Top Highlights
JD.com, a company specialising in e‑commerce and logistics, completed the acquisition of a 59.8% stake in Ceconomy, a German consumer electronics retailer, from Franz Haniel & Cie, Convergenta Invest, and Freenet, for €1.335bn ($1.485bn), according to press releases.
Investcorp Credit Management BDC, a publicly traded business development company, agreed to merge with BCP Investment, a publicly traded business development company, according to press releases. Financial terms were not disclosed.
Investcorp Credit Management is advised by Houlihan Lokey, Dechert, Fried Frank Harris Shriver & Jacobson and FTI Consulting (led by Jenny Boyd). BCP Investment is advised by Simpson Thacher & Bartlett, Kekst CNC (led by Daniel Yunger) and The Equity Group (led by Lena Cati), according to press releases.
Hancock Whitney, a bank holding company, agreed to merge with Trustmark, a bank holding company, in a $3.2bn deal, according to press releases.
Hancock Whitney is advised by Raymond James and Wachtell Lipton Rosen & Katz (led by Nicholas G. Demmo). Trustmark is advised by Goldman Sachs, Brunini Grantham Grower & Hewes and Covington & Burling. Goldman Sachs is advised by Sullivan & Cromwell (led by Stephen M. Kotran), according to press releases and MergerLinks data.
AMERICAS
BP is in talks to sell a stake in a Brazilian oil discovery to Petrobras. ( Bloomberg)
MMG to revise Anglo nickel deal remedies as deadline looms. ( Reuters)
EMEA
British challenger bank Metro put up for sale. ( Reuters)
London infrastructure investment firm Arcus said to weigh sale. ( Bloomberg)
UAE's FAB plans to raise up to $4.08bn in one of the largest Gulf rights issues in recent years. ( Reuters)
APAC
China's Zhuanzhuan is said to have filed for a $500m HK IPO. ( Bloomberg)
SmartNews seeks $70m in Tokyo IPO after 80% valuation cut. ( Bloomberg)
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COMPANIES
FINANCIAL ADVISORS
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AMERICAS
Nordic Capital-backed Inovalon, a provider of solutions empowering data-driven healthcare, agreed to acquire DrFirst, a provider of healthcare IT solutions that optimize medication management, according to press releases. Financial terms were not disclosed.
DrFirst is advised by Citigroup and Skadden Arps Slate Meagher & Flom (led by Jeffrey Brill and Thaddeus Hartmann). Nordic Capital and Inovalon are advised by Goldman Sachs, Kirkland & Ellis and McDermott Will & Schulte, according to press releases and MergerLinks data.
Ironleaf Capital, a healthcare-focused private equity firm, completed the investment in Healthcare Control Systems, a healthcare technology company providing hospital operations and clinical coordination software, according to press releases. Financial terms were not disclosed.
Ironleaf Capital was advised by McDermott Will & Schulte and ICR Inc (led by Chuck Dohrenwend). Healthcare Control Systems was advised by Bridgepoint and Vacek Kiecke & Colmenero, according to press releases.
Five9, a provider of cloud-based contact center software, agreed to acquire Level AI, a customer experience software company, for $325m, according to press releases.
Five9 is advised by Centerview Partners, Sidley Austin and Joele Frank, according to press releases.
Coalesce Capital-backed Marshall & Stevens, a provider of independent, credible valuation and financial advisory services, completed the acquisition of Baumann Moreau, a provider of business valuation, forensic accounting, expert witness litigation services, tax and accounting, according to press releases. Financial terms were not disclosed.
Coalesce Capital was advised by Joele Frank (led by Ed Trissel), according to press releases and MergerLinks data.
Iron Path Capital, a private equity firm, completed the acquisition of Boulder Scientific Company, a developer and manufacturer of organometallic products and specialty chemicals, from Quad-C Management, a middle-market private equity firm, according to press releases. Financial terms were not disclosed.
Iron Path Capital was advised by Houlihan Lokey, according to MergerLinks data.
Serco, a British multinational defence, health, space, justice, migration, customer services, and transport company, agreed to acquire US business of QinetiQ, a science and engineering company, for $292m, according to press releases.
Serco is advised by RBC Capital Markets, according to press releases.
Five Elms Capital, a growth equity investment firm, completed the investment in iCareManager, a cloud-based electronic health record and care management software company, according to press releases. Financial terms were not disclosed.
iCareManager was advised by Vista Point Advisors, according to press releases.
BP is in talks to sell a stake in a Brazilian oil discovery to Petrobras. ( Bloomberg)
BP is in discussions with Brazilian state-controlled oil company Petrobras to sell a stake in the Bumerangue offshore oil block in Brazil, which represents its largest oil discovery in 25 years.
The potential transaction would allow Petrobras to gain exposure to one of BP’s most significant recent discoveries, although the size and value of the stake under consideration have not been disclosed.
