Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Private equity firms SkyKnight Capital and Dragoneer Investment Group to acquire a majority stake in Simplicity Group, a financial products distribution firm, from Lee Equity Partners, a private equity firm. Financial terms were not disclosed.
"Simplicity is a best-in-class distributor of financial products that empower and enable American financial independence. We are excited to support the Simplicity partners as they continue to build a truly unique company that is delivering for consumers, retail agents and advisors, employees, and shareholder partners. Further, the investment in Simplicity is a continuation of our commitment to partnering with market-defining businesses with broad-based employee ownership. Finally, we are grateful for the opportunity to partner with Dragoneer for a third time in the Financial Services space," Matthew Ebbel, SkyKnight Capital Managing Partner.
Simplicity Group is advised by Waller Helms Advisors and Dentons Sirote. SkyKnight Capital is advised by Piper Sandler, Morrison & Foerster and Ropes & Gray. Dragoneer Investment is advised by FGS Global. Lee Equity is advised by Weil Gotshal and Manges.
Resolute Holdings, an investment firm under the leadership of David Cote and Tom Knott, agreed to acquire a majority stake in CompoSecure, a metal payment cards, security, and authentication solutions provider, from LLR Partners, a private equity firm, for $372m.
“I am very pleased to announce this strategic transaction that will simplify our corporate structure and continue to unlock shareholder value. I am also thrilled to have David Cote serve as executive chairman of the board of directors. David’s career and track record is unparalleled, setting the standard for how organizations can simultaneously drive both short and long-term performance to realize their full potential. We believe his experience steering global organizations, such as Honeywell and Vertiv, will be invaluable to CompoSecure as we enter a new phase of growth and value creation for shareholders, employees, and customers," Jon Wilk, CompoSecure CEO.
CompoSecure is advised by Houlihan Lokey and Potter Anderson & Corroon. Resolute Holdings is advised by Goldman Sachs and Paul Weiss Rifkind Wharton & Garrison. LLR Partners is advised by JP Morgan.
Pharmacosmos Therapeutics, a pharmaceutical company, agreed to acquire G1 Therapeutics, a clinical-stage company developing small-molecule therapies, for $405m.
“G1 and Pharmacosmos have a shared commitment to people living with cancer; the transaction announced today will enable a more rapid uptake of COSELA into the ES-SCLC market to maximize availability for patients who need this important drug. Importantly, this acquisition delivers significant value to G1’s stakeholders by providing better and broader access to this important product for the cancer patients we seek to treat and a significant premium to our shareholders. I am proud of all that the G1 team has accomplished over the years, thankful for their great effort, and excited about what’s possible by the combined Pharmacosmos/G1 team as we meet the needs of more cancer patients," Jack Bailey, G1 Therapeutics CEO.
G1 is advised by Centerview Partners, Mintz Levin and Ropes & Gray. Pharmacosmos is advised by MTS Health Partners and Arnold & Porter Kaye Scholer.
Blackstone agreed to acquire a majority stake in Westwood Professional Services, an engineering and design firm focused on renewables, power, real estate and public infrastructure end markets, from Endurance Partners, a private equity firm. Financial terms were not disclosed.
“We are excited about this new partnership with Blackstone as it positions the Company to continue expanding its capabilities in Westwood’s key end markets of renewable energy, power, land development, and public infrastructure, which are each poised to benefit from long-term growth tailwinds. We appreciate the support of Endurance Partners in helping scale Westwood into the business that it is today," Bryan Powell, Westwood CEO.
Westwood Professional Services is advised by Perella Weinberg Partners and Gibson Dunn & Crutcher. Blackstone is advised by Morgan Stanley and Kirkland & Ellis.
Walt Disney said on August 7 it may have to pay up to $5bn more to buy Comcast's minority stake in Hulu, if an appraiser were to agree with Comcast's assessment that the stake should be valued at more than $40bn, Reuters reported.
Earlier this year, Disney and Comcast hired investment bank RBC Capital as the independent appraiser to resolve a dispute over how to value the 33% stake in the streaming platform.
