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AMERICAS
Hewlett Packard Enterprise, a US technology company, agreed to acquire Juniper Networks, a designer of IT networking products, for $14bn.
“HPE’s acquisition of Juniper represents an important inflection point in the industry and will change the dynamics in the networking market and provide customers and partners with a new alternative that meets their toughest demands,” Antonio Neri, Hewlett Packard Enterprise CEO.
Juniper Networks is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom (led by Amr Razzak). Hewlett Packard Enterprise is advised by JP Morgan, Qatalyst Partners, Freshfields Bruckhaus Deringer and Wachtell Lipton Rosen & Katz (led by Raaj Narayan, Benjamin M. Roth, Steven Green and Andrew Brownstein). Debt financing was provided by Citigroup, JP Morgan and Mizuho Securities.
Iron Mountain, an IT services company, completed the acquisition of Regency Technologies, a provider of IT asset disposition services, for $200m.
“This acquisition represents a pivotal step in our journey, reshaping the landscape of IT asset disposition and management. We are excited to embark on this new chapter, leveraging the combined scale and expertise of both organizations to deliver unparalleled value to our clients. We remain dedicated to innovation, sustainability, and customer-centricity as we forge ahead in the dynamic world of IT asset management.” Jim Levine, Regency Technologies CEO.
Regency Technologies was advised by Lazard, Metronome Partners, BakerHostetler, Sonkin Koberna and Bober Markey Fedorovich. Iron Mountain was advised by
Weil Gotshal and Manges (led by Michael J. Aiello).
Bill Gross is sticking with his wager on Capri even as traders worry that a proposed takeover of the Michael Kors parent won’t win regulatory approval, Bloomberg reported.
“I still like CPRI for a merger arb,” Bill Gross, the Pacific Investment Management Co-Founder and Former CIO.
Blackstone-backed Sphera, a global provider of environmental, social and governance performance and risk management software, completed the acquisition of SupplyShift, a supply chain sustainability software company. Financial terms were not disclosed.
“SupplyShift has seen tremendous growth with its software solution that allows for direct communication with suppliers and customers and enables the seamless collection of their Scope 3 emissions data, which helps suppliers improve their supply chain ESG performance. As more regulations are passed that demand transparency, the SupplyShift solution will become indispensable in meeting global regulatory requirements and stakeholder expectations. Bringing SupplyShift’s portal into the Sphera family will expand our current offerings and enable us to provide unparalleled Scope 3 and ESG tracking and reporting capabilities. We are pleased to welcome SupplyShift’s customers, colleagues and solution to Sphera and look forward to helping our combined customer base accurately track and report their Scope 3 emissions and be compliant," Paul Marushka, Sphera CEO and President.
Blackstone was advised by Deutsche Bank, Evercore, Reed Smith and Simpson Thacher & Bartlett. SupplyShift was advised by Houlihan Lokey and VLP Law Group.
Inspirit Capital, an investment firm, agreed to acquire Wiley Edge, an early-career talent, training and placement business serving global employers, from Wiley, a publishing company. Financial terms were not disclosed.
“We are delighted to be investing in Edge. The business has a unique global footprint and deep relationships with an impressive array of market-leading clients. We believe that the compelling value proposition Edge provides will continue to become increasingly important for both employers and entry-level talent," Will Stamp, Inspirit Capital Founding Partner.
Inspirit Capital is advised by Ernst & Young, Lincoln International and Mayer Brown. Wiley is advised by Centerview Partners, Rothschild & Co and Weil Gotshal and Manges.
Altamont Capital Partners, a private investment firm, completed the investment in Mini Melts, a brand in premium, beaded, single- and bulk-serve frozen novelty products. Financial terms were not disclosed.
"Mini Melts has established itself as a leader in frozen novelties. The brand's products are some of the highest selling single-serve products in on-the-go locations today. We believe the beaded ice cream category has expandable growth potential. Mini Melts brings moments of joy to life with a product that's quite simply delicious. We are excited to invest in the brand and bring Mini Melts into more consumers' hands while fostering new and exciting innovation in the future," Kabir Mundkur, Altamont Principal.
Mini Melts was advised by Raymond James and Stradley Ronon Stevens & Young. Altamont Capital was advised by Morrison & Foerster and Ropes & Gray. Debt financing was provided by Capital Southwest Corporation and Main Street Capital Corporation.
GI Partners, a private investment firm, completed the investment in BusPatrol, a school bus safety technology provider. Financial terms were not disclosed.
