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AMERICAS
GTCR, a private equity firm, completed the acquisition of a 55% stake in Worldpay, an American payment processing company, from FIS, a financial services technology company, for $11.7bn.
“I am pleased to deliver on the commitment we made in July to partially monetize our Merchant Solutions business at an attractive valuation and provide certainty for all stakeholders. With this strategic milestone, we are simplifying our business and driving greater focus on delivering innovative, next-generation financial technology and software solutions to our clients," Stephanie Ferris, FIS CEO and President.
GTCR was advised by Citigroup (led by Anthony Diamandakis), Deutsche Bank, Piper Sandler, Raymond James (led by Jon Steele and Brendan Ryan), TD Cowen, UBS, Wells Fargo Securities, William Blair & Co, AZB & Partners (led by Ashwath Rau and John Adwet Raghav), Kirkland & Ellis (led by Ted M Frankel), Loyens & Loeff (led by Martijn Schoonewille and Klaas Wiersma) and Paul Hastings. Debt financing was provided by Citigroup, Deutsche Bank, Goldman Sachs, JP Morgan, National Association of Realtors, UBS and Wells Fargo Securities. FIS was advised by Centerview Partners (led by Tony Kim), Goldman Sachs, JP Morgan (led by Johhn Hofmann), Latham & Watkins (led by Stelios G. Saffos, Jason Bosworth and Corey Wright), Wachtell Lipton Rosen & Katz (led by Igor Kirman, Andrew Brownstein and Eric Feinstein). Financial advisors were advised by Sullivan & Cromwell (led by Stephen M. Kotran and Melissa Sawyer).
US court to hear JetBlue, Spirit appeal over blocked merger in June.
A US appeals court said it would hear arguments in June in a bid by JetBlue Airways and Spirit Airlines to overturn a judge's ruling that blocked their $3.8bn merger, an expedited schedule that was nonetheless slower than what the companies wanted, Reuters reported.
The airlines earlier this week had asked the Boston-based 1st US Circuit Court of Appeals to take up their appeal on a speedy timeline so it could hear arguments in May and rule before a July 24 deadline their merger agreement provided to close the deal.
Instructure, a learning platform and maker of Canvas, completed the acquisition of Parchment, a software company, for $835m.
"The addition of Parchment to the Instructure ecosystem enables our customers to offer flexible lifelong learning experiences to meet the needs of the ever-growing sector of non-traditional learners. By providing a verifiable and comprehensive digital passport of achievement records and outcomes for learners, we'll be able to help our customers navigate skill mastery, transfer credits, provide proof of prior learning, and much more," Steve Daly, Instructure CEO.
OpenGate Capital, a global private equity firm, completed the acquisition of Player One Amusement Group, a Canadian arcade game distributor, from Cineplex, an entertainment and media company, for $115m.
"The acquisition of Player One underscores our experience and expertise with corporate carve-outs. We look forward to partnering with the team at Player One as the business embarks on its next chapter of growth," Andrew Nikou, OpenGate Capital Founder and Managing Partner.
OpenGate Capital was advised by Houlihan Lokey (led by Patrick Kilrea), Paul Hastings (led by Amit Mehta) and Prosek Partners. Cineplex was advised by Scotiabank, TD Securities and Goodmans.
Charlesbank Capital Partners, a middle-market private investment firm, completed a $250m investment in Rise Growth Partners, a synergistic financial partner that provides growth-oriented RIAs.
"Joining forces with Charlesbank marks a significant milestone for our firm. Their team emphasizes integrity, collaboration, and excellence, all qualities that resonate deeply with our ethos. As we embark on this journey to transform the wealth management industry for the better, we're confident we have the right capital partners in our corner. We are excited for what we can accomplish together," Joe Duran, Rise Executive Managing Partner.
Rise Growth was advised by Ardea Partners, Kilpatrick Townsend and StreetCred PR (led by Will Ruben). Charlesbank was advised by Simpson Thacher & Bartlett (led by Lou Argentieri) and Prosek Partners (led by Ryan Fitzgibbon).
Guardian Capital, a private equity firm, agreed to acquire Sterling Capital, an independent investment manager, from Truist Financial, a bank holding company, for $70m.
