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AMERICAS
Coach parent Tapestry's $8.5bn deal to buy Michael Kors owner Capri has received regulatory clearance from the European Union and Japan, Reuters reported.
The merger, which would bring top luxury labels such as Tapestry's Kate Spade, Stuart Weitzman and Capri's Jimmy Choo and Versace under one roof, is still awaiting clearance from US regulators. The US Federal Trade Commission sought additional information on the planned merger from the two companies in November, months after the deal was announced.
Hostmore, a UK hospitality business, offered to acquire TGI Fridays, a hospitality business that owns the American-themed casual dining brand "TGI Fridays", from TriArtisan, a private equity firm, for £177m ($221m).
"I am pleased to announce that we are in advanced discussions with TGI Fridays on the terms of a proposed transaction, which would reunite two businesses that are a natural fit, and were one business until as recently as 2014," Stephen Welker, Hostmore Chairman.
Wintrust, a financial services company, agreed to merge with Macatawa Bank, a provider of investment and financial services, in a $510m deal.
“Macatawa provides an ideal platform to expand into West Michigan with a very solid bank. The bank has a strong core deposit base, exceptional asset quality, a client focused culture, and a committed leadership team. Together, we will be a formidable, community-minded competitor to the other banks in the area. We look forward to the combined synergies that our two firms can realize while providing Macatawa’s customers with an expanded array of products and services,” Timothy S. Crane, Wintrust President and CEO.
Macatawa is advised by Morgan Stanley and Warner Norcross & Judd. Wintrust is advised by ArentFox Schiff.
Partners Group, a global private markets firm, completed the acquisition of a minority stake in Trinity, a hospitality-focused real estate investor, for $500m.
“We are grateful to have held a long-standing relationship with Partners Group, and that the firm has committed to investing alongside Trinity so that we can continue to build a preeminent global hospitality program together. We see an abundance of opportunities to deploy our sophisticated platform for hotel real estate, re-positioning, operation and asset management into new hotel assets and credit investments both in North America and abroad,” Sean Hehir, Trinity Managing Partner, President, and CEO.
Trinity was advised by JLL Corporate Finance (led by Jeff Altman), Jones Lang LaSalle and Prosek Partners (led by Kristin Cole).
Accenture Federal Services, a US federal services company, agreed to acquire Cognosante, a mission-driven provider of digital transformation and cloud modernization solutions for federal health, defense, intelligence, and civilian agencies. Financial terms were not disclosed.
“We are continually innovating and investing to help federal agencies stay ahead of the ever-changing needs of their mission and customers. Accenture Federal Services is excited to welcome the Cognosante team. We are truly impressed with their people, capabilities, and impact. Together, we will deliver on the promise of technology for the nation’s priorities," John Goodman, Accenture Federal Services CEO.
Accenture is advised by Evercore. Cognosante is advised by JP Morgan.
Kimmeridge Texas Gas, a producer of natural gas in close proximity to US domestic and export markets, failed to merge with SilverBow, an independent oil and natural gas company engaged in the development, exploration, acquisition and operation, in a $2.1bn deal.
The combination would have created a preeminent pure-play Eagle Ford shale operator with an estimated enterprise value of approximately $3.6bn. The accretive transaction offered SilverBow shareholders a unique opportunity to participate in the compelling upside of a larger and more resilient company that would have been uniquely positioned to drive growth and lead the next phase of consolidation in the Eagle Ford.
Atar Capital-backed Solero Technologies, a supplier of transmission solenoids, agreed to acquire automotive business from Kendrion, a company that develops and manufactures customized electromagnetic actuators, for $70m.
“With a commitment to shaping the future of mobility that prioritizes both people and the environment, the acquisition of Kendrion’s automotive business will further expand Atar’s purpose-driven portfolio into the automotive industry. We’re confident this solidifies Solero’s leadership position in the space and we look forward to collaborating with the Kendrion team on the transition," Cyrus Nikou, Atar Capital Founder.
