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AMERICAS
Lionsgate, a motion picture and television studio, completed the acquisition of eOne, a Canadian multinational entertainment company, from Hasbro, a toy and game company, for $500m.
"The acquisition of eOne checks off all the boxes in areas that play to our core strengths. It will be immediately and highly accretive, adds a world-class library with thousands of properties, strengthens our scripted and unscripted television business and continues to expand our presence in Canada and the UK. The deal is the culmination of our long-standing relationship with the immensely talented team at eOne, and it continues to build our position as one of the world's leading independent content platforms with a stockpile of great intellectual properties and a unique, non-replicable portfolio of assets," Jon Feltheimer, Lionsgate CEO.
EIG, an institutional investor, agreed to acquire Ocyan, a solutions provider to the offshore oil and gas industry, from Novonor, an engineering and innovative solutions provider, and Brazilian Development Bank, a financing agent for development in Brazil, for $390m.
“I have known and respected Ocyan for decades. The company’s resilience and the strength of its business have helped it overcome significant economic headwinds while maintaining a healthy balance sheet, positioning Ocyan for long-term growth. Brazil is home to over 25% of the global FPSO fleets, and we believe the future market dynamics for oil and gas infrastructure in Brazil are very favorable, underscoring our dual commitment to supporting growth and development in this important region while creating value for our investors. We are also excited to support Ocyan’s ventures in the renewables space to help drive the energy transition forward," R. Blair Thomas, EIG Chairman and CEO.
EIG is advised by Lakeshore Capital, Mattos Filho Veiga Filho Marrey Jr. e Quiroga Advogados, Stocche Forbes, White & Case and FGS Global (led by Kelly Kimberly and Brandon Messina). BNDES is advised by Ernst & Young and Lacaz Advogados. Novonor is advised by VMB Jurídica.
Leonard Green & Partners, a private equity investment firm, agreed to acquire a majority stake in TenCate Grass, a manufacturer, distributor and installer of artificial turf and other surfaces for sports, from Crestview Partners, a private equity firm. Financial terms were not disclosed.
"TenCate is precisely the type of company in which we like to invest. We value companies that win with people, a differentiated culture, and multiple levers for growth. We strongly believe that TenCate's best years are ahead. We are thrilled to partner with their broad group of employee owners and to help deliver the next phase of outstanding growth," Jonathan Seiffer, LGP Senior Partner.
TenCate Grass is advised by Bank of America, Robert W Baird and Paul Weiss Rifkind Wharton & Garrison. LGP is advised by Lincoln International, Latham & Watkins and Loyens & Loeff. Crestview is advised by Kekst CNC (led by Jeffrey Z. Taufield and Daniel Yunger).
flyExclusive, a provider of private jet transportation services, went public via a SPAC merger with EnTrust Global and GMF Capital-backed EG Acquisition, a special purpose acquisition company, in a $600m deal.
“Today marks another milestone in our company’s mission to elevate the private aviation experience. We built flyExclusive around the value that minutes matter for our customers, and this principle will continue to guide the disciplined approach that has defined our success in the industry," Jim Segrave, flyExclusive CEO.
flyExclusive was advised by Wyrick Robbins Yates & Ponton. EG Acquisition was advised by BTIG, Willkie Farr & Gallagher (led by Sean Ewen) and Vinson & Elkins (led by Ron G. Nardini and Michael E. Bielby). BTIG was advised by Kirkland & Ellis.
Altus Power, a commercial-scale provider of clean electric power, completed the acquisition of Project Hyperion, comprising of 121 Megawatts in solar assets, from Basalt, an investment advisor to infrastructure equity investment funds, and Soltage, a developer, owner, and operator of distributed utility-scale solar and storage assets. Financial terms were not disclosed.
"We are pleased to welcome new solar customers to the Altus portfolio and look forward to working with these high-quality government and municipal agencies to help them reach their sustainability goals through the use of clean, electric power. Basalt and Soltage are important partners and their successful development of commercial scale solar complements our strengths in optimizing asset performance and providing superior customer management," Gregg Felton, Altus Power Co-CEO.
Altus Power was advised by Stoel Rives. Basalt and Soltage were advised by Marathon Capital and Parker Poe Adams & Bernstein. Basalt was advised by Winston & Strawn. Soltage was advised by Foley Hoag.