"We are very excited to have Sterling join the Guardian group of companies as the acquisition significantly enhances our overall scale as a global asset manager and expands our platform for future growth. Sterling's pursuit of excellence aligns perfectly with Guardian's commitment to investment quality and innovation. Sterling shares and complements our approach and values in addition to adding new capabilities and investment strategies that enhance our offering in the United States," George Mavroudis, Guardian President and CEO.
Guardian Capital is advised by Cambridge International Partners, Pryor Cashman (led by Edward C. Normandin) and Cherry Bekaert. Truist Financial is advised by Bank of America and Davis Polk & Wardwell (led by Evan Rosen and Margaret E. Tahyar).
Dogwood State Bank, a North Carolina state-chartered community bank, agreed to merge with Community First Bank, a multi-state bank. Financial terms were not disclosed.
"The partnership with Community First Bancorporation unlocks long-term growth potential for shareholders and access to significant scale in the Upstate of South Carolina. With this transaction, we will have a meaningful presence in the largest major growth markets in the Carolinas," Steve Jones, Dogwood State Bank President and CEO.
Community First is advised by D.A. Davidson & Co and Brooks Pierce McLendon Humphrey & Leonard. Dogwood State is advised by Piper Sandler and Williams Mullen.
MedImpact, an independent health solutions, technology, and pharmacy benefit management provider, completed the acquisition of Elixir Solutions, a pharmacy benefits and services company. Financial terms were not disclosed.
"The market is asking for an alternative provider that combines innovative care solutions and connective technology without sacrificing clinical capabilities, scale, and reliability. This acquisition is the next step in offering connected care solutions to make care more personal, predictive, portable, and affordable for our clients and their members." Fred Howe, MedImpact Chairman and CEO.
MedImpact was advised by BDO, FTI Consulting, UBS, DLA Piper and J. Wilson Advisors (led by Michael Rubin).
Comfort Systems USA, a provider of commercial, industrial, and institutional heating, ventilation, air conditioning and electrical contracting services, completed the acquisition of Summit Industrial Construction, a specialty industrial mechanical contractor, from The Stephens Group, a private equity firm. Financial terms were not disclosed.
"We are delighted to announce the closing of our agreement to acquire Summit, an extremely capable provider of modular and other complex mechanical services. Summit brings a stellar reputation as a modular technology leader in growing end markets, including multiple ongoing and large semiconductor projects. We are happy to welcome Summit's wonderful leadership team and excellent production and craft workers across many states, and we are confident Summit will continue to innovate and grow as a part of our network of world-class contracting companies. We are grateful that Summit has chosen to become part of Comfort Systems USA," Brian Lane, Comfort Systems USA CEO.
Volvo, a manufacturer of luxury vehicles, completed the acquisition of the battery business from Proterra, an electric vehicle and powertrain manufacturer, for $210m.
"These assets and the skills and competence of the Proterra team are a great complement to our current footprint and enables us to accelerate our battery-electric roadmap even further," Lars Stenqvist, CTO Volvo Group.
Volvo was advised by PJT Partners.
ATL Partners-backed Rock-it Cargo, a global critical logistics company, completed the acquisition of SOS Global, a freight forwarder, from NEP Group, a production company that provides outsourced teleproduction services for major events throughout the world. Financial terms were not disclosed.
"Today we bring together two trusted brands with a combined 83 years of experience. For 38 years, customers have known they can 'SOS' their most valuable goods via a 24/7/365 operational hub. SOS's legacy will be strengthened as part of Rock-it Cargo, with expanded services and global access via our unrivaled network. I have been thrilled to get to know Ed Reno and the SOS team, and I cannot wait to grow our business and serve our customers better together. The breadth, depth and skills of Rock-it and SOS is unparalleled in global live performance touring and live sporting events," Daniel Rosenthal, GCL President and CEO.
ASC Engineered Solutions, a provider of flow management solutions, completed the acquisition of Ward Manufacturing, a contract manufacturer providing metal stamping services, from Proterial, a manufacturer of iron and metals. Financial terms were not disclosed.
"Ward has a well-earned, strong reputation for rigorous quality control and reliable customer service – key attributes that we greatly value at ASC. The addition of Ward's complementary products strengthens ASC's core portfolio and enables us to bring the productivity-enhancing WARDFlex solutions to our customers. More broadly, this latest acquisition further advances our strategy to build ASC into a world-class, comprehensive solutions provider for our target markets," Jason Hild, ASC CEO.
