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
A federal judge blocked JetBlue Airways' opening new tab planned $3.8bn acquisition of ultra-low-cost carrier Spirit Airlines, after agreeing with the US Department of Justice that the deal was anti-competitive and would harm ticket buyers, Reuters reported.
JetBlue's lawyers had called the case a "misguided" challenge to a merger of the nation's sixth- and seventh-largest airlines, which combined would control 10.2% of a domestic market dominated by four larger airlines.
Spirit Airlines is advised by Barclays (led by Benjamin Metzger and Larry Hamdan), Morgan Stanley, Debevoise & Plimpton (led by Gregory V. Gooding and William Regner), Paul Weiss Rifkind Wharton & Garrison, FGS Global (led by Robin Weinberg), Okapi Partners (led by Jason Alexander). Financial advisers are advised by Skadden Arps Slate Meagher & Flom (led by Alexandra McCormack) and Sullivan & Cromwell (led by George J. Sampas). JetBlue Airways is advised by Goldman Sachs (led by Timothy Ingrassia), Shearman & Sterling (led by Derrick Lott and Daniel Litowitz), White & Case (led by Michael Smith, Daniel Nam, Eric Leicht and Elena Maria Millerman) and Kekst CNC (led by Lyndsey Estin). Goldman Sachs is advised by Cravath Swaine & Moore (led by Keith Hallam). Debt financing is provided by Bank of America and Goldman Sachs. Indigo Partners is advised by Lambert & Co (led by Jennifer Hurson). Frontier Airlines is advised by Citigroup, Latham & Watkins (led by Mark M. Bekheit, Anthony Richmond and Brian D. Paulson) and Joele Frank (led by Kelly Sullivan). Goldman Sachs is advised by Fried Frank Harris Shriver & Jacobson (led by Roy Tannenbaum).
Hilton Grand Vacations, a global timeshare company, completed the acquisition of Bluegreen Vacations, a vacation ownership company that markets and sells vacation ownership interests and manages resorts in popular leisure and urban destinations, for $1.5bn.
“Today represents an ending as well as a beginning as the combination of Bluegreen Vacations with HGV creates a compelling vacation ownership offering. I am extremely proud of our wonderful management team and all of our associates whose hard work and dedication led us to this momentous achievement; one which comes after the highest sales year in the Company’s history. This transaction is a testament to our highly talented associates who helped build Bluegreen Vacations into a leading vacation ownership company," Alan B. Levan, Bluegreen Vacations Chairman and CEO.
Bluegreen Vacations was advised by Credit Suisse, Wells Fargo Securities and Stearns Weaver Miller Weissler Alhadeff & Sitterson. Financial advisors were advised by Cravath Swaine & Moore (led by Jin‑Kyu Baek and George Schoen). Hilton Grand Vacations was advised by Bank of America, Alston & Bird (led by Rebecca Valentino and Alex Park), Foley & Lardner (led by William Guthrie) and Simpson Thacher & Bartlett (led by Jonathan Corsico). Debt financing was provided by Bank of America, Barclays, Deutsche Bank and JP Morgan. Debt providers were advised by Cleary Gottlieb Steen & Hamilton (led by Paul Shim).
Koch Industries-backed MITER Brands, a residential window and door manufacturer, agreed to acquire PGT Innovations, a wholesale building materials, for $3.1bn.
“MITER and PGTI are fully aligned in providing world-class service and the finest products with a culture where people, performance, and customer experiences come first. Our product mix and geographic presence are highly complementary, and we look forward to delivering enhanced value to our team members, customers, suppliers and local communities. The combined company will continue its long-held commitment to innovation, service, and high-quality window and door products as we accelerate our growth trajectory. We are excited to welcome the PGTI team into our owner-operated business with family-first values,” Matt DeSoto, MITER Brands President and CEO.
Koch Industries is advised by Rothschild & Co and Jones Day. MITER Brands is advised by KeyBanc Capital Markets, RBC Capital Markets, Stinson and Edelman Smithfield. Debt financing is provided by KeyBanc Capital Markets and RBC Capital Markets. PGTI is advised by Evercore, Davis Polk & Wardwell (led by Evan Rosen and John D. Amorosi) and FGS Global.
