a $6.4bn fund focused on infrastructure-related investments across Asia Pacific.
At close, the Fund is the largest pan-regional infrastructure fund to have been raised for Asia Pacific. This closely follows KKR’s inaugural Asia Pacific-dedicated infrastructure fund, KKR Asia Pacific Infrastructure Investors SCSp, which closed at $3.9bn in 2021 as the largest Asia-dedicated pan-regional fund at the time.
Chinese spacetech firm raises $933m to build satellite constellation. (FS)
Shanghai municipal government-backed Shanghai Spacecom Satellite Technology has raised CNY6.7bn ($933m) for the construction of a low-orbit satellite constellation, DealStreetAsia reported.
The Series A capital raise was led by a fund set up by the National Manufacturing Transformation and Upgrading Fund. NMTUF's backers include China's finance ministry and state-owned companies such as China Tobacco.
Temasek-backed STT GDC shortlists PE firms for $1bn funding. (FS)
Several private equity firms have been picked to submit binding bids to take part in a potential $1bn funding round in a Singaporean digital infrastructure provider backed by state-owned investor Temasek, Bloomberg reported.
Apollo Global Management, Blackstone and Stonepeak Partners are among those shortlisted for the fundraising by STT Telemedia Global Data Centres. A consortium of KKR and Singapore Telecommunications has also been selected. Binding bids are due in early April.
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