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AMERICAS
Primo Water, a single source provider of multi-gallon purified bottled water, self-service refill water and water dispensers, completed the merger with BlueTriton, an American beverage company. Financial terms were not disclosed.
"I am honored to lead our combined company and our team of world-class associates. Together, we are forming a differentiated leader in branded beverages. With a highly competitive portfolio of brands, a variety of formats and offerings across price points, and a vertically integrated, coast-to-coast manufacturing and distribution network across North America, we believe Primo Brands is strategically positioned to accelerate growth, deliver superior products and services for our customers and consumers, and be a best-in-class US beverage company," Robbert Rietbroek, Primo Brands CEO.
Primo Water was advised by BMO Capital Markets, Bank of America, Faegre Drinker Biddle & Reath, Goodmans and Kirkland & Ellis. Financial advisors were advised by McCarthy Tetrault and White & Case. BlueTriton was advised by Deutsche Bank, Morgan Stanley, Latham & Watkins, Stikeman Elliott and FGS Global.
Astrana Health, a provider-centric, technology-powered healthcare company, agreed to acquire the managed care business from Prospect Health System, a private healthcare company, for $745m.
"The acquisition of Prospect would represent the combination of two organizations with decades-long histories of enabling independent providers and coordinating the delivery of high-quality care for all. We believe that our organizations share a common culture of patient centricity and a shared mission to provide high-quality care tailored to local communities," Brandon K. Sim, Astrana President and CEO.
Astrana is advised by JP Morgan, Russ August & Kabat and ICR (led by Asher Dewhurst). Debt financing is provided by JP Morgan and Truist Securities. Prospect is advised by Guggenheim Partners, Morgan Stanley and Sheppard Mullin Richter & Hampton.
Edward and Ludmila Smolyansky, significant shareholders and members of Lifeway Foods' founding family announced their support of Danone's bid to acquire Lifeway Foods.
"For nearly four decades, we have fostered Lifeway's growth with careful attention to what is best for the company's future. Today, we strongly support Danone's offer, which represents a substantial premium over Lifeway's recent share price and reflects their confidence in the growing US kefir market — a category we helped build from the ground up. We encourage the Lifeway board to carefully and in good faith reconsider Danone's offer and seize this opportunity to deliver lasting value to shareholders, employees, and consumers," Edward and Ludmila Smolyansky.
Lifeway Foods is advised by Longacre Square Partners (led by Joe Germani). Danone is advised by JP Morgan, KPMG, Vedder Price, Wachtell Lipton Rosen & Katz and Brunswick Group.
MidFirst Bank, a privately owned bank, completed the acquisition of the Houston banking locations of Amerant Bank, a banking services provider. Financial terms were not disclosed.
“Houston is a strategic market for us and the acquisition of Amerant Bank’s Houston locations supports our growth plans. We have many clients already in Texas, and have expanded in recent years to Houston, Dallas and San Antonio. With this acquisition, MidFirst will have a greater presence in an attractive and growing market and the ability to expand our banking services," Jeff Records, MidFirst Bank Chairman and CEO.
Sagewind Capital, a private equity firm, completed the acquisition of a minority stake in Sabel Systems Technology Solutions, a provider of digital R&D, acquisition and sustainment solutions to the US Department of Defense and other government agencies. Financial terms were not disclosed.
“Sabel is excited to partner with Sagewind in charting the next chapter of our growth in the digital engineering and cyber solutions marketplace. Sagewind has a strong track record of backing management teams to help them grow their businesses through internal investment and acquisitions, which is exactly what we need to best support our customers’ growing requirements. We are excited about the opportunity to expand our offerings, accelerate our growth, and provide greater opportunities for our employees," Chris Sharbaugh and Doug Kinyon, Sabel Systems Managing Principals.
Sabel Systems was advised by KippsDeSanto & Co and Protorae Law. Sagewind Capital was advised by Morrison & Foerster, Paul Weiss Rifkind Wharton & Garrison and Gasthalter & Co.
Mattr, a materials technology company, agreed to acquire AmerCable, a manufacturer of jacketed electrical power, control and instrumentation cables, from Nexans, a manufacturer of cable systems and services, for $280m.
"AmerCable is a highly respected North American cabling company with exceptional brand and product development capabilities. We plan to grow the business further and expand its successful operations," Mike Reeves, Mattr CEO.
Mattr is advised by TD Securities and Dentons. Nexans is advised by JP Morgan.