Masonite, a global designer, manufacturer, marketer and distributor of interior and exterior doors and premium door systems, failed to acquire PGT Innovations, a designer and manufacturer of patio door and premium window solutions, for $3bn.
“The decision to waive our right to increase our offer reflects our commitment to financial discipline and rigor in our strategic investments. We remain focused on the execution of our Doors That Do More growth initiatives and the pursuit of our 2027 financial goals. I am confident in Masonite’s ability to create long-term value for our customers and our shareholders as we continue to deliver reliable supply, drive product leadership and win the sale," Howard Heckes, Masonite President and Chief Executive Officer.
Accel-KKR, a technology-focused private equity firm, agreed to acquire Accertify, a provider of fraud prevention, chargeback management, account protection, and payment gateway solutions, from American Express, an American bank holding company. Financial terms were not disclosed.
"Since our inception, Accertify has focused on the success of our customers, constantly delivering value and helping them grow. I am so proud of our team's accomplishments. We are excited to write our next chapter with Accel-KKR. We have experienced tremendous growth and accomplished so much with American Express; our thanks to Amex for their support and leadership," Mark Michelon, Accertify President.
Accel-KKR is advised by Kirkland & Ellis and Kekst CNC (led by Todd Fogarty). American Express is advised by Barclays and Cleary Gottlieb Steen & Hamilton.
Visa, a digital payments company, completed the acquisition of Pismo, an issuer processing and core banking platform, for $1bn.
“Core banking and issuer processor capabilities are key offerings for many of our financial institution and fintech partners’ clients. With the combination of Visa and Pismo, we can now broaden these offerings and better serve the ecosystem,” Jack Forestell, Visa Chief Product and Strategy Officer.
Berkshire Hathaway, a private equity firm, completed the acquisition of the remaining 20% stake in Pilot Travel Centers, a chain of truck stops, from Pilot, a petroleum company. Financial terms were not disclosed.
"Pilot started with one gas station 65 years ago, and because of the dedicated and exceptional team members we have had throughout our history, it is now an industry leader. While this has certainly been an emotional decision for us, it is one we felt was right for our family at this time. We look forward to continuing to support our life-long home of Knoxville, Tennessee, and to furthering our deep commitment and philanthropy throughout the region that we all love," Jim Haslam II, Pilot Travel Centers Founder.
Pilot was advised by Kekst CNC.
Stellex Capital-backed RTC Aerospace, a manufacturer of complex machined components and high-precision parts for military and commercial aircraft, completed the acquisition of Vanderhorst Brothers Industries, a machinery manufacturing company. Financial terms were not disclosed.
“As we welcome VBI into the RTC family, we are not only expanding our capabilities and complementing our customer base, but we are also reinforcing our presence in Southern California as the supplier of choice for our customers with our dedication to delivering unparalleled products and services. Together, we believe we are poised to capitalize on new opportunities, drive synergies, and create significant value for our stakeholders, customers and employees,” Frank Giron, RTC Aerospace CEO.
PointClickCare, a cloud-based healthcare software provider, completed the acquisition of American HealthTech, a healthcare software developer, from Computer Programs and Systems, a computer programming company. Financial terms were not disclosed.
“As part of our ongoing business transformation, we have decided to divest AHT and therefore discontinue development of the AHT product. We selected PointClickCare as the technology partner of choice to take care of AHT’s customers and ensure they are set up for success now and into the future. PointClickCare and AHT share similar cultures and values, making this an ideal fit for AHT, its clients, and employees,” Chris Fowler, CPSI President and CEO.
PointClickCare was advised by PAN Communications.
NewMarket, a publicly traded, company that primarily serves the petroleum additives industry, completed the acquisition of AMPAC, a North American manufacturer of critical performance additives used in solid rocket motors for space launch and military defense applications, for $700m.
