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AMERICAS
Bristol Myers Squibb, a global biopharmaceutical company, completed the acquisition of RayzeBio, a clinical-stage radiopharmaceutical therapeutics company, for $4.1bn.
“This transaction enhances our increasingly diversified oncology portfolio by bringing a differentiated platform and pipeline, and further strengthens our growth opportunities in the back half of the decade and beyond. Radiopharmaceutical therapeutics are already transforming cancer care, and RayzeBio is at the forefront of pioneering the application of this novel modality. We look forward to supporting and accelerating RayzeBio’s preclinical and clinical programs and advancing its highly innovative radiopharmaceutical platform,” Christopher Boerner, Bristol Myers Squibb CEO.
Luxor Capital Group, Goldman Sachs and BlackRock completed the investment in Montage International, a hospitality management company. Financial terms were not disclosed.
“This investment from Luxor, Goldman Sachs and BlackRock represents a new chapter in the ongoing development of Montage International. Our partnership will spur the next stage of the company’s growth in the United States and beyond for both the Montage and Pendry brands,” Alan J. Fuerstman, Montage International Founder, Chairman and CEO.
Montage International was advised by Moelis & Co, Dentons and Hawkins International. BlackRock was advised by Clifford Chance. Luxor Capital was advised by Kleinberg Kaplan Wolff & Cohen and Weil Gotshal and Manges. Goldman Sachs was advised by Fried Frank Harris Shriver & Jacobson.
KKR, a global investment firm, agreed to acquire the end-user computing division of Broadcom, an American multinational designer, developer, manufacturer, and global supplier of a wide range of semiconductor and infrastructure software products, for $4bn.
"Workspace ONE and Horizon are best-in-class platforms chosen by many of the world's leading enterprises to create seamless and secure digital workspaces with interoperability across increasingly complicated technology stacks. We see great potential to grow the EUC Division by empowering this talented team and investing in product innovation, delivering excellence for customers and building strategic partnerships," Bradley Brown, KKR Managing Director.
Thomas H. Lee Partners, a private equity firm, agreed to acquire the remaining shares in Agiliti, a provider of medical technology management and service solutions to the healthcare industry, for $1.35bn.
"Agiliti serves a critical role in sustaining our national healthcare infrastructure, and our dedicated team has led the way to our substantial growth and evolution over the last decade. We are pleased to expand our five-year partnership with THL in a transaction that provides immediate value and liquidity to our shareholders, while lifting certain overhangs that had limited our performance in the public market since the time of our IPO," Tom Leonard, Agiliti CEO.
Agiliti is advised by Centerview Partners and Weil Gotshal and Manges. Thomas H. Lee Partners is advised by Goldman Sachs and Ropes & Gray.
The Column Group, a science-driven venture capital firm, agreed to acquire the remaining 74% stake in NGM Bio, a pharmaceutical company, for $100m.
"We conducted a thorough review of our financial and strategic alternatives, including remaining a publicly held company, with particular focus on NGM Bio's ongoing need for significant additional funding. Based on this review, we believe that this negotiated transaction for Purchaser to acquire NGM Bio is in the best interest of the Unaffiliated Stockholders," Suzanne Sawochka Hooper, NGM Bio Chair.
NGM Bio is advised by Guggenheim Partners and Hogan Lovells. The Column Group is advised by Paul Weiss Rifkind Wharton & Garrison (led by Austin S. Pollet and Luke Jennings).
Traffic & Mobility Consultants, an engineering company specializing in transportation planning and traffic engineering, completed the acquisition of O'Rourke Engineering & Planning, a traffic and transportation engineering firm located in Stuart, FL. Financial terms were not disclosed.
The acquisition enhances TMC's reach and reinforces its commitment to delivering best-in-class solutions in the field of transportation engineering.
O'Rourke Engineering & Planning was advised by Arago Law. Traffic & Mobility Consultants was advised by Greenberg Traurig.
Behrman Capital-backed kSARIA, a producer and supplier of mission-critical connectivity solutions for the aerospace and defense, completed the acquisition of Charles E. Gillman Company, a manufacturer of high-reliability electrical cables and harnesses for military ground vehicles. Financial terms were not disclosed.
