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AMERICAS
Glencore, multinational commodity trading and mining company, Nippon Steel, Japan's largest steelmaker, and POSCO, a South Korean steel manufacturer, completed the acquisition of the steelmaking coal business of Teck Resources, a diversified natural resources company, for $9bn. Glencore acquired a 77%, Nippon Steel 20% and POSCO 3% stake.
"We are pleased to have reached agreement to acquire Teck's steelmaking coal operations in the Elk Valley. These world-class assets and the experienced people that operate them are expected to meaningfully complement our existing thermal and steelmaking coal production located in Australia, Colombia and South Africa. Glencore has high regard for the business that has been developed over many decades in British Columbia and looks forward to maintaining and enhancing its operational performance, environmental stewardship and social contribution," Gary Nagle, Glencore CEO.
Glencore was advised by Citigroup, Morgan Stanley, Linklaters (led by Ian Hunter) and McCarthy Tetrault (led by Roger Taplin and Adam Taylor). Teck Resources was advised by Ardea Partners, BMO Capital Markets, Barclays (led by Paul Knight), CIBC World Markets, Goldman Sachs (led by Dan Korich), Origin Merchant Partners, TD Securities, Blake Cassels & Graydon, Felesky Flynn, Paul Weiss Rifkind Wharton & Garrison (led by Adam Givertz, Christopher Cummings and Ian Hazlett), Stikeman Elliott (led by Sean Vanderpol and Jonah Mann), Sullivan & Cromwell (led by Sergio J. Galvis and Lauren S. Boehmke), Brunswick Group and Joele Frank (led by Andrew B. Siegel).
Platinum Equity, a private equity firm, agreed to acquire Héroux-Devtek, a manufacturer of aerospace products, from CDPQ, an institutional investor, for CAD1.35bn ($990m).
"We believe the company's engineering prowess and emphasis on R&D have contributed to its success as a service-oriented supplier that delivers for its customers. Platinum Equity values Héroux-Devtek's commitment to customer service excellence and we are excited to partner with the company's management team in the next phase of its growth journey," Louis Samson, Platinum Equity Co-President.
Héroux-Devtek is advised by Desjardins, National Bank Financial, Scotiabank, Fasken, Hogan Lovells and Mercure Conseil (led by Hugo Delorme). Platinum Equity is advised by BMO Capital Markets, Latham & Watkins (led by David Brown and Victoria VanStekelenburg) and Stikeman Elliott.
Charlesbank Capital Partners, a middle-market private investment firm, agreed to invest in Aprio, a business advisory and accounting firm. Financial terms were not disclosed.
"As our profession continues to rapidly evolve, our partnership with Charlesbank is an important leap forward in our ability to bring state-of-the-art solutions to top business leaders, while making investments that will benefit our team, clients, and communities. We are building the business advisory firm of the future, and Charlesbank shares our vision and commitment," Richard Kopelman, Aprio CEO.
Aprio is advised by Falcon Capital, DLA Piper, Foley & Lardner and Vedder Price. Charlesbank is advised by Guggenheim Partners, NewGate Law, Ropes & Gray, Simpson Thacher & Bartlett (led by Marni Lerner and Ben Schaye) and Prosek Partners (led by Ryan Fitzgibbon).
Outdoor sports and recreation products designer, manufacturer, and marketer Vista Outdoor investor TIG Advisors is planning to vote against the company's deal to sell its ammunition business and will support a separate takeover bid from MNC Capital, Bloomberg reported.
TIG said that MNC's $3.2bn all-cash bid for the entire company "appears to be a better alternative" than selling the Kinetic Group unit to Czechoslovak Group for $2.1bn, a transaction that raised national security concerns about a sale to the Czech arms conglomerate.
Top US independent oil producer ConocoPhillips said it received a second request from the US Federal Trade Commission for information on its proposed acquisition of rival Marathon Oil, Reuters reported.
ConocoPhillips said both companies received the requests on July 11 and are working with the FTC to review the merger.
