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AMERICAS
26North Partners, a next-generation alternatives platform, agreed to acquire ArchKey Solutions, a service provider for electrical, technologies, and specialty systems. Financial terms were not disclosed.
One Rock Capital Partners, which acquired a stake in the company in 2021, and ArchKey Soultions’s current and former management will remain invested.
26North Partners is advised by Banco Santander, Greenhill & Co. and BMO Capital Markets. Debt financing is provided by Royal Bank of Canada, Santander, Mizuho and BMO.
KBR, a global engineering, construction, and services company supporting the energy, petrochemicals, government services, and civil infrastructure sectors, completed the acquisition of LinQuest, a national security space company that enables defense and intelligence missions through advanced digital solutions, for $737m.
The acquisition strengthens KBR's capabilities across space, air dominance and connected battlespace missions. LinQuest also has a heritage of serving important US government customers including the US Space Force, US Air Force and other US Department of Defense and intelligence agencies.
"LinQuest is an innovator in national security, space and technology solutions. Their talented people deliver high-end, technically and digitally differentiated services that are complementary to KBR. LinQuest is a terrific company, and the revenue synergy opportunities are exciting. Our values are strongly aligned, and we are delighted to welcome this talented team to the KBR family," Stuart Bradie, KBR President and CEO.
LinQuest was advised by Robert W Baird (led by Jeff Seaman) and Kirkland & Ellis. KBR was advised by Gibson Dunn & Crutcher (led by Tull Florey and Cynthia M. Mabry) and Arena Strategic Advisors.
VersaBank, a Canadian chartered bank, completed the acquisition of Stearns Bank Holdingford, a national bank, from Stearns Financial, a full-service banking firm, for $14m.
"The community of Holdingford is in good hands with VersaBank and I have full confidence that they will continue to provide the same levels of service that SBH customers have come to expect, while playing a meaningful role in support of the broader community. It has been a pleasure to work with the VersaBank team, we share important core values and we at Stearns Financial look forward to a long fruitful relationship with VersaBank as we continue to discover a myriad of additional opportunities for collaboration between our two organizations," Kelly Skalicky, Stearns Financial President and CEO.
VersaBank was advised by Chain Bridge Partners, Raymond James, Davis Polk & Wardwell and Stikeman Elliott. Stearns Financial was advised by Stinson.
PGW Auto Glass, a North American glass distributor, completed the acquisition of the canadian distribution business from Driven Brands, an automotive services company. Financial terms were not disclosed.
“Driven Brands is committed to our active portfolio management strategy. Although the sale of PH will have limited impact on the Company’s financials, this transaction will reduce debt and be margin rate accretive. We will provide further details and update our full-year outlook based on the disposition during our Q3 earnings call,” Mike Diamond, Driven Brands EVP and CFO.
Illumina wins Grail battle in blow to EU merger power.
Illumina, which founded Grail and spun it off in 2016 only to re-acquire it in 2021 for $7.1bn, had fought against the European Commission's decision to wield a rarely-used power called Article 22 to assess the deal even though it was below the EU's merger revenue threshold.
EMEA
Harbour Energy, a UK oil company, completed the acquisition of the E&P business of Wintershall Dea, an operator and project partner across the entire E&P value chain, from BASF, a chemical company, and LetterOne, a long-term investment business, for $11.2bn.
“We are extremely proud to have completed the Wintershall Dea acquisition. It marks our fourth and most transformational acquisition since we were founded in 2014, and is another big step forward as we continue to build a large, global independent oil and gas company focused on the safe and responsible production of the oil and gas the world still needs," Linda Z Cook, Harbour Energy CEO.
BBVA’s hostile takeover bid for rival Banco Sabadell has been approved by a UK supervisor, one of several key regulatory hurdles it needs to clear before Sabadell shareholders can vote on the deal, Bloomberg reported.
With the authorization, the UK’s Prudential Regulatory Authority gave BBVA a green light to take indirect control of TSB Bank, Sabadell’s subsidiary in the country. That authorization is “a necessary step to complete” the potential acquisition.
Apax-backed Zellis, a provider of human capital management, payroll, and benefits administration software solutions, agreed to acquire Benify, a global benefits administration software provider, from Vitrum Partners, a global growth- and technology-focused investment firm. Financail terms were not disclosed.
“This represents an exciting next chapter for the Zellis Group and is an early demonstration of the commitment of the Apax Funds and Vitruvian Partners to our continued growth,” John Petter, Zellis Group CEO.
