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AMERICAS
JAB, an investment banking company, agreed to acquire Elliott Investment-backed Prosperity Life Group, an insurance-focused asset manager, according to press releases. Financial terms were not disclosed.
Prosperity Life is advised by JP Morgan, Davis Polk & Wardwell, Debevoise & Plimpton, Gasthalter & Co (led by Amanda Shpiner) and Prosek Partners (led by Brian Schaffer). JAB is advised by BNP Paribas, Citigroup, Skadden Arps Slate Meagher & Flom, FGS Global (led by Jared Levy) and The One Nine Three Group (led by Zach Siegel), according to press releases.
Elliott Investment Management, a Florida-based investment firm, completed the acquisition of a majority stake in American Greetings, a designer and manufacturer of social expression products. from Clayton, Dubilier & Rice, a private equity firm, according to press releases. Financial terms were not disclosed.
American Greetings was advised by Bank of America, Centerview Partners and Debevoise & Plimpton (led by Uri Herzberg and Christopher Anthony). Elliott was advised by UBS and Davis Polk & Wardwell (led by Michael Gilson). Debt financing was provided by Bank of America, Barclays and UBS, according to MergerLinks data and press releases.
Court Square Capital Partners, a middle-market private equity firm, and WindRose Health Investors, a healthcare private equity firm, completed the investment in Soleo Health, a provider of specialty pharmacy and infusion services, according to the press releases. Financial terms were not disclosed.
Soleo Health was advised by Houlihan Lokey and Polsinelli PC. Court Square Capital Partners was advised by Cantor Fitzgerald, Dechert and Edelman (led by Max Rayden). WindRose Health Investors was advised by Latham & Watkins and Lambert & Co (led by Caroline Luz), according to MergerLinks data and press releases.
Multiples, a private equity firm, agreed to acquire a majority stake in QBurst, a global software development and consulting company, for $200m, according to press releases.
QBurst is advised by BDA Partners, Shardul Amarchand Mangaldas & Co and Ernst & Young. Multiples is advised by Anagram Partners, Ernst & Young and Eminence Strategy Consulting, according to press releases.
BC Partners, a private equity firm, completed the acquisition of Runway Growth Capital, a provider of growth loans to both venture and non-venture-backed companies, according to press releases. Financial terms were not disclosed.
Runway Growth was advised by Oppenheimer & Co, Eversheds Sutherland, Wachtell Lipton Rosen & Katz (led by Nicholas G. Demmo) and Prosek Partners (led by Alex Jorgensen). BC Partners was advised by Simpson Thacher & Bartlett and Kekst CNC (led by Daniel Yunger and Oliver Mann), according to MergerLinks data and press releases.
Ryan Specialty, an international specialty insurance firm, completed the acquisition of Velocity, a risk management and specialty insurance coverage solutions provider, from Oaktree, an American global asset management firm, according to press releases. Financial terms were not disclosed.
Velocity was advised by Howden, Insurance Advisory Partners and Debevoise & Plimpton (led by Andrew G. Jamieson). Ryan Specialty was advised by JP Morgan and Sidley Austin. FM was advised by Willkie Farr & Gallagher, according to MergerLinks data and press releases.
TPG Rise Climate, a dedicated climate investing platform of TPG, agreed to acquire Altus Power, a commercial-scale solar electric power provider, for $2.2bn, according to press releases.
Altus Power is advised by Moelis & Co and Latham & Watkins. TPG Rise Climate is advised by PJT Partners, Kirkland & Ellis and Paul Weiss Rifkind Wharton & Garrison (led by Annie Herdman and Marta P. Kelly), according to press releases and MergerLinks data.
Private equity firms Warburg Pincus and Berkshire Partners agreed to acquire Triumph Group, an American supplier of aerospace services, structures, systems and support, for $3bn, according to press releases.
Triumph Group is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom. Warburg Pincus and Berkshire Partners are advised by Lazard, Covington & Burling and Kirkland & Ellis (led by Marshall P. Shaffer and Jai Agrawal), according to press releases.
Nexus Capital Management, an alternative asset management firm, completed the acquisition of Tricam Industries, a company that specializes in the design, development and engineering of consumer and professional home improvement equipment, according to press releases. Financial terms were not disclosed.
Tricam Industries was advised by Jefferies & Company and Fox Rothschild. Nexus Capital Management was advised by Kirkland & Ellis. Debt financing was provided by JP Morgan and Citigroup, according to MergerLinks data and press releases.