“GI Partners’ meaningful investment is a testament to our differentiated offering, our operational excellence, and most importantly, our customer impact. As a GI Partners portfolio company, we have a significant opportunity in front of us to grow additional market share and expand into new and exciting verticals. We’re thrilled to embark on this new chapter and to have GI as a partner," Karoon Monfared, BusPatrol Chief Executive Officer.
BusPatrol was advised by Moelis & Co, Osler Hoskin & Harcourt, Skadden Arps Slate Meagher & Flom (led by Michael Mies) and Chris Tofalli Public Relations (led by Chris Tofalli). GI Partners was advised by Alvarez & Marsal and Ropes & Gray.
Marlabs, a digital consultancy firm, completed the acquisition of Onebridge, a business intelligence and data consulting firm. Financial terms were not disclosed.
"Marlabs is thrilled to welcome the Onebridge team into the Marlabs family. We are excited at the potential Onebridge brings in the BI and data analytics space. Our businesses are highly complementary, each with a very rich technological services heritage and a strong focus on Healthcare and Lifesciences. This union will enable our clients to solve their most complex data challenges through a design-first consulting mindset. Onebridge's proprietary MAP and Compass frameworks are truly pathbreaking and will contribute significantly to accelerating decision intelligence for clients in their transformation initiatives. These are truly exciting times for us," Thomas Collins, Marlabs CEO.
Accenture, a multinational professional services company that provides services in strategy, consulting, digital, technology and operations, agreed to acquire Navisite, a digital transformation and managed services provider from Madison Dearborn Partners, a private equity firm. Financial terms were not disclosed.
"Our clients feel a sense of urgency to modernize their enterprise and they continue to call on Accenture for help in critical areas where we excel. With skills steeped in cloud, infrastructure and application services, Navisite’s talented team expands our ability to help clients embrace new technologies and ways of working, to unlock the next-level of business reinvention,” Manish Sharma, Accenture North America CEO.
Turkish competition board to fine Meta Platforms $160k per day.
Turkey's competition authority had decided to fine Facebook parent Meta Platforms TRY4.8m ($160k) a day for failing to provide sufficient documentation as part of a previous investigation, Reuters reported.
The Turkish Competition Board said the result of a 2022 online video advertising market investigation required Meta to submit a document detailing compliance measures to stop its violation of the law and to reestablish competition in the market.
Ares closes in on record €20bn direct-lending fund. (FS)
Ares Management is nearing the close of what would be the biggest ever direct-lending fund, with more than €20bn ($21.9bn) of firepower, Bloomberg reported.
Los Angeles-based Ares is looking to raise at least €15bn ($16.4bn) from investors. Leverage is expected to be about €5bn ($5.5bn) on top of that. Co-heads of European credit Blair Jacobson and Michael Dennis jointly run the strategy.
Healthcare firm Auna files US public offering.
Auna, a healthcare provider operating in three Latin American countries, filed for an initial public offering on the New York Stock Exchange, Reuters reported.
The company, founded in Peru in 1989, plans to issue Class A shares in the offering, but it did not disclose the planned size of the offering nor how much it aims to raise.
EMEA
The Property Franchise, a company engaged in the residential property franchising business, agreed to merge with Belvoir, a property franchise group, in a £214m ($272m) deal.
"I am delighted to confirm that we have reached an agreement with the Belvoir Board and major Belvoir Shareholders on the Merger with Belvoir. We believe that the Merger represents a compelling opportunity for all shareholders. Belvoir brings further breadth through its nationwide network and a financial services business which will be complementary to our current offering. The Merger will enable us to continue to grow in the sector and, ultimately, deliver greater value to shareholders of the Combined Group," Paul Latham, TPFG Non-Executive Chairman.
Smith+Nephew, the global medical technology company, completed the acquisition of CartiHeal, developer of Agili-C, a novel sports medicine technology for cartilage regeneration in the knee, for $330m.
“With its proven superiority2 to current standard of care, Agili-C has the potential to transform cartilage repair outcomes. Our expertise in regenerative therapy and leadership in knee repair gives me great confidence that this will be a significant value creator for Smith+Nephew," Scott Schaffner, Smith+Nephew President Sports Medicine.
Pennon Group, a listed UK-focused environmental infrastructure group, completed the acquisition of Sutton and East Surrey Water, a water company, from Sumitomo, an electric services company, and Osaka Gas, a gas company, for $484m.
"Pennon's acquisition will bring new opportunities to SES Water enabling us to further deliver on our ambitious plans for the future, whilst continuing to deliver a high-quality service to our customers. We share many of the same aspirations as Pennon and look forward to working with them to support our customers, our people, and the communities that we serve. The ambitious business plan that we have set out for the next 5 years will remain unchanged and with Pennon's support we believe we will be in a stronger position to deliver on our goals. I would like to take this opportunity to thank our out-going shareholders, Sumitomo Corporation and Osaka Gas for all their support over the last decade," Ian Cain, SES Water CEO.
