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AMERICAS
Kroger is seeking to block the Federal Trade Commission’s in-house case against its proposed purchase of rival grocer Albertsons, claiming the proceeding is unconstitutional, Bloomberg reported.
The FTC, eight states and Washington, DC, challenged the Kroger-Albertsons tie-up in February, suing to block the largest supermarket merger in US history. The agency claimed the merger would drive up grocery prices for American customers.
Albertsons is advised by Credit Suisse, Goldman Sachs (led by Timothy Ingrassia), Debevoise & Plimpton (led by Ted Hassi), Fried Frank Harris Shriver & Jacobson (led by Philip Richter), Jenner & Block (led by Alexander May, Edward L. Prokop and Kevin T. Collins), Wachtell Lipton Rosen & Katz (led by Zachary Podolsky and Adam Emmerich) and White & Case and Brunswick Group. Financial advisors are advised by Alston & Bird (led by Stuart Rogers), Cravath Swaine & Moore (led by Robert I. Townsend) and Davis Polk & Wardwell (led by Phillip R. Mills and Cheryl Chan). Kroger is advised by Citigroup (led by Brian Anton and David Finkelstein), Wells Fargo Securities, Arnold & Porter Kaye Scholer, Weil Gotshal and Manges (led by Michael J. Aiello), Joele Frank (led by Greg Klassen). Cerberus is advised by Dechert (led by Eric Siegel and Mark Thierfelder), FGS Global (led by Andrew Cole). Schottenstein Stores is advised by Wachtell Lipton Rosen & Katz (led by Adam Emmerich).
Hellman & Friedman-backed AutoScout24, an online automotive marketplace, agreed to acquire TRADER, a technology company based in Toronto specializing in classified automotive advertising, from Thoma Bravo, a private equity and growth capital firm. Financial terms were not disclosed.
"I am delighted to welcome the TRADER Canada team and its leading brands to the AutoScout24 family. TRADER Canada's impressive long-term track record, clear position as Canada's most important automotive marketplace, and comprehensive expertise in dealer software and fintech solutions speak for themselves. This acquisition strengthens AutoScout24's position as a leading global online automotive marketplace and will help accelerate the growth of both platforms. As a result, we will offer our customers, trade partners, OEMs, and financing partners in Europe and Canada better services and more innovative solutions," Peter Brooks-Johnson, AutoScout24 CEO.
TRADER is advised by Bank of America, Goldman Sachs, HSBC, Goodmans, Kirkland & Ellis (led by Bradley Reed, Cole Parker and Angela C. Oldham), McMillan and Labour Creative. AutoScout24 is advised by Deutsche Bank, RBC Capital Markets, Davies Ward Phillips & Vineberg, Freshfields Bruckhaus Deringer and Simpson Thacher & Bartlett (led by Anthony Vernace).
Alaska Airlines said on August 19 its proposed merger with Hawaiian Airlines has cleared a regulatory obstacle with the US Department of Justice, just days after it agreed to extend a review period of the $1.9bn deal, Reuters reported.
The announcement boosted shares of Hawaiian by nearly 9% in premarket trade on August 20, while Alaska's shares were flat.
Quantum Capital, a private equity company, agreed to acquire oil and gas operations from Oaktree-backed Caerus Oil and Gas, a company that invest in conventional oil and gas properties, for $1.8bn.
“As an active private energy investor, we recognize the important role of expanding access to clean and reliable energy in key markets across the United States. This transaction represents a unique opportunity for Quantum to invest in substantial natural gas production alongside large, contiguous acreage positions containing sizable hydrocarbon resources with significant value creation potential. We believe that KODA and QB Energy are well positioned to steward the next phase of development and operation of the Assets to serve responsibly natural gas demand centers in the western US while generating attractive returns for our investors," Tom Field, Quantum Partner.
Quantum is advised by Vinson & Elkins and Joele Frank (led by Kate Thompson). Caerus is advised by Bank of America, Evercore, Jefferies & Company, Davis Graham & Stubbs and Latham & Watkins.