Merck, a pharmaceutical company, completed the acquisition of Eyebiotech, a privately held ophthalmology-focused biotechnology company, for $3bn.
"The EyeBio acquisition further diversifies our late-stage pipeline with the addition of a promising candidate based on novel biology and genetics for the treatment of certain retinal diseases. We are excited to welcome the EyeBio team and look forward to working together to advance Restoret for the patients that need it," Dean Y. Li, Merck President of Research Laboratories.
Nut Tree Capital and Caspian Capital, two hedge funds, agreed to acquire Martin Midstream Partners, an energy firm, for $156m.
"We believe our premium, all cash proposal would bring compelling and immediate value to unitholders of MMLP significantly in excess of MRMC's concerning and clearly conflicted offer. Notwithstanding our multiple attempts, the Conflicts Committee has thus far refused to meet with us regarding the merits of our proposal except to inform us that it would not engage with us unless the General Partner were to support our proposal, a step that we view as highly irregular given the interconnected relationships between MRMC, the General Partner, and MMLP," Jed Nussbaum, Nut Tree Chief Investment Officer and David Corleto, Caspian Partner.
Nut Tree and Caspian are advised by Latham & Watkins, Olshan Frome Wolosky and Gasthalter & Co (led by Jonathan Gasthalter).
Suzano, a pulp producer, agreed to acquire two US industrial facilities from Pactiv Evergreen, a manufacturer and distributor of food packaging and foodservice products, for $110m.
"This acquisition is in line with our strategy. We are entering the North American market as a competitive producer of paperboard, taking on quality assets that are strategically well-located from an operational and logistical perspective, and opening new opportunities for growth. As a business with 100 years of history behind us, we see this deal as an investment into our future and we look forward to building a long-lasting and positive relationship with the teams at Pine Bluff and Waynesville, as well as the local communities around both facilities," Fabio Almeida, Suzano Executive Vice President of Paper and Packaging.
Suzano is advised by Hawthorn Advisors.
Main Capital, a software investor, completed the acquisition of Flexagon, a provider of DevOps software for complex enterprise technology environments. Financial terms were not disclosed.
"We are excited to partner with Flexagon to support the expected next phase of profitable growth. We are impressed by Flexagon's innovative solutions, the ability to provide for multiple software ecosystems, and strong positioning within the enterprise market. We look forward to working together with the management team to expand the product offering and value proposition for customers through organic initiatives and strategic acquisitions," Daan Visscher, Main Capital Investment Director & Co-head North America.
Flexagon was advised by Corum Group.
insightsoftware, a provider of solutions for the office of the CFO, completed the acquisition of LeaseAccelerator, a provider of automated solutions for lease accounting, real estate lease administration, competitive lease sourcing, and lease lifecycle management. Financial terms were not disclosed.
"This acquisition not only expands our offerings but signifies our commitment to this segment. By integrating LeaseAccelerator into our portfolio, we solidify our position as one of the most comprehensive solution providers for the Office of the CFO. LeaseAccelerator provides solutions with extensive capabilities in lease accounting and real estate lease administration, empowering organisations to streamline asset and real estate leasing processes for sustainable ROI. With a unified lifecycle approach for effective and compliant lease management, the LeaseAccelerator platform frees financial teams to focus on high-value tasks while doing more with fewer resources," Monica Boydston, insightsoftware General Manager, Controllership.
insightsoftware was advised by InkHouse.
Relativity Acquisition, a special purpose acquisition company, agreed to acquire Mazaii, a distributor of online casino games and betting solutions, for $500m.
"The iGaming industry is experiencing rapid growth, with increasing acceptance and legalisation in various regions. Growing consumer demand, driven by the increasing penetration of smartphones and internet access, further fuels this expansion. The Mazaii international platform provides a significant opportunity for scalability and revenue growth. This transaction will enhance Mazaii's competitive advantage and market positioning," Tarek Tabsh, Relativity Acquisition CEO and Chairman.
