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AMERICAS
General Motors, an American multinational automotive manufacturing company, and Lithium America, a company focused on advancing lithium projects, agreed to form a $625m joint venture.
“We’re pleased with the significant progress Lithium Americas is making to help GM achieve our goal to develop a resilient EV material supply chain. Sourcing critical EV raw materials, like lithium, from suppliers in the US, is expected to help us manage battery cell costs, deliver value to our customers and investors, and create jobs,” Jeff Morrison, General Motors SVP, Global Purchasing and Supply Chain.
Lithium Americas is advised by BMO Capital, Evercore, Goldman Sachs, Cassels Brock & Blackwell and Vinson & Elkins. General Motors is advised by Morgan Stanley, Mayer Brown and Osler Hoskin & Harcourt.
Stone Point, a private equity firm, agreed to acquire a majority stake in Kestra, a wealth management platform, from Warburg Pincus, a global growth investor. Financial terms were not disclosed.
“We’re pleased with the successful partnership we had with Warburg Pincus and are excited to once again partner with Stone Point. Stone Point’s expertise and partnership previously helped propel us along a successful path to establishing our unique value proposition – to support successful wealth management businesses with full and deep value while focusing on the life cycle of their entrepreneurial efforts. Today, our priorities are to strengthen that value proposition as we continue building a destination of choice for independent, successful wealth management businesses and professionals. With support from Stone Point and Oak Hill, we will continue scaling our platform and growing our expertise in serving and acquiring established wealth management firms seeking a monetization path that respects their legacy," James Poer, Kestra CEO.
Kestra is advised by Evercore, Paul Weiss Rifkind Wharton & Garrison, Wachtell Lipton Rosen & Katz (led by Mark F. Veblen) and Vested. Stone Point is advised by Goldman Sachs and Simpson Thacher & Bartlett (led by Elizabeth Cooper).
AustralianSuper, a superannuation fund, led a $2bn investment in DataBank, a provider of enterprise-class edge colocation, interconnection, and managed services.
“We are delighted to have AustralianSuper join our investors. Along with the continued support of our existing investors, it’s a vote of confidence in our strategy and our proven ability to execute and scale the DataBank platform. This investment, and our new campuses, are a game-changer for DataBank and our customers, allowing us to bring this capacity to market now and seize the incredible opportunity ahead of us," Raul Martynek, DataBank CEO.
DataBank was advised by Bank of America, Citizens M&A and Simpson Thacher & Bartlett (led by Gabriel Silva). AustralianSuper was advised by Citigroup and Milbank.
Flowserve, a flow control products and services provider, completed the acquisition of MOGAS Industries, a mission-critical severe service valves and associated aftermarket services provider, for $305m.
“We welcome the MOGAS team to Flowserve and look forward to leveraging our industry-leading scale to expand the MOGAS severe service portfolio and aftermarket services to customers around the world. This acquisition accelerates growth under our 3D strategy and enhances our valve aftermarket business with MOGAS’ large installed base,” Scott Rowe, Flowserve President and CEO.
Centerbridge Partners, an alternative investment manager, agreed to acquire Precinmac, a manufacturer of high-complexity precision components, from Pine Island Capital Partners, Bain Capital and Compass Partners, three investors. Financial terms were not disclosed.
"Precinmac is an impressive platform with unique capabilities, strong customer relationships and an exceptional track record of growth. We are excited to partner with a company and team of this caliber," Steve Silver, Centerbridge Global Co-Head of Private Equity and Senior Managing Director.
Precinmac is advised by Goldman Sachs and Weil Gotshal and Manges (led by Robert Rizzo). Centerbridge Partners is advised by Evercore, Kirkland & Ellis and Kekst CNC (led by Jeremy Fielding).
American Express, an American bank holding company, completed the acquisition of Tock, a reservation, table, and event management technology provider, from Squarespace, a website building and hosting company, for $400m.
“We’re delighted to welcome the Tock team to American Express. This acquisition will enhance our dining platform by making more restaurants and dining experiences available through American Express, providing restaurants and other hospitality businesses with more tools, and over time, connecting them to our network of premium diners. We look forward to working with Matt Tucker and the Tock team to build a world class digital dining platform," Pablo Rivero, American Express Vice President.
VSE, a provider of aftermarket distribution and repair services, agreed to acquire Kellstrom Aerospace, a full-service aftermarket solutions provider of value-added distribution and technical services for the commercial aerospace engine aftermarket, from AE Industrial Partners, a private equity firm. Financial terms were not disclosed.