Walt Disney is advised by JP Morgan (led by Eric Menell) and Cravath Swaine & Moore. Comcast is advised by Morgan Stanley.
UNIQLO, a Japanese casual wear designer, agreed to acquire a 52% stake in its US flagship store located at Fifth Avenue, from Vornado Realty Trust, a real estate investment trust, for $350m.
In conjunction with the closing, the pass-through leases between the office condominium owner and the retail joint venture will be terminated. The joint venture will continue to own 23.8 Sq.ft. of retail space at 666 Fifth Avenue consisting of the Abercrombie & Fitch and Tissot stores.
Vornado Realty Trust is advised by Sullivan & Cromwell.
Tees River, a hedge fund, led a funding round in Ionetix, a cyclotron technology innovator and isotope manufacturer for diagnostic and therapeutic applications, with participation from Eli Lilly and Company, a pharmaceutical company. Financial terms were not disclosed.
“Our experience with other critical resources enabled us to understand the significant supply constraints facing the growing radiotherapeutic space. We are pleased to further support Ionetix as they scale supply of cyclotron-produced alpha-emitters," Sean Benson, Tees River Founder and Chief Investment Officer.
Ionetix was advised by PJT Partners and Foster Swift Collins & Smith.
SoundHound, a voice AI platform, agreed to acquire Amelia, an enterprise AI software company, for $80m.
“SoundHound AI has emerged as a leader in bringing voice-enabled conversational AI to products and services. Now with more businesses choosing voice AI technology for customer service – and more consumers expecting a seamless, AI-powered service – this acquisition positions SoundHound as a strong force with range, scale, and world class technology. Amelia is an innovative company that shares our passion for AI-fueled conversations. We are looking forward to leveraging our shared capabilities to offer the best AI customer support solutions available anywhere,” Keyvan Mohajer, SoundHound AI CEO and Co-Founder.
SoundHound is advised by UBS.
Siebert Financial, a financial services company, agreed to acquire Gebbia Entertainment, a media and entertainment company. Financial terms were not disclosed.
“This partnership between entertainment and the financial services industry is fairly unique and a part of Siebert’s commitment to innovation. Combining our entertainment expertise with our company's long history of financial acumen opens up really exciting opportunities in music, entertainment, and finance. Ultimately, we think this will serve both traditional and non-traditional audiences,” David Gebbia, Siebert leader.
Siebert Financial is advised by Big Machine Agency.
Wynnchurch Capital, a private equity firm, agreed to acquire ORS Nasco, a wholesaler of industrial MRO supplies, from One Equity Partners, a private equity firm. Financial terms were not disclosed.
“We are committed to providing our diverse customer base with access to industry leading brands and superior service and are excited to partner with Wynnchurch as we continue our next phase of growth. Wynnchurch understands the strong value proposition we provide, and we believe together we can continue to transform the industrial wholesale market,” Kevin Short, ORS Nasco CEO.
Wynnchurch is advised by Foley & Lardner.
The UK’s competition watchdog has launched a formal merger inquiry into Amazon’s investment in the high-profile artificial intelligence start-up Anthropic, as regulators step up their scrutiny of deals in the fast-growing technology.
The Competition and Markets Authority said that it had “sufficient information” about Amazon’s partnership with the company behind the Claude generative AI models to begin an investigation. It will decide whether to escalate the inquiry into a more in-depth “Phase 2” investigation by October 4. The CMA could ultimately clear the deal, block it or require the companies to make changes in order to obtain approval, FT reported.
Houlihan Lokey, the global investment bank, agreed to acquire Waller Helms Advisors, an independent advisory firm that provides investment banking services to clients in the insurance and wealth management sectors. Financial terms were not disclosed.
“As we discussed a possible combination, it became clear that Houlihan Lokey shares our dedication to deep sector expertise and more importantly, a fierce dedication to client success. It is this cultural compatibility and client-first ethos that makes this combination so compelling, and we’re excited to work with our new colleagues at Houlihan Lokey and continue delivering superior outcomes to clients,” James Anderson, Waller Helms CEO.