Exchange Income, a diversified, acquisition-oriented company focused on opportunities in the aerospace & aviation and manufacturing segments, agreed to acquire Spartan Mat, a creator and manufacturer of industrial composite access mats, for $102m.
“EIC has spent the last two years researching and understanding the US ground protection landscape and assessed a number of acquisitions in the US. It became evident to our team that composite alternatives were growing in importance and a strong composite strategy was crucial for future success. Spartan was the perfect match to execute on our Environmental Access Solutions business line growth strategy for the US market. Spartan is one of only three industrial composite mat manufacturers in the US, providing us with direct exposure to market tailwinds in the coming years. Spartan’s team has done an impressive job scaling the business since its inception and we look forward to having them join the EIC family,” Mike Pyle, EIC CEO.
Spartan Mat is advised by Osborn Maledon. EIC is advised by BakerHostetler.
General Atlantic and Stripes, two global growth investors, completed a $825m investment in Vuori, a performance lifestyle brand.
“We have followed Vuori for many years, as Joe and the team have thoughtfully built an enduring, generational, and category-defining brand. Vuori’s immense consumer loyalty and incredible product reflect the brand’s relentless focus on quality and innovation, customer experience, and cultivating its team and community. Vuori has significant whitespace to expand globally, supported by long-term tailwinds in athleisure and a large addressable market across women’s and men’s activewear apparel. We look forward to partnering and leveraging our global footprint to support these efforts for years to come,” Andrew Ferrer, General Atlantic Managing Director.
Stripes was advised by Rubenstein Associates (led by Steve Murray).
SMA Technologies, a provider of automation solutions for financial services, completed the acquisition of Encapture, an intelligent document processing and image lifecycle management company. Financial terms were not disclosed.
“Our acquisition of Encapture represents an exciting step forward in our mission to support financial institutions with robust automation. Encapture’s expertise in document processing, loan origination and compliance will perfectly complement our offerings, allowing us to deliver even greater efficiency for our clients across the front and back office," Todd Dauchy, SMA Technologies CEO.
Encapture was advised by A&O Shearman.
Interra Capital Group, a commercial real estate investments firm, completed the acquisition of Remington Square, a premium office complex. Financial terms were not disclosed.
"Closing on Remington Square comes at a pivotal time when we see a strengthening trend of return to office that aligns with the Federal Reserve cutting their benchmark rates, enhancing the intrinsic value of well-located office properties. This property represents not just an investment in real estate but an opportunity to capitalize on market dynamics that favor well-positioned assets like Remington Square," Jack Polatsek, Interra Capital Group CEO.
Boeing exploring possible $6bn sale of Jeppesen unit.
Boeing is exploring a possible $6bn sale of its Jeppesen navigation unit. The planemaker is working with an adviser on the potential sale of the unit, which provides interactive flight plans.
Suitors are already circling Jeppesen, which could attract sizable interest from private equity firms as well as other companies and could fetch more than $6bn, Reuters reported.
Refuel owner explores $1.5bn plus sale.
The private-equity owner of Refuel is exploring strategic options including a potential sale that could value the US convenience-store operator at more than $1.5bn including debt.
The move comes as a wave of consolidation rolls through the convenience-store industry.
Private-equity firm First Reserve, which acquired Refuel in 2019, is in talks with investment bankers to launch a sale process for the convenience-store operator in the first half of 2025. Potential buyers include other store operators and buyout firms, Reuters reported.
BlackRock in talks to take a minority stake in Millennium. (FS)
BlackRock is in early-stage discussions with Millennium Management about a strategic partnership that could lead to the world’s largest asset manager taking an equity stake in one of the most profitable hedge fund managers.
Although any equity stake is likely to be small, the potential tie-up reflects how BlackRock is seeking to expand into alternative investments and shows how Millennium’s 76-year-old founder Izzy Englander is continuing to build out and diversify his business.
Talks are at an early stage and may not lead to a deal. If the sale of an equity stake to BlackRock did come to fruition, it would mark the first time in its 35-year history that Englander had taken outside investment in Millennium’s management company, FT reported.
Amazon mulls new multi-billion dollar investment in Anthropic.
Amazon is in talks for its second multi-billion dollar investment in artificial intelligence startup Anthropic.
This would be Amazon's second investment in Anthropic after a $4bn deal last year. The new investment structure is similar to the previous one but with a new stipulation from Amazon, Reuters reported.
Hollywood superagent Emanuel looks to buy Miami Open, Madrid Open and Frieze Art Fair. (FS)
Hollywood superagent Ari Emanuel is raising money to buy live-entertainment businesses, including potentially some divisions of his own company.
