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AMERICAS
Supermarket chains Kroger and Albertsons have put their $20bn merger on hold after antitrust enforcers sued to block the deal. The outcome of the antitrust trial involving the Federal Trade Commission, set to conclude on September 17, could open up some interesting deal possibilities for the grocery industry, WSJ reported.
One of the central points in the case was the scope of the market in which the two companies compete. The two supermarket companies argued that they needed scale to fend off competition from many different grocery sellers, including behemoths such as Costco, the third-largest grocery seller by market share, and Amazon.com AMZN. The FTC in its complaint argued for a narrower definition of supermarkets as places where consumers can do “one-stop shopping” for groceries and provide tens of thousands of unique items.
C&S Wholesale Grocers is advised by Centerview Partners (led by Tony Kim) and Sullivan & Cromwell (led by George J. Sampas, Audra D. Cohen, and Benjamin Weber). Kroger is advised by Citigroup, Wells Fargo Securities, Arnold & Porter Kaye Scholer, Weil Gotshal and Manges (led by Michael J. Aiello), and Joele Frank (led by Mahmoud Siddig and Steve Frankel). Albertsons is advised by Credit Suisse, Goldman Sachs, Debevoise & Plimpton, Jenner & Block, White & Case, and Brunswick Group.
New Mountain Capital, a growth-oriented investment firm, and Endicott Capital, an investment firm, agreed to invest in Datassential, a global food and beverage intelligence platform. Financial terms were not disclosed.
“We are thrilled to join forces with New Mountain Capital and Endicott, firms that share our vision of product innovation and client-centric growth. This partnership will allow us to accelerate our business strategy and capture opportunities in the market, further expand our offerings and bring greater value to the food and beverage community worldwide,” Jim Emling, Datassential CEO.
Datassential is advised by Aeris Partners and Latham & Watkins. New Mountain Capital is advised by Solomon Partners, Simpson Thacher & Bartlett (led by Elizabeth Cooper and Matthew Rogers) and H/Advisors Abernathy (led by Dana Gorman). Endicott is advised by Marketing Matters (led by Tara Slone).
Boston Scientific, a manufacturer of medical devices used in interventional medical specialties, completed the acquisition of Silk Road Medical, a medical device company that is focused on reducing the risk of stroke, for $1.26bn.
"Completing this acquisition enables Boston Scientific to strengthen our vascular technology solutions by bringing the innovative TCAR platform to a greater number of physicians and their patients through our significant commercial reach. The integration of the TCAR platform into our portfolio means we can offer a treatment option for patients suffering from carotid artery disease that can reduce the risk of stroke and lead to improved patient outcomes," Cat Jennings, Boston Scientific President.
EverBank, an American diversified financial services company, agreed to acquire Sterling Bank & Trust, a banking corporation, for $261m.
"As a performance-driven bank, EverBank is focused on providing an advantage to every one of our consumer and commercial clients. We're looking forward to bringing together the Sterling Bank and EverBank teams to serve more people across the country and help them reach their own definition of success," Greg Seibly, EverBank CEO.
Nexa Equity-backed Easy Metrics, a labor analytics platform for warehouses and manufacturers, completed the acquisition of TZA, a labor management systems provider Financial terms were not disclosed.
“Our unified team and dedicated customer support staff is committed to maintaining seamless operations and delivering exceptional service,” Evan Danner, TZA President.
EP Wealth Advisors, an investment management, financial planning and wealth advisory firm, completed the acquisition of CornerCap, a wealth management services company. Financial terms were not disclosed.
“EP Wealth focuses on people when partnering with firms, and CornerCap is a talented group who will be a great addition to our team. Most importantly, they share our commitment to great client service,” Ryan Parker, EP Wealth CEO.
Sverica Capital, a private equity investment firm, completed the investment in FOUR, a boutique aggregator dedicated to helping technology companies do business with the public sector. Financial terms were not disclosed.
“The IT reselling and distribution channel has long been a key focus area for Sverica, and the solutions that FOUR provides are critical to technology companies building sales programs in the public sector. FOUR is well positioned to capture the large market opportunity at hand within the public sector as the government continues to invest in modernization, security, intelligence, and automation, Frank Young, Sverica Managing Partner.
Kalibrate, a global insights firm providing software and services relating to location analytics and fuel pricing, agreed to acquire IMST, an independent market research firm specializing in site selection, analysis, and sales forecasting for convenience stores and fuel stations. Financial terms were not disclosed.
“We’re delighted to welcome IMST into the Kalibrate fold and further strengthen our offer to our clients in the fuel sector. Both Kalibrate and IMST believe data is the core driver of better decisions and we look forward to sharing methodologies to enhance what we do,” Charles Wetzel, Kalibrate CEO.
Brookfield eyes sale of fifth avenue property with Coach store. (FS)
Brookfield Asset Management is exploring a potential sale of a retail property home to luxury brands on New York’s Fifth Avenue.
