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AMERICAS
Battery Ventures, a global, technology-focused investment firm, agreed to acquire TrueContext, a software company, for $150m.
“TrueContext welcomes our new partner Battery Ventures as we continue our journey of delivering best-in-class workflows to field technicians. We are excited to work with Battery to accelerate the next chapter of our continued growth in the Field Intelligence space,” Alvaro Pombo, TrueContext Co-CEO and Founder.
Battery Ventures is advised by CIBC World Markets, Cooley and Osler Hoskin & Harcourt. TrueContext is advised by Canaccord Genuity, Blake Cassels & Graydon and LaBarge Weinstein.
Novartis, a Swiss multinational pharmaceutical company, completed the acquisition of IFM Due, a biopharmaceutical company developing small-molecule, orally available drug candidates, from IFM Therapeutics, a pharmaceutical company focused on developing biological treatments for autoimmune diseases, for $835m.
"We have been steadfast in our belief that selectively targeting STING to block the cGAS-STING pathway has the potential to deliver a powerful therapeutic option for patients with serious chronic illnesses. Novartis has been an outstanding collaborator, and the program couldn't be in better hands. Today, as IFM Therapeutics marks the third major acquisition by a global pharmaceutical company, we cannot be more proud of our team's accomplishments and look forward to seeing our vision of precisely targeting the innate immune system to address a variety of serious inflammation-driven diseases become a reality for patients in need," H. Martin Seidel, IFM CEO.
A group of investors, including Revolution Growth, Eli Lilly & Company, Jeff Skoll, and EPIQ Capital Group, led a $111m Series A round in Zephyr AI, a healthcare technology company committed to developing fast and explainable AI solutions to democratize precision medicine.
“The US has the highest rate of avoidable cancer and cardiometabolic-related deaths among any high-income country. We must do better. At Zephyr AI, we are harnessing the power of AI to extract novel insights to better define patient stratification and response predictions as well as improve federation of real-world data. With our world-class team, and the support of this investor group, we are deploying one of the largest clinicogenomic datasets that has unprecedented breadth across disease states and data partners. Collectively, we are now well positioned to support our mission of democratizing precision medicine, enhancing both the speed and success of clinical trials,” Grant Verstandig, Zephyr AI Co-Founder and Executive Chairman.
Zephyr AI was advised by Cooley and SBS Comms (led by Randall Woods).
Minim, an AI-driven residential managed WiFi and IoT security platform, agreed to merge with e2Companies, a power generation, distribution, and energy economics company. Financial terms were not disclosed.
“This agreement comes at a pivotal time for e2Companies as we advance the commercialization of our technology platform,”“The aging infrastructure of our country’s grid and the increased need for demand-side innovation is critical. Our merger with Minim should allow us to accelerate AI data-driven networking solutions for the people that need it most, our customers,” James Richmond, e2Companies CEO and President.
e2Companies is advised by Haynes and Boone. Minim is advised by ABZ Law Office.
Kimmeridge Texas Gas, a producer of natural gas in close proximity to US domestic and export markets, agreed to merge with SilverBow, an independent oil and natural gas company engaged in the development, exploration, acquisition and operation, in a $1.4bn deal.
"Given the combination's clear strategic and financial merits, and in the interests of full transparency, we are making public our offer letter and supporting deck. Shareholders can assess for themselves the benefits of the proposed merger relative to SilverBow's current standalone trajectory," Ben Dell, Kimmeridge Co-Founder and Managing Partner.
Stonepeak, an alternative investment firm, agreed to acquire 4 US onshore wind farms from Ørsted, a Danish power producer, for $300m.
“The need for efficient infrastructure with the power to further the energy transition continues to grow, and onshore wind continues to play a major role in helping to meet that demand. Ørsted’s US onshore assets are young and have been built with trusted technology, which gives us confidence in their potential to make a meaningful and positive long-term impact on the communities they serve. We look forward to partnering closely with Ørsted on this highly contracted, geographically diverse portfolio,” Anthony Borreca, Stonepeak Senior Managing Director.
Peak Rock Capital, a middle-market private investment firm, completed the acquisition of California Custom Fruits & Flavors, a food ingredient processor and flavor manufacturer. Financial terms were not disclosed.
