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AMERICAS
Glencore, multinational commodity trading and mining company, Nippon Steel and POSCO, a steel production companies, agreed to acquire the steelmaking coal business of Teck Resources, a diversified natural resources company, for $9bn. Glencore agreed to acquire 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.
Teck Resources is advised by Ardea Partners, BMO Capital Markets, Barclays, Goldman Sachs, Origin Merchant Partners, Blake Cassels & Graydon, Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz), Stikeman Elliott, Sullivan & Cromwell, TD Securities, CIBC World Markets, and Felesky Flynn. Glencore is advised by Citigroup.
Adobe's $20bn bid for cloud-based designer platform Figma is set to face an EU antitrust warning in the coming days, a move that would ratchet up pressure on the Photoshop maker to offer remedies, Reuters reported.
Tech deals around the world have recently attracted tougher antitrust regulatory scrutiny amid fears that some bigger companies may be acquiring rival start-ups to shut them down or boost their market power. The European Commission is readying a statement of objections to send to the companies in the coming days. Such documents or charge sheets set out the EU competition watchdog's concerns on why deals could be anti-competitive. The EU agency opened a full-scale investigation into Adobe's proposed acquisition in August, saying that it could reduce competition in global markets for interactive product design tools and also shut out rivals.
Figma is advised by Qatalyst Partners (led by George Boutros), Cleary Gottlieb Steen & Hamilton, Fenwick & West (led by Ran Ben-Tzur, Kris S. Withrow, Michael Esquivel, Jennifer Hitchcock, Thomas Kang, and Stephen Fisher). Adobe is advised by Allen & Company, Skadden Arps Slate Meagher & Flom (led by Steven Sunshine), Wachtell Lipton Rosen & Katz (led by Jacob A. Kling and Edward D. Herlihy), and FGS Global (led by John Christiansen). Allen & Company is advised by White & Case (led by Robert Nakhyun Chung).
Wonder Group, a food delivery startup that operates truck-based restaurants from which consumers can order food through a mobile app, completed the acquisition of Blue Apron, an ingredient-and-recipe meal kit company, for $103m.
“By joining forces with Wonder, we continue to realize our vision of Better Living Through Better Food, and support how families and loved ones come together over food. Wonder and Blue Apron deliver high-quality, chef-curated meals, making this a great match to offer more incredible mealtime experiences. The Blue Apron brand and products that our customers know and love will stay the same, with more opportunity for product expansion in the future. Further, the transaction delivers immediate and certain value for Blue Apron stockholders at a significant premium over recent trading prices," Linda Findley, Blue Apron President and CEO.
F9 Investments, a private equity firm, offered to acquire the remaining 91.2% stake in LL Flooring, an offeror of products including hardwood flooring, laminate, bamboo, vinyl plank, installation products, porcelain tile, cork and hardwood flooring enhancements and accessories, for $84m.
"We believe our offer represents a compelling, immediate, and certain cash value for LL's shareholders, in light of the Company's deteriorating financial condition and declining stock price, which in our view reflects the market's lack of confidence in the current Board's strategy. LL Flooring's most recent, dismal third-quarter earnings performance further reflects the Board and management's lack of urgency, credible plan, execution ability, or capacity to control costs despite numerous pledges to do so," Thomas Sullivan, F9 Owner.
First Financial Corporation, a consumer lending company, agreed to acquire SimplyBank, a privately-owned community bank, for $73m.
“This acquisition is exciting for our company. SimplyBank provides us with an opportunity to deepen our commitment to the Tennessee market while expanding into attractive new MSAs. We look forward to continuing SimplyBank’s commitment to its customers and the communities it serves,” Norman L. Lowery, First Financial Corporation President and CEO.
First Financial Corporation is advised by Raymond James and Amundsen Davis. SimplyBank is advised by Piper Sandler and Frost Brown Todd.
Selecta Biosciences, a clinical stage biotechnology company, completed the merger with Cartesian Therapeutics, a fully integrated, clinical-stage biopharmaceutical company. Financial terms were not disclosed.
“RNA cell therapy has the potential to overcome the challenges of using conventional, costly DNA-engineered cell therapies to treat autoimmune diseases, including their toxicity and the need for preconditioning chemotherapy. With a shared vision of bringing meaningful therapeutic options to patients with autoimmune diseases, we are confident that our novel approach can thrive under Carsten’s leadership,” Murat Kalayoglu, Cartesian Therapeutics Co-Founder and former CEO.