Bruker, an international life science research and diagnostics solutions provider, agreed to acquire ELITech, a global manufacturer of in-vitro diagnostics, from PAI Partners, a private equity firm. Finanical terms were not disclosed.
“The partnership with ELITech has been a successful journey driven by a wonderful team. ELITech is an agile, research-driven company and this sale to a leading strategic player is a testament to the quality of the business. We have every confidence that Bruker will continue the company’s trajectory of innovation and leadership, supported by ELITech’s excellent management team, led by Christoph,” Stefano Drago, PAI Partners Partner.
Exus Management Partners, an independent investment firm focused on the renewable energy sector, agreed to acquire New Mexico Renewable Development, a portfolio company that includes nine operating solar farms and six projects under development, from American Electric Power and PNM Resources for $230m.
"This sale is another step forward on our path to simplify our business and focus on investing in our core regulated operations, and we continue to execute on our strategy to de-risk the company. Earlier this year, we completed the $1.5bn sale of other parts of our contracted renewables business. The proceeds from these sales are strengthening our balance sheet and supporting our continued efforts to create an energy system that benefits customers by providing safe, reliable and affordable electricity," Julie Sloat, AEP Chair, President and CEO.
American Electric Power and PNM Resources are advised by KeyBanc Capital Markets and Foley & Lardner.
GLORY, a cash technology solutions provider, agreed to acquire Flooid, a cloud-based unified commerce software company, from Inflexion Private Equity, an investment firm. Financial terms were not disclosed.
“Joining Glory will be an exciting step in our journey to reach more retailers with our unified commerce platform. Becoming part of a large global ecosystem extends the reach of our solutions into new markets and Glory brings us new solutions to offer those retailers,” Diane Palmquist, Flooid CEO.
Levine Leichtman Capital considers $2bn sale of Tropical Smoothie Café.
Levine Leichtman Capital Partners, a middle market private equity company, is reportedly planning to sell the $2bn US restaurant chain Tropical Smoothie Café.
Levine Leichtman Capital Partners has hired investment bank Robert W. Baird to launch a sale process for Tropical Smoothie Cafe as early as January. A deal could value the company at around 20 times its approximately $100m 12-month annual earnings before interest, taxes, depreciation and amortization. The company also considered an initial public offering last year. It decided against it when the IPO market became hostile for restaurant companies, Reuters reported.
Former top regulator Adair Turner to chair OakNorth. (People)
Lord Adair Turner, formerly one of the UK's top regulators, will chair digital bank OakNorth as it marches towards a potential IPO.
The Softbank-backed business lender has loaned around £10bn ($12.7bn) to date and is now bolstering its ranks as it looks to scale up further.
EMEA
Leonard Green & Partners, a private equity firm, completed the acquisition of a majority stake in IRIS Software,a. software developer, from private equity firms Hg Capital and ICG, in a £3.15bn ($4bn) deal.
"To secure backing from a leading US investor in LGP, alongside the continued support of Hg and ICG, underscores IRIS's enduring success over many decades. Our unparalleled product portfolios combined with excellent customer service have resulted in IRIS being a leader in our sectors. We have also expanded our country presence with a notable focus on the US, so LGP's local expertise will be instrumental in our acceleration to a world-class transatlantic business," Elona Mortimer-Zhika, IRIS CEO.
Leonard Green was advised by Jefferies & Company, William Blair & Co and Latham & Watkins. Hg Capital was advised by Arma Partners, Rothschild & Co, Linklaters and Skadden Arps Slate Meagher & Flom. ICG was advised by Ropes & Gray.
Harbour Energy to acquire the E&P business of Wintershall Dea from BASF and LetterOne for $11.2bn.
Harbour Energy, a UK oil company, agreed to acquire 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.
"Today's announcement marks Harbour's fourth major acquisition and the most transformational step yet in our journey to build a uniquely positioned, large-scale, geographically diverse independent oil and gas company. The addition of Wintershall Dea's assets will increase our production to over 500 kboepd, extend our reserves life, and enhance our margins and cash flow, all supporting enhanced shareholder returns over the longer run. Importantly, the acquisition also advances our energy transition objectives by shifting our portfolio towards natural gas, lowering our GHG emissions intensity and expanding our CCS interests into new European markets," Linda Z Cook, Harbour Energy CEO.
Houlihan Lokey, an investment bank, agreed to acquire Triago, a private equity advisory firm. Financial terms were not disclosed.
