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AMERICAS
Tobii, an eye tracking and attention computing company, agreed to acquire the AutoSense and imaging business of Xperi, an entertainment technology company, for $45m.
"Tobii's ambition is to be a long-term global leader in the Automotive Interior Sensing market. I am thrilled that with this acquisition we have accelerated this timeline significantly. The combination of AutoSense and Tobii's DMS will deliver one of the most comprehensive Interior Sensing offerings and brings the credibility of multiple marquee design wins with a demonstrated ability to deliver these technologies into cars on the road," Anand Srivatsa, Tobii CEO.
Tobii is advised by Carnegie Investment Bank, Katten Muchin Rosenman and Vinge. Xperi is advised by Centerview Partners and DLA Piper.
Codorus Valley, a bank, agreed to merge with Orrstown, a commercial banking company, in a $207m deal.
“Orrstown and Codorus Valley share a similar culture, vision and deep commitment to our communities. The partnership of our companies will significantly increase our size and scale, which we believe will not only drive profitability and shareholder value but also benefit our clients, employees and communities through broader product offerings, higher lending limits, an improved customer experience, and increased career opportunities. I am excited by the opportunity to work with Craig and his impressive team to build the premier community banking franchise in our Pennsylvania and Maryland markets,” Thomas R. Quinn, Orrstown President and CEO.
Codorus Valley is advised by Keefe Bruyette & Woods and Holland & Knight. Orrstown is advised by Raymond James and Goodwin Procter.
Fremont Private, a private equity firm, completed the acquisition of Hunter Truck, a truck transportation company. Financial terms were not disclosed.
“It has been a pleasure working with the Hunter family through this transaction. We wish them well in their next endeavors. We are excited to start our partnership with Jeff Hunter and the management team as the Company continues to serve all its stakeholders – employees, customers, suppliers, and our OEM partner, Peterbilt,” Scott Earthy, Fremont Private Managing Partner.
Fremont Private was advised by Goodwin Procter. Hunter Truck was advised by Raymond James and Evans Petree.
Integra LifeSciences, a global medical device manufacturing company, agreed to acquire Acclarent, a developer of technology for ENT related illnesses, from Ethicon, a manufacturer of surgical sutures and wound closure devices, and Johnson & Johnson, a pharmaceutical company, for $280m.
“This acquisition presents Integra with a rare opportunity to become a key player in the ENT segment. Acclarent’s culture of pioneering technologies aligns with Integra’s legacy of innovation to transform care and restore patients’ lives. We are looking forward to welcoming the Acclarent employees to the Integra team. Together, we can make a profound impact on the future of ENT and neurosurgery,” Jan De Witte, Integra LifeSciences President and CEO.
Integra LifeSciences is advised by Goldman Sachs and Morgan Lewis & Bockius.
Paradigm Equity Partners, a private equity firm, agreed to acquire E&R Industrial, an industrial company, from Grainger, a broad line distributor. Financial terms were not disclosed.
"We are excited about this next stage of growth with Paradigm Equity Partners. E&R Industrial is firmly committed to a smooth transition for our customers, suppliers and team members," Jason D'Souza, E&R Industrial President.
Liberty Media to merge unit with SiriusXM to create new public company.
Liberty Media said December 12 it would combine its business that holds a majority stake in SiriusXM with the rest of the radio company to create a new publicly listed firm with a simplified ownership structure, Reuters reported.
Under the deal, former investors in Liberty SiriusXM Group or LSXM — the conglomerate's tracking group for the radio company's stock — would own 81% of the new company, while minority shareholders of SiriusXM would own the rest.
Liberty Media is advised by JP Morgan. SiriusXM is advised by Solomon Partners. Financial advisor is advised by Willkie Farr & Gallagher (led by Steve Seidman and Sean Ewen).
Help at Home owners weigh sale of $3bn health-care firm. (FS)
Help at Home’s private equity owners are weighing options including a potential sale of the at-home care provider, Bloomberg reported.
Centerbridge Partners and Vistria Group are working with advisers to gauge interest in Chicago-based Help at Home, which could be valued at $3bn or more. A formal sale process may begin as soon as the first quarter of 2024.
SomaLogic shareholder Madryn opposes standard BioTools merger. (FS)
SomaLogic shareholder Madryn Asset Management plans to vote against the clinical diagnostics group’s merger with Standard BioTools and is urging other investors to do the same, Bloomberg reported.
On December 12, Madryn said the proposed $1bn tie-up undervalues SomaLogic and is the result of a flawed process. Madryn said SomaLogic has a superior alternative as a standalone company with “significant cash on the balance sheet, no debt and tangible near-term commercial opportunities.”
SpaceX value jumps closer to $180bn in tender offer.
SpaceX will sell insider shares at $97 apiece in a tender offer, a price increase that boosts the value of Elon Musk’s space and satellite company closer to $180bn, Bloomberg reported.
The world’s second-most valuable closely held startup has been discussing a tender offer that could range from $500m to $750m.
Global news publisher Axel Springer partners with OpenAI in landmark deal.