Atar Capital is advised by NextTech Communications.
APi Group, a construction engineering company, agreed to acquire Elevated Facility Services Group, a provider of contractually based services for all major brands of elevator and escalator equipment, from L Squared Capital Partners, a private equity firm, for $570m.
"We have long viewed the elevator and escalator service market as very attractive due to highly recurring nature of the business, driven by non-discretionary, statutorily driven demand. We believe Elevated is the perfect opportunity for APi to expand into this adjacent and attractive market, creating a platform from which to execute our bolt-on M&A strategy. I believe our strength in operating a branch-led operating model makes APi the perfect owner for Elevated and businesses like it," Russ Becker, APi President and CEO.
Halliburton, Baker Hughes may see deal pressure after SLB's buying spree. (FS)
Investors of Halliburton and Baker Hughes are likely to pile up pressure on the top US oilfield service companies to follow the steps of bigger rival SLB in beefing up their portfolios through deals, industry experts said.
SLB made a nearly $8bn bid for ChampionX earlier this month to add new technology offerings, its second acquisition this year and the biggest purchase since 2016, Reuters reported.
Broadcom questioned by EU over VMware licensing changes.
US chipmaker Broadcom is being asked by EU antitrust regulators about changes to newly acquired cloud computing company VMware's licensing conditions following complaints from a spate of EU business users and a trade group, Reuters reported.
The EU competition enforcer said it had sent requests for information to Broadcom to investigate the issue.
Justice Department preparing Ticketmaster antitrust lawsuit.
The Justice Department may file an antitrust complaint as soon as next month aimed at forcing Live Nation Entertainment to spin off its Ticketmaster ticketing business, Bloomberg reported.
The agency has been investigating the entertainment giant for years amid concerns Live Nation has illegally tied its concert promotion services to use of Ticketmaster, in violation of the terms of the 2010 settlement that allowed it to acquire the ticketing company.
Microsoft-backed Rubrik seeks up to $713m in IPO.
Rubrik, a cloud and data security startup backed by Microsoft, is seeking to raise as much as $713m in its initial public offering, as investor appetite for technology listings continues to rebound, Bloomberg reported.
The company plans to market 23m shares for $28 to $31 each. At the top of the range, it would have a market value of roughly $5.4bn, based on the outstanding shares in the document.
BDT, Credit Suisse alums’ Citation Capital seeks $850m. (FS)
Private equity firm Citation Capital is seeking to raise about $850m for its debut fund, Bloomberg reported.
The Dallas-based firm, led by former BDT dealmaker Tiffany Hagge and Credit Suisse alum Lydie Hudson, is discussing the vehicle with prospective investors.
Planet Fitness taps Colleen Keating as new CEO. (People)
Planet Fitness has appointed Colleen Keating as its next chief executive officer, effective in June, succeeding Craig Benson who was serving in the position on an interim basis, WSJ reported.
The fitness center franchiser and operator said on April 16 that Keating’s appointment comes after an extensive search process by its board. She brings with her over three decades of experience across hospitality, real estate, operations and franchise management, the company said.
EMEA
International Paper, a global provider of renewable fiber-based packaging and pulp products, and one of the world's largest recyclers, agreed to acquire DS Smith, an international packaging company, offering sustainable, plastic-free packaging, integrated recycling services, and sustainable paper products, for $9.9bn.
"The combination with IP is an attractive opportunity to create a truly international sustainable packaging solutions leader that is well positioned in attractive and growing markets across Europe and North America. It combines two focused and complementary businesses. DS Smith has grown significantly through a dedication to customers, focus on innovation, quality of packaging and high levels of service. In a dynamic sustainable packaging landscape, the combination will enhance our global proposition to customers, create opportunities for colleagues and drive value for shareholders who can remain fully invested in such an exciting business. I am proud of all that DS Smith has achieved to date and am sure that the business will continue to flourish as part of a combined group with IP due to the capability and continued commitment of our colleagues," Miles Roberts, DS Smith CEO.
