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AMERICAS
Rogers Communications, a Canadian communications and media company, completed the acquisition of Shaw Communications, a Canadian telecommunications company which provides telephone, Internet, television, and mobile services, for $15.5bn.
"This is a momentous day for our customers, who will benefit from the latest services and network technology, and for our teams, who have worked so hard to get us here. We're proud to bring together these two iconic companies to deliver more value, more connectivity, and more innovation for Canadians," Tony Staffieri, Rogers President and CEO.
Shaw Communications was advised by CIBC World Markets, TD Securities, Burnet Duckworth & Palmer (led by Grant A. Zawalsky), Davies Ward Phillips & Vineberg (led by Vincent A. Mercier and Brett Seifred), Dentons (led by William Jenkins and Bill Gilliland), and Wachtell Lipton Rosen & Katz (led by Adam Emmerich and Mark Stagliano). Financial advisors were advised by Osler Hoskin & Harcourt. Rogers Communications was advised by Bank of America, Barclays, Cravath Swaine & Moore (led by Erik Tavzel), Goodmans (led by Dale Lastman), and Torys (led by Richard Willoughby). Financial advisors were advised by Davis Polk & Wardwell, Latham & Watkins and McCarthy Tetrault (led by Richard Higa).
Glencore is still pursuing its $23bn proposal to buy Teck Resources and seeking talks with the Canadian company's management, undeterred by firm rejections from both Teck's board and controlling shareholder.
Glencore has proposed an ambitious multi-stage deal to acquire Teck for shares and then spin off both firms' coal businesses into a new company. The plan would give Glencore control of Teck's lucrative copper mines at a time when the world is bracing for a shortage, and allow it to get out of thermal coal — the most polluting fuel. The Canadian miner said it rejected an unsolicited $23bn proposal from Glencore and will forge ahead with an April 26 shareholder vote on separating its metals and coal divisions. If investors approve, the split is expected to happen by the end of May, with the base metals producer being renamed Teck Metals.
Teck Resources is advised by Ardea Partners, BMO Capital Markets, Barclays, Goldman Sachs, Origin Merchant Partners, Blake Cassels & Graydon, Paul Weiss Rifkind Wharton & Garrison, and Sullivan & Cromwell (led by Sergio J. Galvis and Lauren S. Boehmke).
TD Bank Group should abandon or renegotiate its $13.4bn acquisition of US lender First Horizon as the regional banking crisis has unearthed unknown risks, said some small shareholders, Reuters reported.
Regional lenders in the US face a crisis of confidence after the collapse of Silicon Valley Bank and Signature Bank last month. First Horizon shares are trading almost 30% below TD's offer price of $25 each, which points to the high risk to the deal closing. Since the acquisition was first announced, TD shares are down 11.1% vs 4.5% for the financials sector.
Riley Exploration Permian, a growth-oriented, independent oil and natural gas company, completed the acquisition of oil and gas assets from Pecos Oil & Gas, a privately owned oil and gas exploration and production company, for $330m.
"We're excited to add this prolific asset and new region to our portfolio. Our team has been highly selective in reviewing acquisition opportunities, and this is a deal that fits our criteria, as it brings over 100 high-quality drilling locations and provides immediate accretion to relevant financial metrics. This is an under-developed asset with extensive development potential, allowing for value creation potential through the drillbit. Our enhanced scale will improve our cost structure, will facilitate normalizing development cadence and may lead to oilfield service cost savings. Overall, we believe this transaction positions our Company to continue delivering strong financial performance and shareholder returns," Bobby Riley, Riley Permian CEO and Chairman.
Private equity firms Stone Point Capital and Mubadala completed the acquisition of a 20% stake in Truist Insurance, an insurance brokerage firm, from Truist, a financial services firm, for $1.95bn.
"This investment is a testament to the quality and success of Truist Insurance and our teammates. We look forward to continuing our longstanding relationship with Stone Point to grow our insurance business and further deepen our partnerships with clients and the communities we serve, while also preserving significant strategic and financial flexibility in the business," Bill Rogers, Truist Chairman and CEO.