Global news publisher Axel Springer is partnering with OpenAI, the company behind the ChatGPT chatbot, in a first-of-its-kind deal that will deliver summaries of Axel Springer content in response to ChatGPT queries, Reuters reported.
As part of the deal, when users ask ChatGPT a question, the chatbot will deliver summaries of relevant news stories from Axel Springer brands including Politico, Business Insider, Bild and Welt.
Vistara Growth announces $150m initial closing for latest technology focused private credit fund. (FS)
Vistara Growth announced an initial closing at over $150m for Vistara Technology Growth Fund towards its target of $400m. The closing was completed in 4 weeks from launch and was anchored by increased commitments from existing Vistara limited partners.
Since inception in 2015, Vistara has raised over $500m, primarily from non-institutional sources such as family offices, entrepreneurs, and private foundations, predominantly based in British Columbia. With the ongoing growth of its platform, Vistara is now seeking to broaden its investor base by targeting pension funds and other institutional investors, and geographically by launching vehicles for both US and international investors.
EMEA
The Rise Fund, an investment company, and Investcorp, a private equity company, agreed to acquire a majority stake in Outcomes First Group, an education and care services provider, from Stirling Square Capital Partners, a London-based private equity firm. Financial terms were not disclosed.
“This is the start of an exciting new chapter for Outcomes First Group. The Rise Fund shares our deep commitment to delivering the highest quality services to Special Education Needs students. I know that our team and our students will benefit tremendously from The Rise Fund’s rigorous impact assessment capabilities, behavioral health expertise, and commitment to operational excellence. We are grateful to Stirling Square for their partnership, putting OFG on strong footing from which we can launch our next phase of growth with The Rise Fund and Investcorp,” David Leatherbarrow, Outcomes First Group CEO.
The Rise Fund is advised by Moelis & Co and Ropes & Gray. Investcorp is advised by Moelis & Co, Gibson Dunn & Crutcher and Kekst CNC (led by Neil Maitland). Outcomes First Group is advised by Jamieson, DLA Piper and Livewire PR (led by Richenda Wood). Stirling Square Capital Partners is advised by Rothschild & Co, Fried Frank Harris Shriver & Jacobson, Milbank and FGS Global (led by Chris Sibbald).
HeadFirst-backed Heather Global, an HR technology solutions provider, agreed to acquire Impellam Group, a managed services and specialist staffing, for £483m ($607m).
“This merger will be transformational, building on the complementary strengths of Impellam and HeadFirst. Together we will become a global leader in mission-critical data, tech and engineering talent enabling us to service our customers, suppliers and professionals in an unrivalled manner. There is a very exciting journey ahead with ample opportunities for our teams, leveraging HR tech depth and geographic reach further and faster,” Han Kolff, HeadFirst Chairman.
Silver Lake-backed Vertex, an indirect tax solutions provider, agreed to acquire Pagero, an information technology solutions provider, for $555m.
“Vertex has been a great partner in Pagero’s work to address pressing customer needs for best-in-class tax compliance solutions. With the rapid emergence of new and proposed e-invoicing mandates and the digitization of indirect tax, e-invoicing has quickly become a necessity for businesses trading in multiple global jurisdictions. By combining Vertex and Pagero’s leading technologies, I am convinced we can better support customers while delivering meaningful value for shareholders,” Bengt Nilsson, Pagero CEO.
Silver Lake is advised by Simpson Thacher & Bartlett. Vertex is advised by Centerview Partners, Greenhill & Co, DLA Piper and Latham & Watkins.
BlackFin Capital Partners, a private equity firm, agreed to acquire private insurance and underwriting activities in the Netherlands of Aon, a British-American professional services and management consulting firm. Financial terms were not disclosed.
“We recognize the qualities and important contributions of our colleagues in the private insurance and underwriting activities and know that they, together with the clients they serve, have a positive future at BlackFin Capital Partners. Our focus remains on building Aon's industry-leading Risk Capital and Human Capital Solutions and deploying advanced analytics to deliver insights and solutions that help our clients make better decisions," Leonique van Houwelingen, Aon Nederland CEO.
BlackFin Capital is advised by ING Bank, PricewaterhouseCoopers and De Brauw Blackstone Westbroek (led by Henk van Ravenhorst and Pete Lawley). Aon is advised by KPMG and Lazard.
Bain Capital, a private equity firm, agreed to acquire a majority stake in Eleda, an infrastructure development and services provider, from Altor, a private equity firm. Financial terms were not disclosed.
“We are excited to welcome Bain Capital to the team as we seek to capture significant market opportunities. We have had a fantastic journey with Altor since 2020, are immensely proud of how successfully Eleda has developed, and now stand ready to take our business to new and exciting heights,” Johan Halvardsson, Eleda CEO and Co-Founder.
Partners Group, a private equity firm, and Breitling, a luxury watchmaker, agreed to acquire Universal Geneve, a luxury watch company. Financial terms were not disclosed.