AMC, a provider of native computer vision AI platform, agreed to merge with AlphaVest Acquisition, a special purpose acquisition company, in a $175m deal.
“We are thrilled to announce the proposed business combination with ATMV. This will help position the company to capitalize on the growing business security market, leveraging our proven and differentiated Vision AI solutions at scale," Michael Adair, AMC CEO.
AlphaVest is advised by Small Seashell and Winston & Strawn (led by Michael J. Blankenship). AMC is advised by Revere Securities and Graubard Miller.
Clearlake Capital-backed BBB Industries, a sustainable manufacturer serving the automotive, and industrial markets, completed the acquisition of All Star Auto Parts, a specialty distributor of alternative automotive parts, from Atlantic Street Capital, a private equity firm. Financial terms were not disclosed.
"We provide value-added, quality products and service to our customers while at the same time extending the useful product life cycle. Through our sustainable remanufacturing model, we also help prevent materials from entering the waste stream. Atlantic Street has been a terrific partner over the past five years as we transformed the business and we look forward to being a key division of BBB Industries," Andrew Sexton, All Star Chief Executive Officer.
All Star was advised by BlackArch Partners, Schwartz Advisors and Kramer Levin Naftalis & Frankel. Atlantic Street was advised by Chris Tofalli Public Relations (led by Chris Tofalli). Clearlake was advised by Lambert & Co (led by Caroline Luz).
OneOncology, a platform for independent oncology practices, agreed to acquire United Urology Group, a urology management services organizations, from Audax Private Equity, an investment firm. Financial terms were not disclosed.
"UUG's attention and dedication to physician centricity and partnership with its leading independent practices is directly aligned with OneOncology's culture and philosophy. We are thrilled to partner with the physician and executive leadership of United Urology Group to continue advancing urology care, including the increasingly complex treatment of genitourinary cancers," Jeff Patton, OneOncology CEO.
United Urology Group is advised by Houlihan Lokey. OneOncology is advised by Debevoise & Plimpton and Sheppard Mullin Richter & Hampton. Audax Private Equity is advised by McGuireWoods and Ropes & Gray.
ePlus, an American IT assets selling and financing company, completed the acquisition of Bailiwick Services, a managed IT services provider, from Norwest Equity Partners, a private equity firm. Financial terms were not disclosed.
"Continuing to develop and enhance our Services business is an important part of our growth strategy. This acquisition opens many doors for customers of both organizations, offering a full spectrum of technology solutions and services through one provider. Bailiwick will be a wonderful complement to our business and our Services portfolio and we welcome them to the team," Mark Marron, ePlus President and CEO.
Bailiwick was advised by Lazard. Norwest Equity Partners was advised by Winston & Strawn and Edelman (led by Jordan Niezelski).
Trimont, a provider of solutions for independent analysis and risk assessment in commercial real estate for both capital providers and users, agreed to acquire the non-agency third-party servicing segment of its commercial mortgage servicing business from Wells Fargo, a multinational financial services company. Financial terms were not disclosed.
“This transaction is consistent with Wells Fargo’s strategy of focusing on businesses that are core to our consumer and corporate clients. We remain committed to our market-leading Commercial Real Estate business, and we will continue to serve our clients with a broad suite of lending, advisory and capital markets capabilities while leveraging our franchise to grow our Corporate and Investment Bank," Kara McShane, Wells Fargo Commercial Real Estate Executive Vice President.
Wells Fargo is advised by Wells Fargo Securities and Wachtell Lipton Rosen & Katz (led by Matthew M. Guest).
Aterian Investment-backed Vantedge Medical, a company that specializes in providing manufacturing solutions, completed the acquisition of Hobson & Motzer, a manufacturer of tight tolerance consumable medical devices primarily for the global surgical stapler industry. Financial terms were not disclosed.