The chief executive officer of Endeavor Group Holdings has already raised more than $100m from backers including alternative asset manager Apollo Global Management. He is looking to raise far more than that.
Emanuel, 63, continues to believe in the value of so-called experience businesses, live-entertainment properties like those he had assembled at Endeavor. He has informed Endeavor’s board and owners of his interest in the Miami Open, Madrid Open and Frieze Art Fair, Bloomberg reported.
EMEA
Brookfield, an investment management company, and Real Assets Investment Management, an independent investment platform, completed the acquisition of the solar assets from Atrato Onsite, a closed-ended investment company, for £219m ($290m).
“As our first investment in UK rooftop solar, we see huge potential in this sector. We are excited to support the team and help accelerate the growth of solar in the UK, a technology that plays a critical role in the future energy mix and achieving the country’s decarbonisation goals," Ignacio Paz-Ares, Brookfield Managing Partner.
Atrato Onsite was advised by Stifel, Gowling WLG and Greenhouse Communications.
Maravai LifeSciences, a provider of life science reagents and services to researchers and biotech innovators, agreed to acquire the DNA and RNA business from Officinae Bio, a technology company with a proprietary digital platform to support the biological design of therapeutics. Financial terms were not disclosed.
“Officinae Bio’s unique approach to sequence design brings a cutting-edge advantage to our Nucleic Acid Production business. Its founder-led, experienced team maintains a dedicated focus on leveraging AI to help scale the organization and accelerate innovation. We are excited to welcome their exceptionally talented team to Maravai to help drive process and manufacturing innovation forward together,” Trey Martin, Maravai LifeSciences CEO.
Maravai is advised by CG Life.
LVMH Luxury Ventures completed the acquisition of a minority stake in Our Legacy, a Swedish clothes manufacturer. Financial terms were not disclosed.
“LVMH Luxury Ventures will contribute knowledge, experience, and most importantly, they understand and support our journey toward becoming a truly global designer brand,” Richardos Klarén, Our Legacy CEO.
Our Legacy was advised by Rothschild & Co.
Partners Group explores a sale of a $5.38bn stake in Britain's ISP. (FS)
Buyout firm Partners Group is exploring options including the sale of a stake in Britain's International Schools Partnership, as it looks to cash in on the popularity for education assets. ISP has 88 schools in 24 countries and is focused on primary and middle-year schools.
A sale could value ISP at above $5.38bn given current annual earnings of more than $269m and the demand for education assets. Switzerland's Partners Group is expected to launch an auction process in the first half of next year, when it has visibility on revenue and school enrollment numbers at a business it launched in 2013 and which has grown to run schools with more than 80k students, Reuters reported.
Portugal targets 2025 TAP sale as more than 12 potential buyers show interest.
Portugal's government plans to resume the sale of flag carrier TAP in 2025, the country's infrastructure minister said, after receiving interest from more than a dozen potential buyers.
A previous Socialist administration approved the privatisation of at least 51% of TAP in September 2023, but the sale did not go ahead as Portugal held a snap election in March which was won by a centre-right alliance. Portugal's Prime Minister Luis Montenegro, who had previously insisted on a total privatisation of TAP, signalled a month ago that a partial sale was a possibility. The government has confirmed meetings with Air France-KLM, Lufthansa and British Airways-owner IAG, Reuters reported.
Russia explores plan to merge Rosneft with Gazprom subsidiary and Lukoil.
Russia is working on a plan to merge state-backed Rosneft Oil with Gazprom Neft and Lukoil, creating the world's second-biggest crude oil producer.
Talks between executives and government officials took place over the past few months, and a deal may or may not happen. There are some obstacles, including opposition from some Rosneft and Lukoil executives and the problem of collecting funds to pay Lukoil shareholders, Reuters reported.
SocGen-backed Ayvens attracts buyout interests. (FS)
Ayvens, the car leasing unit of the French bank Societe Generale, is drawing interest from investment firms who are studying a potential bid for the company.
Blackstone, Brookfield Asset Management and CVC Capital Partners are among the firms interested in a potential deal for Ayvens. Ayvens may also attract interest from Japan's JA Mitsui Leasing, Reuters reported.
Commerzbank closes in on CFO to speed up fight against UniCredit.
Commerzbank is close to tapping a new chief financial officer, a crucial appointment as the lender seeks to accelerate a strategic revamp and defend itself against a potential takeover by UniCredit.
The German lender’s nomination committee is scheduled to meet today as it seeks to identify a final candidate. A meeting of the full supervisory board will likely make a formal decision on the next CFO later this month.