Brightstar Capital Partners, a middle-market private equity firm, agreed to acquire W.W. Williams, a diversified provider of aftermarket parts and services to the commercial vehicle and equipment markets, from One Equity Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
W.W. Williams is advised by Milbank and Robert W Baird. Brightstar Capital is advised by Moelis & Co, Kirkland & Ellis and Prosek Partners, according to press releases.
FTMO, a global provider of educational and training services, agreed to acquire OANDA, a global digital platform for active traders, from CVC Capital, a private equity firm, according to the press releases. Financial terms were not disclosed.
FTMO is advised by JP Morgan and Latham & Watkins. CVC Capital is advised by Nomura, Santander and Milbank, according to press releases.
Hull Street Energy, a private equity firm, completed the acquisition of four New York thermal power plants from J-Power USA, a power generation facilities developer, according to press releases. Financial terms were not disclosed.
Hull Street Energy was advised by Troutman Pepper. J-Power USA was advised by CIBC World Markets, Merit Capital Advisors and Baker McKenzie.
ArcLight Capital Partners, a private equity firm, completed the acquisition of a 25% stake in Gulf Coast Express pipeline, a gas pipeline company, from Phillips 66, a multinational energy company, for $865m, according to press releases.
Teachers’ Venture Growth, a late-stage venture and growth investment company, led a $235m investment in StackAdapt, a multi-channel programmatic advertising platform, with participation from Intrepid Growth Partner, according to press releases.
StackAdapt was advised by JP Morgan, RBC Capital Markets and Purpose Worldwide, according to press releases.
Warner Music Group, an American multinational entertainment and record label conglomerate, completed the acquisition of a majority stake in Tempo Music, an investment platform for premium music rights, from Providence, a global private equity investment firm, according to press releases. Financial terms were not disclosed.
Platinum Equity, a global investment firm, completed the investment in R&B Wholesale Distributors, a distributor of home appliances, according to press releases. Financial terms were not disclosed.
Platinum Equity was advised by Massumi + Consoli. The Burggraf Family was advised by Raymond James and Nelson Mullins Riley & Scarborough, according to press releases.
Amazon, an American multinational technology company, led a $700m Series C-1 round in X-Energy, a nuclear reactor and fuel technology solutions provider, with participation from Segra Capital Management, Jane Street, Ares Management, Emerson Collective, NGP and the University of Michigan, according to press releases.
X-Energy was advised by Moelis & Co and Latham & Watkins, according to press releases.
EQT and Sanofi Ventures led a $97m Series B round in Atalanta Therapeutics, a biopharmaceutical company, with participation from RiverVest Venture Partners, Novartis Venture Fund, abrdn, Pictet Alternative Advisors, Mirae Asset Financial, GHR Foundation and F- Prime Capital, according to press releases.
Atalanta Therapeutics was advised by Ten Bridge Communications. Sanofi Ventures was advised by Ropes & Gray, according to press releases and MergerLinks data.
EDF, an electric utility company, and STOA, an investment fund, agreed to acquire Geração Céu Azul, an energy company that holds a 70% stake in the Consórcio Empreendedor Baixo Iguaçu, from Neoenergia, an electric power distribution company, for $247m, according to press releases.
Neoenergia is advised by UBS, according to MergerLinks data.
Henderson Park, an international private equity real estate firm, completed the acquisition of PGA National Resort in Palm Beach Gardens, Florida from Brookfield, an investment management company, according to press releases. Financial terms were not disclosed.
Henderson Park was advised by Jones Day (led by Kyle Baltes), according to press releases and MergerLinks data.
Stephens Group, an investment management firm, completed the acquisition of Astro Pak, a high purity and precision cleaning services provider, according to press releases. Financial terms were not disclosed.
Astro Pak was advised by Houlihan Lokey, according to press releases.
McKesson, a diversified healthcare services provider, agreed to acquire an 80% stake in PRISM Vision, a provider of general ophthalmology and retina management services, from Quad-C, a private equity firm, for $850m, according to press releases.
Badger Meter, a provider of smart water solutions encompassing flow measurement, water quality and pressure monitoring, completed the acquisition of SmartCover, a technology provider specializing in wastewater solutions, from XPV Water Partners for $185m, according to press releases.
A consortium of investors, including Cambridge SPG, Eni Next, Milliken & Company, KIRKBI, Convent Capital, SWEN Capital Partners, MBX Capital, Oman Investment Authority, led a $140m Series B round in Tidal Vision, a biotechnology company transforming critical industries with chitosan-based chemistries, according to press releases.