Proterial was advised by Morgan Lewis & Bockius (led by Etienne Shanon).
RBC Capital Markets, a global investment bank, National Bank of Canada, a commercial bank, and Scotiabank, a banking and financial services company, agreed to acquire a 8.5% stake in Capstone Copper, a portfolio of long-life copper operations in the Americas, from Orion Mine Finance, an alternative investment management firm, for $280m.
The company has granted the underwriters an option, exercisable in whole or in part at any time up to 30 days after the closing of the offering, to purchase up to an additional 8.9m common shares from the company at the offering price which, if exercised in full, would increase the aggregate gross proceeds of the offering to $321m.
Montagu-backed RTI Surgical, a contract development and manufacturing organization, completed the acquisition of Cook Biotech, a tissue-repair products developer, from Cook Group, a medical devices manufacturer. Financial terms were not disclosed.
"We are excited to welcome the Cook Biotech team and leverage our unmatched expertise in soft tissue to enhance patients' lives and outcomes. We are proud to offer customers and surgeons an innovative, clinically proven portfolio of differentiated allograft and xenograft biomaterials to better address the unique needs of individual patients," Olivier Visa, RTI Surgical President and CEO.
Saint-Gobain, a light and sustainable construction company, completed the acquisition of International Cellulos, a manufacturer of commercial specialty insulation products. Financial terms were not disclosed.
"With plant fiber-based spray insulation products that allow commercial spaces to be more energy efficient, safe and comfortable, International Cellulose Corporation is a perfect fit for Saint-Gobain North America. I look forward to welcoming the ICC team to the Saint-Gobain family and working together to meet our sustainability goals and our purpose: 'Making the World a Better Home," Mark Rayfield, Saint-Gobain President and CEO.
Marsh McLennan-backed Oliver Wyman, a management consulting company, completed the acquisition of SeaTec Consulting, a provider of consulting, engineering, and digital expertise across the aviation, aerospace and defense, and transportation industries. Financial terms were not disclosed.
“For more than 20 years SeaTec has been a leading provider of consulting, engineering, and digital expertise across the aviation, aerospace and defense, and transportation industries. SeaTec's deep industry knowledge, paired with technical and digital expertise delivers high value programs for clients. Combined, SeaTec and Oliver Wyman's CAVOK business will help clients meet operations, cost and reliability objectives,” Oliver Wyman.
Banks in talks to finance $13bn DocuSign buyout deal.
Several Wall Street banks including JP Morgan and Bank of America have held talks to provide as much as $8bn in financing for a buyout of DocuSign, a provider of online signature services, that values the company at around $13bn, Bloomberg reported.
Jefferies and Deutsche Bank are also among the lenders considering a role in funding what would be the largest leveraged buyout of the year so far.
Bezos to sell up to 50m Amazon shares by January 31 next year.
Amazon.com founder Jeff Bezos will sell up to 50m shares in the online retail and cloud services firm over the next year, DealStreetAsia reported.
The securities are worth $8.6bn at the current price of $171.8 per share. The sale plan, which is subject to certain conditions, was adopted on November 8 last year and will be completed by January 31, 2025.
HIG weighs sale of $2bn chemicals firm Usalco. (FS)
HIG Capital is exploring a sale of Usalco in a deal that could value the specialty chemicals company at as much as $2bn including debt, Bloomberg reported.
The private equity firm is working with advisers to gauge buyer interest in Baltimore, Maryland-based Usalco.
Mattel pressed by Barington for Fisher-Price sale. (FS)
Barington Capital Group has amassed an undisclosed stake in Mattel and is pressing the toymaker's Chief Executive Officer Ynon Kreiz for changes that include the sale of some businesses it says are putting a "dark cloud" over the company, Bloomberg reported.
Barington, an activist investment fund founded by Jim Mitarotonda said the company should pursue alternatives including potential sales of its Fisher-Price and American Girl brands. Barington also argued for a $2bn share buyback.
Elliott builds roughly 13% stake in Etsy, secures board seat. (FS)
Activist investor Elliott Management has a "sizable" investment in e-commerce firm Etsy, which announced on February 1 that Elliott partner Marc Steinberg would join the company's board, CNBC reported.
The activist investor has built a roughly 13% position in the stock. That economic interest is a blend of shares and options. The position would make it Etsy's largest investor.