"After an exhaustive search, it became clear that Peak Rock is the right partner as we begin our next growth phase. Peak Rock truly appreciates our extraordinary culture, customers, and growth opportunities. Peak Rock brings a partnership mentality that will benefit our customers, suppliers, team members, and the entire organization," Mike Mulhausen, California Custom Fruits & Flavors CEO.
Peak Rock Capital was advised by Kekst CNC (led by Daniel Yunger).
Vehlo, a provider of software and financial solutions for the automotive repair industry, agreed to acquire Shop-Ware, an automotive aftermarket's premier cloud-based shop management software for independent repair shops. Financial terms were not disclosed.
"We've been impressed with Shop-Ware's innovative solutions and commitment to providing premier tools for the aftermarket community, including multi-shop operations. Shop-Ware is a great addition to Vehlo's suite of shop management solutions and aligns with our mission to be the automotive repair industry's favorite technology partner, delivering a compelling return on investment with features loved by shop customers, shop owners, and technicians. We look forward to partnering with the Shop-Ware team to support their great customer base and continue innovation and feature enhancement our customers need to grow their businesses," Michelle Fischer, Vehlo CEO.
Shop-Ware is advised by Houlihan Lokey.
Private-credit firms lure largest Latin American asset manager. (FS)
Vinci Partners Investments, the largest asset manager in Latin America, is looking to acquire private-credit firms to gain scale in a business that’s expanding globally, Bloomberg reported.
“There is a gigantic opportunity for private credit in Latin America, a place where credit is still very much concentrated in the biggest banks. We are just beginning to see disintermediation in the region,” where there is only a “small presence of big regional asset-management players,” Alessandro Horta, Vinci CEO.
Buyout firm HIG seeks $655m of private debt for USA DeBusk deal. (FS)
Buyout firm HIG Capital is seeking $655m of debt financing to help fund its potential purchase of mechanical and industrial cleaning company USA DeBusk, Bloomberg reported.
Goldman Sachs Group’s asset management division and Sixth Street Partners are leading the financing, which includes a $435m term loan, $160m delayed draw term loan and a $60m revolver.
Blank-cheque company aims to buy failed US banks. (FS)
Blank-cheque companies have raised money to buy businesses ranging from pilotless helicopters to Donald Trump’s social media platform. A group of Wall Street veterans is now setting its sights on a new target: failed banks.
Porticoes Capital will seek to take over banks closed by the Federal Deposit Insurance, the US regulator. The firm’s sponsors aim to attract hundreds of millions of dollars from investors, FT reported.
Lilly partners with Amazon to deliver Zepbound and other drugs.
Eli Lilly said on March 13 that it has brought on Amazon.com's pharmacy unit to deliver drug prescriptions sent to its direct-to-consumer service, LillyDirect.
Lilly launched the platform in January to enable patients to obtain their migraine, diabetes and obesity drugs, including the popular weight-loss medicine Zepbound, directly from the company via delivery from online pharmacy Truepill, Reuters reported.
GoldenTree closes $1.35bn private credit fund. (FS)
GoldenTree Asset Management, a global asset management firm with over $53bn in AUM, has held the closing of its new private credit fund with capital commitments of $1.35bn, surpassing its original target of $800m to $1bn.
The fund has a global investor base that includes public and corporate pensions, sovereign funds, foundations, insurance companies, family offices and RIAs across the US, Europe, Asia and the Middle East.
HarbourView Equity Partners secures close to $500m in debt financing from KKR and other investors to expand music investment opportunities. (FS)
HarbourView Equity Partners, an industry-leading alternative asset management company focused on investment opportunities in the sports, media and entertainment space, has secured approximately $500m in debt financing through a private securitization backed by its diversified catalog of music royalties. Insurance vehicles and accounts managed by KKR, a leading global investment firm, led the financing and investment accounts advised by Kuvare Asset Management also participated in the transaction.
“We are grateful to KKR for working with us to deliver a flexible and innovative financing structure that will support HarbourView in expanding its reach,” Sherrese Clarke Soares, HarbourView Founder and CEO.
EMEA
British home and motor insurer Direct Line said on March 13 it has rejected a revised buyout proposal from Belgium-based rival Ageas, Reuters reported.
