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AMERICAS
Omnicom Group, an American global media, marketing and corporate communications holding company, completed the acquisition of the digital commerce business of Ascential, a British business-to-business media business specialising in exhibitions & festivals and information services, for $900m.
"The Board firmly believes that the proposed sales of Digital Commerce and WGSN represent excellent value for shareholders, including the return of a significant portion of the combined proceeds. Furthermore, these actions are compelling in that they will enable us to achieve the objectives of the strategic review, addressing the distinct investment propositions of Ascential's three businesses, while also better positioning each business to achieve their growth ambitions," Scott Forbes, Ascential Chairman.
Blackstone Infrastructure Partners, an active investor across sectors, including energy infrastructure, transportation, digital infrastructure, completed the acquisition of a 19.9% stake in NIPSCO, a gas company, from NiSource, a utility company, for $2.15bn.
"We're pleased to reach this agreement at a compelling valuation following a robust and competitive process and are confident that Blackstone is the right partner for NIPSCO and NiSource going forward, given its global footprint and deep infrastructure experience, including in renewable development and procurement. With this transaction, our commitment to Indiana remains unchanged, and we will be able to drive further sustainable growth for our stakeholders. This financing transaction will have no impact on NIPSCO's current strategic direction or on our commitment to our gas and electric customers in Indiana," Lloyd Yates, NiSource President and CEO.
Blackstone was advised by Barclays, Latham & Watkins (led by David Allinson) and Paul Weiss Rifkind Wharton & Garrison (led by Ravi Purohit). Debt financing was provided by Sumitomo Mitsui Banking Corp. Debt providers were advised by Milbank (led by Marcus Dougherty). NiSource was advised by Goldman Sachs, Lazard, McGuireWoods and Joele Frank (led by Andrew Brimmer).
Iberdrola-backed Avangrid, a US based diversified energy and utility company that provides clean energy, terminated the merger with PNM Resources, a company that generates, transmits and distributes electricity, in a $4.3bn deal.
"We are greatly disappointed with Avangrid's decision to terminate the merger agreement and its proposed benefits to our customers, communities and shareholders. As we move forward, our strategic plans remain focused on the infrastructure investments necessary to meet the future energy needs of our customers and communities. We look to build upon our strong track record of delivering financial results and continue to target long-term earnings growth of 5%," Pat Vincent-Collawn, PNM Resources Chairman and CEO.
DISH Network, a television provider, completed the merger with EchoStar, a worldwide provider of satellite communication and Internet services, in a $1.86bn deal.
"This merger brings us one step closer to our goal of offering ubiquitous connectivity to people, enterprises and things, everywhere. Together we're better positioned to realize the connected future by leveraging every type of transport, combined with smart, enabling technologies and fully integrated services. Our superior portfolio of technology, spectrum, engineering, manufacturing and network management expertise will deliver the unparalleled connectivity solutions that customers demand," Hamid Akhavan, EchoStar President and CEO.
Kimco Realty, North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and a growing portfolio of mixed-use assets, completed the acquisition of RPT Realty, a publicly traded real estate investment trust that owns and operates open-air shopping centers, for $2.3bn.
“We are pleased to announce the successful completion of our acquisition of RPT, which will enable us to drive long-term growth and value creation for our shareholders in a leverage-neutral manner through embedded growth opportunities and economies of scale advantages,” Conor Flynn, Kimco Realty CEO.
Kimco Realty was advised by JP Morgan, Wachtell Lipton Rosen & Katz (led by David Shapiro) and ICR. JP Morgan was advised by Simpson Thacher & Bartlett. RPT Realty was advised by Lazard, Goodwin Procter (led by Mark Opper and Blake Liggio) and Prosek Partners.
Franklin Templeton, a private equity firm, completed the acquisition of Putnam Investments, an asset manager, from Great-West, an international financial services company, for $925m.
“With complementary capabilities and a track record of strong investment performance, Putnam expands our ability to offer more choice to more clients. The addition of Putnam accelerates our growth in the retirement sector by increasing our defined contribution AUM and expands our insurance assets, further strengthening our presence in these key market segments to better serve all our clients. Putnam also shares our client-focused culture and emphasis on delivering strong investment results. We’re delighted to welcome the talented team at Putnam to Franklin Templeton and are pleased to have Great-West as an investor,” Jenny Johnson, Franklin Templeton President and CEO.