KKR-backed Cotiviti close to buying Edifecs for $3bn. (FT)
Cotiviti, a healthcare data firm backed by KKR, is close to finalizing a deal to acquire Edifecs for over $3bn, after opting against a higher bid from UnitedHealth.
UnitedHealth had reportedly offered $3.5bn for Edifecs, but the bid was likely rejected due to potential antitrust concerns. Instead, Edifecs favored Cotiviti’s lower offer, as the company was able to move more swiftly to close the deal.
Historically, Edifecs has worked with TripleTree, DLA Piper and Karr Tuttle Campbell, according to MergerLinks data.
Howden in talks to acquire insurance broker Risk Strategies. ( Bloomberg)
Howden Group, a prominent global insurance broker, is in discussions to acquire Risk Strategies, a US-based insurance brokerage firm backed by private equity firm Kelso. The negotiations are ongoing, and there is no certainty that a transaction will be completed.
A potential acquisition of Risk Strategies, one of the largest privately held US brokers, would mark Howden's significant expansion into the American retail insurance market. This move aligns with Howden's strategic growth initiatives, following its recent acquisition of Denmark's NORTH Risk to establish a retail presence in the Danish market.
Howden is owned by firms including General Atlantic, Hg Capital, and Caisse de dépôt et placement du Québec. The company has been considered a likely candidate for an initial public offering. Representatives for Howden and its investors have declined to comment on the ongoing discussions.
Thoma Bravo-backed SailPoint, holders seek $1.05bn in IPO. ( Bloomberg)
SailPoint, an enterprise security software firm owned by Thoma Bravo, along with its shareholders, aims to raise up to $1.05bn through an initial public offering.
The Austin-based company and its investors are offering shares priced between $19 and $21 each, according to a filing with the US Securities and Exchange Commission. If priced at the upper end of the range, SailPoint's market valuation would reach approximately $11.5bn based on its outstanding shares.
EMEA
Montagu, a private equity firm, agreed to acquire Multifonds, a fund administration software business, from Temenos, a banking software company, for $400m, according to press releases.
Marlin Equity Partners, a private equity firm, completed the majority investment in Napier AI, a provider of AI-powered financial crime compliance solutions, according to press releases. Financial terms were not disclosed.
Napier AI was advised by Robert W Baird. Marlin Equity Partners was advised by Torch Partners, according to press releases.
IK Partners, a private equity firm, agreed to acquire a majority stake in HSL Compliance, an environmental testing, inspection, certification and compliance company, according to press releases. Financial terms were not disclosed.
IK Partners is advised by DC Advisory (led by Tim Morris). LDC is advised by Citypress PR, according to press releases and and MergerLinks data.
UPM Raflatac, a supplier of self-adhesive paper and film products, completed the acquisition of Metamark, a manufacturer and distributor of graphics solutions, from Primary Capital, a private equity firm, for $182m, according to press releases.
Primary Capital was advised by Rothschild & Co, according to MergerLinks data.
H.I.G. Capital, a global alternative investment firm, agreed to invest in HELLER, a machine tool manufacturer, according to press releases. Financial terms were not disclosed.
Kpler’s minority stakeholders explore potential stake sale at a $2bn valuation. ( Reuters)
Minority stakeholders in Belgium-based data analytics firm Kpler, specifically Five Arrows and Insight Partners, are considering the sale of their combined stake in the company. The potential transaction is in its early stages, and Kpler’s valuation could reach up to $2bn.
Kpler specializes in providing real-time data and analytics for commodity markets, serving a global client base. The firm has experienced significant growth in recent years, expanding its services and strengthening its market position. The prospective sale of minority stakes highlights the increasing investor interest in data analytics and market intelligence platforms.
While discussions are ongoing, no final decisions have been made regarding the sale. The outcome will depend on various factors, including market conditions and interest from potential buyers. Further developments are expected as negotiations progress.
Celsa Group launches process to sell 20% stake to Spanish investor. ( Bloomberg)
Spanish steel manufacturer Celsa Group has commenced the process of selling a 20% stake to a Spanish investor with industrial expertise, as part of its restructuring plan following creditor agreements. The company has engaged Grant Thornton to assess the market value of the stake and Citigroup to advise on the private placement. Potential candidates include Sidenor, Megasa, and Gallardo Balboa, though industry challenges may limit viable options. This move aligns with Celsa's commitments to the Spanish government after creditors took control from the Rubiralta family.
