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AMERICAS
Flexjet, a subscription-based private aviation company, agreed to go public via a SPAC merger with Horizon Acquisition II in a $3.1bn deal.
“Having capital and currency will position us to expand market share at an accelerated pace in an opportunistic environment. We will parlay our existing profitability and use that as a launch pad to accelerate our growth into the next chapter. We are making this decision at a time when we believe the marketplace is expanding at a more aggressive rate. Additionally, the collective infrastructure necessary to operate this model would be very difficult to replicate. Accumulating the aircraft, customer base, global infrastructure, technology, and most importantly, the culture, would take years, if not decades," Kenneth Ricci, Flexjet Chairman.
Flexjet is advised by White & Case and The Hubbell Group. Horizon Acquisition II is advised by Credit Suisse, Deutsche Bank, Houlihan Lokey, RBC Capital Markets, Sidley Austin and Prosek Partners (led by Nadia Damouni). Financial advisors are advised by Skadden Arps Slate Meagher & Flom and Sullivan & Cromwell.
Thoma Bravo, a software investment firm, agreed to acquire ForgeRock, a global digital identity company helping people simply and safely access the connected world, for $2.3bn.
“Identity-centric cybersecurity solutions are a critical enabler for businesses to digitally transform their operations, and ForgeRock’s solutions combine both the advanced security and customer usability needed in the market. We look forward to partnering with ForgeRock to leverage our deep sector expertise and support the company to capitalize on this tremendous market opportunity,” Chip Virnig, Thoma Bravo Partner.
ForgeRock is advised by JP Morgan and Wilson Sonsini Goodrich & Rosati. Thoma Bravo is advised by Kirkland & Ellis and FGS Global.
Northern Oil and Gas, an independent energy company engaged in the acquisition, exploitation, development, and production of crude oil and natural gas properties, agreed to acquire the Northern Delaware Basin properties for $130m.
"This transaction lies squarely in NOG's fairway on a number of levels. The Assets contain high-quality, low breakeven development that is leveraged to some of NOG's top operating partners, as our investors have come to expect," Adam Dirlam, NOG President.
Orthofix, a medical device company delivering orthopedic and spine solutions to healthcare providers, agreed to merge with SeaSpine, a medical technology company. Financial terms were not disclosed.
"This transaction brings together two complementary organizations to create an industry leader with the immediate financial strength to self-fund investments that deliver both growth and better patient outcomes. We are excited about the value we can create for the combined company's shareholders, the new opportunities opened for employees, and our ability to now provide surgeons and hospital partners a complete procedural solution using cutting-edge technology at every level," Keith Valentine, SeaSpine President and CEO.
SeaSpine is advised by Piper Sandler and DLA Piper. Orthofix is advised by Perella Weinberg Partners and Hogan Lovells.
Piper Sandler, an investment bank, completed the acquisition of DBO Partners, an investment banking firm. Financial terms were not disclosed.
"The DBO team has built an exceptional practice advising leading global companies on their most important transactions. The addition of DBO significantly increases our presence and capabilities in the technology sector and is an important step towards building a leading technology investment banking practice," Michael Dillahunt, Piper Sandler Global Co-Head of Investment Banking and Capital Markets.
Businessolver, a company in SaaS-based benefits technology and services, completed the acquisition of Workterra, a fully configurable, easy-to-use benefits administration and enrollment platform, from CareerBuilder, an operator of employment website. Financial terms were not disclosed.
“From day one, our mission with Businessolver has been to grow our business and delight our clients, and we are excited to extend that mission to Workterra and its customer base. With this acquisition, we are committed to delivering industry-leading innovation and benefits expertise to the service and product delivery for Workterra, bringing a renewed growth path to the technology and the people who support it. Additionally, we are excited for what will be accomplished by bringing together two organizations with a commitment to driving a thoughtful and empathetic culture in all we do,” Jon Shanahan, Businessolver CEO and President.
Businessolver was advised by Simpson Thacher & Barlett. CareerBuilder was advised by Citizens M&A, PJT Partners and Sidley Austin.
Infineum, a specialty chemicals company, agreed to acquire the pipeline and industrial materials business of Entegris, a supplier of advanced materials and process solutions for the semiconductor and other high-tech industries. Financial terms were not disclosed.