Merging with Houlihan Lokey means we can offer every conceivable financial service that a private equity fund manager or an investor might need or could desire. Like us, Houlihan Lokey has an entrepreneurial culture and they operate in our sweet spot in terms of deal size," Matt Swain, Triago CEO.
Stonepeak, an alternative investment firm, agreed to invest £450m ($572m) in TowerBrook and Warburg Pincus-backed AA, a provider of roadside assistance.
“We are delighted to welcome Stonepeak as a new shareholder in the AA, as they bring a wealth of skills and expertise in transportation and critical infrastructure. We look forward to working with them and our current owners, TowerBrook and Warburg Pincus, as we embark on the next stage of our strategy. We have strong momentum, having recently reported positive revenue, profit, and customer growth, and we are excited about the future prospects of the business. This investment allows us to further deleverage whilst continuing to invest in our customers and people as we build a more digitised service offer to create long-term value for all our stakeholders," Jakob Pfaudler, AA CEO.
Bridgepoint, a private equity firm, agreed to acquire the residential property management services business of Nexity, a comprehensive real estate operator, in a €440m ($382m) deal.
"I am proud of Nexity's capacity to once again deliver on its commitments, by swiftly entering into this first strategic and financial partnership, enabling us to implement our roadmap, refocused on accelerating toward urban regeneration and managed real estate. As we wished, this first agreement should enable the Residential Property Management Services business to continue their development, while securing and boosting existing synergies with Nexity's businesses," Veronique Bedague, Nexity Chairwoman and CEO.
Bridgepoint is advised by Centerview Partners and CTCom.
A consortium of private equity firms, including Altaroc, Jane Street, NPS, NYC Retirement System, ICG, TPG and Hg Capital, led a $1bn funding round in Visma, a software developer.
"We are delighted to receive this further vote of confidence from Hg and other leading investors, in a transaction that confirms our stellar development and attractive outlook. Visma delivers the digital tools that businesses need to drive efficiency, innovate and stay competitive. Supported by a solid and knowledgeable shareholder base, we are perfectly positioned to continue our unique growth journey," Merete Hverven, Visma CEO.
Hg Capital was advised by Morgan Stanley.
Apheon, a private equity firm, completed the acquisition of a majority stake in Salpa Special Food, a manufacturer of industrial ice cream, dairy and confectionary products, from Equinox, a private equity firm. Financial terms were not disclosed.
"The Cherubini family have built a truly world class company with a top-notch industrial set-up, based on proprietary technologies and internally customized production processes. We share Salpa's values of innovation and excellence, and feel privileged to support the management team and the Cherubini family to grow Salpa together," Riccardo Collini, Apheon Partner.
Equinox was advised by Shearman & Sterling.
Norwegian fund KLP excludes Aramco, Gulf real estate, and telcos.
Norway's largest pension fund, KLP, said on December 28 that it would refrain from investing in Saudi Aramco and 11 other companies in the Gulf region and had sold assets worth $15m following a review of its holdings, Reuters reported.
Six telecom firms and five real estate groups were blocked from its portfolio over "unacceptably high" risk of human rights abuses, while Aramco was excluded due to a "lack of climate mitigation and energy transition plans".
APAC
Ascendent Capital Partners and a buyer consortium led by Dazheng Group, including TFI Asset Management and GA Technologies, are bidding to acquire Hollysys Automation Technologies, a provider of automation control solutions, for up to $1.8bn.
The Consortium believes its newly enhanced proposal presents the Hollysys Board with the greatest opportunity to deliver immediate and significant value to its shareholders. The Consortium stands ready to engage with the Board and is prepared to swiftly commence confirmatory due diligence and enter into a merger agreement. With its new offer submitted, the Consortium has confidence that the Board will recognize the value this offer presents Hollysys shareholders and engage constructively with the Consortium to finalize this transaction.
Hollysys Automation Technologies is advised by Deutsche Bank, Davis Polk & Wardwell, Haiwen & Partners, Mourant Ozannes, and Brunswick Group (led by Daniel Del Re). Ascendent Capital Partners are advised by Appleby, Morrison & Foerster, and Zhong Lun Law Firm. The consortium is advised by UBS, Conyers Dill & Pearman, DLA Piper, Sullivan & Cromwell, FTI Consulting, and Okapi Partners (led by Bruce Goldfarb).
