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AMERICAS
Johnson & Johnson, a health care company, completed the acquisition of Abiomed, a provider of medical technology that provides circulatory support and oxygenation, for $16.6bn.
“The addition of Abiomed is an important step in the execution of our strategic priorities and our vision for the new Johnson & Johnson focused on Pharmaceutical and MedTech. We have committed to enhancing our position in MedTech by entering high-growth segments. The addition of Abiomed provides a strategic platform to advance breakthrough treatments in cardiovascular disease and helps more patients around the world while driving value for our shareholders,” Joaquin Duato, Johnson & Johnson CEO.
Abiomed was advised by Goldman Sachs, Sullivan & Cromwell and Kekst CNC. Johnson & Johnson was advised by JP Morgan, Cravath Swaine & Moore and Joele Frank (led by Leigh Parrish). Cravath Swaine & Moore was advised by Davis Polk & Wardwell (led by Alan F. Denenberg).
Superior Plus, a distributor and marketer of propane and distillates, agreed to acquire Certarus, a provider of compressed natural gas delivery and carbon neutral energy solutions, for $771m.
“The acquisition of Certarus is a highly strategic and transformative transaction for Superior as it represents an exciting opportunity for significant organic growth and provides our existing and new customers with the ability to meet their ESG goals through our low carbon energy distribution platform. With our execution on the Superior Way Forward strategic initiatives in the past 24 months, we are ahead of our timing to achieve $700m to $750m in EBITDA from operations as we now expect to reach the lower end of the target by 2024,” Luc Desjardins, Superior President and CEO.
Certarus is advised by JP Morgan, National Bank Financial, TD Securities and Burnet Duckworth & Palmer. Superior Plus is advised by CIBC World Markets and Torys.
ABC Technologies, an automotive systems and components manufacturer, agreed to acquire WMG Technologies, an innovative tooling and molded products solutions provider, for $165m.
“WMGT brings with it a rich history as a family-owned Canadian business that parallels ABC’s own story. Founded two years apart, both companies built strong legacies guided by intentional and focused leaders. Six years after our own transition from being a family-owned business, ABC is excited to welcome WMG into its next exciting chapter as part of the ABC family. This acquisition strengthens ABC’s exterior products offering, expands our injection molding technical expertise and brings additional value-added tooling in-house,” Terry Campbell, ABC Technologies President and CEO.
WMG Technologies is advised by Akin Bay, Deloitte, KPMG and Cassels Brock & Blackwell. ABC Technologies is advised by Evercore and Blake Cassels & Graydon.
Arcline-backed Qnnect, a productivity app, completed the acquisition of Hermetic Solutions Group, an electrical components supplier from Windjammer Capital, a private equity firm. Financial terms were not disclosed.
"Our strategy is to acquire industry-leading manufacturers of connectivity solutions whose technology and customer relationships bring significant long-term growth potential to Qnnect. HSG's differentiated hermetic solutions and position on premier US defense platforms further cement Qnnect as a leading supplier of critical connectivity solutions. We're excited to welcome the HSG team to our growing portfolio and look forward to working together to best serve our customers," Kevin Perhamus, Qnnect CEO.
Hermetic Solutions was advised by BlackArch Partners, William Blair & Co and Kirkland & Ellis (led by Amanda Border and Daniel W. Vaczy). Arcline Investment was advised by Joele Frank. Qnnect was advised by Evercore.
Sanisure, a bioprocessing technology company, completed the acquisition of Medical Elastomer Development, a silicone extrusion company, from 3i Group-backed Q Holding, a global manufacturer of highly-engineered medical devices. Financial terms were not disclosed.
"We are excited to have the MED Twinsburg Team joining Sanisure's growing family. We continue to invest in critical technologies and capabilities that drive innovation and supply security for our global customer base. State-of- the-art silicone extrusion capabilities are core to our portfolio of fluid management products and solutions, and enable us to provide both high quality silicone tubing and vertically integrated bioprocessing single-use solutions to our customers," Steven Chevillotte, Sanisure CEO.
Sanisure was advised by Willkie Farr & Gallagher (led by Mark Cognetti).
Century Golf Partners, a property management company, and HKI America, a golf company, completed the acquisition for Four Seasons Golf & Sports Club of Las Colinas. Financial terms were not disclosed.
“The Club’s legendary history as the host site of the Byron Nelson, award-winning golf courses, state-of-the-art sports facilities, and thriving location makes this one of the premier clubs in Dallas and we are grateful for the members support to acquire the Club,” Jim Hinckley, Century Golf Partners Founding Partner and CEO.
Union Home Mortgage, a full-service retail, wholesale and consumer direct independent mortgage banking company, agreed to acquire Amerifirst Home Mortgage, an independent community mortgage banker. Financial terms were not disclosed.