Myers Industries, a manufacturer and distributor of industrial products, agreed to acquire Signature Systems, a manufacturer of composite industrial products, for $350m.
“Signature Systems is a meaningful catalyst in the transformation of Myers Industries. Signature aligns extremely well with our targeted acquisition criteria: Signature has a leading market position, with branded and differentiated products, serving fast-growing end markets. Signature provides Myers an attractive complementary platform for long-term growth driven by world-wide investments in infrastructure over the next decade. The addition of Signature Systems immediately strengthens our profitability and cash flow profile and will support Myers in achieving our Horizon 1 goals of $1bn in revenue at a 15% EBITDA margin. We are especially pleased to be acquiring a high-margin business with an established growth track record, as well as a favorable sustainability profile. Signature builds on our current technology capabilities, and we are excited about the opportunities to drive even greater shareholder and customer value by applying the Commercial and Operational Excellence best practices of the Myers Business System,” Mike McGaugh, Myers CEO.
Myers Industries is advised by Moelis & Co, Davis Polk & Wardwell and Vorys Sater Seymour & Pease. Signature Systems is advised by William Blair & Co and Honigman Miller Schwartz & Cohn.
Culligan International, a United States based global water treatment company, completed the acquisition of a stake in international businesses from Primo Water, an American-Canadian water company, for $575m.
“This is a significant milestone in our ongoing development. It enhances our scale and capacity within the EMEA region, reaffirming our ambition and long-term vision to bring more consumers the Culligan water they love. Culligan and Primo Water share the same passion for providing healthy, sustainable and better-tasting water that inspires healthier lives, healthier communities and a healthier planet,” Scott Clawson, Culligan International Chairman and CEO.
Level Access, a provider of digital accessibility solutions, agreed to acquire UserWay, a pioneer in accessibility AI technologies, for $99m.
"We've long admired the Level Access team and their integration of technology, service, and subject matter expertise. This transaction delivers compelling value to our shareholders and provides our team with a great opportunity to bring our technologies to a broader market. We are unified by a shared mission to make the world more accessible, and we believe this partnership will increase and accelerate what we are able to accomplish," Allon Mason, UserWay CEO and Founder.
UserWay is advised by Nfluence Partners and Sullivan & Worcester. Level Access is advised by Herzog Fox & Neeman and Latham & Watkins.
Platinum Equity, a private equity firm, agreed to acquire Horizon Organic, the largest USDA-certified organic dairy brand in the world, from Danone, a French multinational food-products corporation. Financial terms were not disclosed.
"Horizon Organic is an iconic name in dairy that is well recognized and beloved by consumers. The brand has earned a reputation for quality and innovation that is unmatched in the industry. We appreciate Danone's confidence in our ability to build on that legacy and support Horizon Organic's growth as a standalone company," Louis Samson, Platinum Equity Co-President.
Platinum Equity is advised by Alston & Bird and Morgan Lewis & Bockius.
Signature Aviation, the world's largest private aviation terminal operator, completed the acquisition of Meridian, a private aviation company. Financial terms were not disclosed.
"We embarked on this journey having a strong sense of which company would best build on the incredible legacy we've created, delivering award-winning service to our customers and treating our team members like family. Signature is best positioned to do just that through their great network, providing even more services to our customers and opportunities to our people," Ken Forester, Meridian CEO.
Arcline Investment Management-backed DwyerOmega, a manufacturer and global provider of innovative sensors and instrumentation solutions, completed the acquisition of Miljoco, a designer, manufacturer, and distributor of a broad range of temperature and pressure measurement instruments, from Foundation Investment Partners, a private equity firm. Financial terms were not disclosed.
"Miljoco and Weiss have strong brand reputations in niche, specialized applications within their target markets. Miljoco's ability to provide diverse modifications through bespoke manufacturing processes has established it as a partner of choice for leading industrial companies, and we are excited to welcome Miljoco to the DwyerOmega family," Chuck Dubois, DwyerOmega CEO.
DwyerOmega was advised by Joele Frank (led by Tim Ragones).