“The board considered the latest proposal with its advisers and continues to believe the latest proposal is uncertain, unattractive, and that it significantly undervalues Direct Line Group and its future prospects while also being highly opportunistic in nature.Accordingly, the board unanimously rejected the latest proposal,” Direct Line.
Näder, the management and investment holding company of the Näder family, agreed to acquire a 20% stake in Ottobock, a prosthetic and orthotic medical devices, serving people with mobility challenges around the world, from EQT Partners, a private equity firm. Financial terms were not disclosed.
"Through the partnership with EQT, we have further professionalized Ottobock in recent years and developed its IPO readiness. Today, we benefit from a strong foundation for the next growth phase of our company. The collaboration with EQT was characterized by a high level of mutual respect and trust. And it was very successful: in 2023, we achieved the highest sales volume and the best results in the company's history. We will now continue our successful strategy as a purely family-owned company in the legal form of an SE & Co. KGaA, owned by my family and led by our CEO Oliver Jakobi and his strong management team," Hans Georg Näder, Ottobock Owner and Chairman.
EQT Partners is advised by Boston Consulting Group, JP Morgan, KPMG, and Hengeler Mueller (led by Daniel Moritz and Hans-Jorg Ziegenhain). Ottobock and Näder are advised by DC Advisory, Deutsche Bank, Goldman Sachs, Freshfields Bruckhaus Deringer, and Lilja & Co.
Advanced Medical Solutions Group, an advanced wound care and wound closure products manufacturer, agreed to acquire Peters Surgical, a medical devices manufacturer, from Eurazeo, a French private equity firm, for €141m ($154m).
"Peters Surgical is an ideal fit for AMS in terms of its complementary expertise, global reach and potential for synergies with AMS's existing portfolio. As well as broadening our portfolio, AMS will benefit from the shared capabilities of the two companies, including direct sales channels, distribution networks, and manufacturing locations. We're thrilled to have secured such a transformational deal which aligns perfectly with our acquisition strategy," Chris Meredith, Advanced Medical Solutions Group CEO.
ArcelorMittal, a multinational steel manufacturing corporation, agreed to acquire a 28.4% stake in Vallourec, a global company in premium tubular solutions primarily serving the energy markets, from Apollo Global Management, an alternative investment manager, for €955m ($1bn).
"Vallourec is a quality, high added-value tubular business, with established positions of strength in the attractive Brazilian and US markets. As a producer of premium tubular solutions, it has a critical role to play in the energy transition, producing vital products for hydrogen, CCS and geothermal applications, for which demand is expected to grow. It also has a comparatively low carbon footprint with ambitious improvement targets. We look forward to being part of the company's future," Aditya Mittal, ArcelorMittal CEO.
ArcelorMittal is advised by Teneo (led by Zoe Watt).
I Squared Capital, an independent global infrastructure investment manager, agreed to acquire the remaining 55% stake in Rubis Terminal, a petroleum products storing company, from Rubis Group, a petroleum storage and distribution firm, for €375m ($410m).
“With facilities at the heart of some of the most important trading hubs in Europe, Rubis Terminal plays a critical role in supporting the energy transition and ensuring security of supply. This transaction underscores I Squared’s confidence in Rubis Terminal’s transition strategy and our commitment to its continued growth,” Mohamed El Gazzar, I Squared Capital Senior Partner.
Rothesay, a pensions insurance specialist, agreed to acquire Scottish Widows bulk annuity portfolio from Lloyds Banking Group, a British financial institution. Financial terms were not disclosed.
“I am delighted that Lloyds Banking Group has chosen Rothesay as the long-term home for its bulk annuity business and look forward to welcoming our new policyholders from Scottish Widows. Rothesay’s substantial capital resources combined with the proven strength of our execution capabilities mean we are able to deliver solutions for our clients across all areas of the pension de-risking market. We are proud to provide award-winning levels of customer service for our policyholders along with long-term security for their retirement,” Tom Pearce, Rothesay CEO.
Rothesay is advised by JP Morgan.
Liontrust Asset Management says it is not in talks to buy smaller rival Artemis. (FS)
UK's Liontrust Asset Management said it was not in talks to buy smaller rival Artemis in response to a report about a potential takeover, Reuters reported.
Liontrust recently held early-stage discussions with Artemis about a potential tie-up.