"Acquiring Gillman further enhances our high-reliability connectivity product portfolio while also adding a state-of-the-art manufacturing presence in Mexico. Gillman's highly tenured presence in military vehicle applications complements kSARIA's strength in aerospace, naval, and battlefield solutions. Together, our expanded production and engineering capabilities will allow us to better serve our customers," Anthony J. Christopher, kSARIA CEO.
Behrman Capital was advised by Kekst CNC (led by Ross Lovern).
PomeGran, a fibre-centric rural broadband provider, completed the acquisition of ROCK Networks, a broadband service providers and telecom systems integrator. Financial terms were not disclosed.
“We are thrilled to be adding ROCK Networks to the PomeGran group. ROCK Networks is a company with a strong reputation for delivering leading-edge solutions to customers in public safety and rural broadband. We are committed to expanding our fibre-centric broadband fabric across Canada, building on ROCK Networks’ legacy of success, to deliver more access to underserved communities,” Brent Johnston, PomeGran CEO.
iBio sells its preclinical PD-1 agonist antibody program to Otsuka.
iBio, AI-driven innovator of precision antibody immunotherapies, entered into an asset purchase agreement with Otsuka Pharmaceutical to sell assets related to its early-stage programmed cell death protein 1 agonist program. The transaction closed on February 25, 2024.
Under the terms of the agreement, iBio will receive an upfront payment of $1m in cash at closing. iBio will also be eligible to receive additional contingent cash payments totalling up to $52.5m upon the achievement of certain pre-specified clinical development and commercial milestones.
Norfolk Southern seeks to thwart activists with new board picks. (FS)
Norfolk Southern said it had proposed two new candidates to its board after an investor group led by Ancora Holdings proposed replacing the top management, including its CEO.
The two new candidates for the board include former Amtrack and Delta Air Lines CEO Richard Anderson and former US Senator Mary Kathryn "Heidi" Heitkamp, WSJ reported.
EMEA
SBB, a residential property managers company, and Castlelake, a global private investment firm, agreed to form a joint venture in a SEK5.2bn ($504m) deal.
"The Transaction confirms the strong value of SBB's community portfolio, which distinguishes itself through growing demand, inflation-proof cash flows and low risk of rental losses. The cash proceeds provide the opportunity to refinance debt and execute strategic measures to maximize value for the group over time. We look forward to the partnership with Castlelake," Leiv Synnes, SBB CEO.
SBB is advised by JP Morgan, Vinge, Waselius & Wist and Wistrand (Part of CMS). Castlelake is advised by CBRE Group and DLA Piper. Debt financing is provided by Atlas SP Partners. Atlas SP Partners is advised by Cadwalader Wickersham & Taft and Roschier Attorneys.
Bunzl, the specialist international distribution and services group, agreed to acquire an 80% stake in Nisbets, an omni-channel distributor of catering equipment and consumables, for £339m ($430m).
"The acquisition of Nisbets is an exciting step for Bunzl. Andrew Nisbet has built a high-quality business, with a well-respected management team. The business is complementary to our operations in the catering equipment sector and will enhance our own brand offering and digital capabilities," Frank van Zanten, Bunzl CEO.
Thomson Reuters, a multinational media conglomerate that offers news in the areas of financial, legal, tax and accounting, risk management, and government, completed the acquisition of Pagero, an information technology solutions provider, for SEK8.1bn ($784m).
"Pagero is a leading global provider of e-invoicing and indirect tax solutions, supporting customers as they navigate an ever-evolving regulatory and technology landscape. Our successful commercial partnership with Pagero provides confidence in the strategic and cultural fit, and the opportunity to bring its e-invoicing capabilities together with our ONESOURCE indirect tax offerings - we're excited about the growth potential of this combination," Steve Hasker, Thomson Reuters President and CEO.
Thomson Reuters was advised by Morgan Stanley and Linklaters (led by Charlotte Levin).
Freya Investissement, a special investment vehicle jointly owned by iliad and NJJ Holding, agreed to acquire a 19.8% stake in Tele2, a mobile network provider company, from Kinnevik, an investment company focused on digital consumer businesses, for €1.16bn ($1.25bn).