Cartesian Therapeutics was advised by Foley Hoag. Selecta Biosciences was advised by Leerink Partners, Covington & Burling and Argot Partners (led by Melissa Forst and David Rosen).
P10-backed Bonaccord Capital Partners, a private equity firm, completed the acquisition of a minority stake in Kayne Anderson, an alternative investment firm. Financial terms were not disclosed.
"Kayne Anderson Private Credit has built a first-class private credit platform led by an exceptional management and investment team that has consistently generated stable, strong returns on behalf of its investors. We are excited to be Kayne Anderson Private Credit's partner of choice and look forward to supporting the Firm's ongoing success," Ajay Chitkara, Bonaccord Capital Partners Managing Partner.
Bonaccord Capital Partners was advised by Fried Frank Harris Shriver & Jacobson. Kayne Anderson was advised by Moelis & Co and Kirkland & Ellis.
Kayne Anderson Energy Infrastructure Fund, a investment fund, completed the merger with Kayne Anderson NextGen Energy & Infrastructure. Financial terms were not disclosed.
“We are pleased to announce this combination. This Merger is about positioning for the future and capitalizing on long-term tailwinds in the energy infrastructure sector. KYN’s investment objective and focus remain unchanged following completion of the Merger. We will continue to thoughtfully invest in the North American energy infrastructure sector, and stockholders of the combined entity will have exposure to the largest macro trends in the energy industry – energy security and the energy transition,” Jim Baker, President, KYN and KMF CEO and Chairman.
Process Sensing Technologies, a measurement instrumentation and monitoring systems provider, completed the acquisition of Fluid Components International, a thermal mass flow meters and switches manufacturer. Financial terms were not disclosed.
“Acquiring FCI is a pivotal move for PST into the flow measurement domain. Their impressive organisation and unique flow measurement technology will amplify our reach to both the new and existing customers. We are excited to have Randy and the FCI team join PST,” Adam Markin, Process Sensing Technologies CEO.
Norges Bank Investment Management, the asset management unit of the Norwegian central bank, agreed to acquire a 45% stake in Kendall Square life sciences properties from Boston Properties, an integrated, self-administered and self-managed real estate investment trust, for $746m.
"We are delighted to deepen our longstanding partnership with Norges Bank Investment Management. Their meaningful investment in BXP's newest life sciences development in the heart of Kendall Square demonstrates the value placed by investors on well located, well leased premier workplaces with strong stewardship," Owen Thomas, Boston Properties Chairman & CEO.
DHS Ventures & Holdings, a private equity firm, agreed to acquire Carolco Enterprises, an American independent film studio, from AXIS Capital, an investment company. Financial terms were not disclosed.
“We are thrilled to have acquired Carolco Enterprises which is such a part of Americana and a legacy aspects of motion pictures in the U.S., such a standard in quality of film and movies,” Fernando Aguirre, DHS Ventures & Holdings Vice Chairman.
Dye & Durham taps Goldman and Canaccord for possible payments unit sale.
Canadian legal software provider Dye & Durham has hired Goldman Sachs and Canaccord Genuity to advise it on a potential sale of non-core assets, including its financial services division, Bloomberg reported.
The Toronto-based company had been on an acquisition spree for several years, but has faced growing investor concerns about its leverage and pledged during a September analyst call to get it under control. The stock suffered a bruising 19% loss that day after it reported a larger-than-expected quarterly loss, which it attributed largely to higher debt financing costs.
Bain Capital is exploring a sale or initial public offering of Varsity Brands. (FS)
Bain Capital is exploring a sale or initial public offering of Varsity Brands that could value the US maker of sports uniforms and school yearbooks at more than $6bn, including debt.
Bain has been interviewing investment banks to hire financial advisers that will help the private equity firm come up with a plan to cash out on its majority stake in Varsity Brands.
Collective Global-VC firm co-owned by California Pensions debuts with $1bn. (FS)
Collective Global, an investment firm co-owned by California pensions, is launching with more than $1bn of committed assets under management and a goal of broadening the plans’ exposure to venture capital.
The firm, led by Co-Chief Executive Officers Daniel Adamson and Sheel Tyle, will take stakes in VC firms and early-stage startups. It will also make opportunistic wagers that could include secondaries and co-investments, Bloomberg reported.