“We are delighted to welcome the Kellstrom team to the VSE Aviation family later this year. Kellstrom's portfolio of engine-focused products and MRO services, coupled with its technical advisory capabilities and OEM-centric approach, makes this acquisition highly complementary to VSE Aviation’s business. This acquisition is expected to yield significant sales and operating synergies, allowing us to leverage combined strengths, optimize resources, and drive accelerated growth in the aviation aftermarket," Ben Thomas, VSE Aviation President.
Kellstrom is advised by Perella Weinberg Partners and Kirkland & Ellis. VSE is advised by Jefferies & Company and Jones Day.
Amazon, an American multinational technology company, led a $500m Series C round in X-Energy, a nuclear reactor and fuel technology company, with participation from Citael, Ares Management, NGP Capital and University of Michigan.
“Nuclear is an important source of clean and reliable power that our nation needs to meet the growing demand for energy. X-energy provides an impactful solution to a critical challenge – and the support Amazon, Dow, and other major corporations have provided underscores its potential and merit,” Ken Griffin, Citade Founder and CEO.
X-Energy was advised by Moelis & Co and Latham & Watkins.
T. Rowe Price Associates, an asset manager, led a $400m Series D round in Lightmatter, a photonic supercomputing company, with participation from Fidelity Management & Research Company and GV Google Ventures.
“We’re not just advancing AI infrastructure—we’re reinventing it. With Passage, the world’s fastest photonic engine, we’re setting a new standard for performance and breaking through the barriers that limit AI computing. This funding accelerates our ability to scale, delivering the supercomputers of tomorrow today," Nick Harris, Lightmatter Co-Founder and CEO.
Lightmatter was advised by SBS Comms.
ADP, a global technology company providing human capital management solutions, completed the acquisition of WorkForce Software, a workforce management solutions provider. Financial terms were not disclosed.
"As the needs of today's global workforce continue to shift, employers need dynamic workforce management solutions that will help them maintain compliance and flexibility while engaging their employees. We are excited to welcome the WorkForce Software team to ADP and will leverage the deep expertise across both teams to further innovate and address the many unique and wide-ranging needs of our clients," Maria Black, ADP President and CEO.
ADP was advised by JP Morgan.
Audensiel, a digital transformation, business consulting and technology consulting company, completed the acquisition of Maltem Canada from Maltem Consulting, a firm of experts in digital transformation and innovation. Financial terms were not disclosed.
Founded in 2018, Maltem Canada is a firm of experts in digital transformation and innovation, helping SMEs and large groups to become creative and collaborative organisations by supporting them in their digital projects through 4 key areas of expertise: cybersecurity, agility, customer experience UX, and software development.
Hansae, a global fashion ODM company, completed the acquisition of Texollini, a manufacturer of clothes designed for other brands. Financial terms were not disclosed.
The company expects that the acquisition will strengthen its synthetic fiber production technology and enable it to the growing nearshoring trend in the Central American region. Equipped with fully automated production lines, Texollini’s factory can handle the entire process, from fabric production to dyeing and printing, around the clock.
Hansae was advised by Erum.
Boeing to sell at least $10bn in shares to plug cash drain.
Burning through cash, Boeing secured a new credit line and moved to raise at least $10bn by selling new shares, in hopes of demonstrating that it can weather its current crisis, WSJ reported.
The once mighty manufacturer has been hobbled this year by quality problems that surfaced after a midair mishap in January on a 737 MAX and more recently by a machinist strike that has halted production of most Boeing planes.
General Atlantic nears deal to buy stake in tech firm Kyriba. (FS)
General Atlantic agreed to buy a minority stake in US treasury-management software provider Kyriba from Bridgepoint Group. The deal values the San Diego-based company at more than $3bn and is expected to close this quarter, Bloomberg reported.
Bridgepoint plans to re-invest in Kyriba and remain its majority shareholder. Financial terms were not disclosed.
Banks, private lenders prep $800m package for Anaqua sale. (FS)
Banks and direct lenders are competing to provide a total debt package of around $800m to back a potential buyout of patent software company Anaqua, Bloomberg reported.
Private equity firm Astorg Partners is looking to sell US-based Anaqua this year.
Guggenheim caught in Starboard-Pfizer crossfire. (FS)
It took famed Wall Street dealmaker Alan Schwartz decades to build a relationship with Pfizer, which his firm Guggenheim counts among its most lucrative clients, FT reported.
All that work may have been undone with a 64-word press release that crossed the wires late on October 16 last week, reports the FT’s Oliver Barnes, and DD’s James Fontanella-Khan and Maria Heeter.
EMEA
Vitruvian Partners, a European private equity firm focusing on leveraged buyout and growth capital investments in middle-market companies, completed the investment in Options Technology, a provider of financial technology services and IT infrastructure products. Financial terms were not disclosed.