BHP mulling sale of gold and copper mines in Brazil.
BHP Group, the world's top miner, is mulling a sale of Brazilian copper and gold assets it took over as part of the buyout of smaller peer Oz Minerals, Reuters reported.
BHP, which recently abandoned plans to buy out British multinational miner Anglo American, has engaged Spanish financial services firm Banco Santander for advice in talks for the potential sale.
Topgolf Callaway to review spinning off driving-range chain.
Topgolf Callaway Brands is conducting a strategic review of its Topgolf driving-range chain, including a potential spinoff, as it struggles to attract enough golfers to its venues, Bloomberg reported.
"We have been disappointed in our stock performance for some time, as well as the more recent same venue sales performance. As a result, we are in the process of conducting a full strategic review of Topgolf," Chip Brewer, Topgolf CEO.
EMEA
The competition watchdog has ruled that Barratt’s £2.5bn ($3.1bn) deal to purchase rival Redrow Homes raises competition concerns in Shropshire that must be resolved to clear the way for the mega-merger
The Competition and Markets Authority said that both house builders currently hold a high combined share of land in the area centred around the Barratt development at Tilstock Road in Whitchurch with the addition of Redrow’s development at Kingsbourne in Nantwich. It warned if the deal goes ahead, this could lead to higher prices and lower quality homes for homebuyers in this catchment area, Construction Enquirer reported.
“Prospective homebuyers must not be disadvantaged as a result of deals like this one – with the potential loss of competition leading to even higher house prices or lower quality homes. Our initial investigation found concerns specifically in one area in and around Whitchurch, the companies now have the opportunity to agree workable solutions which address our concerns rather than move to a more in-depth investigation,” Joel Bamford, CMA Executive Director for Mergers.
Assura, a real estate investment trust and developer of primary care property, agreed to acquire the UK private hospital portfolio of Northwest Healthcare Properties, a real estate investment trust, for £500m ($635m).
"These high-quality assets represent significant future growth potential buoyed by favourable healthcare market dynamics in the UK and Assura's sector-leading position, long-term relationships and expertise in asset management, development and enhancement. Our conviction in Assura and their strategy is evidenced by Northwest taking an equity stake in Assura as part of this transaction, allowing us to benefit from their future success," Craig Mitchell, Northwest CEO.
Assura is advised by Barclays (led by Bronson Albery), Addleshaw Goddard, CMS and FGS Global (led by Gordon Simpson). Debt financing is provided by Barclays. Northwest is advised by Deutsche Bank, RBC Capital Markets, Scotiabank and DLA Piper.
Moscow has rejected a deal through which Turkish brewer Anadolu Efes was set to acquire AB InBev's stake in a $1.3bn Russian joint venture, FT reported.
Russian authorities said that "the current structure of the transaction has not been approved". The companies are reviewing the decision while normal operations continue under the direction of Anadolu Efes.
Savannah Energy said it has terminated the planned $1.25bn purchase of Malaysia's state energy firm Petronas' oil and gas business in South Sudan, as the parties could not close the deal on the originally envisaged terms.
"Savannah remains in active discussions with the relevant parties around an alternative potential transaction in relation to an acquisition of the Petronas assets," Savannah Energy.
Vertex, a global provider of tax technology solutions, agreed to acquire ecosio, a B2B integration provider specializing in electronic data interchange and e-invoicing, for $180m.
“This new endeavor with Vertex is a strategic move that will significantly enhance our ability to deliver exceptional value to our customers. Our shared vision for the future and commitment to growth makes this alignment an ideal fit. By combining our complementary products and mutual values, we'll create new opportunities and expand our global reach,” Christoph Ebm, ecosio Managing Director.
Vertex is advised by Centerview Partners.
ATS, an automation solutions provider, agreed to acquire Heidolph, a manufacturer of premium lab equipment for the life sciences and pharmaceutical industries. Financial terms were not disclosed.
