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AMERICAS
T-Mobile, a mobile telecommunication company, and KKR, an investment firm, agreed to acquire Metronet, a customer-focused company providing cutting-edge fiber optic telecommunication services, from Oak Hill, a private equity firm. Financial terms were not disclosed.
“This is a unique opportunity and a smart, capital-efficient deal that enables T-Mobile to profitably build on our success in broadband and provide fast, affordable and reliable connectivity options to millions more customers nationwide as a complement to our wireless growth strategy. Metronet is the perfect partner for T-Mobile as a leader in fiber solutions with an incredibly fast build pace, and a top-notch management team. Together with KKR’s strong heritage of corporate partnership and global fiber franchise, we will further expand the Un-carrier’s fiber footprint and deliver real value and choice to customers while addressing a growing demand for fast and reliable broadband," Mike Sievert, T-Mobile CEO.
Metronet is advised by Bank Street Group, TD Securities, Paul Weiss Rifkind Wharton & Garrison (led by Brian C. Lavin) and Polsinelli PC. KKR is advised by Barclays, Goldman Sachs, MUFG Bank, Mizuho Securities, Morgan Stanley and Simpson Thacher & Bartlett. T-Mobile is advised by Citigroup, Cleary Gottlieb Steen & Hamilton, DLA Piper, Davis Wright Tremaine, Milbank and Wachtell Lipton Rosen & Katz (led by Adam O. Emmerich). Oak Hill is advised by Lazard.
Genstar Capital, a private equity firm, completed the acquisition of a majority stake in Docupace, a provider of software to streamline back-office operations of wealth management enterprises and financial advisors. Financial terms were not disclosed.
"Genstar's investment is a testament to our belief that Docupace is transforming how critical work – new account opening, client onboarding, workflow, compliance, compensation, advisor transitions, data gathering and client engagement – gets done in wealth management enterprises," David Knoch, Docupace Chief Executive Officer.
Docupace was advised by Financial Technology Partners, Gibson Dunn & Crutcher and Haven Tower Group (led by Joseph Kuo). Genstar Capital was advised by RBC Capital Markets, Ropes & Gray and Chris Tofalli Public Relations (led by Chris Tofalli). FTV Capital was advised by Prosek Partners (led by Josh Hess).
Eden Capital-backed Intelvio, a healthcare education company, completed the acquisition of Professional Crisis Management Association, a crisis management training and certification company. Financial terms were not disclosed.
“Acquiring PCMA strengthens our commitment to providing comprehensive behavioral health solutions and further solidifies our behavioral health platform after the acquisition of Positive Psychology last year. We look forward to integrating PCMA's robust training programs to meet the growing demand for crisis management training and certification,” Brian Treu, Intelvio CEO.
Eden Capital was advised by CohnReznick, Hogan Marren Babbo & Rose and Willkie Farr & Gallagher (led by Ramon LaSoya). Debt financing was provided by Byline Bank and Graycliff Partners.
ACNB, a bank holding company, agreed to acquire Traditions, a full-service community bank, for $74m.
"ACNB has been executing a multi-year strategic plan to be the community bank of choice in the markets that we serve and thereby deliver superior financial results, performance and value to our shareholders and other stakeholders. At the core of this strategic plan has been profitable organic and inorganic growth. As demonstrated in today's previously released Second Quarter of 2024 financial results press release, we continue to deliver on profitable organic growth in our core community banking and insurance agency lines of business. The announcement of our proposed strategic acquisition of Traditions and Traditions Bank is also in furtherance of this strategic plan. This transaction will provide the resources to expand our presence in York County and enhance our penetration in the vibrant and demographically compelling Lancaster County market," James P. Helt, ACNB President and CEO.
ACNB is advised by Hovde Group, Piper Sandler, and Bybel Rutledge. Traditions is advised by Stephens and Pillar Aught.
KKR, a global investment firm, agreed to acquire Janney Montgomery Scott, a full-service wealth management, capital markets, and asset management firm, from Penn Mutual, a life insurance company. Financial terms were not disclosed.
“We are excited to enter this next chapter in our nearly 200-year history with a new value-added strategic partner. KKR has demonstrated they value our client- and advisor-centric culture and share our deep conviction in the tremendous opportunities ahead for our business. We look forward to working with KKR to invest further in our growth and enable our talented team to further improve the advice and services we offer our clients,” Tony Miller, Janney President.