The new executive will help Chief Executive Officer Bettina Orlopp sharpen her strategy as she tries to convince shareholders they’re better off if Commerzbank doesn’t get bought by UniCredit. She has stepped up profitability and payout targets since the Italian lender unveiled a major stake in September. Improving capital allocation, which is traditionally a task for CFOs, will be a cornerstone of her plan, Bloomberg reported.
Ackman says Amsterdam violence tipping point for delisting.
Billionaire Bill Ackman said he’s going to seek to remove Pershing Square Holdings' listing from Euronext’s exchange in Amsterdam after violence against Israeli football fans in the Netherlands.
The closed-end fund’s board had already been considering the move because the majority of the trading volume for the firm now occurs on the London Stock Exchange, Bloomberg reported.
Stada picks bookrunners for its $11bn 2026 IPO. (FS)
Stada's private equity owners have selected bookrunners for a potential initial public offering of the consumer health-focused drugmaker with plans to launch the deal early next year.
Barclays, Citigroup, HSBC, Deutsche Bank, Goldman Sachs, JP Morgan and Morgan Stanley have been added to help with arranging the potential share sale in Germany. Jefferies and UBS are also part of the bookrunner lineup. Stada could be valued at €10bn ($11bn) or more in a listing.
Bain Capital and Cinven, the buyout firms that own Stada, have been encouraged by the recent market rally and are considering filing the so-called intention to float document for Stada early next year. The private equity firms shifted their focus to an IPO after negotiations over a sale of Stada to rival investment firm GTCR cooled, Bloomberg reported.
APAC
KKR, a global investment firm, announced that it had completed the first of the two planned tender offers on November 5. With the completion of the first tender offer, KKR will become the largest shareholder of FUJI SOFT, acquiring 21,413,302 common shares, and share options totaling 718.6k common shares on an as-converted basis.
“The success of our first tender offer is an important milestone for FUJI SOFT and its stakeholders as it provides considerable clarity of our ability to support the company’s aim of privatizing to enhance its corporate value. We are grateful for FUJI SOFT’s continued confidence in our capabilities and believe that a stable and cohesive shareholder structure is in the company’s best interests. We look forward to sharing KKR’s full suite of resources and network to help FUJI SOFT achieve its next stage of transformation,” Hiro Hirano, KKR Deputy Executive Chairman of Asia Pacific and CEO of Japan.
Haier is said to draw Temasek, GIC and Mubadala for Indian business. (FS)
Chinese household appliance maker Haier Smart Home has drawn preliminary interest from Temasek and GIC as prospective investors in its Indian business.
Other firms that may potentially be interested in buying a minority stake in Haier Appliances include Abu Dhabi sovereign wealth fund Mubadala Investment. A transaction could value Haier’s Indian assets at about $4bn to $5bn.
Haier is working with Citigroup. Haier has been considering selling a stake ranging from 25% to 49% in its Indian unit, Bloomberg reported.
Bain said to near deal to acquire Blackstone’s Avery Lodge. (FS)
Bain Capital is nearing a deal to acquire Blackstone’s Singapore worker dormitory firm Avery Lodge after outbidding other rival private equity firms.
The US-based investment firms are hammering out the details of a transaction that could be agreed as soon as the coming days. A potential deal could value Avery Lodge at $566m to $589m. Apollo Global Management and Brookfield Asset Management were among other firms eyeing Avery Lodge, Bloomberg reported.
Singapore's DBS eyes Malaysian bank stakes in expansion push.
Singapore's biggest lender DBS Group Holdings is exploring expanding into Malaysia with potential acquisitions of stakes in banks in its Southeast Asian neighbour, including in one of Malaysia's smallest banks by assets.
DBS is exploring a purchase of Singapore state investor Temasek's 29.1% stake in Alliance Bank Malaysia, a slice currently valued at about $460m.
Other options for expanding into Malaysia include buying Kuwait Finance House's Malaysian retail banking assets, worth more than $500m and which have been put up for sale, Reuters reported.
Kioxia files for long-delayed IPO.
Kioxia plans to debut on the Tokyo Stock Exchange between this December and June next year in a bid to narrow the yawning gap with memory leader Samsung Electronics.
The NAND flash memory maker plans to use a new method for listing in Japan that would fast-track its oft-delayed initial public offering. Both the price and size of the stake to be floated were undecided. The stock offering would represent what may be Kioxia’s last chance to remain competitive. A successful debut would give it money to ramp up capacity and help it capitalize on a recovery in chip prices, Bloomberg reported.
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