“We are very excited about closing the acquisition of AMPAC and would like to welcome the entire AMPAC team into the NewMarket family. AMPAC’s existing management team is highly qualified, and this was an important factor in our decision to acquire the business. We look forward to working with them and growing together. While we remain committed to our core petroleum additives business, we are also committed to identifying terrific opportunities outside of the petroleum additives business that meet our M&A and diversification criteria. We think the acquisition of AMPAC is a great example of that approach,” Thomas E. Gottwald, NewMarket Chairman and CEO.
Mullen Group, a logistics provider, offered to acquire ContainerWorld Forwarding Services, a logistics services company. Financial terms were not disclosed.
"The addition of ContainerWorld demonstrates our continued strategic focus of diversifying service offerings into verticals and markets that we consider as great long-term opportunities. Globally, alcoholic beverages is a trillion-dollar industry and here in Canada, it is a multi-billion dollar industry that is expected to grow as the Canadian population grows. ContainerWorld is a leading integrated logistics provider to international and domestic wine, beer and spirits producers that are looking for a safe and reliable customs bonded service provider in Canada. This acquisition further expands our operations in the provinces of British Columbia and Ontario, home to fifty percent of Canada's population, and will add over one million square feet of warehousing space to Mullen Group," Murray K. Mullen, Mullen Group Chair and Senior Executive Officer.
Accenture, a professional services company, completed the acquisition of Impendi, a sourcing and procurement services provider with a focus on private equity clients. Financial terms were not disclosed.
“We’ve been focused on adapting Accenture’s leading industry and technology expertise into repeatable solutions tailored to the needs and prioritized levers of private equity portfolio company executives, investment professionals and operating partners. Impendi will help us accelerate that mission with their innovative sourcing and procurement solutions, proven advisory, execution and analytics services for the private equity industry from due diligence to value creation and value delivery," Jay Scanlan, Accenture Global Lead of Private Equity Group.
Brazil's Gol says restructuring details undefined after report on potential bankruptcy.
Brazilian airline Gol said on January 16 it is discussing how to reach a "consensual" restructuring with financial stakeholders, following a media report that it was mulling filing for Chapter 11 bankruptcy protections in the United States, Reuters reported.
Gol said in a statement it did not as of yet have a framework for how the restructuring would be implemented. The airline's shares are down about 9% this week.
KKR-backed BrightSpring is seeking up to $1.36bn. (FS)
BrightSpring Health Services is seeking to raise as much as $1.36bn in an initial public offering and a sale of convertible securities, Bloomberg reported.
The community-based health-care services provider backed by KKR plans to market 53.3m shares for $15 to $18 each to raise about $960m at the top end of that range.
RidgeLake Partners holds final close on $1.1bn for its inaugural GP stakes fund. (FS)
Apogem Capital and OA Private Capital announced the final closing of their RidgeLake Partners debut middle market focused GP stakes fund with over $1.1bn in total commitments.
RidgeLake launched its GP stakes program to provide investors access to minority equity investments in middle market GPs with approximately $1 to $10bn of AUM. The RidgeLake program consists of both the main fund and a related co-investment vehicle.
RidgeLake was advised by Paul Weiss Rifkind Wharton & Garrison.
EMEA
Italy has cleared the blockbuster €22bn ($23.9bn) sale of Telecom Italia’s landline grid to KKR. After a review process on an asset deemed to be of strategic value to the state, Bloomberg reported.
Telecom Italia shares roses as much as 3% in early trading in Milan, giving the company a market value of €6.3bn.
EU regulators have not sought feedback from rivals and customers on Lufthansa's, remedies related to its bid for a minority stake in ITA Airways, suggesting the deal faces a full-scale investigation, Reuters reported.
Lufthansa put in its offer to the European Commission on January 8.
ITA Airways is advised by JP Morgan and Mediobanca. Lufthansa is advised by FGS Global (led by Brigitte von Haacke).
British Airways owner IAG expects EU antitrust regulators to open a full-scale investigation into its plan to buy Spain's Air Europa and will offer remedies to address their concerns, said IAG's CEO.
The deal is part of a wave of consolidation in the airline sector, with Germany's Lufthansa, seeking to buy a minority stake in Italy's state-owned ITA Airways, and Korean Air, looking to buy Asiana, Reuters reported.
