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AMERICAS
Investor-backed SOBI, a bio-pharmaceutical and biotechnology company, completed the acquisition of CTI BioPharma, a commercial biopharmaceutical company focused on the development and commercialization of novel targeted therapies for blood-related cancers, for $1.7bn.
"CTI represents a perfect fit for Sobi's hematology franchise today, adding a powerful and highly differentiated new product that will make a significant difference for patients. There is a large unmet medical need within myelofibrosis, in particular for patients suffering from thrombocytopenia who are inadequately treated by existing medicines. The combination of the talented team at CTI, together with Sobi's broad US and global hematology capabilities, will help get this much-needed new therapy to patients faster and more effectively. The acquisition of CTI is the latest in a series of transformative transactions Sobi has conducted to build its leading rare hematology franchise," Guido Oelkers, SOBI President and CEO.
CTI BioPharma was advised by Centerview Partners (led by E. Eric Tokat), MTS Health Partners, Gibson Dunn & Crutcher (led by Ryan Murr), Skadden Arps Slate Meagher & Flom (led by Graham Robinson) and Joele Frank (led by Joele Frank). Financial advisors were advised by Paul Weiss Rifkind Wharton & Garrison. SOBI was advised by Bank of America, Latham & Watkins (led by Leah R. Sauter and R. Scott Shean) and Mannheimer Swartling. Financial advisors were advised by White & Case (led by Denise A. Cerasani). Debt financing was provided by Bank of America and Danske Bank.
Prologis, an owner, operator, and developer of industrial real estate, focused on global and regional markets across the Americas, Europe, and Asia, agreed to acquire industrial properties from Blackstone, an American multinational private equity, alternative asset management, and financial services firm that specializes in credit and hedge fund investment strategies, for $3.1bn.
"We're pleased to be working with Blackstone on this deal. These high-quality properties are complementary to our portfolio and fit perfectly into our long-term strategic plan for growth. The acquisition demonstrates our unique ability to add significant scale to our portfolio - expanding customer relationships and increasing opportunities for our growing Essentials platform," Dan Letter, Prologis President.
Blackstone is advised by Eastdil Secured, Barclays, Bank of America, Citigroup, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley, PJT Partners, Wells Fargo, and Simpson Thacher & Bartlett.
IBM, an American multinational technology corporation, agreed to acquire Apptio, a provider of financial and operational IT management and optimization software, from Vista Equity Partners, a private equity firm, for $4.6bn.
"Technology is changing business at a rate and pace we've never seen before. To capitalize on these changes, it is essential to optimize investments that drive better business value, and Apptio does just that. Apptio's offerings combined with IBM's IT automation software and watsonx AI platform, gives clients the most comprehensive approach to optimize and manage all of their technology investments," Arvind Krishna, IBM CEO and Chairman.
UnitedHealth Group-backed Optum, a diversified health services company, agreed to acquire Amedisys, a provider of home health, hospice and high-acuity care, for $3.3bn. Optum's offer was selected over the deal with Option Care Health, which was terminated.
"Amedisys' commitment to quality and care innovation within the home, and the patient-first culture of its people, combined with Optum's deep value-based care expertise can drive meaningful improvement in the health outcomes and experiences of more patients at lower costs, leading to continued growth," Patrick Conway, Optum Care Solutions CEO.
Amedisys is advised by FGS Global (led by Andrew Cole).
Shionogi, a pharmaceutical company, agreed to acquire Qpex Biopharma, a developer of a pipeline of agents addressing critical needs for the treatment of infectious diseases, for $140m.
“We are pleased to welcome Qpex into the Shionogi family. Bacterial resistance to antibiotics remains one of the biggest threats to global health, and Qpex’s pipeline, including xeruborbactam, and its capabilities will accelerate our efforts to develop new antibiotic treatments to address antimicrobial resistance. Following the close of the acquisition, Qpex will become part of Shionogi, and we will work together to comprehensively address the needs of patients and healthcare professionals and to protect society from current and emerging life-threatening bacterial infections,” Isao Teshirogi, Shionogi CEO.
Databricks, the data and AI company, agreed to acquire MosaicML, a generative AI platform, for $1.3bn.
"Every organization should be able to benefit from the AI revolution with more control over how their data is used. Databricks and MosaicML have an incredible opportunity to democratize AI and make the Lakehouse the best place to build generative AI and LLMs," Ali Ghodsi, Databricks Co-Founder and CEO.