The landlord hired broker Eastdil Secured to handle talks for the retail portion of 685 Fifth Ave. While discussions are in early stages, Brookfield is eyeing a price in the low- to mid-$300m range, Bloomberg reported.
US bank merger deals poised to face tougher scrutiny by FDIC.
US bank mergers would face steeper regulatory hurdles under new guidelines that the Federal Deposit Insurance is set to adopt, Bloomberg reported.
The FDIC’s plan, the latest in the Biden administration’s effort to clamp down on consolidation by financial firms, would add layers of scrutiny that more directly take into account the effects on financial stability, competition, communities and customers. The agency’s board scheduled a meeting to vote on the new guidance.
Barclays taps Morgan Stanley’s Patterson for info services M&A. (People)
Barclays has hired veteran information services banker Rob Patterson from Morgan Stanley to lead data and information investment banking coverage, Bloomberg reported.
Patterson is joining Barclays as head of data and information platforms coverage within technology investment banking. Based in New York, he will report Kristin Roth DeClark, global head of that group.
EMEA
Randstad-backed Monster, an employment agency, and Apollo-backed CareerBuilder, a source for job opportunities & advice, formed a joint venture. Financial terms were not disclosed.
"I could not be more excited to bring these two celebrated brands together. We are able to leverage the best-in-class solutions, capabilities, and expertise from both companies to better serve both our candidates and employers and help them navigate the evolving talent marketplace," Jeff Furman, CareerBuilder CEO.
Randstad was advised by Ernst & Young, Jefferies & Company and Jones Day (led by Patrick Baldwin and Tim Mann). CareerBuilder was advised by PJT Partners, PricewaterhouseCoopers, Paul Weiss Rifkind Wharton & Garrison, Sidley Austin and Vedder Price.
Flutter Entertainment, online sports betting and iGaming operator, agreed to acquire Snaitech, an Italian omni-channel operator, from Playtech, a gambling software development company, for $2.6bn.
"I am delighted to announce the acquisition of Snai, one of the leading players in Italy Europe's largest regulated market. This transaction is compelling strategically and financially. It fits perfectly within our strategy for value creating M&A and creates a significant opportunity to accelerate Snai's growth by providing them with access to Flutter's market leading products and capabilities both in the US and globally," Peter Jackson, Flutter CEO.
The transaction is subject to merger control clearance and other customary regulatory clearance and is expected to close by Q2 2025.
One Peak, a growth equity firm, with participation from Partners Group and Guidewire Software, led a $120m Series C round in Akur8, a machine learning-powered insurance pricing and reserving platform.
“We look forward to collaborating closely with our new investors One Peak and Partners Group, two leading investment firms that share our vision for innovation and excellence. With their support, we are committed to accelerating our product development efforts and staying ahead of industry trends to offer an unparalleled, integrated actuarial platform for insurers globally,” Samuel Falmagne, Akur8 CEO and Co-Founder.
Akur8 was advised by Perella Weinberg Partners and Walter Billet. Partners Group was advised by Ropes & Gray (led by John Newton).
Molex, a manufacturer of electronic, electrical, and fiber optic connectivity systems, agreed to acquire Vectura Group, a British pharmaceuticals company which develops inhaled medicines and makes inhaler devices, from Philip Morris International, an American multinational tobacco company, for £298m ($393m).
“The acquisition of Vectura is the latest step in building an industry-leading capability in medical. It also demonstrates Molex’s commitment to acquiring opportunities to better serve market needs across our portfolio," Joe Nelligan, Molex CEO.
Molex is advised by Merryman Communications (led by Jeff Speer).
Summa Equity, a thematic investment firm, completed the acquisition of a majority stake in Bollegraaf Group, a recycling solutions provider, from Capital A, an investment company. Financial terms were not disclosed.
"Bollegraaf is a frontrunner in the recycling industry. We are convinced that in partnership with Summa, Bollegraaf can accelerate further growth and drive the transition to a circular economy. Together with Summa, we can invest in innovation and advanced technologies and improve the solutions for our clients through strategic acquisitions. Summa’s industry advisor network is also playing a crucial role in uncovering new opportunities to enhance our efforts," Edmund Tenfelde, Bollegraaf Group CEO.
Capital A was advised by Rothschild & Co.
VivoPower, an international battery technology, electric vehicle services company, agreed to merge with FAST, a hydrogen technology company, in a $1.13bn deal. FAST is a Canadian headquartered hydrogen technology company that focuses on developing technologies that promote the adoption of hydrogen.
FAST will be launching several vehicle models powered by hydrogen powered internal combustion engines as well as a conversion platform for gasoline and diesel vehicles to run on hydrogen.