Truist Insurance was advised by Cleary Gottlieb Steen & Hamilton (led by Mikhail Suvorov). Stone Point was advised by Simpson Thacher & Bartlett (led by Elizabeth Cooper). Truist was advised by Morgan Stanley, Truist Securities and Davis Polk & Wardwell (led by Margaret E. Tahyar).
General Atlantic, a global growth equity firm, completed the acquisition of Iron Park Capital, an investment manager. Financial terms were not disclosed.
“Over the past three years, the General Atlantic and Iron Park teams have worked together under a shared mission to partner with strong businesses and management teams, to provide capital solutions and to drive long-term value. Current economic conditions have shown how growth, even in high-quality companies, can be constrained by uncertainty in equity markets. As we recognize the formal integration of the GA Credit team, we believe we are well positioned to provide differentiated solutions as more companies seek experienced strategic partners who can help them grow throughout different economic lifecycles,” Bill Ford, General Atlantic Chairman and CEO.
Iron Park was advised by Houlihan Lokey and Kirkland & Ellis. General Atlantic was advised by JP Morgan, Jefferies & Company and Paul Weiss Rifkind Wharton & Garrison.
Providence Strategic Growth, a growth equity firm, completed the investment in Buxton, a software-based customer analytics platform. Financial terms were not disclosed.
“Since its inception nearly 30 years ago, Buxton has strived to build a reputation as a trusted innovator in analytics with market leaders across several different retail-related industries. We are excited to partner with Jim Swift and the Buxton team to build on that legacy and help drive long-term, sustainable growth in a market that we believe has significant tailwinds,” Tom Reardon, PSG Managing Director.
PSG was advised by Prosek Partners.
Greif, an industrial packaging products and services provider, completed the acquisition of an additional 71% stake in Centurion Container, an intermediate bulk container and plastic drum reconditioning company, for $145m.
"The Centurion joint venture has seen rapid growth since our initial investment in 2020. We are excited to take a majority stake in this business as it aligns with our strategy, is immediately margin-accretive and directly supports our third Build to Last mission of Protecting our Future through investments in the circular economy," Ole Rosgaard, Greif President and CEO.
Wall Street banks set to lose more than $1.3bn on Citrix buyout debt.
Wall Street banks are poised to realize at least $1.3bn in losses on the sale of ultra-risky debt tied to the leveraged buyout of cloud computing and virtualization technology company Citrix Systems, Bloomberg reported.
A group of banks including Goldman Sachs, Bank of America and Credit Suisse stands to lose at least $700m as they work to lure investors with steep discounts on another portion of the $15bn debt package. That sum would heap on top of more than $600m in losses realized by underwriters last year.
Brookfield is said to kick off sale of stake in US wind farm. (FS)
Brookfield Asset Management has begun efforts to sell a 50% stake in one of the world’s largest wind farms, Bloomberg reported.
The alternative-asset manager hired Bank of Montreal and Wells Fargo to gauge interest in a deal for the Shepherds Flat facility in Oregon. Deliberations began recently and may not lead to a sale.
US FTC orders Illumina to divest cancer detection test maker Grail.
The US Federal Trade Commission ordered biotechnology company Illumina to divest cancer diagnostic test maker Grail, finding that its ownership would stifle competition in the US market for cancer tests, Reuters reported.
Illumina said it would appeal the decision, and will seek expedited consideration from an appeals court. The company said the FTC order to unwind the deal would be automatically put on hold.
EMEA
European Union antitrust regulators warned that Orange and MasMovil's $20bn Spanish telecoms merger could reduce competition in Spain as they opened a full-scale investigation into the deal.
The case is seen as a test of whether the European Commission will continue to take a tough line on consolidation in the telecoms sector or eases its stance. Orange, the second largest telecoms provider in Spain, and fourth-ranked MasMovil announced the deal in July 2022, triggering expectations of more mergers in the sector.