Comfort Systems USA, a provider of commercial, industrial, and institutional heating, ventilation, air conditioning and electrical contracting services, agreed to acquire Summit Industrial Construction, a speciality industrial mechanical contractor. Financial terms were not disclosed.
"We are extremely happy to announce that Summit and its extraordinary team of professionals have agreed to join Comfort Systems USA. Summit is a 100% industrial contractor with the capacity to execute large scale modular programs for its customers, and we are optimistic that this investment will expand and diversify our modular construction offering, which is experiencing significant demand and growth. We believe that Summit will be a key platform to further expand our off-site solutions, especially for advanced technology and heavy industrial customers," Brian Lane, Comfort Systems USA CEO.
Summit Industrial Construction is advised by Jefferies & Company.
US judge allows FTC to temporarily block IQVIA acquisition of DeepIntent.
A US court on December 29 upheld a Federal Trade Commission order to block IQVIA’s acquisition of DeepIntent, a healthcare advertising firm, as it may harm competition, Reuters reported.
DeepIntent, owned by Propel Media, a digital advertising company, entered into an agreement with US headquartered healthcare data and analytics firm IQVIA in 2022 with the intent to facilitate seamless communication between patients and healthcare providers.
Earlier this year, the FTC intervened to block IQVIA and DeepIntent's proposed merger so as to prevent increased concentration in health care programmatic advertising.
McKinsey to pay $78m in US opioid settlement with health plans.
Consulting firm McKinsey & Co has agreed to pay $78m to resolve claims by US health insurers and benefit plans that it fueled an epidemic of opioid addiction through its work for drug companies including OxyContin maker Purdue Pharma, Reuters reported.
The settlement was disclosed in papers filed on December 29 in federal court in San Francisco. It marked the last in a series of settlements McKinsey has reached resolving lawsuits over the US opioid epidemic.
Plaintiffs accused McKinsey, one of the leading global consulting firms, of contributing to the deadly drug crisis by helping drug manufacturers including Purdue Pharma design deceptive marketing plans and boost sales of painkillers.
EMEA
Cerberus-backed My Money Group, an independent French banking group, completed the acquisition of a retail banking business in France from HSBC. Financial terms were not disclosed.
“It is a unique opportunity to accelerate our expansion plans and to develop for our French customers differentiating wealth management solutions. My Money Group, with the backing of funds managed by Cerberus Capital Management, can support the growth of HBCE’s French retail network by applying our market knowledge and expertise in digital transformation. Together, we would build on CCF’s legacy and re-establish the brand as a leading franchise for wealth management customers in France,” Eric Shehadeh, My Money Group CEO.
Pomvom, a technology company that develops experiential content to amusement parks and attractions globally, agreed to go public via merger with Israel Acquisitions, a publicly-traded special purpose acquisition company, in a $125m deal.
"The business combination agreement signifies a momentous step forward, aligning with the vision set when we took our SPAC public last year. We believe Pomvom's unique combination of technology, product innovation, and creative content design positions the company to capitalize on multiple growth opportunities in the Immersive Location-based entertainment experiences industry, both in the US and worldwide. Collaborating together, we expect Pomvom to become a strategic partner of the largest amusement parks, attractions, and entertainment groups globally in coming years," Izhar Shay, ISRL Chairman.
Israel Acquisitions is advised by Arcadia Securities, Naschitz Brandes Amir, Reed Smith and Stuarts Humpries. Pomvom is advised by ROTH Capital Partners, Barnea Jaffa Lande & Co, Goldfarb Seligman & Co and Greenberg Traurig.
Aurelius, an active alternative investment group, completed the acquisition of The Body Shop, a British cosmetics, skin care and perfume company, from Natura &Co, a Brazilian global personal care cosmetics group, for £207m ($264m).
"We are delighted to be undertaking this acquisition of an iconic British brand, which pioneered the cruelty-free and natural ingredient movement in the health and beauty market. We look forward to working with CEO Ian Bickley and his team to drive operational improvements and re-energise the business, and help to deliver the next chapter of success," Tristan Nagler, AURELIUS Partner.
Aurelius was advised by Jones Day (led by Liam Bonamy) and Dentons Global Advisors (led by Humza Vanderman). Natura was advised by Morgan Stanley, Cleary Gottlieb Steen & Hamilton (led by James E. Langston) and Brunswick Group.