International Paper was recommended over an offer made by Mondi Group, a provider of sustainable packaging and paper.
Apax Partners, a private equity firm, agreed to acquire Zellis Group, an HR and payroll solutions provider, from Bain Capital, a private investment firm. Financial terms were not disclosed.
“We are proud of the market leading position that Zellis Group has built over recent years, a testament to the work and innovation of our team, with the strong support of Bain Capital. Today’s announcement reaffirms that position and will allow us to increase our investments and expansion in the areas that are most important to our customers. We’re excited to partner with Apax as we begin a new chapter to fulfil our mission to help our customers offer exceptional employee experiences to their people," John Petter, Zellis Group CEO.
Apax Partners is advised by Arma Partners, Citigroup, Kirkland & Ellis and Weil Gotshal and Manges. Zellis Group is advised by Evercore and Morgan Stanley. Bain Capital is advised by Ropes & Gray (led by William Mone and John Newton)
Gen II Fund Services, a private equity fund administrator, completed the acquisition of Crestbridge, a private capital fund administration solutions provider. Financial terms were not disclosed.
“The integration of the Crestbridge team and capabilities into Gen II marks a major milestone in achieving our goal to be the leading global private capital fund administrator. Blending Crestbridge’s private equity and real estate fund administration businesses with our service offerings provides our clients with many more options to support their success and growth," Steven Millner, Gen II CEO.
Crestbridge was advised by Freshfields Bruckhaus Deringer (led by Edward Cole) and Material Impact (led by Daniel Jason). Gen II was advised by BackBay Communications (led by Daniel Abramson) and Highwire PR.
Microsoft, a software corporation, completed the $1.5bn investment in G42, a UAE-based artificial intelligence technology holding company.
“Our two companies will work together not only in the UAE, but to bring AI and digital infrastructure and services to underserved nations. We will combine world-class technology with world-leading standards for safe, trusted, and responsible AI, in close coordination with the governments of both the UAE and the United States,” Brad Smith, Microsoft Vice Chair and President.
Microsoft was advised by WE Communications.
Exyte, a company specializes in the design, engineering, and delivery of high-tech facilities, agreed to acquire Kinetics Group, a provider of installation services, equipment, as well as technical facility management. Financial terms were not disclosed.
"Whether it's semiconductors, battery cells or biopharma – clients in our target sectors continue to invest in expanding their capacities. Kinetics is a perfect complement to Exyte to benefit from these ongoing investments in high-tech facilities. Together, we will seize the emerging opportunities and continue to offer our customers innovative and reliable solutions," Wolfgang Büchele, Exyte CEO.
Spain's Criteria in talks with potential investor in energy group Naturgy. (FS)
Spanish holding vehicle Criteria is in discussions with an investor group that has been talking to some of Spanish energy provider Naturgy's core shareholders over a possible partnership agreement.
Earlier, newspaper Cinco Dias cited unidentified market sources as saying that Abu Dhabi's TAQA was in discussion with Naturgy's three largest shareholders, including Criteria, over a possible takeover, Reuters reported.
Saxo Bank explores strategic options including sale.
Denmark's Saxo Bank is exploring a possible sale, 18 months after talks to merge with a blank-cheque company fell apart, Reuters reported.
The group, which offers digital trading and investment services, invited investment bankers in recent weeks to pitch for an advisory role to help it consider options, speaking on condition of anonymity.
MFE got bank support for potential €4bn ProSieben bid.
MFE-MediaForEurope, the TV group led by Italy's Berlusconi family, held talks in recent months with various banks ready to fund a potential bid for German peer ProSiebenSat.1 worth up to around €4bn ($4.3bn), Reuters reported.