BPEA EQT, an Asian investment firm, agreed to acquire a majority stake in Indium Software, a digital engineering provider. Financial terms were not disclosed.
"We are excited to partner with CEO Ram Sukumar and Indium's stellar management team, as the company enters its next phase of evolution. Indium has highly impressive digital capabilities and a strong client roster of global blue-chip enterprises. We are confident of drawing on EQT's extensive value creation playbook in Tech Services and supporting the company on its strong growth momentum," Hari Gopalakrishnan, BPEA EQT Partner and Co-Head of India.
Indium is advised by Avendus and Shardul Amarchand Mangaldas & Co. BPEA EQT is advised by Deloitte, PricewaterhouseCoopers and J. Sagar Associates.
Blackstone, an American alternative investment management company, agreed to acquire a majority stake in Sony Payment Services, a credit card settlement firm, from Sony Bank, a Japanese commercial bank, for $280m.
“Sony has been a longstanding partner to Blackstone. Our partnership goes all the way back to Blackstone’s founding nearly four decades ago – we started out as a boutique M&A firm, and Sony was one of our earliest clients. We are proud to once again partner with a leading corporation in Japan and deepen our presence in the country, a key market for Blackstone where we’ve cultivated valuable relationships based on trust and shared success,” Steve Schwarzman, Blackstone Chairman, CEO & Co-Founder.
Hillhouse, a private equity firm, completed the acquisition of SK Eco Prime, a biodiesel manufacturer, from Hahn, a private equity firm. Financial terms were not disclosed.
Hahn was advised by Prain Global.
Sumitomo Life Insurance, a mutual life insurance company, agreed to acquire a 35% stake in Singlife, a financial services company, from TPG Capital, a privte equity firm, in a $3.5bn deal.
"This has been an incredible journey for Singlife. We have grown from a small insurtech startup to become a key player in Singapore's insurance and financial services industry. We are very pleased that the shareholders have reached an agreement which will solidify Singlife's ambitions in Southeast Asia. As a subsidiary of Sumitomo Life, we will have access to capital, a nimble shareholding structure, and be at the centre of a strategic plan to provide financial planning solutions for consumers in Southeast Asia," Ray Ferguson, Singlife Chairman.
Indian baby products retailer FirstCry files for $218m IPO.
SoftBank-backed FirstCry filed for an initial public offering on December 28, making the baby products retailer the latest among a string of Indian firms to go public in recent months, DealStreetAsia reported.
FirstCry's parent, Brainbees Solutions, will sell fresh shares worth $218m. The company was valued at $3bn in April. FirstCry's biggest shareholder, SoftBank, holds a 25.5% stake in the firm. Existing investors, including tech-to-tractors firm Mahindra & Mahindra and US private equity fund TPG, will sell up to 54m shares.
OCBC to launch a $500m decarbonization fund.
Singaporean lender Oversea-Chinese Banking, will create a fund of up to $500m to finance decarbonization-related businesses in Southeast Asia, joined by an investment company affiliated with the Development Bank of Japan.
OCBC will partner with Mercuria to begin raising money in early 2024, soliciting financial institutions and companies in Japan and Southeast Asia. The fund will lend to businesses involved in developing renewable energy, including hydrogen and ammonia, as well as decarbonization technologies, DealStreetAsia reported.
GLP Capital Partners closes 2023 with $420m China Income Fund.
GLP Capital Partners, the investment and asset management arm of Asian warehouse giant GLP, has closed yet another RMB-denominated China income fund just before the end of the year. The China Income Fund XI (CIF XI) was closed at RMB3bn ($420m), DealStreetAsia reported.
This comes just weeks after GCP showcased its China Income Fund X, a RMB4.3bn ($602m) vehicle that the firm built in partnership with a Chinese domestic insurance provider.
Whampoa Group teams up with Wemade to launch a $100m Web3 fund.
Whampoa Digital, the digital assets investment arm of Singapore-based multifamily office Whampoa Group, has teamed up with South Korean gaming firm Wemade to "collaborate" on a $100m Web3 fund.
It will be established by Wemade, while Whampoa Digital will serve as an ecosystem partner to engage in mutual deal and project referrals, as well as co-investing opportunities with Wemade. The Wemade Web3 Fund targets up-and-coming gaming studios and blockchain projects that intend to set up an office in the WEMIX Play Centre at the DIFC Innovation Hub, DealStreetAsia reported.
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