As a shareholder, Freya intends to be a supportive, long-term investor and engage with Tele2's governing bodies and management team, using the experience of Freya's team to further Tele2's growth.
Lone Star, a private equity firm, agreed to acquire the Union Square shopping centre from Hammerson, a major British property development and investment company, for £111m ($141m).
The proceeds of this disposal will further strengthen the balance sheet by reducing net debt and provide additional capacity for reinvestment into the core portfolio, Hammerson said.
Hammerson is advised by MHP Communications (led by Ollie Hoare).
Bunzl, the specialist international distribution and services group, agreed to acquire Pamark, a distributor of cleaning & hygiene, healthcare, foodservice and safety products. Financial terms were not disclosed.
"Pamark is our first acquisition in Finland and provides us with a strong platform from which to grow our presence across multiple end market segments in the country, supporting further expansion of our footprint in the Nordic region. This is an excellent start to 2024, maintaining the strong acquisition momentum of recent years. Our pipeline remains active, supported by the strength of our balance sheet," Frank van Zanten, Bunzl CEO.
Multiply Group, the Abu Dhabi-based holding company, completed the acquisition of BackLite Media, a Digital Out-of-Home advertising company. Financial terms were not disclosed.
“The full acquisition of BackLite Media is another strategic milestone in our journey to build an integrated multi-brand media powerhouse. This expansion underpins our commitment to driving shareholder value by creating long-term growth and further strengthening Multiply Media’s valuation as we continue readying the vertical for its eventual listing,” Samia Bouazza, Multiply Group CEO and Managing Director.
Atena Equity Partners, a private equity firm, completed the acquisition of a 51% stake in Redshift Group, a specialist in cybersecurity and information technology. Financial terms were not disclosed.
"Atena's investment in Redshift acknowledges our past achievements and sets the stage for accelerated growth. With Atena and Simon on board, we strengthen our value proposition and competitiveness, leveraging their expertise and resources," João Manso, Redshift founder and CEO.
Goldman Sachs strikes $1bn private credit deal with Mubadala. (FS)
Goldman Sachs clinched $1bn from Emirati state-owned holding company Mubadala to scour for more private credit deals in Asia, Bloomberg reported.
The Abu Dhabi sovereign wealth fund and Goldman's asset-management arm struck a partnership to invest alongside each other in the Asia-Pacific region, with a particular focus on India. The pact follows a similar mandate the New York-based firm received from the Ontario Municipal Employees Retirement System in September.
Clipper Logistics owner GXO mulls gatecrashing £600m Wincanton deal.
The owner of Clipper Logistics is plotting to add Wincanton, another of Britain's biggest logistics companies, to its stable of businesses in a move that would threaten a rival £600m ($760m) takeover by a French competitor.
Next weighs move for stricken cosmetics chain The Body Shop.
The FTSE-100 fashion retailer and prolific acquirer of distressed high street chains has contacted administrators about a deal for some of The Body Shop’s assets.
Next has approached administrators to The Body Shop about a potential deal to purchase parts of the stricken cosmetics chain, Sky News reported.
APAC
Paine Schwartz Partners, a private equity firm, completed the acquisition of the remaining 86.22% stake in Costa Group, a grower, packer and marketer of fresh fruit and vegetables, for $935m.
“We welcome the Costa Group into the Driscoll’s family and look forward to deepening our relationship with even more deliberate collaboration across the globe. This is one of the largest equity investments Driscoll’s has ever made, which speaks to the formidable partnership and considerable value we see in the Costa portfolio and the company’s long-term future and growth prospects,” Soren Bjorn, Driscoll’s CEO.
Costa Group was advised by King & Wood Mallesons and UBS. Driscoll’s was advised by Bryan Cave Leighton Paisner (led by Carol Osborne) and Piper Alderman. Paine Schwartz Partners was advised by Citigroup, Allens, Kirkland & Ellis and Joele Frank (led by Andrew Brimmer). British Columbia Investment Management Corporation was advised by Herbert Smith Freehills (led by Philippa Stone).
Alcoa, a global company specializing in bauxite, alumina and aluminum products, agreed to acquire Alumina, a company that invests in bauxite mining, alumina refining and aluminium smelting, for $2.2bn.