"We are excited to announce the agreement to acquire Entegris' Pipeline and Industrial Materials business. This acquisition has a strong strategic fit with the core capabilities of Infineum and is a significant step in Infineum's transformation into a sustainable world-class specialty chemicals company. We look forward to welcoming our new colleagues to the Infineum team," Trevor Russell, Infineum CEO.
Accel-KKR-backed GPS Insight, a technology provider of GPS fleet tracking software for fleet-based company, completed the acquisition of Certified Tracking Solutions, a software developer for applications ranging from specialized fleet management telematics solutions to consumer based GPS tracking and vehicle control systems, from HKW, a middle-market private equity firm. Financial terms were not disclosed.
"HKW was the right partner at the right time, being instrumental as a resource for building our structure for the next growth phase. They were also tacticians in providing the perfect balance of oversight and guidance as we scaled the team. HKW has exemplified what a true partner is at every stage of our journey, always going above and beyond," Ben Jensen, Certified Tracking Solutions CEO and Co-Founder.
HKW is advised by DC Advisory and Taft Stettinius & Hollister. GPS Insight is advised by anthonyBarnum (led by Coleman Pyeatt).
CSC Generation, a provider of private financing services, offered to acquire Bassett Furniture Industries, a manufacturer, importer, and retailer of home furnishings products, for $191m.
"We believe our proposal delivers an attractive opportunity for shareholders to obtain immediate liquidity at a full value that exceeds what the company can be expected to achieve in the coming years if it remains on its current standalone course in the public market. We also believe our proposal has only become more appealing as the company's stock price continues to languish. For shareholders, our proposal represents a 27% premium over the most recent closing price of $16.51," Elizabeth Brown, CSC Generation General Counsel and Chief Administration Officer.
CSC Generation is advised by Olshan Frome Wolosky and Longacre Square Partners (led by Greg Marose).
Global Infrastructure Partners, an infrastructure investment fund, and Actis, a global investment firm, completed the acquisition of Atlas Renewable Energy, an independent renewables developer. Financial terms were not disclosed.
"We are pleased to announce the acquisition of Atlas Renewable Energy, which further enhances GIP's leading global renewables franchise. Atlas adds a large-scale Latin American platform to our solar, wind, and battery storage assets in North America, Europe, and Asia. We look forward to supporting Atlas' management team and leveraging GIP's extensive experience and relationships to further scale the solar business across other renewable technologies," Ronnie Hawkins, GIP Partner.
Alpine Investors, a private equity firm, agreed to acquire Ethisphere, a defining and advancing standards of ethical business practices. Financial terms were not disclosed.
"Alpine is the ideal partner. Alpine's B-Corp certification and its PeopleFirst philosophy, combined with its dedication to being a force for good through its DEI and ESG initiatives, directly align with Ethisphere's mission to define and advance ethical business practices. ESG will only grow in importance and impact. Together with Alpine, we expect Ethisphere and the broader business community to continue to learn, collaborate and make a difference together," Tim Erblich, Ethisphere CEO.
Ethisphere is advised by Evercore. Alpine Investors is advised by Morrison & Foerster (led by Patrick Huard).
Abu Dhabi Growth Fund, Altitude Life Science Ventures, Amgen, ARCH Venture Partners, Exor Ventures, F-Prime Capital, Invus, Mubadala Capital, Newpath Partners, and Polaris Partners led a $112 Series B funding round in Neumora Therapeutics, a clinical-stage biotechnology company pioneering precision medicines for brain diseases.
"This Series B financing reflects Neumora's continued progress in building a best-in-class neuroscience company, including assembling a world-class team, scaling up an industry-leading data science and translational neuroscience platform, and advancing a broad and growing pipeline of seven development programs, including our internal discovery efforts and business development activities. This considerable amount of progress in such a short period of time reflects our urgency to address the relative lack of progress and innovation in neuroscience with our data-driven, precision medicine approach," Paul L. Berns, Neumora Co-Founder, Chairman and CEO.
Insight Partners, a venture capital and private equity firm, and TA Associates, a private equity firm, agreed to invest in Aptean, a provider of enterprise resource planning software. Charlesbank Capital will continue as a shareholder, while Vista Equity Partners will fully exit its stake in the company. Financial terms were not disclosed.