RBC’s city national names new CFO as management shakeup continues. (People)
City National Bank said Chris Doll will succeed John Bai as its CFO, the third new leader in recent weeks after the lender’s parent Royal Bank of Canada injected capital into the division to clean up its balance sheet, Bloomberg reported.
Doll, who starts on November 27, joins from Fifth Third Bancorp, where he was most recently a senior vice president and served as head of investor relations. Bai, who spent close to a decade in roles with Royal Bank and City National, will leave the unit at the end of the calendar year to support the transition.
Credit Suisse veteran David Wah will Join PJT as a Partner. (People)
David Wah, the veteran Credit Suisse banker who left the bank in the wake of its takeover by rival UBS Group this year, is joining PJT Partners, Bloomberg reported.
Wah will be a partner and start in December to help manage PJT’s relationships with technology companies. He’ll be based in San Francisco. Wah, a 30-year veteran of Credit Suisse, most recently worked as global head of investment banking within its investment banking and capital markets division.
CoVenture appoints MD in hybrid capital team. (FS, People)
CoVenture, an alternative asset management firm focused on direct credit opportunities and credit-oriented investments in early and late-stage companies, has appointed Graham Kohan as a Managing Director in the firm’ hybrid capital team.
Kohan joins CoVenture from Golub Capital, where he served as a Principal in the firm’s Credit Opportunities Group.
ArcLight appoints Senior Advisor. (FS, People)
ArcLight Capital Partners, has appointed Andrew L Ott, former President and CEO of PJM Interconnection, as a Senior Advisor to focus on new investment opportunities in the power, infrastructure, and energy transition sectors.
Ott is Head of Technical and Partner Operations at X, The Moonshot Factory’s Tapestry project, which is focused on speeding the transition to a carbon-free electricity system.
EMEA
Aurelius, an active alternative investment group, agreed to acquire The Body Shop, a British cosmetics, skin care and perfume company, from Natura &Co, a Brazilian global personal care cosmetics group, for £207m ($255m).
“We are delighted to be undertaking this acquisition of an iconic British brand, which pioneered the cruelty-free and natural ingredient movement in the health and beauty market. We look forward to working with CEO Ian Bickley and his team to drive operational improvements and re-energise the business, and help to deliver the next chapter of success,” Tristan Nagler, AURELIUS Partner.
Natura &Co is advised by Morgan Stanley, Cleary Gottlieb Steen & Hamilton and Brunswick Group. Aurelius is advised by Dentons Global Advisors.
DCC, an Irish international sales, marketing and support services group, agreed to acquire Progas, an oil & energy services provider, for £140m ($172m).
"We look forward to welcoming Progas into the DCC Group - scaling DCC Energy's position in Europe's largest energy market. It creates a leading platform for DCC Energy in Germany to develop a multi-energy offering, aiming to address the energy "trilemma" for our German customers," Donal Murphy, DCC CEO.
DCC is advised by Powerscourt.
Absa Group, a South African financial services provider, agreed to acquire retail and SME banking business in Mauritius from HSBC, a banking and financial services organization that offers a comprehensive range of services. Financial terms were not disclosed.
"Our decision to sell these operations reflects our desire to focus on our strengths as a leading international bank in Matritius. Absa Mauritius is a worthy home for the many domestic retail and business banking customers we have served for many years. We will continue to serve the needs of our international customers, connecting them to our world-leading capabilities and international network," Greg Lowden, HSBC Mauritius CEO.
TIM grid sale paves way for state-controlled network operator. (FS)
"Prospectively, I think this deal will enhance the creation of a national grid operator under public control, in full respect of the EU competition law," Adolfo Urso, Minister of Economic Development of Italy.
Safran signs equipment contracts with Emirates worth more than $1.2bn.
French aerospace and defence company Safran on November 14 said that it signed a series of contracts worth more than $1.2bn to equip Emirates' aircraft with equipment, Reuters reported.
The deal includes seats for aircraft, cabin equipment, wheels, carbon brakes and other equipment.
Yandex could sell all Russian assets in one go.
Tech company Yandex's Dutch holding company is considering selling all its Russian assets in one go rather than just a controlling stake, Reuters reported.
With a Dubai board meeting scheduled in late November, the parties involved are hoping to reach an agreement in December. Any deal ultimately requires approval from shareholders and Russia's government.
