Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Tate & Lyle, a food and beverage products supplier, agreed to acquire CP Kelco, a nature-based ingredient solutions company, from J.M. Huber, a provider of diversified, multinational company creates products that are used in a broad range of consumer and industrial applications, for $1.8bn.
“A combination with CP Kelco is the perfect fit with Tate & Lyle’s growth-focused strategy and purpose. It significantly strengthens our Sweetening, Mouthfeel and Fortification platforms, enhances our solutions capabilities across our four core categories, and unlocks new growth opportunities. Together, we will have a compelling customer proposition. With our leading portfolio of speciality ingredients and a world-class team of food science experts, we will be uniquely placed to provide our customers with the solutions they need to meet growing consumer demand for healthier, tastier and more sustainable food and drink," Nick Hampton, Tate & Lyle Chief Executive.
Tate & Lyle is advised by FTI Consulting (led by Nick Hasell), Citigroup (led by Andrew Seaton, Robert Way, and Christopher Wren), Goldman Sachs (led by Anthony Gutman), Greenhill & Co (led by Seamus Moorhead), and Linklaters (led by Namrata Shah, Simon Branigan, and Lisa Chang). Debt financing is provided by Citigroup. J.M. Huber is advised by Bank of America, Kirkland & Ellis, White & Case.
Jacmel-backed Virtual Technologies, a single source IT solutions provider specializing in cybersecurity, infrastructure management and IT managed services, completed the acquisition of Quotient, a provider of customized IT solutions including systems integration, full-stack software development, cyber security, project management. Financial terms were not disclosed.
"We look forward to the opportunities ahead as we join forces with Jacmel and VTG. This partnership enables us to leverage VTG's extensive suite of IT solutions and diverse customer base to establish a dynamic platform poised for accelerated growth and innovation," Clark Lare, Quotient Co-Founder.
Quotient was advised by Benchmark International. Debt financing was provided by Brightwood Capital. Virtual Technologies was advised by Bowie & Jensen and Willkie Farr & Gallagher.
Priority Health, a Michigan-based health plan, agreed to acquire Physicians Health Plan of Northern Indiana (PHPNI), a commercial health plan offering employer sponsored benefits and third party administration. Financial terms were not disclosed.
“Joining Priority Health has great potential to offer additional resources and innovation to PHPNI customers and members. We expect this transaction will benefit the communities and businesses we serve,” Gary Shearer, PHPNI President and CEO.
Priority Health is advised by Taft Stettinius & Hollister. PHPNI is advised by KeyBanc Capital Markets and Faegre Drinker Biddle & Reath.
Honeywell, an American multinational conglomerate company that produces commercial and consumer products, engineering services and aerospace systems, agreed to acquire CAES Systems, a provider of technology that pioneers the future and underpins many of the world’s most critical aerospace and defence missions, from Advent International, a private equity firm, for $1.9bn.
"This acquisition further positions Honeywell at the forefront of the defense industry's most dynamic sectors and sets the tempo for continued growth across our aerospace business. With the integration of CAES' solutions and capabilities, we will fortify our existing defense offerings, while also expanding our capabilities in pivotal areas like RF, radar and sensing technologies, to ensure a market-leading position in areas that are critical for global security," Vimal Kapur, Honeywell Chairman and CEO.
Littlejohn-backed Great Day, a vertically integrated, direct-to-consumer provider of premium home improvement products, completed the acquisition of ELM Home & Building Solutions, a provider of innovative home and building solutions. Financial terms were not disclosed.
“Littlejohn has served as a trusted resource as we accelerate our strategic vision and we are grateful for their continued support in this exciting next step in our evolution. We are pleased to have a partner in Littlejohn that understands and values our entrepreneurial mindset while providing robust resources for the continued growth of Great Day,” Ed Weinfurtner, Great Day Executive Chairman.
bp, a British multinational oil and gas company, agreed to acquire a 50% stake in bp Bunge Bioenergia, a biofuels-producing company, from Bunge, an agribusiness and food company, for $1.4bn.
"In parallel to this acquisition, bp is scaling back plans for development of new SAF and renewable diesel biofuels projects at its existing sites, pausing planning for two potential projects while continuing to assess three for progression. This is aligned with bp’s drive to simplify its portfolio, focusing on value and returns," bp.