Celsa’s controlling shareholders, including Strategic Value Partners and Deutsche Bank, are seeking interest from family offices and industrial groups in Spain. The stake will be acquired through a capital increase, fulfilling conditions set by the Spanish government when it approved the creditor-led takeover of Celsa. The valuation will be determined by Grant Thornton, and shareholders are required to accept an offer if it matches the fair market value. A lower bid could still be considered but wouldn’t be obligatory.
HBX Group's Hotelbeds IPO raises €725m amid strong demand. ( Bloomberg)
HBX Group, the parent company of Hotelbeds, has successfully raised €725m ($751m) through its initial public offering in Spain. The offering saw robust investor interest, with all available shares, including an additional "greenshoe" option, fully subscribed within hours. The IPO was priced between €10.50 ($10.8) and €12.50 ($12.9) per share, valuing the company between €2.66bn ($2.7bn) and €3.03bn ($3.1bn).
The IPO is scheduled to debut on February 13, 2025, marking one of the first significant European listings of the year. Existing shareholders, including private equity firms Cinven, EQT, and CPP Investments, plan to sell shares worth €25m ($26m) as part of the offering.
Proceeds from the IPO are expected to be used to reduce the company's debt and support future growth initiatives. The successful listing reflects renewed investor confidence in the European market, potentially paving the way for additional public offerings in the travel and technology sectors.
PIF-backed Umm Al Qura to launch IPO on Saudi Exchange. (IPO Prospectus)
Umm Al Qura for Development and Construction, the developer behind the Masar Destination project in Makkah, announced plans for an initial public offering on the Saudi Exchange's Main Market. The Capital Market Authority approved the offering of approximately 130.8m new shares, representing 9.09% of the company’s post-capital increase.
The IPO proceeds will be used to fund land settlements, infrastructure development, and the activation of the Masar Destination, alongside project financing and general corporate expenditures. The listing aligns with Saudi Arabia’s broader efforts to enhance urban development in key religious and economic hubs.
HSBC has lost its role in Stada Arzneimittel's initial public offering, marking an early consequence of the bank’s decision to scale back its investment banking operations in Europe.
Following a review, Bain Capital and Cinven, the private equity firms that own the German drugmaker, are set to replace HSBC with Bank of America as a joint bookrunner for the IPO.
Alchemy Partners, a European corporate special situations investor, has successfully closed its latest fund, Alchemy Special Opportunities Fund V, surpassing its initial fundraising target with $1bn in capital commitments. The fund focuses on European mid-market corporate special situations and has attracted backing from a diverse range of institutional investors, including pension funds, sovereign wealth funds, financial institutions, consultants, and family offices.
ASOF V continues Alchemy’s long-standing special situations investment strategy, which has seen over €3bn ($3.1bn) deployed across approximately 90 transactions since 2006. The fund is already 20% deployed across nine investments in four countries.
Permira, the global investment firm, announced that it has appointed Chris Buchanan as Partner and Global Head of Capital Formation and Nader Salman as Managing Director, Head of Middle East in its Capital Formation team.
The firm intends to open an office in Dubai in 2025, which will enable Permira to enhance its coverage and footprint in the Middle East, working closely with existing local and regional investors and developing new strategic partnerships.
APAC
Brookfield, a New York-based asset management firm, has joined the race to acquire Australian wealth manager Insignia Financial, competing with Bain Capital and CC Capital.
Brookfield proposed AUD4.60 ($2.9) per share, valuing Insignia at A$3.07bn ($1.9bn), which granted it limited access to the company's financial records.
Insignia Financial is advised by Citigroup, Gresham and King & Wood Mallesons. Bain Capital is advised by FTI Consulting (led by Stuart Carson), according to press releases and MergerLinks data.
US private equity firm KKR has raised its bid for Japan’s Fuji Soft by 4%, intensifying its prolonged and contentious takeover battle with Bain Capital for the $4bn IT company.
The ongoing struggle highlights the growing competition among global investment firms in Japan, where they are increasingly targeting companies perceived to have underutilized assets or weak corporate governance.
KKR is advised by Mitsubishi UFJ Morgan Stanley Securities and Simpson Thacher & Bartlett (led by Jonathan Stradling) , according to press releases.
SV Health Investors, Sanofi Ventures, Abingworth, and SymBiosis led a $112m Series C round in AdvanCell, a clinical-stage radiopharmaceutical company, with participation from Morningside, Tenmile and Brandon Capital, according to press releases.
Seven & i founding family seeks investment from Thailand's Charoen Pokphand for management buyout. ( Reuters)
The founding family of Japan's Seven & i is in discussions with Thailand's Charoen Pokphand Group to secure investment for a management buyout aimed at taking the company private. This move is intended to counter a $47bn takeover bid from Canada's Alimentation Couche-Tard. The proposed MBO would value Seven & i at approximately $58bn, potentially marking the largest such deal in Japanese history.