MMG to revise Anglo nickel deal remedies as deadline looms. ( Reuters)
The European Commission is reportedly leaning towards blocking the transaction following negative feedback from third parties and concerns that MMG’s proposed remedies are insufficient to address competition issues.
EMEA
Norvestor, a private equity company focusing on mid-market companies based in or with strong ties to the Nordic region, agreed to acquire Jets Group, a global supplier of eco-efficient vacuum and waste-handling technology, from Stokke Industri, an investment and holding company, according to press releases. Financial terms were not disclosed.
Norvestor is advised by Schjodt. Stokke Industri is advised by Citigroup and BAHR, according to press releases.
Oaktree Capital Management, a global asset management firm, agreed to acquire Guascor Energy, manufacturer of diesel and gas engines, from Mutares, a German-based publicly listed private equity holding company, for €74m ($82m), according to press releases.
Mutares is advised by Alantra and CROSS ALLIANCE communication (led by Susan Hoffmeister), according to press releases.
Arnest, a Russian consumer goods and packaging company, completed the acquisition of the Russia hygiene business of Reckitt, a global consumer goods company, according to press releases. Financial terms were not disclosed.
Valor Equity Partners, an investment firm, and National Wealth Fund, a government-backed investment institution, led a $700m Series A round in UFORCE, a London-based defence tech startup, with participation from US–Ukraine Reconstruction Investment Fund, Menlo Ventures, Xantium, Hiro Capital, Shield Capital, Ballistic Ventures, Lakestar and Squadra, according to press releases.
UFORCE was advised by Kekst CNC, according to press releases.
British challenger bank Metro put up for sale. ( Reuters)
Metro Bank, a British mid-tier lender, has put itself up for sale as part of a strategic review, opening the door to a potential takeover following years of restructuring efforts.
The bank, valued at approximately £1.2bn ($1.6bn) as of November 11, saw its shares rise 7% following the announcement. Metro Bank confirmed it is not currently in discussions with potential buyers and has not received any offers.
London infrastructure investment firm Arcus said to weigh sale. ( Bloomberg)
Arcus Infrastructure Partners, a London-based investment firm managing more than €12.4bn ($13.8bn) in assets, is exploring strategic options, including a potential sale, amid growing consolidation among private capital managers.
The firm is working with advisers to evaluate its options, although no final decision has been announced.
UAE's FAB plans to raise up to $4.08bn in one of the largest Gulf rights issues in recent years. ( Reuters)
First Abu Dhabi Bank, the UAE’s largest lender by assets, is seeking to raise up to AED15bn ($4.08bn) through a rights issue, marking one of the largest such offerings in the Gulf in recent years.
The proposed capital increase aims to support the bank’s next phase of growth and capitalize on opportunities in both its domestic market and international operations.
APAC
Aurelius, a private equity firm, agreed to acquire the graphite electrode business in Japan, the Americas and Europe from Resonac, a Japanese chemical company, according to press releases. Financial terms were not disclosed.
Aurelius is advised by Ramboll, Ernst & Young, Aon Securities, Houlihan Lokey, Haver Mailänder and Jones Day, according to press releases.
Goodman Group, an Australian integrated commercial and industrial property group, and Digital Realty, a provider of data center, colocation, and interconnection solutions, completed the acquisition of a 9.9% stake in NextDC, an Australian digital infrastructure company that develops and operates data centres, for $500m, according to press releases.
NextDC was advised by Barrenjoey Capital Partners, Cadence Bank, UBS and Mallesons, according to MergerLinks data.
CSRI, a corporate support and investment firm, agreed to acquire Kaji Technology, a Japanese manufacturer of high-pressure compressors and gas handling equipment, for JPY11.5bn ($73m), according to press releases.
Kaji Technology is advised by Daiwa Securities, according to MergerLinks data.
China's Zhuanzhuan is said to have filed for a $500m HK IPO. ( Bloomberg)
Beijing Zhuanzhuan Spirit Technology, a Chinese online marketplace operator, has confidentially filed for an initial public offering in Hong Kong that could raise up to $500m as early as 2027.
The company may need to reincorporate in mainland China to comply with regulatory requirements before proceeding with the listing. Discussions with relevant listing authorities are ongoing, and no final decision has been made regarding the restructuring.
SmartNews seeks $70m in Tokyo IPO after 80% valuation cut. ( Bloomberg)
SmartNews, a Japanese news aggregator app developer, is seeking to raise JPY11.2bn ($70m) through an initial public offering in Tokyo at a valuation 80% below its last major funding round in 2021. The company’s founder and existing investors plan to offer 8.1m shares at an indicative price of JPY1.39k ($8.73) each.
Mitsubishi UFJ Morgan Stanley Securities, Morgan Stanley MUFG Securities and Nomura are acting as underwriters for the offering. The share sale is expected to be priced on December 7, with trading scheduled to begin on December 15.
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