MasMovil is advised by BNP Paribas, Bank of America, Evercore (led by Juan Pedro Perez Cozar), Goldman Sachs (led by Macario Prieto), PricewaterhouseCoopers, Santander, Freshfields Bruckhaus Deringer (led by Jose Armando Albarran), Perez Llorca, and Uria Menendez (led by Gabriel Nunez). Debt financing is provided by BNP Paribas. Orange is advised by Ernst & Young, Citigroup, JP Morgan (led by Ignacio de la Colina), Lazard (led by Vincent Le Stradic), Garrigues and Jones Day (led by Luis Riesgo).
Rathbones Group, a provider of personalised investment management and wealth management services, agreed to acquire Investec Wealth & Investment, an investment management company, from Investec, a banking and wealth management group, for $839m ($1.04bn).
"Bringing Rathbones together with Investec W&I UK will create the UK's leading discretionary wealth manager with approximately £100bn of funds under management and administration. This transaction not only presents a compelling strategic and financial rationale, but also accelerates Rathbones' growth strategy. Operating at scale allows the group to offer an even more attractive proposition to clients and colleagues, supporting future growth and creating significant value for Rathbones' shareholders," Clive Bannister, Rathbones Chairman.
Aware Super, a superannuation fund, completed the acquisition of a 22% stake in Get Living, a developer and operator of large scale BTR neighbourhoods, from Qatari Diar, a builder of landmark projects of unrivalled scope. Financial terms were not disclosed.
"As Australia's leading investor in the Build to Rent and affordable housing market, Aware Super is excited to partner with Get Living, a market-leading and award-winning BTR platform with a 5 Star GRESB rating for its existing assets. Together, we can build a solid foundation to ensure the UK's BTR housing market meets the growing demand," Alek Misev, Aware Super Senior Portfolio Manager.
Aware Super was advised by Savills and Hogan Lovells. DOOR was advised by Jones Day (led by Laura Pembridge). APG was advised by Simmons & Simmons (led by Jason Daniel). Qatari Diar was advised by Lazard and CMS.
GIC, an institutional investor, led a $129m Series E round in Quantexa, a decision intelligence solutions provider, with participation from Warburg Pincus, Dawn Capital, British Patient Capital, Evolution Equity Partners, HSBC, BNY Mellon, ABN AMRO, and AlbionVC.
"After closing our Series D investment round, Quantexa has been on a transformational journey, accelerating the growth of our global software business and firmly establishing our leadership position in the emerging Decision Intelligence category. In a challenging market we have doubled our ARR, our user base, and continue to penetrate new markets and industries. This infusion of capital will fuel further innovation, diversification, and expansion, and opens exciting options for our future," Vishal Marria, Quantexa CEO.
JAB-backed Pinnacle Pet, a pan-European pet insurance provider, agreed to acquire Animal Friends, a pet insurance provider, from Correlation One, a talent solutions technology company. Financial terms were not disclosed.
“This is an exciting new home for Animal Friends with the Pinnacle Pet Group. Our business has grown over the past five years and this acquisition is a natural next step, further solidifying our position as a leading pet insurance provider in the UK market. We’re really looking forward to working with JAB and PPG, driving change in the sector together and finding new ways to enhance the lives of pets and pet parents,” Westley Pearson, Animal Friends CEO.
Pinnacle Pet is advised by The One Nine Three Group (led by Zach Siegel).
HIG-backed Formerra, a distributor of engineered materials, completed the acquisition of Total Polymer Solutions, a distributor of polymer materials and technologies. Financial terms were not disclosed.
“Total Polymer Solutions will enable Formerra to strengthen its global healthcare distribution platform while building on both companies’ shared capabilities around rapid product development, innovation, and regulatory support. This acquisition enables us to better serve our global healthcare customers in Europe with streamlined supply chain management and faster go-to-market support, driving significant value for all stakeholders,” Cathy Dodd, Formerra CEO.
OpSec Security, an investment holding company, agreed to acquire Zacco, an intellectual property service provider. Financial terms were not disclosed.