The Pennant Group, a healthcare services provider, agreed to acquire certain assets from Signature Healthcare at Home, a provider of home health and hospice services, for $80m.
"This is a significant acquisition in Pennant's history. We are excited to make this investment because of the quality of Signature's people and operations. Its locations, its philosophy, and its culture are a perfect complement to our existing operations in the Pacific Northwest. A key tenet of Pennant's disciplined growth strategy is that we make acquisitions from a foundation of strength, where we have solid existing leaders and well-performing operations. This deal is a great example of that, and it will provide opportunities for current and future operators within the Signature footprint to become C-level leaders in Pennant," Brent Guerisoli, Pennant CEO.
Bowman, an engineering services firm delivering infrastructure design solutions, completed the acquisition of Element Engineering, a civil, water and wastewater engineering services firm. Financial terms were not disclosed.
"Element adds additional depth to our growing national water-wastewater practice and extends our presence throughout Colorado. Nick and his team have built a thriving business by focusing on the details of building relationships and delivering unrivaled client service. Their proximity to our Denver operations provides an attractive opportunity to leverage each other's relationships and resources. I am confident this will be a successful combination of cultures, customers and opportunities," Gary Bowman, Bowman Chairman and CEO.
Rio Tinto is considering an offer for Canadian miner Teck Resources.
Rio Tinto, a British-Australian multinational company that is the world's second largest metals and mining corporation, is said to have held talks with bankers to wargame a potential $32bn offer for the Canadian miner Teck Resources, SkyNews reported.
Rio has reportedly drawn up detailed proposals for a potential bid for Teck which included approaching banks about financing a deal. It is unclear whether Rio would ultimately choose to make a formal approach to Teck.
Lundin approached BHP about joint bid for Filo.
Lundin Mining, a diversified Canadian base metals mining company, approached BHP Group about making a joint bid for copper miner Filo, Bloomberg reported, in a move that could solve fundraising needs for a neighboring project it wants to build.
Lundin has held preliminary discussions with BHP about teaming up on a possible deal for Filo. Shares of Filo jumped as much as 12% on the news, before giving back some gains. The company has a market value of about CAD3.7bn ($2.7bn).
Blackstone selling $2bn of CMBS to help fund AIR acquisition. (FS)
The $2bn offering, which is being structured by Wells Fargo and will have floating interest rates, is backed by a portfolio of 19 apartment properties.
R.R. Donnelley eyes $2.3bn debt sale tied to Vericast deal.
R.R. Donnelley's debt offering is set to include a $800m leveraged loan and a $1.5bn bond.
Franchise Group investors sue ex-CEO, B. Riley over buyout deal.
Kahn and his allies are accused in the suit of using their control of the company to wrongfully push through a $30-per-share buyout in 2023. The firm's brands include Vitamin Shoppe and Sylvan Learning.
Smithfield said to pick banks for $1bn IPO.
Smithfield Foods, the maker of Farmland bacon and Farmer John sausages, picked banks to arrange a US initial public offering that may seek to raise at least $1bn, Bloomberg reported.
The company is working with Bank of America, Goldman Sachs and Morgan Stanley on the planned listing. It could carry out an IPO as soon as this year.
StubHub puts off US IPO until after summer.
StubHub, an American ticket exchange and resale company, is postponing the planned launch of its US initial public offering until after the summer at the earliest, citing unfavorable market conditions, Bloomberg reported.
The operator of ticketing resale platforms StubHub and Viagogo was set to make its IPO filing public as soon as Friday. The company will now have to submit fresh financial information to the US Securities and Exchange Commission.
Jefferies hires Goldman's Stefani Silverstein for technology M&A. (People)
Jefferies Financial Group hired Goldman Sachs' Stefani Silverstein as a managing director focused on technology mergers and acquisitions, Bloomberg reported.
New York-based Silverstein is set to join Jefferies after a period of gardening leave.
EMEA
US grains merchant Bunge and Glencore-backed Viterra have offered to divest assets in two EU countries aimed at winning EU antitrust approval for their $18bn merger, Reuters reported.