"We are excited to partner with Insight and leverage the firm's significant experience investing in software companies to advance Aptean's growth journey. Insight's investment and TA's recommitment demonstrate enduring confidence in our strategy and results. Together we will aim to accelerate the market success of our cloud-based solutions, as well as other organic and inorganic growth initiatives, to continue meeting the mission-critical needs of prospects and customers," TVN Reddy, Aptean CEO.
Gradient AI, a provider of Artificial Intelligence and Machine Learning based solutions designed specifically insurance industry, completed the acquisition of healthcare analytics business unit from Prognos Health, a health tech company. Financial terms were not disclosed.
“The acquisition of Prognos underwriting business unit is a game changer. Our combined solution will provide a holistic picture of group health risk that has never before been possible. Insurers will now have a single point of access to multiple data sources, covering medical, prescription and lab data improving their abilities to project group health assessments and costs with much greater confidence,” Stan Smith, Gradient AI CEO and founder.
Walgreens Boots Alliance, a retail drugstore, agreed to acquire the remaining 45% stake in CareCentrix, an ancillary care benefits management service provider, for $392m.
"We continue to see strong results and potential for growth from our partnership with CareCentrix. Our full acquisition further accelerates our transformation to become a consumer-centric healthcare company, leveraging innovative platforms that extend our capabilities into fast-growing segments of healthcare. CareCentrix is key to offering services to our patients at every stage of the care continuum and to driving long-term, sustainable growth as part of our US Healthcare strategy," Roz Brewer, WBA CEO.
Core & Main, a distributor of water, wastewater, storm drainage and fire protection products, completed the acquisition of Distributors, a full-service distributor of fire protection products. Financial terms are not disclosed.
“By consistently meeting and exceeding customer expectations, Distributors has established itself as a leader in fire protection services in Hawaii. The extensive knowledge and experience of our combined resources strengthen this position, and this strategic acquisition enables us to continue adding value to their customers,” Steve LeClair, Core & Main CEO.
Viatris considers sale of $3bn european OTC assets.
Viatris is considering a potential sale of its consumer-health assets in Europe, in a deal that could fetch more than $2.9bn for the US drugmaker, Bloomberg reported.
The Canonsburg, Pennsylvania-based company is working with investment bank Jefferies as it seeks to identify potential suitors for the business. The assets could draw interest from large private equity firms that have existing over-the-counter businesses or strategic suitors that are seeking to grow their business in the region.
Delta Air invests $60m, takes stake in air taxi startup Joby Aviation.
Delta Air Lines said it invested $60m in air taxi startup Joby Aviation for a 2% equity stake, in a partnership that will initially offer passengers air taxi transport to and from airports in New York and Los Angeles, Reuters reported.
Delta Chief Executive Ed Bastian told reporters the airline will also receive a board seat and the total investment could be increased to as much as $200m.
Cathie Wood buys Adobe as stock tumbles after $20bn Deal.
Cathie Wood bought another tranche of Adobe shares as the stock languishes near its mid-September low when it cratered after announcing its biggest ever acquisition, Bloomberg reported.
Diagnostics firm Bio-Rad in talks to merge with Qiagen.
California-based diagnostics company Bio-Rad Laboratories is in talks to merge with Qiagen, a German provider of sample and assay technologies, WSJ reported.
Talks between the two companies have been going on for a while but an agreement is unlikely for another few weeks. Qiagen had a market value of nearly $10bn, while Bio-Rad’s market value is $11.6bn.
A deal between Qiagen and Bio-Rad would be the latest tie-up in the medical-diagnostic market, which has grown as the pandemic helped increase demand for testing.
Exxon Mobil in talks to buy oil & gas producer Denbury.
Exxon Mobil is considering a takeover of oil and gas producer Denbury and the talks are at a preliminary stage, Reuters reported.
Shares of Plano, Texas-based energy company Denbury jumped as much as 12% earlier on Monday, before paring some gains to close up about 7%, giving it a market value of about $5bn.
DXC Technology mulling 'financial sponsor' bid. (FS)
DXC Technology, a US information-technology services provider with a market cap of $6.16bn, has confirmed it has been approached by a financial sponsor regarding a potential acquisition of the company. Some reports suggest the suitor could be pan-Asian buyout firm Baring Private Equity.