BP and Abu Dhabi suspend talks to buy stake in Israeli gasfield.
BP and the Abu Dhabi National Oil Company have suspended talks on a $2bn deal to buy a 50% stake in Tel Aviv-listed NewMed Energy, as Israel’s war with Hamas enters its sixth month, FT reported.
The Israeli gas producer said in a statement on March 13 that the parties had halted talks “due to the uncertainty created by the external environment” but did not explicitly reference the conflict in Gaza.
Nordic Capital considers sale of regulatory tech firm Regnology. (FS)
Nordic Capital is weighing a sale of German regulatory software firm Regnology, in a deal which could value the business at up to €3bn ($3.27bn), Reuters reported.
The private equity firm is speaking with investment banks about its options for Regnology and could launch an auction as early as the second half of this year. The timing of the sale process may slip into next year, the fourth person cautioned.
Turkey’s Arena seeks to sell payment systems unit Paynet.
Turkish technology firm Arena Bilgisayar Sanayi ve Ticaret is in talks with investors to sell its payment systems unit, Bloomberg reported.
Arena Bilgisayar, which serves as a distributor of many global technology brands in Turkey, has received non-binding bids from several investors for Paynet Odeme Hizmetleri. Paynet is fully owned by Arena Bilgisayar.
South Africa scraps sale of national airline, minister says.
South Africa’s government terminated a deal to sell a controlling stake in its flag carrier after failing to agree on a fair value and other terms, Public Enterprises Minister Pravin Gordhan said.
The government had planned to sell 51% of loss-making South African Airways to the Takatso group, which is made up of closely held Global Airways and private equity firm Harith General Partners, but the talks were called off, Bloomberg reported.
EQT’s skincare firm Galderma sets terms for $2.6bn IPO.
Skincare company Galderma Group set the price range for a CHF2.3bn ($2.6bn) initial public offering, in what would be the largest listing in Europe since that of Porsche in 2022, Bloomberg reported.
The shares are being marketed at CHF49 ($56) to CHF53 ($60) apiece through March 20, the EQT-backed company said in a statement, with the stock set to start trading two days later. Based on the offer price range, Galderma will have an implied market capitalization of up to CHF12.6bn ($14.4bn).
Airtel Africa mulls IPO of TPG-backed mobile money unit.
Billionaire Sunil Mittal’s Airtel Africa is considering an initial public offering for its mobile money unit that could value it at more than $4bn, Bloomberg reported.
Africa’s second-biggest telecom operator has held discussions with potential advisers about listing Airtel Money as soon as this year.
Inflexion closes minority fund at record £1.75bn. (FS)
European mid-market private equity firm Inflexion has closed the Inflexion Partnership Capital Fund III at its £1.75bn ($2.24bn) hard cap, making it the largest dedicated minority fund in Europe and 75% larger than its £1bn predecessor fund.
According to a press release, the fund’s strategy targets minority equity investments into high-growth, high-margin businesses looking to accelerate growth and has covered 24 investments to date, with eight exits generating realised returns of 3.9× gross multiple and 45% gross IRR.
APAC
KKR to invest $400m more in Philippines telecom towers business. (FS)
Private equity giant KKR will invest approximately $400m to further develop and acquire telecom towers in the Philippines, DealStreetAsia reported.
The investment will be coursed through Pinnacle Towers, the largest independent telecom tower operator in the country. Pinnacle's subsidiary, Frontier Towers, is backed by KKR.
SingTel looking to sell significant Optus stake to Brookfield. (FS)
Singapore Telecommunications (SingTel) is looking to sell a significant stake in its wholly owned Australian unit Optus to Canadian private equity giant Brookfield, Reuters reported.
Southeast Asia's largest telco operator is in advanced talks with Brookfield over the stake sale.
JPMorgan’s India ECM head Abhinav Bharti said to leave bank. (People)
JPMorgan Chase & Co.’s India head of equity capital markets Abhinav Bharti is leaving the US bank, Bloomberg reported.
He will be replaced by Arvind Vashistha, former managing director of Citigroup in India. Bharti is leaving after working for more than 13 years with JPMorgan, according to his LinkedIn profile. He was elevated to managing director in 2022. He joined the firm as an associate from Kotak Mahindra Bank's investment banking arm in 2010.
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