The companies submitted their concessions to the European Commission on July 11.
Global Yatırım, a holding company, offered to acquire the remaining 41% stake in Global Ports, the world's largest cruise port operator, for $127m.
GIH believes that as an infrastructure group, GPH should be able to freely execute growth strategies and have access to flexible long-term financing to remain competitive. Private ownership would therefore enable GPH to better execute its strategy of continuing to expand and develop its cruise port portfolio globally, without the distraction, challenges and costs associated with the requirements of being a publicly listed company.
Global Ports is advised by Berenberg (led by Miles Cox), Shore Capital & Corporate (led by Patrick Castle) and Hogan Lovells. Global Yatırım is advised by Citigroup (led by Sian Evans and Kayihan Kopmaz), Morgan Stanley and White & Case.
Hines, a privately held company that invests in and develops real estate, offered to acquire Lar España, a real estate company, for €1.15bn ($1.25bn).
The opportunity for HEREP III and Grupo Lar to partner on the acquisition of a high quality asset in Spain, benefiting from both HEREP III's financial capacity and longstanding track record in Real Estate investment and asset management, specifically in the Spanish real estate market where it has been present and operating since 1996, coupled with Grupo Lar's more than 50 years of experience in the sector and deep knowledge of the asset.
Hines is advised by AZ Capital, Morgan Stanley, Freshfields Bruckhaus Deringer and Garrigues.
BLS International, a global tech-enabled service partner for governments and citizens, completed the acquisition of iDATA, a visa service provider, for €80m ($87m).
"We are delighted to announce the completion of the iDATA acquisition, a pivotal point in BLS' growth journey and a testament to our strategic vision of leading global visa and consular services. iDATA, with 15 years of specialised experience, has built strong relationships with client governments. This acquisition enables BLS to expand relationships in Europe, enhance visibility, and consolidate market share. We expect positive financial impacts and improved margins from combined synergies. We thank both teams for addressing regulatory requirements and welcome iDATA employees to new opportunities," Shikhar Aggarwal, BLS International Joint Managing Director.
BLS was advised by Lagrange Point Advisors, PricewaterhouseCoopers, BASEAK and Dentons Link Legal.
Vitol, a Swiss-based Dutch multinational energy and commodity trading company, offered to acquire the remaining 54% stake in Saras, an Italian energy multinational corporation with operations in petroleum refining, marketing, transportation and power generation, for €830m ($900m).
The transaction follows Vitol's acquisition of a 35% stake in Saras from the Moratti family.
Foxconn Interconnect Technologies, an electronic connector manufacturing company, agreed to acquire Auto-Kabel Group, an engine parts manufacturer. Financial terms were not disclosed.
"This acquisition marks an important milestone in our journey to become a leading provider of intelligent energy distribution systems, electrification, sensor, and connectivity solutions for the mobility industry," Ulrich Eichler, Voltaira Group CEO.
Nordic Capital, a sector-specialist private equity investor, agreed to acquire a majority stake in Sensio, a provider in smart monitoring technology for elderly and social care settings in the Nordics, from Longship, a Norwegian private equity firm. Financial terms were not disclosed.
"We are on a mission to help transform the care sector and enable a new way of working through the use of our technology. Partnering with Nordic Capital for our next growth phase will enable us to strengthen our value proposition and extend our offering to more markets and people across Europe. We are equally delighted that Longship will continue to be part of our journey," Torbjørn Aamodt, Sensio CEO.
Nordic Capital is advised by Carnegie Investment Bank.
SoftBank, a Japanese multinational investment holding company, completed the acquisition of Graphcore, a British semiconductor company. Financial terms were not disclosed.
"This is a tremendous endorsement of our team and their ability to build truly transformative AI technologies at scale, as well as a great outcome for our company. Demand for AI compute is vast and continues to grow. There remains much to do to improve efficiency, resilience, and computational power to unlock the full potential of AI. In SoftBank, we have a partner that can enable the Graphcore team to redefine the landscape for AI technology," Nigel Toon, Graphcore CEO.