A statement from DXC's Management says it remains focused on the company's transformation journey. Consistent with its fiduciary responsibility to maximise shareholder value, the company is engaged in preliminary discussions and is sharing information.
Churchill raises over $12bn for its Senior Lending Program. (FS)
Churchill Asset Management, an investment-specialist of Nuveen, announced that it has raised over $12bn in third-party committed capital for the firm’s most recent senior lending program.
This milestone includes the closings of the firm’s flagship levered and unlevered senior loan funds, publicly-registered vehicles and separately managed accounts.
Ares Management closes oversubscribed tenth value-add US real estate fund at $1.8bn. (FS)
Ares Management, a global alternative investment manager, announced that it held the final closing of its Ares US Real Estate Fund X. US X was oversubscribed with $1.8bn of commitments relative to its $1.5bn target and is more than 75% larger than its predecessor fund, which closed at $1.04bn in November 2018.
“With the closing of the tenth fund in this series, we are proud of the continued strong support we received from our longstanding investors along with the significant demand from our new investors,” David Roth, Ares US Real Estate Partner.
EMEA
Bregal Milestone, a growth capital firm, agreed to invest in CUBE, an automated regulatory intelligence firm. Financial terms were not disclosed.
"We are highly enthusiastic to partner with CUBE for this next phase of growth. As a founder-led, category-leading RegTech business benefiting from powerful regulatory tailwinds and market momentum, we believe CUBE is an innovation leader and one of Europe's most exciting high-growth technology companies. We look forward to working with Ben and his ambitious team to further develop their business and drive growth," Philippe Lautenberg, Bregal Milestone Co-Founder and Managing Partner.
Bregal Milestone is advised by Alvarez & Marsal, ICAG Partners, Goodwin Procter, Deloitte and Endava. CUBE is advised by Investec, Taylor Wessing, Aspectus and Buzzacott.
WSP Global, an engineering services company, would not be increasing the financial terms of their offer for RPS, a global professional services firm of consultants and service providers, for $2.48 per share in cash, valuing the company at $690m.
WSP Global continues to value a disciplined approach to acquisitions to maximize shareholder value. With a strong balance sheet, WSP Global remains confident in its ability to capture opportunities and execute its strategic ambitions.
Natixis Investment-backed Mirova, a French sustainable investment manager, completed a €100m investment in Zunder, a Spanish electric vehicle charging company. White Summit Capital remains as majority shareholder.
"Zunder is changing the way we move. Our mission to expand ultra-fast charging is critical to enable seamless EV adoption in Southern Europe. We are delighted and will propose it to our shareholders to welcome Mirova as a shareholder in this deal, reaffirming our vision, strategy, business model, and values, paving the way for Zunder's multi-billion deployment plan over the next decade," Daniel Perez, Zunder CEO.
Mirova is advised by Acron Beka (led by Diego Aguinaga) and Cuatrecasas Goncalves Pereira. Zunder is advised by Mediobanca and Uria Menendez.
Danfoss, a provider of HVAC products, agreed to acquire BOCK, a compressor manufacturer, from NORD Holding, a European private equity asset manager. Financial terms were not disclosed.
"It has never been more relevant to accelerate the green transition, and efficient compressors running with Low GWP refrigerants are instrumental to achieving that target. By expanding our portfolio with the BOCK range of semi-hermetic compressors, we deliver on our promise to help our customers decarbonize. The potential for cutting CO2 emissions is huge!" Jürgen Fischer, Danfoss Climate Solutions President.
Buckthorn Partners, a private equity firm, and One Equity Partners, a middle market private equity firm, agreed to acquire Amey, an infrastructure services and engineering company, from Ferrovial, a Spanish multinational company involved in the design, construction, financing, operation and maintenance of transport infrastructure and urban services, for $443m.
“Amey is a well-regarded, long-standing player in the critical infrastructure design and management space in the UK, and we are very excited about the enhanced opportunities for growth Amey will have as an independent company. We believe that the UK’s decarbonization efforts and Net Zero strategy will also accelerate growth by creating new opportunities for sustainable infrastructure," Ante Kusurin, One Equity Partners Principal.