Gemspring Capital-backed Zavation, an industrial equipment supplier in Jackson, Mississippi, agreed to acquire CoreLink, a provider of spinal implant and instrumentation systems, from The Stephens Group, a private equity firm. Financial terms were not disclosed.
"Through this transformative combination, Zavation and CoreLink will be able to provide an expanded product suite and enhanced capabilities to remain hyper-responsive to the needs of customers and partners across the country. We share a vision with Jeffrey, Jay and the entire management team to be the partner of choice for best-in-class spinal surgical solutions, and we are confident this step will position the business for long-term growth and continued success," Don Gerne, Gemspring Managing Director.
Sysco, an American multinational corporation involved in marketing and distributing food products, agreed to acquire BIX Produce, a produce specialty and fresh-cut distributor based in Minnesota. Financial terms were not disclosed.
"As we continue to invest in our specialty businesses, BIX Produce is an outstanding addition to our family of companies, reinforcing our Recipe for Growth strategy and helping our customers succeed through industry-leading people, products and solutions," Greg Bertrand, Sysco Executive Vice President, US Foodservice Operations.
Martin Franklin, largest shareholder of the company, offered to acquire remaining shares of Whole Earth Brands, a global platform of branded products and ingredients, for $169m.
The serial dealmaker submitted a non-binding proposal of $4 per share in cash for the health food company. That represents a 28% premium to Whole Earth Brands’s last closing price.
Sandton, a private equity investment manager, completed the acquisition of Vindara, a company that develops seeds specifically designed for use in vertical indoor farm environments. Financial terms were not disclosed.
"Vindara was founded on a vision to build a company that could change the vertical farming sector. Our seed development process is unprecedented because we can develop customized seeds for indoor growers faster than any other seed provider. Innovation is at the heart of our strategy to deliver tailor-made alternatives designed specifically for indoor use, without sacrificing quality, taste and nutrients. The business is well capitalized which supports our strategy to become a leader in the vertical farming space. This is an exciting period for Vindara and its future growth as we look to leverage on our unique offering and expand our position in the vertical farming sector," Jade Stinson, Vindara Co-Founder and CEO.
Ares Management acquires a $3.5bn lender finance portfolio from Pacific Western Bank. (FS)
Ares Management, a global alternative investment manager, completed the acquisition of a $3.5bn specialty finance loan portfolio from PacWest Bancorp, a bank holding company headquartered in Los Angeles.
"We are excited to broaden and enhance our existing Alternative Credit portfolio through this strategic acquisition of a high-quality portfolio of asset-backed loans. Our longstanding relationship with PacWest and our team's ability to underwrite across numerous asset classes and efficiently complete the transaction positioned Ares to be the partner of choice," Jeffrey Kramer, Ares Partner and Portfolio Manager.
Wolfspeed announces $1.25bn funded secured notes led by Apollo. (FS)
Wolfspeed, a silicon carbide technology company, announced a $1.25bn secured note financing from an investment group led by Apollo, with an accordion feature for up to an additional $750m.
The financing supports the company's previously announced US expansion efforts and is a significant step toward achieving the company's $6.5bn global capacity expansion plan. Execution of Wolfspeed's US growth plan will accelerate adoption of silicon carbide across a wide array of end markets and support meaningful job creation in US semiconductor manufacturing.
EMEA
Nordson, an innovative precision technology company, agreed to acquire ARAG Group, a provider of precision control systems and smart fluid components for agricultural spraying, for €960m ($1.05bn).
"Precision dispensing is a core capability of Nordson. Over nearly 70 years, we've expanded that expertise beyond our beginnings in industrial applications into packaging, product assembly, nonwovens, electronics, medical and more. Through the acquisition of ARAG, a market and technology leader, we have entered the high-growth end market of precision agriculture. Strategically, Nordson is attracted to companies with differentiated technologies and a customer-centric model. ARAG's innovative precision spraying, dispense and software solutions help customers boost crop yields while sustainably reducing the usage of fertilizers and chemicals. We are looking forward to welcoming ARAG's nearly 700 global employees to Nordson upon the close of this deal," Sundaram Nagarajan, Nordson President and CEO.
LSEG-backed LCH Group, a British clearing house, agreed to acquire the remaining 11.1% stake in LCH, a clearer of repo transactions and credit derivatives in the Eurozone, from Euronext, a pan-European market infrastructure, for €111m ($120m).