"It gives me great pleasure to announce the union of Vantedge Medical and Hobson & Motzer. I have worked with the Hobson & Motzer team for many years, and they consistently delivered best-in-class quality, service, value, and innovation. Their depth and scale of capabilities, backed by over 100 years of experience, perfectly complements the existing Vantedge capabilities, enhances the value we bring to the world's leading medical technology companies, and amplifies the difference we are making in the lives of patients and their families," Brian King, Vantedge Medical Chairman & CEO.
Aterian Investment was advised by Weil Gotshal and Manges.
Rise Growth Partners, a synergistic financial partner firm that offers operational, development, and compliance consulting services, completed the minority investment in Bleakley Financial Group, a provider of financial planning & wealth management advice. Financial terms were not disclosed.
“From the inception of Rise and with each new addition to our team, our focus has never been solely on deal-making, but on making a meaningful impact. Our team is committed to serving our partner firms, which we are meticulous in selecting. Bleakley exemplifies all the essential pillars we seek in firms that we will partner with to build a lighthouse brand in the industry. For one, their experienced and aligned management team has fostered a client-centric culture. In addition, they have developed a platform that empowers advisors to practice at the top of their license and focus on delighting clients. Last but by no means least, Bleakley’s consistent growth, achieved through organic and inorganic strategies, is a testament to the team’s capabilities. Rise looks forward to accelerating and supporting that growth,” Joe Duran, Rise managing partner.
Rise Growth Partners was advised by StreetCred PR (led by Jason Lahita).
Reuben Brothers, British businessmen, agreed to acquire a minority stake in Edgelord, an IP-based studio working with a network of leading artists, musicians & film directors. Financial terms were not disclosed.
The funds will be used to help create a leading content generator focused on movies, video games, advertising, interactive content, social media, music, fashion, hospitality and sports.
Edgar Bronfman submits roughly $4.3bn rival bid for Paramount Global.
Veteran media executive Edgar Bronfman Jr. on August 19 submitted a roughly $4.3bn bid to take over Paramount Global through the acquisition of National Amusements, the family holding company that owns a controlling stake in the media company, Reuters reported.
The competing offer for the home of Paramount Pictures, the CBS broadcast network and MTV is a fresh twist in a sale process marked by a number of unexpected turns. It threatens to undo a planned acquisition by tech scion David Ellison and his firm, Skydance Media.
Hess Guyana's secret value becomes part of Exxon.
An arbitration panel that will decide a high-profile clash between Exxon Mobil and Chevron will delve into the secret value of Hess' oil riches in Guyana, Reuters reported.
Chevron last October offered to pay $53bn for Hess, one of the two biggest deals in the largest wave of consolidation in the oil industry in decades. The asset most coveted by Chevron in the takeover is Hess’s stake in a Guyana field operated by top US rival Exxon.
Steward accuses landlord MPT of interfering with hospital sales.
Bankrupt hospital operator Steward Health Care System accused its landlord Medical Properties Trust of improperly interfering with a court-approved plan to sell some properties to pay off creditors, Bloomberg reported.
In a lawsuit filed August 19 in Houston bankruptcy court, Dallas-based Steward claims MPT spoke directly to potential bidders without the hospital operator’s consent and in a manner that violates a judge’s order setting the terms of the Chapter 11 sale process. The complaint escalates an ongoing dispute between Steward and MPT, which denied the new interference claim.
EMEA
Bridgepoint, a British private investment company, completed the acquisition of Alpha FMC, a consulting and related services provider, for £626m ($812m).
“We are excited to partner with the talented Alpha FMC team and help them build on their exceptional track record. We have long admired Alpha FMC’s reputation for providing truly specialist advice and delivering great outcomes for its clients. With Alpha consultants’ renowned depth of knowledge and expertise, the platform is well-positioned for future growth and, in a private context, is primed for targeted investments in new and existing talent and capabilities. We look forward to leveraging our extensive consulting and financial services technology experience to support the management team and fulfil the Group’s growth potential and ambitious strategy," Charles Welham, Bridgepoint Partner and Head of Business and Financial Services.