"We are delighted to invest in Options, a company with a proven track record of growth and innovation in the capital markets sector. With our financial backing and strategic guidance, we look forward to helping Options further solidify its position as a global leader in financial technology and continue delivering innovative solutions to its customers," Tomer Yosef-Or, Vitruvian Partners Partner.
Options Technology was advised by Arma Partners, Jefferies and Carson McDowell. Vitruvian partners was advised by Guggenheim Partners, Moelis & Co, Freshfields Bruckhaus and Kirkland & Ellis. Abry Partners was advised by Paul Hastings.
KKR, a private equity firm, completed the acquisition of Accountor Software, a provider of mission critical business software, from Vitruvian, an international investment firm. Financial terms were not disclosed.
“We are delighted to welcome KKR as our new strategic partner. KKR is one of oldest, largest and most successful global investment firms and its investment in Accountor is a testament to our track record of achieving profitable growth through delivering world class and mission critical solutions to our customers. We are grateful for the active and invaluable support we have received from Vitruvian over the last couple of years in accelerating our growth journey to become one of the leading financial and HR management software businesses in the Nordics. We look forward to continuing our journey with KKR’s support,” Mikko Soirola, Accountor Software CEO.
Crane NXT, a security systems services company, agreed to acquire the authentication division of De La Rue, a provider of secure digital and physical protections, for £300m ($392m).
"The sale of our Authentication Division to Crane NXT represents a substantial step forward on our route to realise the underlying intrinsic value of the De La Rue business for the benefit of all stakeholders. We are delighted to reach agreement with a company with the stature of Crane NXT, with its complementary strengths and are confident that the Authentication Division will continue to build on its considerable successes over the past few years," Clive Whiley, De La Rue Chairman.
CoinDesk, an integrated media, events and index platform for finance, completed the acquisition of CCData, FCA-regulated benchmark administrator and provider of digital asset data and index solutions, and CryptoCompare, a financial data company. Financial terms were not disclosed.
"Over the past ten years, CCData has become one of the most respected and reliable data platforms for digital assets, earning the trust of numerous users seeking to understand and leverage their potential. We are thrilled to begin integrating CCData's high-quality, robust, and trusted data platform and retail suite across CoinDesk's existing products and services to unlock greater opportunities for our customers," Sara Stratoberdha, CoinDesk CEO.
CoinDesk was advised by Morgan Lewis.
Taranis Investment, an investment and asset management company, led a Series E investment in Econic Technologies, a deep tech company focused on sustainable chemistry. Financial terms were not disclosed.
Econic offers a patented process based on a unique catalyst that replaces fossil-based raw materials with renewable carbon. Econic licenses its technology to polyols and surfactants manufacturers that supply some of the world’s most iconic consumer brands.
Taranis Investment was advised by Debevoise & Plimpton (led by Dominic Blaxill).
Japan Pulp & Paper, a company that develops world's leading paper distribution network, completed the acquisition of Inapa Group, a company that offers digital printing media, screen printing, UV offset, envelopes & mailers. Financial terms were not disclosed.
The transaction covers Inapa Deutschland and its subsidiaries Inapa ComPlott and Inapa Packaging. Inapa, headquartered in Hamburg, is a leading European service provider for paper, packaging, large format printing and logistics with 16 sites in Germany. Its customers include global players and likewise medium-sized companies, design agencies and family-run printing businesses.
France warns it could block €15.5bn Sanofi consumer health deal. (FS)
France’s industry minister has said that the option of blocking a €15.5bn ($16.9bn) deal to sell Sanofi’s consumer pharmaceuticals division to US private equity fund Clayton, Dubilier & Rice is “absolutely on the table” if the government’s requirements are not met, Financial Times reported.
“Legally, we can oppose it,” industry minister Marc Ferracci said on France Inter radio on october 15 as a political backlash against the potential deal flared.
Holcim considers dual listing of $30bn US business.
Swiss construction company Holcim is considering a dual US and Swiss listing of its North American unit, Bloomberg reported.
The company said in January that it will spin off its North American business into a separate US-listed entity, which could be valued at more than $30bn. A dual listing is among options being considered, and no final decision has been made.
Warburg said to weigh buyout of German IT firm Nagarro. (FS)
Warburg Pincus is weighing a possible buyout of German IT services company Nagarro, potentially adding to the strong momentum of dealmaking in the country, Bloomberg reported.
The US-based firm is working with advisers on a proposal to take Nagarro private. Deliberations are ongoing and Warburg could decide against making an offer. Other buyout firms have also previously looked at Nagarro.
Rekeep is in exclusive talks to sell energy arm to address debt. (FS)
Italian management services company Rekeep is in exclusive talks to sell its energy arm to a joint venture between efficiency platform Renovit and utility firm Hera as it seeks funds to address maturing debt, Bloomberg reported.