The transaction demonstrates the strategic importance of LCH to LCH Group and LSEG, and the commitment to the development of LCH. Following the consolidation of its ownership, LCH Group plans to further accelerate the introduction of new products and services to customers through LCH.
LSEG is advised by Societe Generale.
A group of investors, including Otro Capital, RedBird Capital Partners, and Maximum Effort Investments, agreed to acquire a 24% stake in Alpine Racing, a Formula One constructor, from Renault Group for €200m ($218m).
"This association is an important step to enhance our performance at all levels. First, Otro Capital, RedBird Capital Partners and Maximum Effort Investments, as international players with strong track record in the sports industry, will bring their recognized expertise to boost our media and marketing strategy, essential to support our sporting performance over the long term. Second, the incremental revenue generated will in turn be reinvested in the team, in order to further accelerate our Mountain Climber plan, aimed at catching up with top teams in terms of state-of-the-art facilities and equipment," Laurent Rossi, Alpine CEO.
RedBird Capital Partners is advised by Gagnier Communications (led by Dan Gagnier) .
Zeus Group, the Irish-based global packaging solutions provider, agreed to acquire Cima Paper, a provider of paper and board for the packaging sector. Financial terms were not disclosed.
"We are thrilled to welcome the Cima Paper to the Zeus Group family. With a longstanding tradition in the industry, Cima Paper aligns perfectly with Zeus Group's vertically integrated strategy, optimizing supply chains and delivering enhanced value across our finished products, particularly within the Manufacturing, Food & Retail packaging sectors," Keith Ockenden, Zeus Group CEO.
Zeus Group is advised by Springboard.
Infosys a provider of consulting, technology, and outsourcing, and next-generation services, agreed to acquire Danske IT, a provider of IT development, testing, maintenance, support and analytics, from Danske Bank for $454m.
"Our Forward '28 strategy sets clear ambitions for Danske Bank to be a leading bank in a digital age. As already communicated, this will be backed up by significant investments in digitalisation and technology and includes plans to further develop our customer-facing digital solutions and modernising our technology infrastructure to enable even better customer experiences and drive operational efficiency. We have a strong starting point and we want to further accelerate our digital and technology transformation," Frans Woelders, Danske Bank COO.
Exor-backed Lingotto Investment Management completed the acqiusition of a 5% stake in Ocado Group. (FS)
Exor-backed Lingotto Investment Management, an investment management company owned by Exor, one of Europe's largest diversified holding companies, completed the acquisition of a 5% stake in Ocado Group, an online grocery retailer providing services, technology, and automation to grocery e-commerce businesses around the world. Financial terms were not disclosed.
Lingotto Investment Management disclosed the position in Ocado in regulatory filings. It comes just days after Ocado's shares surged following speculation of bid interest from technology companies such as Amazon.com.
Aston Martin turns to US EV company Lucid for high-tech help.
British luxury carmaker Aston Martin has reached a deal that will give US electric vehicle maker Lucid Group a 3.7% stake in the company in return for access to its "high performance" technology. Under the agreement, Aston Martin will make cash payments and issue 28.4m new ordinary shares to Lucid, worth together about $232m, Reuters reported.
The shift to electric is phenomenally costly, with carmakers globally committing around $1.2tn to the low-emission technology. Smaller carmakers such as Aston Martin are more reliant on partnerships to make the transition. Aston Martin plans its first EV in 2025 and until now had leant on Mercedes as its "big brother" to provide the technology it needs. The agreement with Lucid meanwhile will give "access to Lucid's industry-leading technology for its BEVs, including electric powertrains and battery systems".
MSC eyes new rail deal in Italy.
Italy's state railway operator Ferrovie dello Stato is in talks with MSC Mediterranean Shipping Company on a freight rail transport partnership, Bloomberg reported.
MSC, which specializes in shipping and is owned by Italian entrepreneur Gianluigi Aponte, could buy as much as 49% of Tx Logistic, a train company owned by Ferrovie, as part of the billionaire's spending spree.
TPG-backed Inova agrees to acquire Mundipharma's OTC business. (FS)
iNova Pharmaceuticals agreed to acquire a consumer health product portfolio of brands from Mundipharma International at a valuation of about $540m, according to an iNova representative. The deal would make Asia the largest region covered by the combined business, which would also have a presence in the Middle East, Europe and Canada. Over 80% of the combined firm's revenue would come from over the counter products, Bloomberg reported.