Cliffs CEO says his US steel bid is 'absolutely gone'.
The combative chief executive officer of Cleveland-Cliffs who lambasted United States Steel's decision to sell itself to a Japanese steelmaker said his company's offer is off the table, Bloomberg reported.
Lourenco Goncalves said that Cliffs' $54-a-share cash-and-stock bid for US Steel is gone and won't be a backup if Nippon Steel's $55-a-share cash offer that was accepted by the iconic American steelmaker falls through.
Fractyl Health valued at $655m in tepid debut.
Shares of Fractyl Health fell 8.3% on their market debut, giving the obesity and diabetes drug developer a market capitalization of $655m, Reuters reported.
After a two-year lull, initial public offerings in the US are expected to rebound in 2024 on firming bets of a soft landing for the world's largest economy. Investor reception to fresh stocks, however, has been uneven.
BBB Foods seeks over $400m in US IPO. (FS)
BBB Foods, the operator of a discount retailer in Mexico, is looking to raise more than $400m in a US initial public offering, Bloomberg reported.
The holding firm that conducts business through its main subsidiary Tiendas 3B, is planning to sell 28m shares at between $14.50 and $16.50 each. The sale would raise as much as $463m, giving the company a market value of $1.85bn. Underwriters have an option to buy another 4.2m shares.
Skittish investors pull the rug out from under pricey US IPOs.
Wall Street has been talking up a much-needed revival of firms tapping markets for the first time after a two-year dearth of initial public offerings. But when it came to two of the three biggest debuts so far this year, investors didn't want to hear it, Bloomberg reported.
Amer Sports, the maker of Wilson tennis rackets and Salomon ski boots, raised $1.37bn in its IPO — the biggest US listing since October, but priced at $13 per share, below the range it had proposed. The underwhelming IPO came less than a week after KKR-backed BrightSpring Health Services raised $693m from selling shares while also pricing them under a marketed range — and worse, slumped 15% in its first trading day.
Reddit picks New York Stock Exchange for IPO in win over Nasdaq.
Reddit has picked the New York Stock Exchange for its initial public offering, Bloomberg reported.
The San Francisco-based social media company, which said it confidentially filed offering paperwork in 2021, is expected to unveil the filing later this month. It's a win for the NYSE in its competition with Nasdaq for high-profile IPOs.
Sierra Space hastens IPO groundwork ahead of Spaceplane debut.
Sierra Space is making preliminary plans to go public and exploring possible acquisitions as the company drives toward debuting its long-awaited cargo spaceplane, potentially by the summer, Bloomberg reported.
The Colorado-based company has begun laying the groundwork internally for an initial public offering. Sierra hasn't settled on timing but would take the step "when the market looks like it'll give us the right credit for valuation," said Tom Vice, Sierra Space CEO.
Alberta pension manager launches $745m energy transition fund. (FS)
Top Canadian pension manager the Alberta Investment Management announced the creation of a CAD1bn ($745m) energy transition fund, DealStreetAsia reported.
AIMCo, which has CAD158bn ($118bn) in assets, said the fund will be dedicated to investing in the global energy transition and decarbonization sectors.
Brookfield Names Ranjan CEO of $140bn private equity arm. (FS, People)
Brookfield Asset Management has appointed Anuj Ranjan as the new chief executive officer of its private equity business as the Canadian investment giant seeks to scale up the unit amid a challenging period for the broader buyout industry, Bloomberg reported.
Ranjan will replace Cyrus Madon, who is taking on a new role as executive chairman of private equity and will continue to be actively involved in the group, which manages about $140bn in assets globally. The Canadian firm wants to expand private equity to the same scale as its other flagship businesses.
EMEA
Thoma Bravo, a private equity firm, completed the acquisition of EQS, an international cloud software provider, for €400m ($434m).
"EQS is a unique German software enterprise at the forefront of three megatrends: digitization, regulation and ESG, which have been driving its profitable growth. Together with Achim Weick and the experienced team at EQS, we will build and expand the platform into a pan-European Compliance and ESG champion for the benefit of customers' evolving needs in this very dynamic market. Thoma Bravo is excited to join forces with EQS' management team to enhance its development of state-of-the art software solutions," Irina Hemmers, Thoma Bravo Partner.