"Universal Genève was once hailed as the couturier of watchmaking, renowned for its in-house movements and mythical models. It is a brand that watch enthusiasts have dreamed of seeing make a permanent comeback," Partners Group Co-Founder and Breitling Chairman.
PMG, a global independent digital company, completed the acquisition of RocketMill, a marketing agency. Financial terms were not disclosed.
“I am truly excited about how our teams will come together to expand our offering on a global scale to deliver unparalleled marketing solutions for brands. Our similarities across people, offering, and ambition made RocketMill an obvious choice for accelerating our expansion into Europe. We believe this move positions us for tackling the headwinds that today’s customers face globally and reinforces our philosophy of always changing for the better,” George Popstefanov, PMG CEO and Founder.
Boots owner in talks to offload £7bn UK pharmacy chain.
The owner of Boots is reviving discussions on a potential exit from the UK pharmacy chain, nearly 18 months after a sale process was scrapped, Bloomberg reported.
Walgreens Boots Alliance has been holding early talks about ways to separate Boots, which could be valued at about £7bn ($8.8bn). It’s studying a London IPO as one possibility.
Apollo weighs $6.3bn bid for UK's Pension Insurance. (FS)
Private equity firm Apollo Global is weighing a bid for UK's Pension Insurance Corporation in a deal that could value the company at about £5bn ($6.26bn), Reuters reported.
Privately held PIC, a specialist insurer of defined benefit pension schemes, is owned by shareholders including Luxembourg-based Reinet Investments and CVC Capital.
Carlyle weighs $4.6bn exit for Switzerland’s Acrotec. (FS)
Carlyle Group is exploring exit options for Acrotec Group, a maker of luxury-watch parts that could be valued at as much as CHF4bn ($4.6bn), Bloomberg reported.
The private equity firm is interviewing banks as it considers a potential sale or listing of the Develier, Switzerland-based business. Rothschild & Co. has been chosen to oversee preparations for a potential IPO.
KKR in advanced talks on £3bn deal for Iris Software. (FS)
KKR is in advanced talks on a potential acquisition of Iris Software, in what would rank as the year’s biggest buyout of a private European software company, Bloomberg reported.
The investment firm has pulled ahead of other bidders and is negotiating final terms of an agreement with Iris’ private equity owner Hg. A deal could value the UK firm at around £3bn ($3.8bn).
Italy considers move to gain control of key Telecom Italia unit. (FS)
Italy is reviewing options for gaining control of a key Telecom Italia unit which manages subsea cables between Italy, the US and Israel, Bloomberg reported.
Prime Minister Giorgia Meloni’s government is looking at how it could take control of the Telecom Italia Sparkle business as part of a bigger deal that would see the ex-monopolist sell its network business to KKR.
APAC
Gravitas Education, a publicly listed company for preschool education in China, completed the merger with NetDragon, a global specialist in building internet communities with a long track record of developing and scaling multiple internet and mobile platforms, in a $750m deal.
"We are not just in the business of building products. We are in the business of creating value. The completion of this transaction marks a pivotal moment for NetDragon, as we unlock significant value for our shareholders by spinning off our overseas education business into an independent, publicly listed entity in the US. This spinoff will set us on a path to redefine the educational landscape. Our strategic direction is clear: We will evolve from a hardware provider to a leader in Classroom as a Service. We aim to leverage our existing footprint of over 1m classrooms globally to create an agnostic platform that hosts a multitude of content providers, deliver a set of SaaS offerings for a frictionless teaching experience, and last but not least, establish Mynd.ai as the unified provider for K-12 market. The future of education is here, and it is intelligent, seamless, and boundless," Simon Leung, NetDragon Vice Chairman and Mynd.ai Chairman.
Gravitas Education was advised by Skadden Arps Slate Meagher & Flom (led by Peter Huang). Ascendent Capital was advised by Morrison & Foerster (led by Marcia Ellis). NetDragon was advised by Cleary Gottlieb Steen & Hamilton (led by Denise Shiu and Adam Brenneman).
Bain Capital sells $448 mln stake in Axis Bank. (FS)
Private equity firm Bain Capital has sold a stake worth $448m in Indian private lender Axis Bank.
Bain affiliates BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV were offering 33.4m shares, or a 1.1% stake in Axis Bank, at INR1119.70 ($13.43) per share, Reuters reported.
China's GAC Group to set up investment fund of $4.2bn.
China's GAC Group signed agreement on December 13 with partners to set up an investment fund which aims to strengthen its business development in the new energy vehicle industry, Reuters reported.
The fund, with a size of CNY30bn ($4.2bn), will invest in projects such as new energy batteries and automotive chips.
China’s CTC Capital secures first close of new RMB fund at $167m. (FS)
China’s CTC Capital has held the first close of a new RMB-denominated fund at CNY1.2bn ($167m) to double down on the country’s integrated circuit industry, DealStreetAsia reported.
The fund has garnered commitments from over half of CTC’s existing limited partners. State investors affiliated with the Yangzhou municipal government and the Changsha municipal government have also injected capital into this fund.
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