Benify is advised by Deutsche Bank, Bird & Bird and Deloitte. Zellis Group is advised by Arma Partners, Evercore, and Kirkland & Ellis (led by Atilla Oldag and Sebastian Hafele). Vitruvian Partners is advised by Instinctif Partners (led by Hannah Scott).
Kühne Holding, a holding company, completed the acquisition of Aenova, a contract drug manufacturer, from BC Partners, a private equity firm. BC Partners will reinvest alongside Kühne Holding and continue to support Aenova as a minority shareholder. Financial terms were not disclosed.
"With Kühne Holding, we have a strong partner for the further implementation of our strategy to make Aenova the leading CDMO with flexible capacities and innovative speciality platforms. We will continue to strengthen our competitive advantage in the production of conventional dosage forms while expanding in-demand technology platforms and development services to meet the future needs of our customers and thus provide patients worldwide with our services," Jan Kengelbach, Aenova CEO.
Kühne Holding was advised by Ernst & Young, A&O Shearman and Allen & Overy. BC Partners was advised by PricewaterhouseCoopers, LEK Consulting, Jefferies & Company and Kirkland & Ellis (led by Atilla Oldag and Sebastian Hafele). Aenova was advised by Poellath (led by Benedikt Hohaus).
Clearlake Capital Group, a private equity firm, agreed to acquire MV Credit, a European credit specialist, from Natixis Investment Managers, a global asset management company. Financial terms were not disclosed.
"Credit has been in Clearlake's DNA since our inception and is core to our firm strategy. MV Credit's exceptional track record and deep expertise in private credit align perfectly with our existing credit business and strengthen our continuing presence in Europe. Clearlake has deployed over $40bn in debt and preferred equity investments since 2006, and with MV Credit's expertise we will broaden our global direct lending capabilities to better serve sponsors and other clients while expanding product offerings for our investors," José E. Feliciano, Clearlake Capital Group Co-Founder and Managing Partner.
MV Credit is advised by DLA Piper. Clearlake Capital Group is advised by Kirkland & Ellis, Milbank and Lambert & Co (led by Jennifer Hurson). Natixis Investment Managers is advised by Fenchurch Advisory Partners, Dentons and FTI Consulting.
Boparan Private Office to acquire European Poultry business of 2 Sisters Food Group, a privately owned food manufacturing company, for €200m ($221m).
"Both BHL and the BPO will benefit as it creates a stronger, more agile group of businesses and provides a platform for an unprecedented level of internal investment. It strengthens BHL’s 2 Sisters Food Group’s balance sheet, enabling it to reduce debt levels to the lowest point in over a decade. It also activates radical plans for its ‘next generation’ investment programme," 2 Sisters Food Group.
2 Sisters Food Group is advised by Rothschild & Co.
Sanlam, a South African financial services group, agreed to acquire 25% stake in African Rainbow Capital, a fully black-owned and controlled investment company focusing on the South African and African financial services industry and businesses that deliver exceptional returns on equity, for $218m.
The acquisition by Sanlam Life is part of a broader partnership with Ubuntu-Botho Investments (UBI) aimed at fostering competition and promoting financial inclusion within South Africa’s financial services sector.
Çimsa, a building material company, agreed to acquire a 94.7% stake in Mannok, a building materials producer. Financial terms were not disclosed.
“We believe this agreement marks the beginning of a new era for Mannok. We are committed to preserving the existing workforce and creating new employment opportunities in the region to support Mannok’s further growth under the current strong local leadership team. As a company that places talent management at the core of our human resources philosophy, we will implement comprehensive talent development programs for Mannok’s employees," Umut Zenar, Çimsa CEO.
AirBaltic looks to raise as much as €300m in planned IPO.
Latvian flag carrier AirBaltic plans to raise as much as €300m ($332m) as part of a planned initial public offering later this year.
The new capital “would allow us to reach our business goals by 2030,” including improving the airline’s credit rating to access cheaper debt, as well as operating without additional state financial support, Klavs Vasks, the chairman of AirBaltic’s supervisory board, Bloomberg reported.
Springer Nature could launch IPO as soon as next week.
German academic research publisher Springer Nature is planning to file documents next week announcing its listing plans, kicking off the European initial public offering market for autumn, Reuters reported.
The company is likely to set out its intention to float on the Frankfurt Stock Exchange as soon as next week.
Delivery Hero lines up banks for Talabat’s Dubai listing.
Delivery Hero has hired banks to work on the listing of its Talabat unit in Dubai, preparing to cash in on a flood of initial public offerings in the Gulf, Bloomberg reported.
The German food delivery company has lined up Emirates NBD Bank, Morgan Stanley and JP Morgan for the deal. The share sale could raise about $1bn.