CapitaLand is in talks to acquire stake in Fosun’s Club Med. (FS)
Singapore’s CapitaLand Investment is in advanced talks to buy a minority stake in French luxury resort chain Club Med from its Chinese owner Fosun International, Bloomberg reported.
The real estate investment firm, part of Temasek Holdings-owned conglomerate CapitaLand Group, is seeking to acquire from 20% to 30% in the hotelier for about €500m ($557m). A deal could give Club Med a valuation of about €2bn ($2.2bn).
Britain's Guardian in talks to sell Observer newspaper to Tortoise Media.
Britain's Guardian Media Group is in exclusive talks to sell The Observer, the world's oldest Sunday newspaper, to startup Tortoise Media, Reuters reported.
Tortoise said negotiations include a commitment from it to invest more than £25m ($33m) over the next five years in the editorial and commercial renewal of the title. First published in 1791, the centre-left Observer is one of Britain's best-known newspapers and once carried the journalism of George Orwell.
Italy's Dolce&Gabbana could open up to new investors in the future.
Dolce&Gabbana does not rule out opening up its shareholding to new investors in the future, Reuters reported.
"I do not rule out opening up the capital to new investors in the future... but there is nothing in our plans at the moment, it is not our first goal," Alfonso Dolce.
Britain's THG plans tech arm demerger to focus on beauty and nutrition.
British e-commerce firm THG is looking to demerge its technology services arm as it seeks to shore up its balance sheet with its cash-generative nutrition and beauty businesses, Reuters reported.
THG's shares, which initially rose, were 3.1% lower by 0756 GMT as it forecast its full year core earnings would be at the lower end of market expectations.
APAC
Nomura to acquire Avendus from KKR. (FS)
Nomura, Japan’s largest investment bank and broking firm, has jumped into the race to acquire homegrown investment firm Avendus, a KKR portfolio company, DealStreetAsia reported.
Majority owned by US private equity firm KKR, Avendus is best known in India for advising large startups such as SoftBank-backed food delivery firm Swiggy and eyewear retailer Lenskart on their fundraising.
Woodside Energy in talks with potential partners for Driftwood LNG.
Woodside Energy is in discussions with onshore US gas producers, pipeline companies and companies that share its outlook and view of liquefied natural gas to partner with its Driftwood LNG project, Meg O'Neill, company CEO.
Speaking at an investor conference in New York, O'Neill said there was a lot of frustration by US gas producers earning lower Henry Hub prices for gas that is then turned into LNG and sold at higher global prices. Partnering with gas producers would increase their revenue and allow Woodside access to a gas supply, Reuters reported.
New Hope keeps door open for acquisitions as coal deals run hot. (FS)
Australian miner New Hope is interested in some coal operations being sold by Anglo American and would also be keen to increase its stake in closely held Malabar Resources if the chance arose, WSJ reported.
New Hope’s interest in dealmaking, even as it advances plans to double coal production via organic growth, reflects its confidence that coal will remain in demand for years.
7-Eleven parent's new security rating won't affect a buyout.
The new classification of 7-Eleven's parent company as "core" to Japanese national security will not raise hurdles to a potential buyout, Japan's finance minister said, comments that appeared aimed at easing investor concerns about the move, Reuters reported.
"We can't say the core classification makes a buyout more difficult," Suzuki told reporters, days after Seven & i became one of 88 companies added to the government's list of companies regarded as crucial to national security.
Bajaj Housing Finance's value doubles to $16bn after market debut.
Bajaj Housing Finance's shares more than doubled in their trading debut on Monday, making it the fourth-best major listing in a red-hot Indian IPO market this year and valuing the company at $16bn, nearly triple the next-biggest rival, DealStreetAsia reported.
The blockbuster listing follows strong demand for its $782m initial public offering - India's largest and most heavily subscribed in 2024 - due to booming demand for costlier homes, its link to the storied Bajaj group and relatively better financials than peers, including industry-low bad loans.
Warburg-backed Princeton Digital weighs $1bn funding round. (FS)
Princeton Digital Group, a Warburg Pincus-backed data center operator, is considering a private fundraising round to raise as much as $1bn, Bloomberg reported.
The Singapore-based company is working with a financial adviser on a potential deal that could involve debt and equity. Proceeds will likely be used to refinance debt and expand its business in the region.
Hong Kong’s biggest listing in years lures back global investors.
Chinese appliance maker Midea Group's $4bn listing in Hong Kong is fueling cautious optimism that the worst of the city’s capital markets drought may be coming to an end. Midea’s Hong Kong-listed shares jumped almost 8% from its offer price on September 17, a strong performance that vindicates the company’s decision to price at the top of the range and increase the size of the share sale by 15%.
The listing was Hong Kong’s biggest since Kuaishou Technology’s $6.2bn initial public offering in early 2021. Beyond a much-needed fee bonanza for banks, the deal has been closely watched as a sign of the city getting its mojo back after years of slumping deal activity, Bloomberg reported.
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