“This is truly a defining moment for OpSec, from our origins as a provider of optical security to an IP and brand solutions business. It is just over three years since we expanded our offering to include online brand and content protection, and the acquisition of Zacco accelerates that momentum with the addition of a highly respected IP management business. I have been immensely impressed by how Mats and the team are transforming their model to pursue a new approach to IP. Their reputation in IP management is outstanding, with the Zacco patent practice particularly well established and offering significant further potential. This is the next step in an expansive strategy to bring together our full lifecycle solution for brand and IP optimization, monetization and protection,” Selva Selvaratnam, OpSec Security CEO.
The Original Factory Shop owner kicks off sale.
The owner of The Original Factory Shop, one of Britain's biggest independent discount retailers, is firing the starting gun on a sale process after more than 15 years, Sky News reported.
Duke Street, TOFS' owner since 2007, is working with advisers at Deloitte on discussions with prospective buyers. Several trade and financial investors have expressed an interest in the company, but the likely valuation is unclear.
IKEA's Russia factory sale does not have a buyback option.
Swedish furniture giant IKEA does not have an option to buy back its largest factory in Russia, the new owner said, closing a possible route back to the country should it wish to return one day, Reuters reported.
Russia looks to fleeing foreign firms to boost wartime budget.
The Kremlin is giving foreign companies a way out of Russia at a price, to help bolster the state budget amid surging wartime expenditure, Bloomberg reported.
Businesses seeking to sell their Russian assets now face a mandatory contribution to the budget even if they offload them for a symbolic sum or even zero. That’s because under the rules introduced last week a donation equal to at least 10% of the market value of a company must be paid if the seller offers it at a discount of 90% or more.
Shopping centre owner Hammerson under siege from biggest shareholder. (FS)
Hammerson, one of Britain's biggest shopping centre owners, is facing demands from its biggest shareholder to accelerate asset sales and resume dividend payments ahead of its annual meeting next month, Sky News reported.
Lighthouse, the investment vehicle of former Hammerson director Desmond de Beer, has tabled resolutions to appoint two new board members amid simmering discontent over its strategy.
London’s IPO slump far outpaces declines in New York, Europe.
London initial public offerings have slumped to a 14-year low, far outpacing declines seen in New York and in Europe, as the UK capital struggles to attract new listings and its shares trade at a steep discount to international peers, Bloomberg reported.
Just three tiny firms have listed in London this year, raising only about $14m combined, the lowest since at least 2009. In New York IPOs have fetched $3.5bn, the lowest amount since 2016, while in Europe $2.1bn has been raised, which is the least since 2020.
KKR closes sixth European private equity fund at $8bn. (FS)
KKR, a leading global investment firm, today announced the final closing of European Fund VI. At $8bn, it is KKR’s largest European private equity fund to date, following the $6.6bn fund in 2019, inclusive of the GP commitment. The new fund will be focused on private equity investments primarily in the developed economies of Western Europe.
“KKR has been investing in Europe for nearly twenty-five years and we believe the opportunity today has never been greater. We see enormous potential for transformational investment behind structural trends that are reshaping the European economy, including digitalization, healthcare and sustainability,” Philipp Freise, KKR European Private Equity Co-Head.
Deutsche Bank hires Credit Suisse’s Lim as Asia M&A Co-Head. (People)
Deutsche Bank hired Credit Suisse’s head of mergers and acquisitions for Southeast Asia, as rival banks pounce on top talent from the embattled Swiss lender, Bloomberg reported.
Lim Zi-Kuan will become the German bank’s co-head of M&A for Asia. Lim resigned from Credit Suisse recently and is expected to join Deutsche Bank in the next few months.
APAC
L'Oréal, a personal care company, agreed to acquire Aesop, a luxury cosmetics brand, from Natura &Co, a multi-brand cosmetics group, for $2.5bn.
"I am very excited to welcome Aesop and its teams to the L'Oréal Groupe family. Aesop is the epitome of avant-garde beauty, whose products are not only made with great care and exceptional attention to detail; they are a superb combination of urbanity, hedonism and undeniable luxury. Aesop taps into all of today's ascending currents and L'Oréal will contribute to unleash its massive growth potential, notably in China and Travel retail," Nicolas Hieronimus, L'Oréal CEO.
