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Top Highlights
iA Financial, a diversified financial services and insurance company, agreed to acquire RF Capital, a wealth management firm, for $597m, according to press releases.
RF Capital is advised by CIBC World Markets, Cormark Securities, Goodmans and Stikeman Elliott. iA Financial is advised by National Bank Financial and McCarthy Tetrault, according to press releases.
Warburg Pincus, a private equity firm, agreed to acquire FlavorSum, a provider of natural flavor solutions for food & beverage companies, from The Riverside Company, a provider of private equity investment services, according to press releases. Financial terms were not disclosed.
FlavorSum is advised by Cascadia Capital, Houlihan Lokey and Jones Day. Warburg Pincus is advised by BMO Capital Markets and Cleary Gottlieb Steen & Hamilton. The Riverside Company is advised by Holly M Communications (led by Holly Mueller), according to press releases.
Torex Gold, a Canadian-based mining company, agreed to acquire Prime Mining, a company specializes in the exploration and development of precious metals, with a focus on gold and silver, for $327m, according to press releases.
Prime Mining is advised by BMO Capital Markets, Trinity Advisors Corporation and Blake Cassels & Graydon. Torex Gold is advised by CIBC World Markets and Cassels Brock & Blackwell, according to press releases.
Deal Round up
AMERICAS
Brookfield, Birch Hill snag Canadian mortgage firm in $2.1bn deal. ( Bloomberg)
Firefly Aerospace seeks $5.5bn valuation in IPO as US space race heats up. ( Reuters)
EMEA
Berlusconi's MFE sweetens bid for German broadcaster ProSieben. ( Reuters)
KNDS reaches agreement with Triton on transfer of Renk shares. ( Reuters)
Diageo said to tap BofA, Goldman for East African unit review. ( Bloomberg)
Abanca may consider a potential IPO if bank valuations stay high. ( Bloomberg)
APAC
CK Hutchison in talks to invite Chinese investor for ports sale after Beijing's scrutiny. ( Reuters)
Malaysia's MMC Port finalising cornerstone investors with eye on $1.5b IPO. ( Reuters)
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INVESTORS
FINANCIAL ADVISORS
LEGAL ADVISORS
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AMERICAS
Northwest Bancshares, the bank holding company for Northwest Bank, completed the acquisition of Penns Woods Bancorp, the multi-bank holding company of Jersey Shore State Bank and Luzerne Bank, for $270.4m, according to press releases.
Northwest Bancshares was advised by Janney Montgomery Scott and Dinsmore & Shohl. Penns Woods Bancorp was advised by Stephens (led by Frank Sorrentino) and Stevens & Lee, according to press releases and MergerLinks data.
Gridiron Capital, an investment firm, agreed to invest in Greenix, a pest control company, according to press releases. Financial terms were not disclosed.
Greenix is advised by William Blair & Co. Gridiron Capital is advised by Goldman Sachs and Greenberg Traurig, according to press releases.
Array, a litigation support firm, completed the acquisition of Barrister Digital Solutions, a provider of litigation support services, according to press releases. Financial terms were not disclosed.
Array and Barrister Digital Solutions were advised by Kenyon Group, according to press releases.
Frazier & Deeter, an accounting and business advisory firm, agreed to acquire Anglin Reichmann Armstrong, a consulting company, according to press releases. Financial terms were not disclosed.
Instem, a supplier of SaaS platforms, completed the acquisition of RockStep Solutions, a software company, according to press releases. Financial terms were not disclosed.
Brookfield, Birch Hill snag Canadian mortgage firm in $2.1bn deal. ( Bloomberg)
Brookfield Asset Management and Birch Hill Equity Partners have agreed to acquire First National Financial Corporation in a deal valued at approximately CAD2.9bn ($2.1bn). The Toronto-based mortgage firm, founded by Canadian billionaire Stephen Smith, will be taken private at CAD48 ($35) per share in cash, representing a 13% premium to its most recent closing price.
First National specializes in originating commercial and residential mortgages across Canada. The acquisition underscores continued private equity interest in stable cash-generating financial service providers, particularly in North America’s housing finance sector.
Firefly Aerospace seeks $5.5bn valuation in IPO as US space race heats up. ( Reuters)
Firefly Aerospace, a Texas-based space technology startup, is targeting a $5.5bn valuation in its upcoming US initial public offering. The company plans to raise up to $631.8m by offering shares priced between $35 and $39 each.
The IPO marks Firefly’s move to capitalize on renewed investor interest in space and defense-related sectors. The Cedar Park-based firm builds launch vehicles and in-space transportation solutions, and its public listing comes amid growing competition and funding momentum in the commercial space industry.
HarbourVest Partners has appointed Venu Krishnamurthy to head its global private wealth division, bringing on board a seasoned executive with nearly three decades of experience in global financial services and wealth management.
Venu most recently served as the Global Head of Aladdin Wealth at BlackRock, overseeing the firm’s flagship wealth technology platform. Prior to that, he spent over ten years at Citi, where he held senior leadership roles across the US, APAC, and EMEA regions, ultimately serving as President of Citigold Wealth Management. His appointment reflects HarbourVest’s continued expansion into the private wealth sector.
EMEA
Nordic Capital and Permira, a private equity firms, agreed to acquire Bavarian Nordic, a biotechnology company that develops and manufactures vaccines, for DKK19bn ($3bn), according to press releases.
Bavarian Nordic is advised by Citigroup, Nordea Bank, Kromann Reumert and Gilmartin Group (led by Graham Morrell), according to press releases and MergerLinks data.