KKR is advised by Ardea Partners, Kirkland & Ellis, and Simpson Thacher & Bartlett. Penn Mutual is advised by WilmerHale.
Astira Capital Partners, a private equity firm focused on investing in leading technology and data-driven services companies, completed the acquisition of ConData Global, a freight post audit and transportation spend analysis provider, from NextGen, a private equity firm. Financial terms were not disclosed.
“ConData has transformed the freight post-audit industry. Unlike competitors who rely on spreadsheets and manual processes, ConData has developed proprietary technology to ingest and transform large volumes of data across a wide range of formats, and they leverage machine learning technology and proprietary algorithms to automate the process of identifying complex billing errors. Their hybrid model, combining technology and expert audit staff with decades of experience, is highly differentiated and delivers best-in-class client outcomes," Chris Ritchie, Astira Partner.
ConData Global was advised by Harris Williams & Co and Baker Hostetler (led by Raam Jani). Astira Capital was advised by Wofford Advisors and Kirkland & Ellis.
Platinum Equity, a private equity firm, agreed to acquire GSM Outdoors, a branded outdoor enthusiast company, from Gridiron Capital, a private equity firm. Financial terms were not disclosed.
"The sector is characterized by an attractive combination of resilience, growth potential and M&A opportunities, which suits our firm well. We believe GSM’s distribution network, experience bringing new products to market, rigorous quality control and care for its customers position it well to capitalize on those dynamics and diversify its portfolio to meet the growing demand," Louis Samson, Platinum Equity Co-President.
GSM Outdoors is advised by Robert W Baird (led by Andrew Martin). Debt financing is provided by Bank of America.
Dover, a diversified global manufacturer and solutions provider, completed the acquisition of Marshall Excelsior, a supplier of highly-engineered flow control components for transportation, storage, and use of liquified petroleum gas and other industrial gases, for $395m.
"We are very excited about the acquisition of MEC. MEC's innovative solutions expand the range of our offerings to our customers and position us to drive future growth and synergies. This strategic move enhances our technological capabilities and positions us at the forefront of innovation in the cryogenic and industrial gas markets," Kevin Long, OPW President.
Musk launches poll asking if Tesla should invest $5bn in xAI, early votes in favour.
Tesla CEO Elon Musk has launched a poll asking users on social media platform X whether the electric carmaker should invest $5bn in his artificial intelligence startup xAI - with early votes showing most in favour of the move, Reuters reported.
"Board approval & shareholder vote are needed, so this is just to test the waters," Musk said of the poll which came on the heels of Tesla posting its lowest profit margin in five years on price cuts and increased spending on AI projects.
Golub leads $1bn private credit deal for TA carveout. (FS)
The deal, which some market participants viewed as aggressively structured, included a roughly $700m term loan that equates to about a 70% loan-to-value, a risk assessment measure that examines the ratio of the loan to the value of the underlying asset. The deal included a delayed draw term loan and revolver.
Blackstone bets on growth in private credit business outside US. (FS)
Blackstone is “doubling down” on opportunities in its international credit business, as it targets growth in a broader array of debt including local-currency investments, Bloomberg reported.
“There’s a lot more to do for us in Europe and in Asia. We want to ensure that we’re of the same scale and breadth everywhere around the world,” Gilles Dellaert, Blackstone Global Head of Credit & Insurance.
Startup Pearl raises VC funding to bring AI to dentists’ offices. (FS)
Pearl, a Los Angeles-based dental startup, has raised new financing valuing the company at $400m, Bloomberg reported.
The startup raised $58m in a round led by Left Lane Capital, with participation from Smash Capital, Craft Ventures and others.
NYSE’s longtime IPO pitchman, John Tuttle, to leave after 17 Years. (People)
John Tuttle, a veteran executive at the New York Stock Exchange who gained prominence as its top salesman for attracting initial public offerings, plans to leave the NYSE after 17 years, WSJ reported.
Tuttle is set to begin a new job as president of Acrisure, a Michigan-based insurance brokerage and real-estate services company, on Sept. 1.
EMEA
Deutsche Private Equity, a capital management company, completed the investment in IMPAG Group, a chemical distribution company. Financial terms were not disclosed.
"A change of investor should always be driven by strength and not by necessity. IMPAG has developed across national borders, has established a strong market position in Europe and, with its ambitious plans for the future, is now ready for a new, strong investor and partner. We are convinced that in DPE we have found a strong partner with a comparable understanding of values, who will support the successful development of the IMPAG Group further and in the long term," Remo Bernardi, IMPAG CEO.