Natura &Co is advised by Bank of America, Morgan Stanley, Davis Polk & Wardwell and Brunswick Group.
Australia’s competition regulator said it was unconvinced a planned $3.3bn buyout by Australia and New Zealand Banking Group of a smaller rival would bring public benefits, in a blow to one of the year’s biggest deals, DealStreetAsia reported.
The Australian Competition and Consumer Commission said in a “statement of preliminary views” that ANZ had so far failed to prove it and the insurer whose banking unit it plans to buy, Suncorp Group, would both end up stronger.
Australian nickel miner Mincor Resources recommended its shareholders vote in favour of a $407m buyout bid from mining company Wyloo Metals.
A key attraction in Mincor is a nickel sulphide deposit it is developing in Western Australia that would raise Wyloo's exposure to the battery material and could feed a nickel sulphate plant it is considering building with miner IGO.
Mitsubishi UFJ Financial, a financial services group, and Sumitomo Mitsui Trust, an asset manager, completed a $400m investment in DMI Finance, a digital lender with products including consumption, personal and MSME loans.
"Powered by worldleading digital infrastructure, India is in the midst of an unprecedented transformation. DMI Finance aims to be the trusted partner for Indian households and small businesses in addressing their rapidly growing financial needs. We are delighted to welcome MUFG and SuMi TRUST Bank on this pioneering mission, on which we embarked in 2016, of providing credit in real time to our clients. We are grateful to them for this display of confidence in the ability of our team to deliver superior results, both for our clients and our investors," Shivashish Chatterjee, DMI Finance Co-Founder and Joint Managing Director.
DMI Finance was advised by Concept PR.
A consortium of investors including Legend Capital, Goldstone Investment, Ince Capital, Jade Stone Venture, Shang Qi Capital, Lifeng Investment, TCL Capital, China Fortune-Innovation Capital, Pujian Investment and Oriza, led a $340m Series C+ round in SJ Semiconductor, a provider of integrated circuit chips.
"The rapid development and penetration of digital technology and artificial intelligence has created a huge demand for high-performance smart terminals and computing power infrastructure. In the post-Moore era, the field of integrated circuit packaging ushered in Unprecedented opportunities for industrial upgrading and development, which will further promote multi-chip high-performance heterogeneous integration and miniaturization of hardware systems. After nearly ten years of development, Shenghe Jingwei has grown into a benchmark enterprise for silicon-level advanced packaging in China, and further develops advanced Three-dimensional system integration chip business. We are honored to be able to participate in the business of Shenghe Jingwei, and believe that the company will lead the development of China's high-end advanced packaging industry with its strength in the future and become a globally competitive enterprise," Ge Xinyu, Legend Capital Managing Director.
GIC-backed Indian spacetech startup Skyroot Aerospace eyes funding from Temasek. (FS)
Skyroot Aerospace, a five-year-old startup that recently made a bit of spacefaring history with the launch of India’s first privately built space rocket, is in advanced talks to raise funding from Singapore state investor Temasek, DealStreetAsia reported.
While the exact deal size could not be ascertained, it could be a significant double-digit figure.
Indonesia's Harita Nickel sets IPO to raise $670m.
Indonesian nickel company Trimegah Bangun Persada, also known as Harita Nickel, has set its initial public offering price at $0.08 a piece to raise $670m in proceeds.
The company will sell 12.67% of its stake in the IPO set for April 5-10, DealStreetAsia reported.
Yibin City Commercial Bank considers $300m Hong Kong IPO.
Yibin City Commercial Bank is considering a Hong Kong initial public offering that could raise about $200m to $300m, Bloomberg reported.
The Chinese lender is working with CCB International and ICBC International to prepare for the first-time share sale, which could take place as soon as this year.
Vertex Ventures finalises close of its SE Asia & India Fund V at nearly $450m. (FS)
Temasek-backed Vertex Ventures has finalised the close of its fifth Southeast Asia & India fund at nearly $450m, DealStreetAsia reported.
Vertex Ventures Southeast Asia and India invests in high-growth start-ups seeking their first round of institutional venture capital funding.
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