“We are pleased to have entered into the transaction process and exclusivity deed to finalize the terms of the transaction, which will provide significant and long-term benefits to both Alcoa and Alumina Limited shareholders. Alcoa has been a proven operator of AWAC, and we recognize the value creation opportunities possible under a simplified ownership structure, including the ability to implement AWAC’s operational and strategic decisions on an accelerated basis. We believe now is the right time to consolidate ownership in AWAC and look forward to working closely with the Alumina Limited team to consummate a transaction that will better position Alcoa to execute on our long-term growth strategy,” William F. Oplinger, Alcoa President and CEO.
Disney and Reliance said to ink a binding India media merger pact.
Walt Disney and Reliance Industries signed a binding pact to merge their media operations in India, Bloomberg reported, as the US entertainment giant recasts its strategy amid intense competition in the world's most-populous country.
The media unit of Reliance and its affiliates are set to possess a significant 61% stake in the merged entity, while Disney will retain the remaining share.
Ant outbids Citadel Securities for Credit Suisse's China JV. (FS)
Ant Group outbid Citadel Securities for Credit Suisse's investment bank venture in China, in a surprise move that will be subject to close regulatory scrutiny, Bloomberg reported.
The bid by Jack Ma's fintech giant to build a securities business using Credit Suisse's operations will face a thorough review because China favors a foreign buyer. The investment banking and brokerage license was originally awarded to the Swiss bank to help open the financial sector to global competition.
Capital A looking to raise $400m equity from aviation business merger.
Malaysia's Capital A Berhad, parent of budget airline AirAsia, is looking to raise up to $400m in equity from a planned merger of its aviation business, which it hopes to complete by July, DealStreetAsia reported.
CEO Tony Fernandes in an interview said that would be on top of a $200m
bond-raising the company is hoping to conduct in the next few weeks, as it awaits regulator and shareholder approval to complete the sale of its aviation business to long-haul unit AirAsia X Bhd. The combined entity would see the formation of a new airline AirAsia Group.
BYD chairman proposes doubling share buyback.
BYD's chairman has proposed that the electric-vehicle giant buy back twice as many shares to help boost its stock price as the EV price war intensifies and concerns about the Chinese economy persist, WSJ reported.
The Chinese carmaker said Sunday in an exchange filing that its chairman and CEO, Wang Chuanfu, has suggested doubling the amount of A-shares under a proposed buyack to CNY400m ($56m).
SK Telecom partners with AI search startup Perplexity in Korea.
SK Telecom, South Korea's largest telco, is partnering with US AI startup Perplexity to offer the artificial intelligence-based search engine to its users as an alternative to Google and Naver, Reuters reported.
The partnership would allow SK Telecom's subscribers to use the paid version of Perplexity for free, and for SK Telecom to access Perplexity's proprietary models to build personal AI assistant products with access to real-time information.
Sumitomo Mitsui mulls widening Jefferies pact to catch rivals.
Sumitomo Mitsui Financial’s CEO said he is considering an expansion of the bank’s alliance with Jefferies Financial into Asia as he plays catch-up with Japanese rivals who moved more rapidly to build out their investment banking overseas, Bloomberg reported.
The partners won more than 30 deals in bond and equity underwriting since they announced an expanded tie-up in April last year, Toru Nakashima, who took took the reins following the death of Jun Ohta in November. That move saw Japan’s second-largest lender agree to triple its stake in the US investment bank.
Buffett endorses Japan trading firms in letter, boosting shares. (FS)
Warren Buffett’s favorite Japanese trading houses climbed after he said in his letter to investors the companies follow shareholder-friendly policies that are “superior” to those practiced in the US, Bloomberg reported.
Marubeni gained the most in four months, rising as much as 5.6%. The other four trading companies that Berkshire Hathaway holds — Mitsubishi, Itochu, Mitsui, and Sumitomo — also rose, outperforming the broader market.
Indonesia digital lending startup Julo working toward IPO.
Julo, an Indonesian online lending startup, said it’s working toward an initial public offering as its annual revenue nears $100m, Bloomberg reported.
The company is speaking with investors for a pre-IPO financing round and has started exploring options for a public listing.
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