“On behalf of all our Partners, I am excited to welcome the wonderful mortgage professionals of Amerifirst to the world-class platform of growth at UHM. Our company lives by the mantra of ‘Promises Kept,’ which includes promises to our customers, communities and colleague Partners. Today, I am thrilled to expand the reach of that promise further,” Bill Cosgrove, Union Home Mortgage President & CEO.
Tata Communications, an Indian telecommunications company, agreed to acquire The Switch Enterprises, a customer-controlled video switching services provider, for $59m.
"Our combined forces of The Switch's strong presence in North America and Tata Communications' global position will create a formidable powerhouse in the global media ecosystem helping enterprises harness emerging digital consumption patterns to drive innovation and disruption. In addition, The Switch production infrastructure as a service model will allow Tata Communications customers to accelerate adoption of remote production from any event around the world," Tri Pham, Tata Communications CSO.
EMEA
Germany completed the acquisition of a 30% stake in Uniper, an energy company, from Fortum, a Finnish state-owned energy company, for $8.13bn.
“We are living through an unprecedented energy crisis that requires robust measures. After intensive but constructive negotiations, we found a solution that in an acceptable way met the interest of all parties involved. We were driven by urgency and the need to protect Europe’s security of supply in a time of war. In addition to thanking the German government and our colleagues at Uniper, I would also like to thank the Finnish government for their support in recent weeks. For us it is also important that the solution now reached doesn’t require additional capital from Fortum beyond the already provided eight billion euros of financial support," Markus Rauramo, Fortum President and CEO.
Uniper was advised by Macquarie Group and Kekst CNC (led by Marie Bismarck). Fortum was advised by Perella Weinberg Partners and Hengeler Mueller (led by Daniel Kress).
TX Group-backed Goldbach Group, a media company, agreed to acquire switzerland business of Clear Channel Outdoor Holding, an out-of-home advertising company, for $93m.
"The sale of our business in Switzerland is the result of our ongoing review of strategic alternatives for our European businesses and moves toward our goal of optimizing our portfolio in the best interests of our shareholders. This transaction allows us to exit a standalone and lower-priority market at a valuation that we believe reflects the quality of our Swiss assets, which are performing well," Scott Wells, Clear Channel Outdoor Holdings CEO.
Clear Channel Outdoor Holding is advised by Deutsche Bank, Moelis & Co, Homburger (led by Daniel Hasler) and Kirkland & Ellis.
Italiani Petroli, a private fuel and mobility company, agreed to acquire the fuel business of ExxonMobil-backed Esso Italiana, a fuel company. Financial terms were not disclosed.
"The acquisition will allow the IP Group to be joined by very high quality people, competencies and production assets. We have made a great effort to finalise this operation, which will allow us to play a key role in facing the challenge of energy security in the mobility sector and will enable the following steps of the Group’s transition towards sustainability," Ugo Brachetti Peretti, IP President.
Italiani Petroli is advised by CC & Soci and Gatti Pavesi Bianchi Ludovici. ExxonMobil is advised by Shearman & Sterling (led by Nicholas Withers and Fabio Fauceglia).
Westbury Street Holdings, a contract catering company, completed the acquisition of Meyers, a food products company, from IK Partners, a private equity firm. Financial terms were not disclosed.
"Meyers has developed into an innovative and forward-looking company with an unwavering focus on quality, sustainability and hospitality. Our values are very similar, and we look forward to supporting Meyers in executing existing and new plans for growth in both Denmark and internationally," Noel Mahony, WSH CEO.
Meyers was advised by LEAD Agency (led by Lars Volle). IK Partners was led by Carnegie Investment Bank.
VTB, a Russian majority state-owned bank, agreed to acquire Otkritie, a banking company, from Bank of Russia, the Russian central bank, for $4.7bn.
VTB has fallen under some of the toughest sanctions imposed by the West on Russia's financial sector, is struggling, something that had raised doubts about the long-awaited Otkritie purchase.
Bain Capital, an American private investment firm, and MV Credit, a private credit firm, agreed to acquire a majority stake in Pronovias Group, a luxury bridal brand, from BC Partners, an alternative investment manager. Financial terms were not disclosed.
“The Group will now have greater strength and the financial firepower to accelerate our business plan. Pronovias is the leading bridal fashion brand in the world, and we have all the necessary elements to keep on shaping this industry as it rebuilds following the pandemic. We are absolutely committed to the growth of the Group, jointly with our partners and suppliers, as well as our valued customers. We are grateful for the support that BC Partners has given us during these past five years, including the significant operational and financial support that enabled us to navigate the exceptional business challenges created by the pandemic. Thanks to the consortium, today we are on a strong footing and fully prepared to manage successfully our future development,” Amandine Ohayon, Pronovias Group CEO.