While MFE has indicated it could consider a buyout offer for ProSieben only once the latter shed its non-core assets, the endorsement by banks of a potential takeover strengthens MFE's hand in the shareholder battle the two broadcasters have engaged in ahead of ProSieben's annual general meeting on April 30.
Superdry plans to go private as it kicks off rescue plan.
British fashion chain Superdry proposed a rescue package on April 16 involving a fundraising backed by CEO Julian Dunkerton, quitting the London Stock Exchange and a restructuring plan, to avoid falling into administration, Reuters reported.
The restructuring plan is dependent on the successful completion of the equity raise, which requires shareholder approval.
Spinneys supermarket shareholder to sell 25% in Dubai IPO.
The family behind high-end supermarket chain Spinneys 1961 plans to sell a 25% stake in the company on the Dubai stock exchange in an initial public offering, Bloomberg reported.
Al Seer Group will sell 900m shares in Spinneys. The subscription period will open April 23 and run until April 30 for institutional investors. It will close a day earlier for retail investors, with the shares expected to start trading in May.
Beyond Capital Partners closes third fund at the hard cap of €180m. (FS)
Beyond Capital Partners Fund III, a fund advised by Beyond Capital Partners, reached its final closing at the hard cap of €180m ($191m) in April 2024.
In addition to the capital commitment of all institutional limited partners already existing in the predecessor fund, further well-known fund-of-funds from continental Europe were acquired as investors. In addition, more than ten percent of the fund volume is provided by Beyond Capital Partners as General Partner and Beyond Family & Friends, thus ensuring a high degree of alignment of interests with its limited partners.
Dr Martens shares plunge as tough outlook sets challenge for new CEO. (People)
Dr Martens shares plunged around 30% on April 16 to a record low after the British boot maker warned of another tough year in its key US market, setting a challenge for its next chief executive, Reuters reported.
The company, whose chunky lace-up boots have been a fashion statement since the 1960s, named chief brand officer Ije Nwokorie as its next CEO.
APAC
Jio Financial Services, an Indian financial services company, and BlackRock, a private equity firm, agreed to form a joint venture for setting up the wealth management and broking business. Financial terms were not disclosed.
This joint venture further strengthens Jio Financial’s relationship with BlackRock, with whom Jio Financial had announced a 50:50 joint venture on July 26, 2023 to transform India’s asset management industry through a digital-first offering and democratise access to investment solutions for investors in India.
GQG said to invest around $400m in ailing Vodafone Idea. (FS)
Rajiv Jain’s GQG Partners is looking to invest around $400m in Vodafone Idea’s share sale that starts later this week, in a vote of confidence in the unprofitable Indian wireless operator, Bloomberg reported.
GQG will place bids for equity worth at least $300m and as much as $400m in a follow-on public offer being floated by the joint venture between Vodafone Group and the Aditya Birla Group. Other institutional investors are also expected to buy into the sale, they added.
Buyout interest in Samsonite is waning on valuation concerns. (FS)
Private equity firms are backing away from Samsonite International after assessing that it is priced too highly for a buyout, clearing the way for a dual listing of the luggage maker.
Early interest from investment funds didn’t match Samsonite’s value expectations. While potential suitors could revive work on a go-private deal, such plans are on hold, Bloomberg reported.
Kioxia plans to list as early as October as merger talks stall.
Kioxia plans to go public on the Tokyo Stock Exchange as early as October, even as some executives hope to revive merger talks with Western Digital, Bloomberg reported.
The NAND flash memory pioneer is prioritizing a solo listing to capitalize on a surge in domestic chip-related shares. Kioxia can revisit a deal with Western Digital after the IPO.
China's Chery to open its first European manufacturing site in Spain.
China's Chery Auto has signed a joint venture deal with Spain's EV Motors to produce cars at its first factory in Europe.
Cars will be produced later this year at a plant that Japanese carmaker Nissan shut down in 2021, helping to recover some of the 1.6k direct jobs lost as a result, Reuters reported.
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