Corpay, a global corporate payments company, agreed to acquire GPS Capital Markets, a provider of business-to-business cross-border and treasury management solutions to upper middle market companies. Financial terms were not disclosed.
“GPS is our third largest deal ever. We’re quite excited about GPS’ assets including a blue-chip roster of clients, a team of terrific FX specialists, and a market leading FX netting technology. GPS presents significant revenue and expense synergies and will be accretive to our 2025 cash EPS. This acquisition puts us well on our way to scaling our Corporate Payments business to nearly $2bn by 2026,” Ron Clarke, Corpay Chairman and CEO.
Vanda rejects Future Pak and Cycle Pharma's takeover offers.
Vanda Pharmaceuticals has rejected takeover offers from UK-based Cycle Pharmaceutical and a revised bid from contract manufacturer Future Pak, adding that both offers undervalue the US drugmaker, Reuters reported.
This is the third time Vanda has rejected a buyout offer from Future Pak. After its first offer from Future Pak in April, Vanda adopted a shareholder rights plan, known as a "poison pill", to reduce the chances of a hostile takeover.
Rental car firm Hertz plans to raise $750m through notes.
Hertz Global Holdings said it intends to raise $750m through secured notes offerings as it looks to shore up its balance sheet after a failed bet on electric vehicles, Reuters reported.
In early June, Hertz named Spirit Airlines CFO Scott Haralson as its new finance chief, after the declining demand for the EVs in its stock pushed the company into further losses.
Koch Family invests in Brooklyn Nets owner at $6bn value. (FS)
Members of the billionaire Koch family will buy a minority stake in BSE Global, the holding company which owns the Brooklyn Nets, New York Liberty and the Barclays Center, Bloomberg reported.
Julia Koch and her three children have agreed to invest an undisclosed amount in the group. They will acquire a 15% holding in a deal valuing BSE Global at about $6bn.
EMEA
Bridgepoint, a British private investment company, agreed to acquire Alpha FMC, a consulting and related services provider, for £626m ($796m).
"This offer, which we are pleased has been unanimously recommended by the Alpha FMC Independent Directors, represents a significant premium and allows shareholders to realise attractive value. Bridgepoint has strong experience of backing specialist consultants and we are excited to partner with the company and combine our breadth of knowledge of these financial services end markets and the technology ecosystems underpinning them with the bench of specialist capabilities that Alpha FMC has built over many years. We look forward to investing further both organically and inorganically with Luc and the rest of the team," Charles Welham, Bridgepoint Partner and Head of Business and Financial Services.
Masdar, an Emirati state-owned renewable energy company, agreed to acquire a 67% stake in Terna Energy, a Greek renewable energy company, from GEK Terna, a construction company, for $2.58bn.
"We are injecting capital and global expertise to accelerate TERNA ENERGY's expansion, supporting Greece's renewable energy ambitions and extending Masdar's global reach. As a leading European development platform, TERNA ENERGY is expected to play an important role in Masdar's growing portfolio in Greece and Europe. We look forward to completing the transaction and starting to work with TERNA ENERGY's leadership team to supercharge their ambitious growth plans in support of Greece's energy transition," Mohamed Jameel Al Ramahi, Masdar CEO.
Masdar is advised by Rothschild & Co, Bernitsas Law, Latham & Watkins and Simmons & Simmons. Terna Energy is advised by Morgan Stanley. GEK Terna is advised by PotamitisVekris and Reed Smith.
Carlyle, an American multinational private equity, alternative asset management and financial services corporation, agreed to acquire E&P assets in the Mediterranean from Energean, an international hydrocarbon exploration and production company, for $945m.
“Carlyle is the right custodian of this asset base and will create an excellent home for our colleagues. We wish them every success and look forward to watching their progress as we continue to develop and diversify our natural gas focused asset base. I thank our colleagues based in Egypt, Italy and Croatia for their hard work and dedication over the years,” Mathios Rigas, Energean CEO.
Carlyle is advised by FGS Global (led by Rollo Head and Alastair Elwen). Energean is advised by Rothschild & Co and White & Case.