Macquarie, a financial services group, completed the acquisition of a 50% stake in Enel Green Power Hellas, Enel's renewable subsidiary in Greece, from Enel, a manufacturer and distributor of electricity and gas, for $381m.
Following the transaction's closing, EGP and Macquarie Asset Management set up a joint venture to co-manage Enel Green Power Hellas' current renewable generation portfolio alongside continuing to develop its project pipeline.
Lantmännen, a Swedish agricultural cooperative, agreed to acquire the Swedish business of HKScan, a Finnish manufacturer of meat foods and products, for €65m ($71m).
"The divestment of the Swedish business will strengthen HKScan's balance sheet. In addition, the sale will allow us to better focus on our remaining businesses and implement our long-term strategy. We will continue to operate on our foundations as a strongly Finnish but internationally active listed company. Our market position is significant and we have strong brands. Our strategic goal is to grow into a versatile food company," Juha Ruohola, HKScan CEO.
HKScan is advised by Carnegie Investment Bank.
NJJ Capital, a venture capital firm, agreed to acquire Lifecell, a mobile network operator, Global Bilgi, a customer relations management firm, and Ukrtower, a tower service provider, from Turkcell Iletisim Hizmetleri. Financial terms were not disclosed.
Turkcell shares rose 48% this year, closing the year at TRY56.10 ($2). The company reported a net income of TRY5.48bn ($185m) for the third quarter, beating analysts’ estimates, Bloomberg reported.
ExxonMobil hands over operations at West Qurna 1 oilfield to PetroChina.
US energy giant ExxonMobil has formally exited the West Qurna 1 oilfield in southern Iraq and handed over its operations to PetroChina as lead contractor, Reuters reported.
Senior Iraqi oil officials met with executives from ExxonMobil, PetroChina and Basra Oil on January 1 at the West Qurna 1 field near Basra to mark Exxon's complete exit and the handover of its operations to PetroChina.
Novartis signs gene therapy deal with Voyager for $100m upfront.
Voyager Therapeutics said on January 2 Novartis would pay $100m upfront as part of a licensing deal to develop gene therapy candidates, Reuters reported.
Voyager, whose shares jumped 35% in premarket trading, would provide Novartis a target-exclusive license to access its RNA-based screening platform and advance a gene therapy candidate in pre-clinical stage for a genetic disorder known as Huntington's disease.
The gene therapies developer is also eligible to receive up to $1.2bn in certain milestone payments, as well as tiered royalties on global net sales of products incorporating its RNA-based screening platform.
BT chief Philip Jansen approached about WPP chairmanship. (People)
Philip Jansen, who is to step down from the telecoms company in the spring, is one of a number of prospective candidates to have been sounded out in recent weeks about the post, Sky News reported.
WPP's search was not yet at an advanced stage and there was no certainty that Mr Jansen or WPP would decide to progress his candidacy further.
APAC
Baidu, a Chinese search engine company, terminated the agreement to acquire a live streaming business of JOYY, a social media firm, for $3.6bn.
Baidu said its $3.6bn deal for Joyy’s YY Live has expired three years after it was unveiled because regulators did not approve the transaction by December 31. The deal was previously slated to close in the first half of 2021, Bloomberg reported.
China Evergrande's EV share sale deal lapses.
A share sale plan between, the electric vehicle arm of property developer China Evergrande, China Evergrande New Energy Vehicle Group and US-listed NWTN has lapsed, Reuters reported .
As neither party agreed on the extension of the long stop date, which is the last day of 2023, Evergrande New Energy Vehicle said the share subscription and loan conversion subscription agreement by NWTN are no longer valid.
India's Vodafone Idea says not in tie-up talks with Musk's Starlink.
India's Vodafone Idea is not in talks to tie up with billionaire Elon Musk's satellite internet company Starlink, the telecom operator said on January 2, dashing hopes of a revival in the debt-ridden company that had sent its stock soaring, Reuters reported.
The clarification came after Vodafone Ideas' stock surged in the past two sessions on what business magazine BusinessWorld said were "markets betting" that Musk was looking to buy a stake in the company to help Starlink enter India.
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