Italy payments specialist Nexi in talks with F2i fund on €800m sale of assets.
Nexi is in talks with infrastructure fund F2i SGR to sell about €800m ($858m) of Italian assets as part of a plan to rationalize its structure and focus on core digital payment activities.
Italian payment specialist Nexi is in bilateral talks with the fund on a deal for its clearing and digital corporate banking services, Bloomberg reported.
Antin Considers sale of €3bn district heating firm Idex. (FS)
Antin Infrastructure Partners is considering selling French district heating operator Idex, which could be worth more than €3bn ($3.2bn), Bloomberg reported.
The French private equity firm has been speaking to potential advisers as it considers holding a sale process next year. Antin bought Idex, which operates energy-production plants and district heating networks mostly in France, in 2018 for an undisclosed amount.
APAC
Pension fund AustralianSuper has increased its stake in Origin Energy to 16.50%, the Australian power producer said in an exchange filing on November 14. The stake increase by AustralianSuper, Origin Energy's top shareholder, threatens to scupper a $10.5bn buyout of Australia's largest energy retailer, Reuters reported.
AustralianSuper is opposed to the takeover offer by the Brookfield-led consortium and its partner EIG, saying the offer is substantially below its estimate of Origin's long-term value. On November 13, the pension fund rejected an "eleventh-hour" offer from the consortium to drop its opposition to their bid and join the takeover.
Origin Energy is advised by Barrenjoey Capital Partners, Jarden, and Herbert Smith Freehills (led by Rebecca Maslen-Stannage). EIG is advised by JP Morgan and FGS Global (led by Kelly Kimberly). Brookfield Renewable is advised by Citigroup, Allens, and White & Case (led by Christopher Flynn). GIC is advised by SEC Newgate.
XPENG, a Chinese smart electric vehicle firm, completed the acquisition of the EV unit of DiDi, a mobility technology platform, for $744m.
"DiDi has been dedicated to promoting shared, electric, and smart mobility. XPENG has established its leadership position in the Smart EV technologies and intelligent driving technologies. We will continue to deepen our cooperation with XPENG in multiple areas, driving transformation of the transportation and automotive industries," Cheng Wei, DiDi Chairman and CEO.
IHH Healthcare unit sues Japan's Daiichi Sankyo over Fortis deal.
Malaysia's IHH Healthcare on November 14 said that its unit filed a claim against Japan's Daiichi Sankyo in mid-October seeking damages in excess of JPY20bn ($131.86m) in relation to its stake buy in India's Fortis Healthcare, Reuters reported.
On October 16, Northern TK Venture filed a claim against the Japanese pharmaceuticals manufacturer stating it caused losses to the company by preventing it from proceeding with open offers to buy a stake in Fortis Healthcare in 2018.
Barings to launch AUD1.4bn Australia private debt fund. (FS)
Barings is targeting an AUD1.4bn ($893m) fundraise for a planned Australian private credit fund, which is aiming to provide borrowers with an alternative source of funding to banks and the bond market.
Barings Australia is set to target both institutional and high net worth investors for cash over the coming 12 to 18 months. The money will be lent to Australian corporate borrowers.
Investcorp eyes up to $550m in first China yuan fund. (FS)
Bahrain-based alternative asset manager Investcorp is aiming to raise CNY2bn to CNY4bn ($274m-$548m) for its first private equity fund in the Chinese currency, to explore buyout opportunities in the country, Reuters reported.
Investcorp plans to apply in the next few months for a license with Chinese regulatory bodies that will allow it to start raising funds from domestic institutions next year.
Pantheon rolls out PE fund for global private investors. (FS)
Global private markets investor Pantheon is rolling out the Pantheon Global Private Equity Fund to private and institutional investors in more than 20 countries outside of the US, DealStreetAsia reported.
The fund will provide secondary and co-investment opportunities with a focus on the mid-market, offering monthly subscriptions starting from $25k and quarterly liquidity.
Bank of America's top China FIG Banker Hsueh is said to depart. (People)
Bank of America's head of investment banking for its financial institutions group in greater China, Michael Hsueh, has left the US lender, Bloomberg reported.
Hsueh, a managing director based in Hong Kong, is on gardening leave after his departure. He plans to pursue other career opportunities outside of banking after taking a career break.
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