IMPAG Group was advised by Enqcor, PricewaterhouseCoopers and Lenz & Staehelin (led by Matthias Wolf) and Swisslegal. Deutsche Private was advised by Boston Consulting Group, Ernst & Young, Howden, UBS, Bar & Karrer, Gleiss Lutz and PricewaterhouseCoopers.
Bunge Global’s planned $8.2bn buyout of Viterra is set to be approved by the European Union after concessions offered by the firms look to have appeased regulator concerns.
The tie-up, announced in June last year, will see Bunge buy Glencore-backed Viterra in stock and cash, with the US crop trader owning about 70% of the combined entity. It would become the world’s second-biggest agricultural trading company by revenue, dominating the soybean and wheat markets, Bloomberg reported.
Informa, a publishing, business intelligence, and exhibitions group, agreed to acquire Ascential, a business-to-business media company, for £1.2bn ($2.6bn).
"I am extremely proud of all of Ascential's brands, and the people who work so hard to delive for them every day. Our two divisions, Lions and Money20/20, have transformed how our customers around the world experience events, and benefit from both digital intelligence and advisory services. The value our businesses bring to their respective industries is clear as is the regard in which they are held by Informa," Philip Thomas, Ascential Chief Executive.
MSC Group-backed SAS Shipping Agencies Services, a marine logistics services provider, completed the acquisition of Gram Car Carriers, a seaborne vehicle transportation firm, for $697m.
"Gram Car Carriers represents a proud history of more than 40 years of engagement in the global car shipping industry. Since the listing on Euronext in Oslo in 2022, the Company has successfully executed the long-term strategy by delivering safe and efficient operations for customers world-wide, rechartering the fleet in a historically strong market and completed accretive vessel transactions. This is reflected in significant value creation through increased cash generation, material share price appreciation and attractive quarterly dividend distributions. Today's voluntary offer by one of the world's leading maritime groups, is a validation of the unique position GCC has built as a leading car shipping tonnage provider and the long-term commitment put in by the entire team. The board is satisfied that the offer represents a fair valuation of GCC, as is also reflected in the recommendation to shareholders to accept the offer," Ivar Myklebust, Gram Car Carriers Chairman.
Gram Car was advised by Fearnley Securities, Jefferies & Company, Wikborg Rein and Capient (led by Jan Petter Stiff). MSC Group was advised by DNB Bank and Thommessen.
Groupe ADP, an international airport operator based in Paris, completed the acquisition of Paris Experience Group, an organization that unites a unique portfolio of tours offered by Paris City Vision. Financial terms were not disclosed.
"Paris Experience Group is positioned in a growth market and benefits from solid positions: long-standing links facilitating access to monuments and cultural institutions, strategic locations on the Seine, significant BtoB commercial weight (through hotels, travel agencies, etc.), particularly on certain key markets such as the United States," Groupe ADP.
Groupe ADP was advised by Rothschild & Co. Paris Experience was advised by DC Advisory (led by David Benin).
Silgan, a supplier of sustainable rigid packaging solutions, agreed to acquire Weener Packaging, a producer of differentiated dispensing solutions for personal care, food and healthcare products, for €838m ($911m).
“The proposed acquisition of Weener represents the continuation of our strategy to expand our global Dispensing and Specialty Closures franchise and a clear example of the effectiveness of our disciplined capital allocation model to create value for our shareholders. The combination of Weener’s innovative product offering, advanced manufacturing technologies and efficient operating footprint, strong customer relationships and presence in growing consumer markets, including personal and health care, complements our existing dispensing business well. As with prior acquisitions in Dispensing and Specialty Closures, Weener has established its market position through innovation, cost leadership and an intense focus on partnering with their customers to meet demanding market requirements,” Adam Greenlee, Silgan President and CEO.
Silgan is advised by JP Morgan and Wells Fargo Securities.
KKR, an investment firm, agreed to acquire a 25% stake in Enilive, a biofuel unit, from Eni, an energy company, for $3.4bn.
"While a final transaction is subject to agreeing definitive documentation, both parties are committed to negotiating the terms of a potential transaction. This step represents another example of the development of Eni's satellite model strategy, attracting strategically aligned capital from valuable new partners at attractive multiples, funding our growth and confirming the value we are creating in these new businesses," Eni.