Nautic Partners-backed Vallen Distribution, a company specialised in optimised indirect industrial supply chain solutions, completed the acquisition of Eastland Engineering Supply, a managed service provider, from MML Growth Capital Partners Ireland, a private equity firm. Financial terms were not disclosed.
"EES is an outstanding supply chain service provider, and we are excited about the opportunity ahead for our combined company. This transaction further expands our operations in Europe and enables us to continue delivering premier solutions and innovations for our customers' indirect spend and opens new opportunities for growth across several industries," Chuck Delph, Vallen CEO.
PIF, Saudi Arabia's sovereign wealth fund, and the Reuben brothers agreed to acquire the remaining 6% stake in Newcastle United, a professional association football club based in Newcastle upon Tyne, Tyne and Wear, from PCP Capital Partners, an investment service in London. Financial terms were not disclosed.
"Amanda and Mehrdad will forever have our tremendous thanks and well-wishes as they move on to focus on their other business interests. We have achieved so much together since 2021, including achieving Champions League football in our first full season as stewards of this incredible club. The ownership group, together with CEO Darren Eales and the club's executive team, will continue to build on these foundations for long-term, sustainable success for the team and our amazing fans, and we are excited about the future prospects for Newcastle United," Yasir Al-Rumayyan, Newcastle United Chairman.
Banks plan a €6bn debt financing for Sanofi consumer sale.
Banks including Goldman Sachs and Morgan Stanley are lining up more than €6bn ($6.5bn) of debt financing for would-be buyers of Sanofi's consumer health division, Bloomberg reported.
The staple financing, pre-arranged funding offered to potential bidders for an acquisition, underscores banks' appetite to finance leveraged buyouts.
Cinven's €3bn Viridium sale draws Athora, Resolution Life. (FS)
Cinven-backed German life insurance consolidator firm Viridium Group is attracting early interest from suitors including Apollo Global Management's affiliate Athora and Blackstone-backed Resolution Life, Bloomberg reported.
The asset is also poised to attract investment firm Sixth Street. A deal could value Viridium at more than €3bn ($3.3bn).
Springer and KKR considering split of German media giant. (FS)
German media giant Axel Springer, which owns Germany's popular Bild tabloid and political news company Politico, is considering a split of the company together with private equity group KKR, Reuters reported.
The plan would see KKR gain control of Springer's classifieds business, while CEO Mathias Doepfner would take control of the media business together with the founder's widow, Friede Springer.
SNP weighs sale amid takeover interest.
SNP Schneider-Neureither & Partner and its controlling shareholder are exploring a potential sale after the German software provider received initial takeover interest, Bloomberg reported.
The company and Wolfgang Marguerre, the billionaire who owns almost 64%, are working with boutique advisory firm Parkview Partners to gauge interest from potential buyers. SNP could attract private equity firms such as Apax Partners and Bridgepoint Group, as well as IT services firms like Accenture and IBM.
CVC prepares French football loan as clubs weigh media deal. (FS)
Private equity firm CVC Capital Partners is working to arrange a loan to help French football teams meet their financial obligations in the event they decide to reject a multibillion-euro broadcasting deal, Bloomberg reported.
Owners of clubs in Ligue 1, France's top professional football league, will vote Friday on whether to sign up for a broadcasting deal with billionaire Len Blavatnik's streaming group Dazn Group.
Canal+ is said to explore a London listing.
Media conglomerate Vivendi's Canal+ is exploring a potential listing on the London Stock Exchange, Bloomberg reported.
The French company, controlled by billionaire Vincent Bolloré, is working with advisers including BNP Paribas to work on the spinoff of the broadcaster. A listing could take place as soon as the end of this year. The spinoff comes as Vivendi is looking to speed up its long-awaited breakup plan which has been in the works since last year.
HUTURE, a hydrogen fuel cell powered vehicles manufacturer, agreed to go public via a SPAC merger with Aquaron Acquisition, a blank check company, in a $1bn deal.