Gran Tierra Energy, an energy company, offered to acquire i3 Energy, an oil and gas development company, for £174m ($226m).
"We are thrilled to announce this acquisition, which marks a significant milestone in diversifying our portfolio while strengthening our asset base. By integrating these high-quality, operated assets, including low-decline production, large resources in place and a substantial land base, we are not only enhancing our asset base but also aligning with our long-term strategic vision. We are excited to welcome the talented Canadian team to our company, as their expertise and dedication will be invaluable in driving our continued success. This acquisition is a testament to our commitment to sustainable and profitable growth and delivering consistent value to our shareholders," Gary Guidry, Gran Tierra President and CEO.
Startek, a provider of customer experience management solutions, completed the acquisition of a majority stake in Intelling, a customer acquisition and retention specialist. Financial terms were not disclosed.
"This partnership with Intelling is a strategic milestone for Startek that will expand our footprint in the UK market and allow us the ability to enhance our service offerings globally. Integrating Intelling's expertise in customer acquisition and retention with our global operations, we are poised to deliver greater value to our clients. This move underscores our commitment to driving innovation, achieving operational excellence and creating sustainable growth opportunities for our clients and employees," Bharat Rao, Startek Global CEO.
Intelling was advised by BDO, Beyond Corporate and Simmons & Simmons. Startek was advised by Quillon Partners.
R&S Group, a provider of electrical infrastructure components in focus markets in Europe and the Middle East, agreed to acquire Kyte Powertech, a manufacturer of distribution transformers, from MML, a private equity firm, for €250m ($276m).
“M&A is a strategic pillar of the R&S Group roadmap. Combining with a leader in additional markets which R&S Group is currently not serving, will strengthen the combined group and management capabilities. We are gaining in our product offering and technical expertise," Markus Laesser, R&S Group CEO.
R&S Group is advised by UBS. MML is advised by Rothschild & Co.
Johnson & Johnson, an American multinational pharmaceutical, biotechnology, and medical technologies corporation, agreed to acquire V-Wave, a privately-held company focused on developing innovative treatment options for patients with heart failure, for $1.7bn.
“At V-Wave, we are dedicated to achieving our vision to help patients around the world – and we know Johnson & Johnson MedTech shares this mission. We are confident that Johnson & Johnson MedTech is well-positioned to ensure V-Wave’s breakthrough ideas and technology reach patients in need as quickly and effectively as possible. I couldn’t be prouder of the V-Wave team, and the commitment it has taken to achieve this milestone. We look forward to continuing to build a world where cardiovascular disease is prevented, treated, and cured,” Dr. Neal Eigler, V-Wave CEO.
Saudi fund said to eye Boeing and Airbus jets for new cargo airline. (FS)
Saudi Arabia’s sovereign wealth fund is in exploratory talks to line up Boeing and Airbus freighters for a new cargo airline, as it looks to turn the kingdom into a logistics hub to rival Dubai and Doha, Bloomberg reported.
The cargo-hauling operation would serve flag-carrier Saudia and startup Riyadh Air. The Public Investment Fund is in discussions with both planemakers and lessors to acquire Boeing 777 and Airbus A350 freighters.
Private jet charter firm AirX takes off with $250m Searchlight deal. (FS)
One of the UK's largest private jet charter companies is closing in on its first external investment with a $250m deal involving the former owner of Hunter Boot, SkyNews reported.
AirX, which was founded by John Matthews, its chief executive, in 2011, is finalising an agreement with Searchlight Capital Partners to sell roughly 25% of the company.
Vattenfall and Swedish industry majors join forces on new energy investment.
Sweden's biggest utility Vattenfall and a group of large industrial firms will jointly explore investments in new fossil-free power production to meet growing electricity demand amid decarbonisation efforts, Reuters reported.