KKR is advised by UBS.
InfraRed Capital, an infrastructure asset manager, completed the acquisition of a majority stake in Voltan Energy, a company specializing in the installation and operation of ground source heat pumps in apartment buildings and other large structures. Financial terms were not disclosed.
"Voltan has successfully established a strong initial footprint and reached a critical step from which our growth capital and expertise can help accelerate its development and ambition. There is a clear need for Voltan’s compelling and differentiated business proposition in Finland and beyond, delivering sustainable heating and cooling to those living and working in urban environments. The management team is highly motivated, with deep expertise in the sector and a clear understanding of the market opportunity. As an active asset manager, we look forward to working closely with them to add value and deliver on Voltan’s potential," Stephane Kofman, InfraRed Capital Head of Value-Add Funds.
Exclusive Networks received a buyout offer from private equity firms Clayton Dubilier & Rice and Permira that values the French cybersecurity company at about €2.2bn ($2.4bn).
The binding proposal provides a value of a €24.25 ($26.4) a share. That’s about 34% above where the stock was trading in March, when reports surfaced that Permira, the company’s controlling shareholder, was considering taking it private again, Bloomberg reported.
Exclusive Networks is advised by FTI Consulting (led by Jamie Ricketts).
Turner Construction Company, an American construction company, agreed to acquire Dornan Engineering Group, a construction services company. Financial terms were not disclosed.
"Dornan brings incredible strength to Turner and is an important part of Turner's strategy to serve clients wherever their needs are. The combination of Turner and Dornan will enable us to offer a broader range of services and solutions that our clients seek in Europe," Peter Davoren, Turner Construction Company President and Chief Executive Officer.
China's Shenghe to acquire half of Peak Rare Earth's Tanzania project.
Australia's Peak Rare Earths said on July 24 Chinese miner Shenghe Resources would acquire a 50% stake in an UK-based firm that owns 84% of its Ngualla project in Tanzania, Reuters reported.
Ngualla is a rare earths project in southern Tanzania owned by PR NG Minerals, 87.5% of which is owned by Peak.
Reckitt launches wide-ranging restructuring plan.
Consumer group Reckitt has launched a strategic review of its infant formula business Mead Johnson and announced plans to sell a large portfolio of its home care brands, including Air Wick and Cillit Bang, in an effort to streamline the business, FT reported.
UniCredit eyes 2025 targets to cut Russia exposure, no full exit.
Italian bank UniCredit said it aims to more than halve loans at its Russian unit by the end of next year to less than €1bn ($1.1bn), after challenging a European Central Bank request to speed up its exit, Reuters reported.
UniCredit last month appealed to the European Court of Justice against ECB demands to cut ties with Russia.
"We remain determined not to take action that, by breaching local laws and regulation, provide Russia with a justified motive to intervene and take control of our local asset and the value that comes with it," Andrea Orcel, UniCredit CEO.
Abu Dhabi developer bets $490m to tap Dubai’s office boom.
Abu Dhabi’s biggest property developer plans to invest $490m in neighboring Dubai, expanding its footprint in one of the hottest commercial real estate markets globally, Bloomberg reported.
Aldar Properties PJSC is planning to build a skyscraper that’ll include offices, a luxury hotel and branded residences on a plot of land near Dubai’s financial center. It’ll also buy a fully occupied office building in the other end of the city.
KKR unit asked to drop butter word play from plant-based spread. (FS)
KKR’s food company Upfield was ordered by a court to stop marketing its plant-based spread with a name that has a likeness to the Dutch word for butter, Bloomberg reported.
Certain words like butter or cream may only be used for dairy products, an Utrecht court ruled on July 23. Upfield was ordered to stop marketing the Blue Band product as ‘Roombeter,’ which is a play on the word butter in Dutch.
Russia’s richest woman clashes with spouse over company’s future.
Russia’s richest woman, Tatyana Bakalchuk, is embroiled in a public dispute with her husband over the future of the country’s biggest online retail platform, Bloomberg reported.
In a Telegram post late on July 23, Bakalchuk rejected allegations by her husband Vladislav that a merger deal announced last month with Russ Group, the nation’s biggest outdoor advertiser, was unfavorable for her e-commerce company, Wildberries.
Santander CFO says Ebury IPO isn’t necessarily best option.
Santander Chief Financial Officer Jose Garcia Cantera indicated that a public listing for its UK payments subsidiary is far from a foregone conclusion, Bloomberg reported.