The portfolio primarily consists of the Betadine product franchise. Betadine antiseptics, used by NASA to wipe down the Apollo 11 spacecraft when it landed back on earth in 1969, are widely used in hospitals, surgeries and clinics. Mundipharma's beneficial owners and iNova have agreed that the net proceeds of the sale will be held in escrow and deployed toward abating the opioid crisis, in connection with the resolution of legal claims.
IAG's interest in Portugal's TAP depends on privatisation conditions.
Portugal's state-owned airline TAP could be an acquisition opportunity for the Iberia and British Airways owner IAG, depending on conditions, Reuters reported.
"The TAP operation may make sense from a strategic point of view because of the Brazilian market, they are complementary, but we have to look at the other conditions under which it is privatised," Luis Gallego, IAG CEO.
The Portuguese government in April mandated state holding company Parpublica to pick two independent assessors to value TAP ahead of its privatisation.
Retailer Casino tells creditors it needs equity contribution of at least €900m.
Cash-strapped French supermarket retailer Casino said it aims to conclude a debt restructuring agreement with its creditors by the end of next month, telling creditors it needed an equity contribution of €900m ($982m).
Casino and the holders of its €6.4bn ($7bn) of debt kicked off formal talks earlier this month as the group races to stay afloat through divestments and an agreement to defer taxes and social charges with the government, Reuters reported.
Casino currently faces two rivalling €1.1bn ($1.2bn) bid proposals to boost its equity base, with one from its main shareholder Jean-Charles Naouri teaming up with French tycoon Xavier Niel and another from billionaires Daniel Kretinsky and Marc Ladreit de Lacharriere.
Deutsche Bank tells investors some of their Russian shares are missing.
Deutsche Bank has told clients it can no longer guarantee full access to Russian stocks that belong to them, underlining the challenges global investors face to recover stranded investments in the country's companies.
Germany's largest bank said that it had uncovered a shortfall in the shares that back the depositary receipts the bank had issued before the Ukraine invasion. The shares have been held in Russia by a different depositary bank.
Shares affected include those in national airline Aeroflot, construction firm LSR Group, mining and steel firm Mechel and Novolipetsk Steel. Most investors have marked down Russian assets to zero but some still harbour hopes of recovering value in the future, Reuters reported.
Peninsula’s Abu Dhabi IPO faces regulatory delay.
Peninsula Real Estate is facing delays to its planned Abu Dhabi initial public offering as it hasn’t secured regulatory approval yet. The listing in Abu Dhabi is likely to be announced in the first half of the year and could raise about $550m, Bloomberg reported.
Peninsula was initially considering listing a real estate investment trust in London, in a deal that would have made it the first company with significant assets in the United Arab Emirates to do so since 2019.
It later abandoned those plans in favor of an offering in Abu Dhabi, attracted in part by the city’s initiatives including a dedicated IPO fund as well as the strength of the local market that’s seen a flurry of listings over the past year. Peninsula also has a partnership with the Abu Dhabi Investment Office.
APAC
Prenetics, a genomics-driven health sciences company, and Dennis Lo, a renowned scientist, agreed to form Insighta, a joint venture which aims to revolutionize multi-cancer early detection, in a $200m deal.
"I am genuinely exhilarated to be at the forefront of such a ground-breaking new technology. Joining forces with Danny Yeung and Prenetics is particularly inspiring - a joint venture that not only ensures robust capital resources, strong management but also a mutual vision of global health transformation. We are driven by the profound potential to save countless lives, and together, we will make a significant stride towards a healthier future for all," Dennis Lo.
Dennis Lo is advised by Kwok Yih & Chan. Prenetics is advised by UBS, Baker McKenzie and ICR (led by Caroline Corner) and Strategic Public Relations (SPRG) (led by Corinne Ho).
Japan Investment Corp, a sovereign wealth fund located in Tokyo, agreed to acquire JSR, a semiconductor materials maker, for $6.35bn.
The move by JIC, overseen by the powerful trade ministry, is the latest in a series of increasingly muscular government steps to regain Japan's lead in advanced chip production and maintain its edge as a maker of materials and tools used in their manufacture.
JIC is advised by JP Morgan.