EQS was advised by Goldman Sachs and GLNS Rechtsanwalte Steuerberater. Goldman Sachs was advised by Sullivan & Cromwell (led by Carsten Berrar). Thoma Bravo was advised by ParkView Partners (led by Cai Berg), Kirkland & Ellis (led by Ben Leyendecker) and FGS Global (led by Anna Sperber and Liz Micci).
A US Senate panel investigating the merger of the PGA Tour with Saudi Arabia-backed LIV Golf has summoned top executives at consultancies working for the kingdom's wealth fund for failing to cooperate in an inquiry into the deal, Bloomberg reported.
The Permanent Subcommittee on Investigations has ordered Rich Lesser, global chair of Boston Consulting Group, Bob Sternfelsfrom from McKinsey & Co, and Teneo Strategy Chief Executive Officer Paul Keary to appear before the panel. Veteran investment banker Michael Klein, who's one of the Public Investment Fund's top advisers, has also been summoned to the hearing on February 6.
Ingersoll Rand, a provider of mission-critical flow creation and industrial solutions, completed the acquisition of Friulair, a producer of dryers, filters, aftercoolers, and accessories for the treatment of compressed air, from Alcedo, a private equity firm, for $146m.
"Acquiring Friulair will give us the opportunity to accelerate growth across food and beverage and pharmaceutical end markets, in addition to scaling our existing air treatment business. I am excited to welcome the Friulair team into the Ingersoll Rand family," Vicente Reynal, Ingersoll Rand Chairman and CEO.
Nimbus Capital, an investment company, completed the acquisition of Lonstroff, a manufacturer of elastomer products specialising in the production of medical rubber, from Sumitomo Rubber Industries, a tire and rubber company. Financial terms were not disclosed.
Lonstroff is a Switzerland-based manufacturer of elastomer products specialising in the production of medical rubber Founded in 1908, Lonstroff was acquired by SRI in 2015. Lonstroff is an important development and production partner for the medical and industrial rubber industries with over 50 active customers in more than ten countries.
Sanlam, a South African financial services group, agreed to acquire Assupol, an insurance company, for $347m.
"The proposed acquisition will allow us to strengthen our fortress South Africa strategy and signifies Sanlam's commitment to further long-term investment in South Africa. It places Sanlam in a strong competitive position in the retail mass segment of the South African market, thereby embedding our commitment to South Africa. Given the envisaged synergies, we are confident it will deliver accretive value for all our stakeholders," Paul Hanratty, Sanlam CEO.
BAE Systems, a multinational arms, security and aerospace company, completed the acquisition of Malloy Aeronautics, a company in heavy lift drone and aeronautical technologies. Financial terms were not disclosed.
"Our acquisition of Malloy Aeronautics is part of our ongoing strategy to develop and invest in breakthrough technologies which augment our existing capabilities and provide our customers with the innovation they need in response to evolving requirements. We're confident that the synergy between our two companies will pave the way for even greater achievements in uncrewed aerial systems and technologies," Simon Barnes, BAE Systems Managing Director of Air sector.
TotalEnergies explores $2.5bn US, Europe renewable portfolio stake sale.
France's TotalEnergies is exploring a sale of a 50% stake of a portfolio of renewable projects in Europe and the US, Reuters reported.
The French energy group is sounding out advisers for a sale of a stake in wind and solar power assets across the US, Spain, Portugal, France and Greece. The portfolio is worth about $2.5bn in total. The plan is expected to lead to a series of transactions, potentially with several buyers.
ION unit pulls $1.7bn loan deal amid investor concern. (FS)
ION Markets, a unit of Andrea Pignataro's fintech empire, abandoned efforts to lower the interest rate on a $1.7bn loan after concerns over the group's overall indebtedness caused the market value of its debt to fall, Bloomberg reported.
The group amassed about $3bn of private loans in recent years to back a series of acquisitions, the bulk of it from New-York based private lender HPS Investment Partners. That adds to about $12bn of debt issued by ION's subsidiaries. The Italian government is looking into ION's planned purchase of Milan-based Prelios, as it seeks reassurances about the future debt levels of the asset manager.
Superdry CEO exploring takeover of struggling retailer. (FS)
British fashion retailer Superdry CEO and top shareholder Julian Dunkerton is considering making a cash offer for the shares he does not already own, among other options, Reuters reported.