Air Europa is advised by Perez Llorca. Globalia Corporacion Empresarial is advised by Latham & Watkins (led by Alejandro Ortiz).
VGO Capital, a specialist private equity asset management firm, completed the acquisition of a minority stake in Manolo Bakes, a coffee bakery chain. Financial terms were not disclosed.
Manolo Bakes has entered its next growth phase and launched a process to replace some of the initial shareholders and raise capital to support its expansion plan.
Manolo Bakes was advised by DC Advisory (led by Cesar Garcia).
Extens, a specialist investor in healthcare software, completed the acquisition of Imagine Human, a provider of software, advice, and service to the quality of life at work, risk prevention, and support for HR policies. Financial terms were not disclosed.
This operation will provide Imagine Human with strong operational support and additional financial resources to strengthen its position as a leading player in quality of life at work in France and internationally.
Convergence Partners, an impact investment management firm, agreed to acquire Datacentrix, a provider of ICT integration services and solutions to the public sector and blue-chip corporates in South Africa. Financial terms were not disclosed.
“We are excited about the future as we start a new chapter in our 25-year history as a highly successful business that is well respected in the market. By joining forces with Convergence Partners, we will harness what has made us successful to date and leverage the wider capabilities of the group including its reach into the rest of Africa," Ahmed Mahomed, Datacentrix CEO.
CEZ and private equity group CVC plan final bids for GasNet. (FS)
Czech power utility CEZ and private equity group CVC Capital Partners are planning to place competing bids next week for Czech gas distribution network GasNet, Reuters reported.
GasNet, owned through Czech Gas Network Investments by a consortium led by Macquarie Asset Management and including British Columbia Investment Management Corporation and Allianz Capital, covers 80% of the country's gas distribution through a network of 65k km (40k miles) of gas pipelines.
Signa development starts insolvency plan of steady asset sales.
The insolvent Signa Group’s development unit plans to gradually sell assets to repay creditors and cease all new business, Bloomberg reported.
A restructuring proposal put forward by the administrator of Signa Development Selection envisages short term sales for properties including a department store and parking plot in Frankfurt, and potential exits for others such as a luxury hotel in Vienna.
GSK raises $1.24bn from latest Haleon stake sale.
British drugmaker GSK said on January 17 it had raised £978m ($1.24bn) from a discounted stake sale in Haleon, cutting its shareholding to 4.2% in the world's largest standalone consumer healthcare firm, Reuters reported.
GSK sold around 300m shares in its spun-off unit at a price of 326 pence per share.
Aramco boosts venture arm's capital by $4bn. (FS)
Saudi Aramco said on January 17 it has boosted its Aramco Ventures unit by $4bn, more than doubling the oil giant's overall venture capital funding, Reuters reported.
The additional funding, $4bn over four years, boosts Aramco Ventures' capital to $7bn. Aramco also has a $500m venture capital fund Wa'ed Ventures, which invests in Saudi start-ups.
UBS chairman sees possible 'upside' to bank's return on equity target.
UBS, CEO Sergio Ermotti dismissed critics' warning about the size of his bank's balance sheet on Wednesday, arguing that UBS's rescue of Credit Suisse had created a larger but also stronger lender, Reuters reported.
Ermotti returned to run UBS after the biggest bank merger since the global financial crisis was hastily arranged by Swiss authorities ten months ago to avert Credit Suisse's collapse. Integrating the two arch rivals is a huge, multi-year task that will mean thousands of job losses in Switzerland and elsewhere and a single financial institution with a balance sheet around double the size of the Swiss economy.
Worldline taps advisers for defence strategy amid share slump.
Worldline, has lined up bankers to advise on a defence strategy in a bid to reassure shareholders and avoid a hostile takeover in the wake of a share price slump, Reuters reported.
The Paris-based payments group is reviewing options with Morgan Stanley, and Rothschild, including bringing in an anchor investor to help support the stock.
Deutsche Bank CFO says current M&A conditions tricky.
Deutsche Bank, CFO James von Moltke believes consolidation would be healthy for the banking industry but says current conditions are not favorable, Reuters reported.