British supermarket group, Morrisons' purchase of convenience retailer McColl's, looks set to be cleared after the competition regulator said it was likely to accept an offer to sell 28 stores, Reuters reported.
Following an initial probe, the watchdog found the deal would not harm the vast majority of UK shoppers or other businesses but that it raised competition concerns in 35 areas. To address these concerns, Morrisons offered to divest 28 McColl's stores. The CMA said it was minded to accept these proposals.
"The CMA is now consulting on the proposals – known as undertakings – for the sale of these stores. If the CMA accepts the proposals, the deal would be cleared to proceed," CMA.
Morrisons is advised by Houlihan Lokey and Ashurst. McColl's is advised by Hogan Lovells (led by Tom Mercer).
On 11 October 2022, the CMA launched its phase 1 merger investigation into the anticipated acquisition by Cochlear, an implantable hearing solutions provider, of Oticon Medical, the hearing implants division of Demant, a hearing healthcare provider solutions, for $121m.
The CMA is considering whether the deal will result in substantially less competition within any market or markets in the United Kingdom for goods or services.
Cochlear is advised by Accura Advokatpartnerselskab. Oticon Medical is advised by Plesner.
YAGEO, a global electronic component company, agreed to acquire Heraeus Nexensos, a provider of temperature sensing solutions, for $77m.
"In a world that is rapidly moving towards everything smart and electrified, sensors are an integral part of that paradigm shift. To us, temperature sensors are a great addition to our existing sensor portfolio from YAGEO and TOKIN and the perfect product to propel us further into the sensor market, given the similarities in business models and secular trends. Heraeus Nexensos has a highly complementary set of products and customers, especially in the automotive and industrial segments, which are the key drivers for future growth," Pierre Chen, YAGEO Founder and Chairman.
YAGEO is advised by Citigroup.
LabVantage Solutions, a laboratory information management system provider, agreed to merge with Biomax Informatics, a Munich-based software company specializing in research software for bioinformatics. Financial terms were not disclosed.
"The combined forces of LabVantage and Biomax provide the market with a unique and unprecedented offering, both in terms of product and service portfolio, that will enable our customers to leverage the data within their system landscape more easily, and unlock tacit knowledge more effectively,” Klaus Heumann, Biomax Informatics Co-Founder.
Fortessa Tableware Solutions, a designer, developer, and marketer of commercial and consumer tableware serving the commercial food service industry, agreed to merge with Zwiesel Glas, a glass manufacturer. Financial terms were not disclosed.
"That aside from the shared vision, the partnership brings promising economic opportunities. This is even more important in such challenging times as these. Together we can offer our customers, our companies, our brands, and all the people whom we work with strength and security into the future," Scott Hamberger, Fortessa CEO.
Sherwin-Williams, a company in the manufacture, development, distribution, and sale of paint, coatings and related products to professional, industrial, commercial, and retail customers, agreed to acquire Industria Chimica Adriatica, an Italian Wood Coatings Company. Financial terms were not disclosed.
"This wonderful company brings us innovative waterborne and solvent liquid coatings technology, including an award-winning range of ultra-matt protective coatings and a growing portfolio of BIO water-based coatings products, which are made with recycled raw materials," John G. Morikis, Sherwin-Williams Chairman and CEO.
Brookfield, DigitalBridge weigh bid for stake in Vodafone’s Vantage unit. (FS)
Brookfield Asset Management and DigitalBridge Group have expressed joint interest in buying a stake in Vodafone Group’s wireless towers unit, Bloomberg reported.
HSBC looks to deals and disposals as part of battle against breakup.
HSBC Holdings has spent the past six months fighting calls from its largest shareholder to split up. That isn’t stopping the bank ramping up its own dealmaking program, Bloomberg reported.
The London-based lender expects to increase the amount of acquisitions it makes in the coming years. Further disposals are also expected but will likely be matched by purchases.
Kenyan President Ruto plans capital market shake up to end IPO drought.
Kenyan President William Ruto plans to sell shares in as many as 10 state-owned companies, in what could be the first main-market listings on the nation’s bourse in more than three years, Bloomberg reported.
Ruto, who’s been in office for less than a month, wants initial public offerings to happen within 12 months, he said in a speech at the Nairobi Securities Exchange on Tuesday.