Superdry shares soared earlier on February 2 to levels not seen since October after The Times newspaper reported that US private equity company Sycamore Partners and Authentic Brands Group, which owns Ted Baker, had Superdry "on their radar".
Billionaire Alan Howard shops his own crypto stakes to grow Brevan Howard Digital. (FS)
Billionaire Alan Howard has put a handful of his personal stakes in crypto companies up for sale, with plans of reinvesting any proceeds into Brevan Howard Digital, Bloomberg reported.
Howard, who co-founded Brevan Howard Asset Management, is exiting several of his personal crypto-company stakes including in custodian Copper.co and broker Bitpanda. If he gets acceptable offers, Howard plans to reinvest the proceeds into Brevan Howard's digital-asset division.
Putin signs decree allowing transactions with Russia's Russneft shares.
Russian President Vladimir Putin has authorised transactions of shares of Russian oil producer Russneft, Reuters reported.
Glencore previously owned around 24% of Russneft's share capital. Last September Russneft said that the Swiss commodities firm had stopped being a shareholder in the oil producer in 2022, without disclosing any details.
Italian government criticized Stellantis' ownership structure.
Italy's industry minister criticized automotive manufacturing corporation Stellantis' ownership structure and said the automaker had a "problem" with its models and marketing, continuing a feud between the company and the Rome government, Reuters reported.
Speaking in the northern city of Trento, Adolfo Urso said Stellantis had an "unbalanced, absolutely not equal" shareholding structure between its French and Italian stakeholders.
JD Sports-backed Applied Nutrition plots £1bn London float.
A manufacturer of sports supplements part-owned by JD Sports Fashion is beginning preparations for a £1bn ($1.26bn) flotation that could help breathe fresh life into London's moribund market for new share offerings, Sky News reported.
Applied Nutrition, which is based in Liverpool, has been interviewing investment bankers in recent weeks about a listing that could take place in the autumn.
CVC-owned Douglas is said to kick off IPO soon. (FS)
German perfume retailer Douglas plans to kick off an initial public offering as soon as this month as owner CVC Capital Partners seeks to capitalize on a hoped-for rebound in equity capital markets, Bloomberg reported.
Douglas is discussing selling about $1.1bn in new stock and plans to use the proceeds to pay down debt. CVC is also considering selling existing shares in the offering.
Landlord SBB explores IPO for some Norway assets to raise funds.
Troubled property group SBB said a Norwegian company in which it holds a roughly 45% stake is weighing an initial public offering, as the landlord continues to look for ways to raise cash and ease a financing crunch, Bloomberg reported.
SBB is considering transferring parts of its Norwegian portfolio to Public Property Invest, known as PPI, as it prepares for a potential listing on Oslo's stock exchange. PPI's rental income comes from state or municipal buildings in Norway that are worth about NOK 9bn ($860m).
Athens airport IPO attracts strong demand after two-year lull in Europe.
The initial public offering of a 30% stake in Athens International Airport, Greece's largest gateway for tourists, attracted strong demand, marking the first successful launch of a major IPO in Europe this year at $852m, Reuters reported.
The offering, which started on January 25 and ended on February 1, comes after a lull of two years for initial public offerings in Europe, as soaring debt costs and geopolitical uncertainty dampened sentiment towards new stock listings.
Lone Star's Novo Banco CEO is ensuring the bank is prepared for a possible IPO.
Novo Banco Chief Executive Officer Mark Bourke said he's making sure the Portuguese lender is prepared for an initial public offering in case that's the path picked by majority shareholder Lone Star, Bloomberg reported.
"The shareholders decide. The management's job is to ensure that we're ready to go. There's no IPO process in place and no appointments have been made," Mark Bourke Novo Banco CEO.
Cinven names co-managing partners to succeed McAlpine. (FS, People)
Cinven is naming three new co-managing partners, putting new leadership in place at the private equity firm weeks after it raised $14.5bn for its latest fund, Bloomberg reported.
Bruno Schick, Jorge Quemada and Supraj Rajagopalan will be equal co-managing partners, taking over from Stuart McAlpine, who will become chairman of the firm.
APAC
Henkel, a multinational chemical and consumer goods company, agreed to acquire Vidal Sassoon, a hair care brand, from Procter & Gamble, a multinational consumer goods corporation. Financial terms were not disclosed.