“With a comprehensive product range and a strong reputation established over 80 years, Heidolph will be a strong addition to our ATS Life Sciences business. As we continue to grow our presence in regulated markets, Heidolph will bolster our solution set to customers in all stages of their operations,” Andrew Hider, ATS Corporation CEO.
Allianz plans to expand 2024 buyback to as much as €1.5bn. (FS)
Allianz, the German insurer that owns bond giant Pacific Investment Management, decided to expand this year's share buybacks as Chief Executive Officer Oliver Baete returns more excess cash to investors, Bloomberg reported.
The Munich-based company will repurchase an additional volume of as much as €500m ($546m) in shares, after already completing a buyback of €1bn ($1.09bn) in July. The new repurchases will run through December 31.
BayWa in talks for €500m rescue from lenders and investors.
BayWa's lenders and shareholders are in advanced talks to provide the struggling German commodities company with €500m ($546m) of fresh financing that would give it more time to reach a full debt restructuring, Bloomberg reported.
An agreement may be reached as early as this week. The potential deal would likely include about €250m ($273m) of debt from existing lenders and €250m ($273m) that's mostly in the form of subordinated shareholder loans and asset sales to Baywa shareholders.
Saatchi turns page on Telegraph after £350m offer rejected.
Lord Saatchi, the former advertising mogul, has accused The Daily Telegraph's would-be proprietors of overpaying for the right to own the title after his £350m ($445m) offer for it was rejected, Sky News reported.
An indicative bid from Lord Saatchi and Lady Lynn Forester de Rothschild, a former director of The Economist Group, has not made it through to the second round of an auction of the right-leaning newspaper.
Lord Saatchi and Lady de Rothschild, who have been advised by Lazard, are understood to have structured their offer for the Telegraph and Spectator to include contingent payments based on the future performance of the business.
British Land weighs opposition to Cineworld restructuring.
Cineworld has confirmed plans to close six of its UK multiplexes, but documents circulated to creditors show almost 50 others are in categories requiring landlords to agree to revised rent deals in order to ensure their long-term viability, Sky News reported.
Property industry sources said several Cineworld landlords were unhappy with the proposals as currently configured and were expected to press for an improvement of the terms.
British Land is considering voting against a restructuring of Cineworld's British operations that could lead to the closure of dozens of sites.
APAC
KKR, a global investment firm, offered to acquire FUJI SOFT, an independent IT solution vendor in Japan, in a $4bn deal.
“As Japan's IT services industry enters a transformative period of digitalization marked by the expanded use of cloud, IoT, and generative AI, we are pleased to have the opportunity to invest in a market leader in FUJI SOFT. We look forward to leveraging KKR’s global platform and industry expertise in the IT services sector to accelerate FUJI SOFT’s long-term growth and to unlock greater value for Japanese businesses and their customers,” Hiro Hirano, KKR Asia Pacific Deputy Executive Chairman and KKR Japan CEO.
Exicom, an electric vehicle charger manufacturer, agreed to acquire Tritium, electric vehicle charging station contractor. Financial terms were not disclosed.
"This acquisition is in line with Exicom's strategic vision to be a key contributor to the world of tomorrow by enabling an emission free future for mobility. Exicom and Tritium have a complementary sales and product footprint and have each established leadership in their respective regions. We look forward to working with Tritium's employees, customers, partners and other stakeholders to grow the business further and provide faster, more reliable charging experiences to EV users across the globe," Anant Nahata, Exicom CEO.
BlackRock names Asia Pacific COO. (FS, People)
BlackRock, the world's largest asset manager, has appointed Tomoko Ueda as its new chief operating officer for Asia Pacific, effective September 3, DealStreetAsia reported.
Ueda joined BlackRock in 2022 as Asia Pacific head of corporate strategy & development. Now she will relocate to Hong Kong from Tokyo and oversee all business operations in the region and lead the finance, corporate strategy & development teams.
|