Saudi eyecare group Magrabi weighs IPO of hospitals unit.
Magrabi Medical Group, one of the Middle East’s optical retailers and operator of eye clinics, is mulling an initial public offering of its hospitals business in Saudi Arabia as soon as next year, Bloomberg reported.
The family-owned company has asked banks to pitch for a role on the IPO on the Saudi stock exchange. Rothschild & Co is advising Magrabi and a listing could raise about $200m.
Hy24 closes clean hydrogen infrastructure fund at €2bn. (FS)
Hy24, a joint-venture between FiveT Hydrogen, the clean hydrogen-enabling investment partner, and private investment house Ardianm has closed its first impact fund – the Clean H2 Infra Fund – with €2bn of allocations, exceeding its initial target.
Hy24 says the fund is the world’s first and largest infrastructure fund to invest exclusively in the entire clean hydrogen value chain.
APAC
A consortsium of investors led a $100m Series E funding round in Airwallex, with participation from Square Peg, Salesforce Ventures, Sequoia Capital China, Lone Pine Capital, Hermitage Capital, 1835i Ventures, Tencent and HostPlus.
“The valuation underscores investors’ confidence in Airwallex’s core business value and fundamentals, and we are fortunate to have the continued support of our existing investors, and the confidence of new investors, as we pursue our vision to become the global economic infrastructure for modern businesses. The market environment remains challenging in the foreseeable future, and while we remain well capitalised, this additional runway allows us to continue our growth plans, product expansion, and hire some of the best talents in the world. By strengthening the breadth of our global reach and product offering, we can better empower our customers to unlock new market opportunities,” Jack Zhang, Airwallex Co-founder and CEO.
Bumi Resources to receive $1.6bn capital top-up from Salim.
Shareholders of Indonesia's coal miner Bumi Resources approved a share sale plan worth $1.6bn to companies controlled by billionaire Anthoni Salim, Reuters reported.
Bumi would issue a maximum of 200bn new shares, 85% of which are to be bought by Hong Kong-based Mach Energy, an energy management solutions provider. Treasure Global Investments would subscribe to the remaining 15% under the planned sale. Mach Energy is jointly controlled by conglomerates Bakrie Group and Salim Group, while Salim controls 85% of TGIL.
Bumi would use most of the proceeds from the deal to settle outstanding debt from its 2016 court-led debt restructuring process, which is estimated at roughly $1.5bn currently. After the sale, the new investors will gain a combined stake of around 58% of Bumi Resources.
SBI Holdings gets regulatory nod for majority stake in Shinsei Bank.
Japanese online financial conglomerate SBI Holdings said that a unit had received regulatory approval for a bank holding company licence, allowing it to take a majority stake in Shinsei Bank, DealStreetAsia reported.
SBI Regional Bank Holdings obtained approval to operate as a bank holding company from the Financial Services Agency and plans to buy an additional 2.5m shares in Shinsei Bank by March 31 to increase its stake to 50.05%.
HSBC extends Chinese private banking network to lure new digital millionaires.
Global Private Banking has launched its business in the large Chinese cities of Chengdu and Hangzhou, to try to capture a bigger share of the local market as uncertainties cloud the potential for China’s wealth growth, DealStreetAsia reported.
The bank also said it plans to explore opportunities in China’s southwest region. Its existing branches are located in eastern areas where more high net worth individuals live.
Kredivo parent FinAccel seeks to raise up to $135m in Series D funding. (FS)
Fintech company FinAccel — the parent of Indonesian buy now, pay later player Kredivo — is seeking to raise up to $135m in a Series D funding round, DealStreetAsia reported.
As part of the round, the company plans to issue Series D-1, D-2 and D-3 convertible preference shares to investors at $27.14, $31.02 and $38.77 apiece, its filings with Singapore’s Accounting and Corporate Regulatory Authority show.
Morgan Stanley names Rikhit Badalia as SE Asia M&A head. (People)
Morgan Stanley has named Rikhit Badalia, a member of its Asia Pacific mergers and acquisitions team, as the M&A head for Southeast Asia with immediate effect, DealStreetAsia reported.
Hong Kong-based Badalia takes over from Jonathan Pflug, who is joining US investment bank Raine Group to lead its coverage in Southeast Asia.
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