"We are excited to announce this important milestone for HUTURE. This transaction will enable us to accelerate our growth strategy, expand our market presence, and enhance our ability to deliver comprehensive solutions to customers in the hydrogen-powered vehicle market. With our core expertise in research and development, manufacturing, and sales of hydrogen- powered vehicles, we are well positioned to capitalise on the growing demand for environmentally-friendly transportation solutions. We look forward to working closely with our new partners and investors to achieve our long-term goals," Weishan Chen, HUTURE Founder and Chairman.
HUTURE is advised by Commerce & Finance Law Offices, Ogier and Pillsbury Winthrop Shaw Pittman. Aquaron Acquisition is advised by Arbor Lake Capital, Jingtian & Gongcheng and Wilson Sonsini Goodrich & Rosati.
TA Associates, a private equity firm, completed a $400m investment in Vastu Housing Finance, a housing finance company.
"We are excited to have TA on board as a valued, long-term partner. Vastu has made great progress over the last few years towards its vision of becoming a large, respected and institutional retail lending franchise. We are confident that our association with TA will further accelerate our growth journey," Sandeep Menon, Vastu CEO and Founder.
Qingdao Port, a company which mainly provides port related services, agreed to acquire oil terminal assets, including Rizhao Port Oil Terminal, a 50% stake in Rizhao Shihua Crude Oil Terminal, a 53.9% stake in Shandong United Energy Pipeline Transportation and a 51% stake in Shandong Gangyuan Pipeline Logistics for $1.3bn.
The company will pay $663m by issuing around 697.3m class A shares, and $638m will be paid in cash. The transaction is subject to shareholder approval as per the Hong Kong listing rules.
GIP, Stonepeak among bidders for Singapore Power's 40% stake in Jemena. (FS)
Global Infrastructure Partners and Stonepeak are among the bidders for Singapore Power's 40% stake in Jemena in a potential deal that could value the Australian energy group at over $10bn, Reuters reported.
The infrastructure investors were among the parties that submitted first-round bids which were due in June. A second round of bids was expected to be held this month or in August. A deal could be completed by the fourth quarter of this year if negotiations go well.
Equinix mulls minority stake sale in Hong Kong assets.
Global data centre operator Equinix is considering a sale of a minority stake in its Hong Kong facilities, valuing the assets at around $2bn, Reuters reported.
Equinix has hired Citigroup to run the sale. The California-headquartered company could sell 25% in its Hong Kong data centres.
China Merchants Capital and KKR are considering bids for Loscam. (FS)
Chinese alternative investment firm China Merchants Capital and private equity funds including KKR & Co are among firms considering bids for pallet maker Loscam Asia Pacific, Bloomberg reported.
The investment arm of China Merchants Group and KKR have each been evaluating the business ahead of potential non-binding offers. A sale of Loscam, whose owners include China Merchants Group, Trustar Capital and FountainVest Partners, could fetch $2bn to $2.5bn.
Philippine water company plans 2025 IPO.
Maynilad Water Services, the water and wastewater services provider of cities and municipalities that form the West Zone of the Greater Manila Area in the Philippines, is planning a maiden share sale as early as next year, after the company this month raised PHP15bn ($257m) from a public offer of blue bonds, Bloomberg reported.
"This bond issuance lays the groundwork for our future IPO," Ramoncito Fernandez, Maynilad President and CEO.
The water provider to half of the Philippine capital region plans to spend up to PHP30bn ($514m) for projects this year and PHP40bn ($856m) in 2025.
Biokin Pharma filed for a $500m Hong Kong IPO.
Biokin Pharmaceutical, a modern bio-pharmaceutical company that integrates R&D, manufacturing and marketing of chemical drugs and biologics, filed to raise $500m via a Hong Kong listing.
The drugmaker, which is already listed in Shanghai hired Goldman Sachs, JP Morgan and Citic Securities as joint sponsors for the share sale.
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