Ahlsell Danmark, an installation products, tools and supplies distributor, completed the acquisition of a 75.49% stake in Sanistål, a wholesaler of installation products, steel and metal tools, machines, and technical products, for $75m.
"From an overall assessment, we consider the sale to Ahlsell to be the best solution for Sanistål and its stakeholders. As a strong, long-term, industrial owner, Ahlsell may help further strengthen Sanistål, and Sanistål will achieve substantial scale benefits as the Danish leg of the leading distribution and services group in the Nordics. Obviously, the four Major Shareholders were not natural, long-term owners of Sanistål, and the Board is pleased that we can execute the necessary change of ownership in a way that will generate value for the Company’s minority shareholders," Anders K. Bønding, Sanistal Chairman.
Nigeria to sell five power companies to help plug budget gap.
Nigerian authorities plan to sell five electricity-generation companies in the first quarter to help fund next year’s budget, according to the nation’s privatization agency.
It’s looking to open bids for the assets this month and reach financial close by the end of March, Alex Okoh, director-general of the Bureau of Public Enterprises, said in an emailed response to questions, Bloomberg reported.
Italy's nationalists set to loosen grip on beloved airline with mooted Lufthansa deal.
Italy's new right-wing government has shown it is prepared to put sound finances ahead of national pride by revamping plans to sell a stake in the successor of the country's repeatedly bailed-out flagship airline to Germany's Lufthansa.
ITA Airways took to the air in 2021 and has had to struggle with the legacy of its loss-making predecessor Alitalia, that sucked in an estimated $10.6bn of state funds in its last 14 years of life, Reuters reported.
APAC
BHP Group made a binding offer to acquire Australian copper miner OZ Minerals for $6.4bn, putting the fate of the long-standing deal in the hands of the latter’s shareholders. BHP plans to fund the deal through a mix of cash and by taking on new debt.
In a Scheme Implementation Deed filed with the Australian Securities Exchange, BHP said that OZ shareholders will now vote on the deal by late-March to early April. The OZ board had last month accepted BHP’s offer, and recommended it to shareholders. The move comes as BHP pivots further away from fossil fuels and into what it sees as a future of clean energy.
“The Scheme provides OZ Minerals shareholders with an opportunity to realise certain value for their OZ Minerals shares at a compelling premium. This offer price represents a 49.3% premium to the undisturbed share price prior to BHP’s Initial Proposal. BHP has also stated its offer price is best and final, in the absence of a competing proposal," Andrew Cole, OZ Minerals CEO.
OZ Minerals is advised by Greenhill & Co, Macquarie Group and Gilbert + Tobin. BHP Group is advised by Citigroup.
KKR, an American global investment company, agreed to invest $576m in SK E&S, a utility networks services provider.
“We are pleased to extend our collaboration with SK E&S and support its mission-critical diversification into renewable energy solutions both within and outside of Korea. We are also excited to deepen our existing relationship with SK Group, and believe that this transaction is highly aligned with KKR’s broader strategy to create tailored solutions to support the corporate objectives of Korean enterprises,” Keith Kim, KKR Managing Director.
KKR is advised by The SIGNATURE.
Reliance Industries, an business conglomerate, agreed to acquire METRO Cash & Carry India, the Indian retail business of METRO, a retailer, for $344m.
“The acquisition of METRO India aligns with our new commerce strategy of building a unique model of shared prosperity through active collaboration with small merchants and enterprises. METRO India is a pioneer and key player in the Indian B2B market and has built a solid multi-channel platform delivering strong customer experience. We believe that METRO India’s healthy assets combined with our deep understanding of Indian merchant / kirana ecosystem will help offer a differentiated value proposition to small businesses in India," Isha Ambani, Reliance Retail Director.
METRO is advised by JP Morgan.
Tata Digital, an app designed to offer customers an extensive yet highly personalised shopping experience, led a $200m funding round in BigBasket, an online grocery store in India.
Tata Group-backed BigBasket has initiated a fresh round of funding that could value the online grocery startup at around $3.5bn.
Toshiba's preferred bidder JIP to seal $10.6bn loan deal this week. (FS)
Japan Industrial Partners, the preferred bidder to buy out Toshiba Corp, is set to sign a loan agreement of about $10.6bn with lenders this week, DealStreetAsia reported.
Toshiba’s shares surged on the report and were up 5% in mid-afternoon trade.
AG Capital kicks off inaugural fund with Improove buyout. (FS)
Austrian sponsor AG Capital has kicked off the deployment of its inaugural $148m fund with the buyout of Vienna-based SEO agency Improove Group as it scouts for further investments in DACH, co-founder Karl Lankmayr told Unquote.
Improove, which also has offices in Madrid and New York, provides search engine optimisation (SEO) services to more than 130 global customers, Unquote reported.
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