CVC nears €900m deal for vitamin maker Sunday Natural. (FS)
CVC Capital Partners is set to acquire Sunday Natural in a deal valuing the German vitamin and supplement maker at about €900m ($983m), Bloomberg reported.
Berlin-based Sunday Natural offers a range of plant-based foods and health products, ranging from protein shakes and natural sweeteners to teas and essential oils.
Roche hunts for more deals to challenge Lilly, Novo on obesity.
The Swiss drugmaker said that it’s on the hunt for additional biotech partners to help it challenge weight-loss leaders Novo Nordisk and Eli Lilly. Roche is looking for new ways of adjusting metabolism that could ultimately be combined with treatments it’s gaining in the Carmot deal.
Abu Dhabi-backed bidder to control sale of Telegraph if takeover is blocked. (FS)
The Abu Dhabi-backed vehicle which has agreed to buy The Daily Telegraph believes it will control the newspaper's destiny even if its deal is blocked by regulators, Sky News reported.
RedBird IMI, a joint venture between RedBird of the US and Abu Dhabi-based IMI, informed the independent directors of the Telegraph's parent company this week that it will determine the title's future ownership even in the event that it is prevented from taking control.
Saudi Arabia's new civil laws aim to boost investment.
For private equity investor Imad Ghandour changes in Saudi Arabia's laws are prompting a rethink and his firm may buy, for the first time, minority stakes in the kingdom's companies. It is exactly an effect the country's leaders are aiming for as they seek to woo billions of dollars in new capital to wean its economy off fossil fuels, Reuters reported.
On Decemeber 16, the kingdom's first written civil code came into effect, replacing a system where judges would have full discretion in ruling on commercial disputes using Islamic law, sharia, as guidance. That created uncertainty for investors like Ghandour, who until now would only invest in majority stakes in Saudi companies.
Galp seeks to join formal complaint against US LNG exporter.
Portugal oil and gas firm Galp has asked US regulators to allow it to join BP and Shell's formal complaints against US liquefied natural gas exporter Venture Global, Reuters reported.
Shell and BP have asked the Federal Energy Regulatory Commission to require Venture Global to disclose plant commissioning data to determine why commercial operation at Venture Global's Calcasieu Pass terminal is stalled.
Vopak consortium selected to operate new LNG terminal in South Africa.
South Africa has selected a Vopak consortium as the preferred bidder to develop and operate a liquefied natural gas terminal at the Port of Richards Bay for 25 years, said state-owned Transnet National Ports Authority, Reuters reported.
Vopak, a Dutch company which operates terminals and storage facilities worldwide, partnered with Transnet Pipelines during the bidding round as South Africa pushes to raise gas consumption in Africa's most industrialised economy.
APAC
The Sony Group continued to hold talks with Zee Entertainment Enterprises to merge their businesses in India, after media reports earlier said the Japanese company was planning to scrap the $10bn deal, Reuters reported.
Sony planned to file a termination notice before the deadline over an impasse on whether Zee CEO Punit Goenka, who is facing a regulatory probe, will lead the merged company.
QIC mulls sale of stake in Powerco. (FS)
Australian investment firm QIC is exploring options including a sale of its stake in Powerco, one of New Zealand’s largest electricity and gas distributors, Bloomberg reported.
The review of QIC’s 58% stake in Powerco is at an early stage. A transaction may value Powerco at around NZ$3.5bn ($2.2bn).
Tata to announce semiconductor fab investment in Gujarat.
Tata Group is close to announcing plans to build a new semiconductor fabrication plant in India's Gujarat state this year. "Tata Group is on the verge of concluding and announcing a huge semiconductor fab in Dholera, and we are about to complete this negotiations and start in 2024," Natarajan Chandrasekaran, Tata Sons Chairman.
Chip manufacturing is a key plank of Modi's business agenda, but initial bids to offer $10bn in incentives to the chipmaking industry have floundered, with some proposals stalled or cancelled, DealStreetAsia reported.
Australia’s top underwriter UBS looks beyond IPOs after 2023 low.
UBS Group is looking at alternatives to new share listings after the lowest amount in over a decade was raised in Australia and New Zealand last year, Bloomberg reported.
Block trades and cash calls for takeovers are among the areas that could help offset the lull in initial public offerings, said Matthew Beggs, the bank’s head of equity capital markets for Australia and New Zealand.
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