Formula 1 to borrow $850m via loan market for MotoGP deal.
A lender call will be held on September 5 at 2 pm New York time.
Polestar taps former Stellantis executive as CFO. (People)
Polestar appointed Jean-Francois Mady as its new chief financial officer, effective October 21, as the electric-car maker continues to revamp its executive team, WSJ reported.
The electric-car maker said Mady has 25 years of experience in senior finance roles, most recently serving as senior vice president of global accounting operations and finance transformation at Stellantis. Mady will take over from Per Ansgar, who joined on an interim basis in January. The move comes following the unexpected replacement of Chief Executive Thomas Ingenlath last week with former Opel CEO Michael Lohscheller.
APAC
KKR, a global investment firm, and Bain Capital, a private investment firm that specializes in private equity, venture capital, credit, public equity, impact investing, life sciences and real estate, are bidding to acquire FUJI SOFT, an independent software developer, for $4.1bn deal.
“As Japan's IT services industry enters a transformative period of digitalization marked by the expanded use of cloud, IoT, and generative AI, we are pleased to have the opportunity to invest in a market leader in FUJI SOFT. We look forward to leveraging KKR’s global platform and industry expertise in the IT services sector to accelerate FUJI SOFT’s long-term growth and to unlock greater value for Japanese businesses and their customers,” Hiro Hirano, KKR Asia Pacific Deputy Executive Chairman and KKR Japan CEO.
KKR is advised by Mitsubishi UFJ Morgan Stanley Securities and Simpson Thacher & Bartlett (led by Jonathan Stradling).
CICT, a real estate investment trust, agreed to acquire 50% stake in ION Orchand, an eight-storey premium destination mall located at the gateway of Singapore’s Orchard Road, for SGD1.85bn ($1.41bn).
“The opportunity to acquire ION Orchard, a highly sought-after premium destination mall, helps deepen our presence in Singapore. Sited in a prime location with excellent accessibility, ION Orchard is known for its iconic architectural façade and universal appeal, due to its diverse range of offerings attracting millions of locals and visitors annually," Teo Swee Lian, CICTML Chairman.
TotalEnergies, a French multinational integrated energy and petroleum company, and Adani Green Energy, an Indian renewable energy company, agreed to form a $444m joint venture.
The electricity generated by the solar projects will be sold through Power Purchase Agreements signed with the federal government agency, Solar Energy Corporation of India, and through sales on the wholesale market. This new transaction will allow TotalEnergies to capitalize on the ongoing liberalization of the Indian electricity market.
Yatra Online, an India's corporate travel services provider and online travel company, completed the acquisiton of Globe Travels, a corporate travel services provider, for $15m.
“We are thrilled to welcome Globe Travels to the Yatra family. This acquisition aligns with our strategy to deepen our presence in key verticals and markets while further strengthening our corporate travel and MICE capabilities. Globe Travels’ expertise in corporate travel and MICE and outstanding service record complement Yatra’s existing offerings, allowing us to provide an even more comprehensive and tailored travel experience to our clients across India,” Dhruv Shringi, Yatra co-founder and CEO.
Bajaj Housing Finance aims for $7bn valuation in India IPO.
India's Bajaj Housing Finance is targeting a valuation of INR582.97bn ($6.94bn) through its INR 65bn ($782m) initial public offering.
The home loan financing unit of Bajaj Finance has set a price band of INR66-INR70 ($0.7-$0.8) per share for the IPO, which will run from September 9 to September 11, DealStreetAsia reported.
SoftBank-backed OfBusiness plans up to $1b India IPO in H2 2025. (FS)
SoftBank-backed OfBusiness, an Indian shopping website that offers raw materials to businesses, is planning an Indian stock market offering worth up to $1bn and is close to appointing bankers, DealStreetAsia reported.
The company is in active talks with Bank of America, Citi, JP Morgan and Morgan Stanley to manage the offer and plans to list on the Indian bourses in the second half of 2025.
Ex-Quant’s AI chip startup eyes 2025 IPO as Nvidia fuels demand.
South Korean startup Rebellions is planning to go public as early as the end of 2025, seeking to capitalize on booming demand for the chips used to power generative AI, Bloomberg reported.
It plans to select global banks for a domestic listing around March after completing a merger with SK Telecom’s Sapeon Korea in November, Chief Executive Officer Park Sunghyun said. Depending on its ramp-up and market conditions, the company could debut by late 2025 or early 2026, he estimated. It’s selected domestic broker Samsung Securities to lead its IPO.
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