“We are looking at different alternatives. While an initial public offering is among the options, it’s “not necessarily the one we will pursue going forward,” Jose Garcia Cantera, Santander Chief Financial Officer.
APAC
Equinix, a digital infrastructure company, agreed to acquire three data centers from Total Information Management, a technology solutions provider. Financial terms were not disclosed.
"We are thrilled to announce our expansion into the Philippines, a vibrant and rapidly expanding digital economy that presents immense opportunities for our valued customers and partners. This strategic acquisition, combined with our recent expansions in Malaysia and Indonesia, as well as the awarded data center capacity in Singapore, will greatly enhance our footprint in the region. This expanded digital infrastructure will also enable our customers to thrive and embrace digital transformation, harnessing the potential of emerging technologies like private AI. This acquisition perfectly aligns with our vision to extend our leadership in the Asia-Pacific region, while driving the acceleration of the digital economy," Jeremy Deutsch, Equinix President.
Total Information Management is advised by UBS.
Antipodes, a team that specializes in global shares investing, agreed to acquire Maple-Brown Abbott, an investment management firm, for $12.3bn.
The acquisition will see the expanded Antipodes Group oversee a combined $18.6bn in assets, approximately 30% of which is sourced from offshore clients.
Baosteel, a state-owned iron and steel company, agreed to acquire a 50% stake in Baosteel-Nippon Steel Automotive Steel Sheets, a joint venture, from Nippon Steel, a global producer of steel, for $247m.
Initially, the venture was named Baosteel-NSC/Arcelor Automotive Steel Sheets and for its 50% share, Baosteel would supply autosheets to Chinese carmakers, Nippon Steel would sell to Japanese-invested automakers in China for its 38% investment in the JV, and ArcelorMittal – for its 12% stake – would target mainly European car companies in China such as SAIC Volkswagen Automotive Arcelor sold its share to Nippon Steel in 2011.
Ex-banker behind $1.7tn Japan rally says it’s just starting.
The man who helped spark a nearly $2tn rally in Japanese stocks says the rebound is just getting started, Bloomberg reported.
Hiromi Yamaji, whose unconventional reforms and globe-trotting sales pitches have helped make Japan one of the world’s best performing equity markets, sees no reason why the nation’s stocks can’t keep rising after reaching an all-time high this month.
Xiaomi-backed fund ropes in new LPs to hit $1.4bn target. (FS)
An investment fund backed by smartphone maker Xiaomi has hit its target of CNY10bn ($1.4bn) to back companies in the area of integrated circuits, DealStreetAsia reported.
The vehicle — Beijing Xiaomi Intelligent Manufacturing Equity Investment Fund Partnership — has seen LP contribution increase by CNY970m ($133m) to reach the corpus of CNY10bn ($1.4bn).
India needs to sell assets to support spending.
India’s government needs to revive its asset monetization program to create revenue streams beyond taxes, which can help fund spending while keeping it on a fiscally prudent path, Bloomberg reported.
“Over time it will be nice to see renewed focus on asset sales, monetization of infrastructure assets, and disinvestment as another source of revenue. Over the next 10 years, India will have huge expenditure obligations,” Sajjid Z. Chinoy, JP Morgan Chief India economist.
Barrenjoey wants faster Australia IPO process to boost listings.
Barrenjoey, one of Australia’s top investment banks, is pushing for a quicker process to get companies listed in Sydney, advocating for a US-style application system that keeps some key details confidential, Bloomberg reported.
Australia would be able to attract more high quality investors to its equity market by changing rules to lift inflows, Barrenjoey’s co-executive chair Guy Fowler said at the Bloomberg Australia Briefing event in Sydney on July 24. That could help get an IPO done within a shorter timeline, of about two weeks.
Singapore's GIC posts weakest investment gains in four years. (FS)
Singapore’s sovereign wealth fund GIC posted an annualised real rate of return of 3.9% for the 20-year period ended March 31, 2024, compared with 4.6% in the previous year. The growth, its main performance indicator, was slowest since its 2.7% investment return in 2020, DealStreetAsia reported.
For the 20-year period from April 1, 2004, to March 31, 2024, the annualised nominal return of GIC’s portfolio was 5.8%. The report explained that if $1m were invested with GIC in 2004, it would have grown to approximately $3.1m in 2024. This is also reflective of how global inflation has had an impact on the returns.
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