"We have known for quite a while that there is a steep increase in demand in order to electrify directly or indirectly the industries as part of the green transition," Anna Borg, Vattenfall CEO.
HSBC said to explore sale of South Africa units to focus on Asia.
HSBC is weighing a sale of its South African businesses as the lender focuses on Asian markets, Bloomberg reported.
The South African branch business and securities unit have drawn interest from bidders that include banks from the region as well as China and the United Arab Emirates. The details of any potential deals have yet to be finalized and there is no guarantee that any transactions will go ahead.
Hobbycraft on brink of sale to retail investor Modella Capital. (FS)
One of Britain's leading arts and crafts retailers is on the brink of being sold to a specialist investor whose executives have backed chains including Paperchase and Tie Rack, Sky News reported.
Modella Capital is in advanced talks to buy Hobbycraft from the private equity firm Bridgepoint. Modella is affiliated to the turnaround firm Rcapital, a former owner of Little Chef.
APAC
AVATR Technology, a Chinese electric automotive manufacturing company, agreed to acquire a 10% stake in Yinwang from Huawei, a Chinese multinational digital communications technology conglomerate corporation, for $1.6bn.
"Avatr is Huawei's pioneering practice in helping automakers to 'build good' cars and 'good cars'. This time Avatr Technology's investment in Yinwang and becoming a strategic investor of Yinwang is a great achievement for Huawei. This is a key step in building Yinwang into an open platform for intelligent automobile industry," Xu Zhijun, Huawei Rotating Chairman.
Seven & I buyout would be a watershed moment for Japan takeovers.
The Canadian convenience store chain operator’s preliminary proposal to buy 7-Eleven owner Seven & i Holdings could be worth more than JPY5.63tn ($38.4bn), based on the Japanese company’s market value after news of the potential deal was disclosed.
Shin Kong shares surge on reports it will be acquired.
Shin Kong Financial’s shares jumped 6.3% on August 20 after local media reported that the Taiwanese conglomerate, which has insurance, brokerage and underwriting businesses, was close to being acquired by a larger financial firm, Bloomberg reported.
Taiwan’s CTBC Financial said it plans to buy smaller rival Shin Kong Financial, a move that could form the island’s largest financial conglomerate. Amid speculation swirling of a takeover, the Taipei-based firm announced it will file an application for a tender offer to the Financial Supervisory Commission. The price will be announced after approval from regulators.
PwC loses big client Bank of China amid regulatory probe.
Auditor PwC has lost its largest mainland China-listed client, Bank of China, to rival EY, adding to an exodus of clientele amid a regulatory investigation into its work on troubled property developer China Evergrande Group, DealStreetAsia reported.
State-owned Bank of China had as recently as March stated plans to reappoint PwC as its auditor for 2024 but in a filing late on August 19 said it plans to appoint EY. The decision will be submitted for shareholder approval.
China may let local governments sell bonds to buy homes.
China is considering a new funding option for local governments to buy unsold homes after a series of rescue packages failed to prop up the market, Bloomberg reported.
The latest proposal would allow local governments to fund their home purchases by issuing so-called special bonds, the proceeds of which are currently restricted to uses including infrastructure and environmental projects. Local governments have already used more than half of the CNY3.9tn ($546bn) quota for special bond issuance this year; it’s unclear what portion of the remainder might be directed toward home purchases if the plan is approved.
Ankur Capital receives commitments from BII and MacArthur for its $150m third fund. (FS)
Early-stage investor Ankur Capital, which focuses on businesses that use technology, has received commitments from two of its existing limited partners for its third fund that is targeting a corpus of $150m, DealStreetAsia reported.
British International Investment and the John D. and Catherine T. MacArthur Foundation have made subsequent commitments to Ankur Capital’s third fund—Ankur Capital Fund III. They join the US International Development Finance Corporation and Self-Reliant India Fund, which had committed to the fund earlier.
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