Infra.Market, a building materials & construction materials supplier, agreed to acquire a 92% stake in Strata Geosystems, a provider of geotechnical engineering solutions, for $111m.
Strata Geosystems specializes in reinforcing landfills, increasing the load-bearing capacity of soils and earth, and preventing soil erosion. The incorporation of these geosynthetic solutions into Infra. Market's portfolio would enhance its ability to provide comprehensive construction solutions to its customers, the company said in a press release.
Mitsubishi UFJ Financial Group, a bank holding and financial services company, agreed to acquire an 80.6% stake in Mandala Multifinance, a consumer finance firm that provides motorcycle financing, working capital, and multipurpose services, for $467m.
MUFG and MUFG Bank aim to strengthen their business in Southeast Asia through the establishment of business platforms in the region in collaboration with investee partner banks. In executing this strategy, we will continue striving to contribute to growth in Southeast Asia.
Berkshire Hathaway sells $86.3m worth of shares in China's BYD. (FS)
Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 2.53m Hong Kong-listed shares of electric vehicle maker BYD for $86.3m, a stock exchange filing showed.
The sale on June 19 lowered Berkshire's holdings in BYD's issued H-shares to 8.98% from 9.21%, Reuters reported.
China's JD.com to open grocery stores by merging 7Fresh.
Chinese e-commerce giant JD.com plans to open retail grocery stores through the merger of its 7Fresh supermarket unit with other business lines such as its group-buying arm Pinpin, Reuters reported.
Beyond opening actual stores, the new division will explore innovative retail models. Yan Xiaobing, who was previously responsible for the online e-commerce platform's international division, will take charge of the business and report to Xu Ran, CEO of JD.com.
This latest development comes after JD.com laid out an ambitious 20-year blueprint earlier this month to build seven enterprises that will be valued at more than CNY100bn ($13.83bn) each.
Indonesian edtech platform Zenius said to be in talks for a sale.
Indonesian edtech startup Zenius could be up for sale and is reportedly in talks with a homegrown tuition centre which also has an edtech platform with a strong offline presence. The acquirer could be related to edtech company Sekolah, DeelStreeAsia reported.
Sekolah was founded in 2019 by Najelaa Shihab, a well-known figure in Indonesia education sector. The hybrid learning platform claims to run more than 2k classes with about 6m students and 1k teachers. Shihab also co-founded a private tuition centre called Sekolah Cikal in 1999. It caters to students from pre-school all the way to high school.
Pertamina, Petronas aim to replace Shell in Masela project.
State energy firms Pertamina and Petronas plan to jointly take over Shell's participating interest in Indonesia's Masela gas project. Shell has been seeking to divest its 35% share in Masela and Indonesian authorities are keen for the companies to complete the deal to move the project forward after years of delay.
"They have to finalise what kind of joint scheme they are preparing," Arifin Tasrif, Republic of Indonesia Minister for Energy & Mineral Resources.
Indonesia has seen sluggish oil and gas production in recent years due to depleting blocks, while some major new projects, such as Masela and Indonesia Deepwater Development, are facing delays as majors such as Shell and Chevron exit projects as part of their global strategy, Reuters reported.
China's state-backed cultural industry fund to invest $1.4bn in Greater Bay Area. (FS)
Guangzhou City Construction Investment, a Chinese state-owned company with about CNY370bn ($51.1bn) in total assets under management, has officially set up a CNY10bn ($1.4bn) fund to invest in the cultural industry in southern China, DSA reported.
The equity investment fund plans to source deals across core cultural segments, including technology-enabled cultural innovation, consumption, tourism, education, and sports. The fund will primarily back local cultural brands and companies in Guangzhou City as well as the overall Greater Bay Area — a megalopolis consisting of nine cities and the special administrative regions of Hong Kong and Macau in southern China.
PwC Australia names new CEO, to sell government consulting unit. (People)
PricewaterhouseCoopers Australia named a new CEO and said it will sell its scandal-hit government consultant unit as the embattled firm seeks to claw back confidence in the wake of a tax scandal.
The firm is planning to sell off its government consulting arm to private equity investor Allegro Funds for just A$1 ($0.66). About 130 PwC Australia partners and up to 2k employees from the government consulting arm will move to a new company.
Kevin Burrowes, the global clients and industries leader for the PwC Network, will move to Sydney from Singapore to take on his new role, Bloomberg reorted.
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