NatWest, a major retail and commercial bank, agreed to acquire the banking business of Sainsbury’s, an owner of a chain of supermarkets. Financial terms were not disclosed.
“NatWest’s values and customer focus are a close fit with ours, and as one of the UK’s leading banks, NatWest’s scale and financial services expertise will ensure our existing financial services customers continue to be well looked after,” Simon Roberts, Sainsbury’s CEO.
Sainsbury’s is advised by UBS.
Dutch weigh TenneT Germany sale options after Berlin bails on grid purchase.
The Dutch government said that it would try to find another buyer or seek an IPO for the German arm of its state-owned electric grid company after a sale to the German government foundered on Berlin's budget strains, Reuters reported.
The collapse of talks is a headache for grid company TenneT, which is pursuing a €160bn ($171bn) investment plan, Europe's largest, and will hamper both countries' efforts to meet green energy targets.
Apax considering sale of Italian IT services firm Lutech. (FS)
Apax Partners has held initial talks with potential advisers and investors as it considers selling Italy's Lutech, which could value the IT services provider at around €1bn ($1.1bn), Reuters reported.
Apax took control of Lutech three years ago, when it bought a majority stake from US buyout group One Equity Partners in a deal which valued the Milan-based company at €500m.
Care home operator Four Seasons plots £300m sale.
A care home operator, which once ranked among the largest in Britain, is being put up for sale in a move expected to fetch about £300m ($382m). Once owned by the financier Guy Hands, Four Seasons has hired the property agent CBRE to handle an auction of its 46 remaining freehold sites, Sky News reported.
The process will be launched after a protracted period in which Four Seasons was reshaped and slimmed down through a string of asset sales. The business is expected to draw interest from a range of financial and industry bidders.
Abu Dhabi's biggest fund hires ex-JD executive in China. (FS, People)
Abu Dhabi's biggest wealth fund hired the finance chief of a JD.com unit to help oversee its investments in China at a time when the United Arab Emirates is increasing its bets on emerging markets, Bloomberg reported.
Hugo Hu joined the JD Group, a leading Chinese e-commerce platform, in 2021, first as head of the strategic investment unit before he assumed duties as Jingdong Industrials’ CFO in December 2022. Hu will join the Abu Dhabi Investment Authority as China chief in its private equities unit.
APAC
South Korea's SK Innovation and SK E&S to pursue merger.
South Korea's SK Innovation, a parent of the country's largest oil refiner and battery maker SK On, is expected to pursue a merger with energy affiliate SK E&S, resulting in a KRW106tn ($76.81bn) asset company, Reuters reported.
The move comes as SK Group, South Korea's second-largest conglomerate by assets after Samsung, is considering reducing the number of its 219 affiliates and rethinking new investments except in artificial intelligence and chips.
Li Ka-shing’s CK Asset invests in ex-JPMorgan banker’s AI firm.
Billionaire Li Ka-shing’s firm bought a minority stake in a Hong Kong startup founded by a former JPMorgan Chase banker, becoming the biggest institutional shareholder of the robotics-driven warehouse operator, Bloomberg reported.
NEXX Global, set up in February by Houston Huang, former chief executive officer of JPMorgan’s securities firm in China, attracted Li’s CK Asset Holdings as the first strategic shareholder in its pre-series A funding round.
IHH, Sunway among bidders for Affinity's Malaysian hospital. (FS)
Private hospital operators IHH Healthcare and Sunway Medical Centre are among bidders for Malaysia's Island Hospital, which is owned by Asian buyout fund Affinity Equity Partners and could fetch $1bn, Reuters reported.
Private equity firms CVC Capital Partners and TPG Capital also submitted initial bids. Affinity will shortlist bidders for the next round and expects to conclude the sale by the end of the year.
Hinduja starts bond sale process to fund buying reliance capital.
India’s Hinduja Group is planning to raise about INR73bn ($873m) via two rupee bond offerings to partly fund its acquisition of Reliance Capital, Bloomberg reported.
It has mandated Barclays and 360 ONE as arrangers and underwriters for the issuance. The arrangers started the syndication process last week to seek investors and the deal will likely be closed within a month.
|