FirstGroup, a British multi-national transport group operating transport services in the United Kingdom and the Republic of Ireland, completed the acquisition of Tetley's Coaches, a provider of bus and coach hire services for various occasions, according to press releases. Financial terms were not disclosed.
NiCE, an AI-powered customer experience company, agreed to acquire Cognigy, a company focused on conversational and agentic AI, for $955m, according to press releases.
Cognigy is advised by Qatalyst Partners. NiCE is advised by Jefferies & Company, according to press releases.
Enagas, an energy company, completed the acquisition of 51% stake in Axent, a telecommunications infrastructure company, from Asterion Industrial Partners, an investment management company, for €37.5m ($44m), according to press releases.
Enagas was advised by Santander, according to MergerLinks data.
Cinven, a private equity investment firm, agreed to acquire Artefact, a global consulting company dedicated to accelerating the adoption of data and AI to positively impact people and organizations, according to press releases. Financial terms were not disclosed.
Artefact is advised by JP Morgan, according to MergerLinks data.
Brightstar Capital, a private equity firm, agreed to acquire a 50% stake in Arden University, a private university, from Global University Systems, an education group, according to press releases. Financial terms were not disclosed.
Brightstar Capital is advised by Prosek Partners, according to press releases.
Affiliated Managers Group, a global asset management company, agreed to invest in Montefiore Investment, a private equity investment manager, according to press releases. Financial terms were not disclosed.
JAS, a logistics company, agreed to acquire Pentagon Freight Services, a freight forwarding and logistics company, according to press releases. Financial terms were not disclosed.
CompassMSP, a technology company, agreed to merge with BlackPoint IT, a digital services company, according to press releases. Financial terms were not disclosed.
Berlusconi's MFE sweetens bid for German broadcaster ProSieben. ( Reuters)
The improved proposal aligns with MFE’s long-term vision to create a pan-European broadcaster funded primarily by advertising. The move underscores the group’s ambitions to consolidate media assets across the continent under a unified strategy.
KNDS reaches agreement with Triton on transfer of Renk shares. ( Reuters)
Franco-German defence firm KNDS has secured a deal with private equity firm Triton to significantly raise its stake in Renk, a German gearbox manufacturer. Under the agreement, Triton will transfer 9.17m shares to KNDS, enabling the latter to increase its holding in Renk from 6.7% to 15.84%.
The agreement follows a previously amicable relationship between the parties and strengthens KNDS's strategic position within the defense supply chain. No financial terms were disclosed. The transaction also underscores continued consolidation in Europe's defense sector amid growing geopolitical concerns.
Diageo said to tap BofA, Goldman for East African unit review. ( Bloomberg)
Diageo has engaged Bank of America and Goldman Sachs to conduct a strategic review of its stake in East African Breweries (EABL), as part of its shift toward an asset-light model aimed at unlocking capital and rejuvenating growth. The review could lead to a sale of EABL’s beer business, which may fetch up to $2bn.
EABL, which is listed on the Nairobi Securities Exchange, has a market capitalization of approximately $1.2bn. Diageo currently holds a 65% controlling stake in the brewer, making it the largest shareholder and a key decision-maker in any forthcoming transaction.
Abanca may consider a potential IPO if bank valuations stay high. ( Bloomberg)
Abanca Corporacion Bancaria is open to the possibility of an initial public offering, contingent on the continued strength in bank stock valuations. Chairman Juan Carlos Escotet noted that the option is under consideration due to a “radical change” in market sentiment, with many banking peers now trading above their book value.
While no concrete timeline has been set, the Spanish lender indicated that a listing could take place in the longer term should current valuation levels persist. The move would position Abanca to tap public markets in an environment favorable to financial institutions.
APAC
CK Hutchison in talks to invite Chinese investor for ports sale after Beijing's scrutiny. ( Reuters)
CK Hutchison is in discussions with a consortium of bidders for its $22.8bn ports business to include a major Chinese strategic investor, following signals from Beijing that the deal may face regulatory scrutiny. The consortium, previously in exclusive talks, is led by US investment giant BlackRock and MSC, the shipping firm owned by Italian billionaire Gianluigi Aponte.
The move aims to address concerns raised by Chinese authorities amid strained Sino-US relations, which have heightened scrutiny of cross-border infrastructure deals. CK Hutchison’s comment came just after the exclusive negotiation period with the original consortium ended.
Malaysia's MMC Port finalising cornerstone investors with eye on $1.5b IPO. ( Reuters)
MMC Port Holdings is preparing to finalize its list of cornerstone investors by August, ahead of a potential $1.5bn IPO on Bursa Malaysia targeted for October. If successful, the deal would mark the largest IPO in Malaysia since IHH Healthcare's $2.1bn offering in 2012.
The planned listing could also be Southeast Asia’s most significant since Bukalapak’s $1.5bn debut in Indonesia in 2021. MMC Port, a key player in Malaysia’s port operations sector, is banking on regional investor appetite for infrastructure and logistics assets.
Flow Capital Partners (FCP) has launched its Asia Credit Master Fund with an initial target of $125m, marking a strategic shift away from deal-specific special purpose vehicles to a centralized fund structure. The firm aims to grow the fund's assets under management to $300m by 2026, reflecting increasing investor appetite for structured credit opportunities across the region.
Traditionally focused on providing private credit to Chinese property developers, FCP is now diversifying its sector exposure, expanding into areas like renewable energy. In 2023, it notably provided HKD900m ($115m) in financing to a Country Garden unit, supported by parent guarantees and Hong Kong real estate collateral.
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