The CP Group, which operates around 12k 7-Eleven stores in Thailand, is the latest potential partner approached by the founding family. Previously, the family considered partnerships with Japan's Itochu and US-based Apollo Global Management. The involvement of CP Group could result in an investment of hundreds of billions of yen, though specific figures are still under negotiation.
By pursuing this MBO, the founding family aims to maintain current management and alleviate pressure to divest non-core assets. In recent years, Seven & i has faced shareholder demands to streamline its diverse portfolio, which includes supermarkets, specialty stores, and restaurant franchises. In October, the company announced plans to establish a holding company for 31 of its subsidiaries, with reports indicating that US private equity firms KKR and Bain Capital each submitted bids exceeding $5bn for the spinoff.
Bain is said to near $3bn deal for Mitsubishi pharma unit. ( Bloomberg)
Bain Capital is close to reaching an agreement to acquire Mitsubishi Chemical Group’s pharmaceutical unit.
The US-based private equity firm and Mitsubishi are finalizing the terms of a transaction that could be announced as soon as February 7. The deal could value Mitsubishi Tanabe Pharma at more than JPY500bn ($3.3bn).
Historically, Bain Capital has worked with Kirkland & Ellis, Goldman Sachs and Ropes & Gray, according to MergerLinks data.
KR, Gaw look to sell Tokyo Hyatt Regency for over $640m. ( Bloomberg)
KKR & Co. and Gaw Capital Partners are in discussions to sell the Hyatt Regency Tokyo to Japan Hotel REIT Investment for over JPY100bn ($640m).
The two investment firms acquired the hotel in Shinjuku for an estimated JPY60bn ($386m) less than two years ago. The potential sale highlights strong demand for Japanese hotels, driven by a tourism boom, a weak yen, and low borrowing costs.
Indonesian fund, Mitsui vie for $300m stake in toll operator RKE. ( Reuters)
Indonesia's sovereign wealth fund, the Indonesia Investment Authority, and Japan's Mitsui & Co are among the potential buyers for CVC Capital Partners' 25% stake in Indonesian toll road operator RKE International, which is valued at up to $300m.
Luxembourg-based investment firm CVC began the sale process for its stake in RKE International, also known as Road King Expressway International, late last year. The sale has drawn interest from a mix of financial investors and strategic companies.
India's Akasa Air to raise capital from investment offices of Azim Premji, Ranjan Pai. ( Press Release)
India's Akasa Air announced on February 6 that it is raising fresh capital from the investment offices of Wipro founder Azim Premji, Manipal Hospitals Chairman Ranjan Pai, and funds managed by wealth management firm 360 ONE.
The airline, one of India’s newest carriers, did not disclose financial terms of the investment. Additionally, the family of late Indian billionaire Rakesh Jhunjhunwala, a key backer of the low-cost carrier, will inject more capital into the airline.
Carlyle-owned Hexaware seeks $1bn in Trimmed India listing. ( Bloomberg)
Hexaware Technologies is preparing to launch its initial public offering next week after reducing the offering size, though it remains India’s first $1bn listing of the year.
The Carlyle Group-owned company is set to begin taking investor orders as it moves forward with the share sale.
Hitachi establishes its fourth corporate venture capital fund. ( Press Release)
Hitachi has announced the launch of its fourth corporate venture capital fund, aimed at identifying startups with disruptive potential and driving future growth opportunities.
The new fund, with a size of $400m, is Hitachi’s largest CVC fund to date. It will focus on strategic investments in startups specializing in digital technologies, including data centers, distributed energy systems, industrial AI, and the future of work. Additionally, it will target emerging fields such as biotechnology, quantum computing, nuclear fusion, life sciences, and space technologies.
GIC has announced that Mr. Bryan Yeo, currently Deputy Group Chief Investment Officer, will be appointed Group CIO effective April 1, 2025. In this role, he will oversee GIC’s total investment portfolio, succeeding Dr. Jeffrey Jaensubhakij, who will retire and transition to a GIC Advisor.
Mr. Yeo’s appointment reflects GIC’s commitment to strong leadership continuity. With extensive experience in investment management, he has played a key role in shaping GIC’s strategies. CEO Mr. Lim Chow Kiat expressed confidence in Mr. Yeo’s ability to bring fresh perspectives while ensuring stability in GIC’s long-term investment approach.
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