"As part of our strategic growth agenda, we are pursuing targeted acquisitions to actively shape and strengthen our portfolio. The transaction will be a step-change for our Consumer Brands business in China, providing the opportunity to further scale our business in one of our core categories in this attractive, growing market," Carsten Knobel, Henkel CEO.
IFC mulls $100m loan to HK-listed private school operator Edvantage Group. (FS)
IFC, a member of the World Bank Group, has proposed to invest up to $100m in the form of a senior loan to Hong Kong-listed private school operator Edvantage Group, DealStreetAsia reported.
Guangzhou Zhiheng Education Consulting, an indirect subsidiary of Edvantage Group, will serve as the borrower. With a final maturity date of June 15, 2031, the investment will help support Edvantage's plan to build new buildings and facilities in its flagship colleges across Sichuan and Guangdong provinces in China.
Singapore's DBS to merge capital markets, brokerage with treasury markets.
Singapore's largest lender DBS Group said it will merge its equity capital markets, brokerage and digital exchange with its existing treasury markets business, with the new group renamed global financial markets effective March 1, Reuters reported.
DBS, which is also the biggest bank in Southeast Asia by assets, said the consolidation was made following the announcement that its group head of capital markets, Eng-Kwok Seat Moey, will retire in March after 36 years with the lender.
Delivery Hero denies report that talks to sell Foodpanda failed.
German food delivery group Delivery Hero denied a report that talks to sell part of its Foodpanda business in Asia had collapsed, helping shares recover some of their earlier losses, Bloomberg reported.
"There are market rumors that the negotiations for the potential sale have collapsed. We confirm that the negotiations for the potential sale are ongoing," Deliver Hero.
Citi expects big year for India M&As with capital flowing from far and wide.
Merger and acquisition activity in India should grow this year as a wide array of companies attract capital from sovereign wealth funds, the Middle East and elsewhere, Bloomberg reported.
Investments will range from outright acquisitions to greenfield projects and partnerships. There's likely to be an increase in dealmaking in industrials, manufacturing, information technology services and insurance, as well as some consolidation among shadow banks.
Lynas says it held talks with MP Materials on potential deal.
Lynas Rare Earths, a producer of the raw materials, said it had been in confidential discussions with US-based MP Materials on a possible transaction but the talks are currently "not ongoing", Bloomberg reported.
The company was responding to "recent media speculation regarding a potential transaction," without elaborating on the nature of the talks with MP Materials.
Alibaba considers sale of consumer assets including Freshippo, RT-Mart.
Chinese internet giant Alibaba Group is looking to sell a number of consumer sector assets, including grocery business Freshippo and retailer RT-Mart, DealStreetAsia reported.
The sale plan comes as Alibaba, under chairman Joe Tsai and newly appointed chief executive Eddie Wu, has shifted focus back to its core profitable e-commerce business model while divesting non-core, loss-making units.
Philippines' Maynilad explores $300m pre-IPO round.
Maynilad Water Services is considering raising about $300m in a funding round before a potential initial public offering that could take place as soon as 2025, Bloomberg reported.
HSBC has been picked to assist with the pre-IPO round to sell less than 10% of the company's equity. HSBC has also been tapped with Morgan Stanley for the possible first-time share sale in Manila.
Virescent Ventures eyes opportunities in Asia. (FS)
Australian climate tech VC Virescent Ventures is looking to achieve the first close of its targeted $200m new fund in the next few months, DealStreetAsia reported.
The firm is more open to investing outside its home country from its second climate fund. "So while the first fund was absolutely Australia-focused, it did include a small minority of companies that are domiciled offshore but have significant operations in Australia. While we will continue to have the same focus with Fund II, we will have a slightly greater geographic mandate. So it will be possible for us to invest more internationally," Ben Gust, Virescent Ventures Managing Partner.
INA ropes in Christopher Ganis as MD. (FS, People)
Sovereign wealth fund the Indonesia Investment Authority has recruited as its managing director Christopher Ganis, an executive at the world's largest asset manager BlackRock, DealStreetAsia reported.
Ganis will be in charge of investments in hybrid capital solutions, which will include private credit. On BlackRock's website, Ganis is listed as head of Indonesia with the responsibility to manage portfolios for private credit investments in Southeast Asia.
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