The potential buyers were identified after a process run by its financial advisers Vitale & Co and UniCredit. Renovit was created by CDP Equity and Snam.
Trio in battle to buy stake in accountancy firm Grant Thornton UK. (FS)
A trio of buyout firms have been shortlisted to buy a stake in the UK operations of Grant Thornton, one of Britain's six biggest accountancy firms, Sky News reported.
EQT and New Mountain Capital - the backer of Grant Thornton's US business - have made the cut in a process that could value the UK firm at more than £1.5bn ($1.9bn).
Shein adds more banks to arrange London listing.
Shein has added more banks to help arrange its potential initial public offering that could value the online fashion retailer at £50bn ($65bn), potentially one of the biggest listings in London in recent years.
Barclays and UBS Group have been picked as bookrunners for Shein’s IPO. A listing could take place as soon as early next year, the people said. Deliberations are ongoing and details of the IPO could still change, Bloomberg reported.
APAC
Singapore lawmakers passed an amendment to a bill that will effectively block Allianz’s proposed SGD2.2bn ($1.7bn) acquisition of a majority stake in a local insurance firm, Bloomberg reported.
Under the amended Insurance Act, the country’s financial regulator will now need also need the relevant government ministry’s approval in order to greenlight transactions that involve insurers that are co-operatives or are linked to co-operatives.
Income Insurance is advised by Morgan Stanley and SEC Newgate. Allianz is advised by JP Morgan, and A&O Shearman (led by James Mythen). JP Morgan is advised by White & Case (led by Matthias Kiesewetter).
Japan's Seven & i is betting it can boost value by hiving off underperforming businesses and focusing on mainstay 7-Eleven stores. The outcome of its strategy will determine whether it can outmanoeuvre a $47bn Canadian takeover bid, Reuters reported.
Alimentation Couche-Tard, a company that operates a network of 24-hour convenience stores, offered to acquire Seven & i, an American-Japanese diversified retail holdings company, for $47bn.
Seven & I is advised by Nomura.
EQT-backed Indium, a digital engineering company, agreed to acquire a majority stake in Experion, a product engineering services company. Financial terms were not disclosed.
“The synergies and complementary capabilities of Indium and Experion will meaningfully amplify our ability to deliver superior digital and product engineering solutions to customers. We are confident of unlocking multiple new opportunities with both existing and new clients, and have set a revenue target of USD 150m for the next financial year. We are incredibly excited to welcome the Experion team to our family, and we look forward to further strengthening our culture of engineering excellence, coupled with exceptional customer experience," Ram Sukumar, Indium CEO and Co-founder.
KKR to launch sale of Goodpack, valued at around $1.8bn. (FS)
KKR is set to launch the sale of Singapore-based Goodpack in a deal that could value the provider of shipping containers and logistics services at around $1.8bn, Reuters reported.
The private equity giant has hired Deutsche Bank and Rippledot to advise on the sale and a formal process will begin in the coming weeks.
Intel-backed Horizon Robotics seeks up to $696m in Hong Kong IPO. (FS)
Horizon Robotics, a Chinese provider of software and hardware used in autonomous driving systems, is aiming to raise as much as HKD5.4bn ($696m) in its Hong Kong initial public offering, in one of the city’s most sizable deals this year.
The company, backed by Intel, is selling 1.36bn shares at HKD3.73 ($0.48) to HKD3.99 ($0.51) each, Bloomberg reported.
Owner of Bali’s biggest beach club eyes IPO to expand in Asia.
Holywings Group, the owner of the luxurious three-hectare Atlas Beach Club in Bali, is considering an initial public offering next year to help expand its entertainment empire across Asia, Bloomberg reported
The Indonesian company wants to bring the same establishment to Bangkok in 2025, according to cofounder Ivan Tanjaya. With a capacity of 1k people, it would be one of Thailand’s biggest nightclubs.
Singapore entertainment firm Neon is said to pick banks for IPO.
Immersive entertainment group Neon has picked financial advisers for its potential initial public offering in Singapore.
Neon has chosen DBS Group, HSBC, Morgan Stanley and UBS Group to help with the first-time share sale. Other advisers could be added to the list, Bloomberg reported.
BPEA Credit rebrands to Ascertis Credit, to raise fifth fund soon.
BPEA Credit, a prominent mid-market performing credit platform in Asia, on October 16 said it has changed its name to "Ascertis Credit and will be raising its fifth fund soon, DealStreetAsia reported.
"Our rebranding to Ascertis Credit reflects our commitment to growth, innovation and delivering superior value to our investors and portfolio companies. Performing credit in the high-growth economies of India and Southeast Asia provides tremendous diversification benefits to investors, coupled with attractive returns and strong liquidity, well insulated from market volatility and the risks of high valuations," Kanchan Jain, BPEA Credit Head.
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