"For a long time, we have been proponents of consolidation in the industry but we have also said that conditions, preconditions have to be in place for that to happen," James von Moltke, Deutsche Bank CFO.
Aston Martin and Bentley contract cull sparks fears for 500 Formaplex jobs.
The termination of contracts with car manufacturers Aston Martin and Bentley has triggered fears for hundreds of Hampshire-based manufacturing jobs, Sky News reported.
Two premium automotive groups decided in recent months to end contracts with Formaplex, a Portsmouth-headquartered company which makes components.
UK's Liontrust poaches top GAM executives after heavy outflows. (FS, People)
UK's Liontrust, named two former GAM executives to lead its growth equities and distribution businesses on January 17 after the specialist fund manager reported outflows had more than doubled year-on-year, Reuters reported.
The appointments follow a failed bid by Liontrust in August for Switzerland's GAM caused by a lack of shareholder support. Mark Hawtin will lead the Global Growth Equity team from May and Jeremy Roberts will become Global Distribution head starting in April.
BP's Auchincloss named CEO, reaffirms energy transition plan. (People)
BP interim boss Murray Auchincloss was named permanent CEO on January 17, pledging to stick with energy transition plans as the board seeks to steady the company which was rocked by the sudden resignation of Bernard Looney last September, Reuters reported.
Auchincloss, 53, has led BP for the last four months and is well known to investors, having previously led BP's finances and helping Looney shape the company's current strategy calling for growing renewables and reducing oil and gas output by 2030.
APAC
India's Adani Group signs deals to invest $1.49bn in Telangana.
India's Adani Group said on January 17 it will invest more than INR124bn ($1.49bn) in the Indian state of Telangana as a part of its seven trillion-rupee expenditure plan for the next decade, Reuters reported.
The investment commitments include a 100 megawatt data centre to be set up by the group's flagship firm Adani Enterprises, for INR50bn ($602m). Adani Green Energy, Ambuja Cements, and Adani Defence Systems and Technologies also signed deals to set up projects in the state.
India's Adani Group raises stake in news agency IANS.
The media arm of India's Adani Group on January 17 increased its stake in IANS India by subscribing to fresh shares issued by the news agency worth INR50m ($602k), Reuters reported.
AMG Media Networks, a unit of Indian billionaire Gautam Adani's flagship firm Adani Enterprises has increased its ownership of IANS shares with voting rights to 76%, and nearly all non-voting shares, up from 50.5% each earlier.
Fashion giant faces new IPO hitch: China’s cybersecurity police.
China’s powerful internet regulator is conducting a cybersecurity review of Shein’s data handling and sharing practices as the fast-fashion company seeks Beijing’s blessing for its planned IPO, WSJ reported.
The Cyberspace Administration of China is looking into the ways Shein handles information on its staff, suppliers and partners in China, as well as whether the company can effectively protect such data from leaking to overseas parties.
Tokyo bourse to make simultaneous English disclosure mandatory for top firms.
The Tokyo bourse plans to require all companies listed on its prime section to publish simultaneously in English and Japanese any information that could impact investment decisions, in an effort to attract more overseas investors, Reuters reported.
The Tokyo Stock Exchange would first make mandatory the simultaneous English publication of financial statements and other key items that require timely disclosure.
Japan Airlines names former cabin attendant as first female president. (People)
Japan Airlines named its first female president on January 17, a former cabin attendant who rose through the ranks to senior management, taking a deeply symbolic step in a country struggling to close a vast gender gap at work, Reuters reported.
Mitsuko Tottori, a senior managing executive officer who joined JAL in 1985, the year it suffered one of the worst crashes in airline history, will become president from April 1.
UBS investment banker Changhao Chen has left Swiss lender’s APAC Team. (People)
Changhao Chen, a managing director with UBS Group’s Asia Pacific investment banking team, has left the Swiss lender as it adjusts to a slump in dealmaking, Bloomberg reported.
Chen, a senior member of UBS’s financial institutions group in Hong Kong, departed in December. He was focused on deals involving Chinese banks and insurance companies.
|
