Crescent Energy to acquire SilverBow Resources for $2.1bn.
Crescent Energy, a US independent energy company, agreed to acquire SilverBow Resources, an independent oil and gas company, for $2.1bn.
“The combination with SilverBow, which is expected to be immediately accretive to all key per share metrics, solidifies Crescent as a leading operator in the Eagle Ford and strengthens the company’s growth platform with increased scale. The SilverBow team has built a complementary and high-quality position in the Eagle Ford, and we believe the combination offers a unique value proposition in our evolving sector. The combined company will have an attractive and balanced portfolio of stable, low-decline and highly cash-generative production with a deep inventory of proven drilling locations, well-positioned for flexible capital allocation through commodity cycles,” David Rockecharlie, Crescent Energy CEO.
Crescent Energy is advised by Intrepid Partners, Jefferies & Company, Wells Fargo Securities, Richards Layton and Finger and Vinson & Elkins (led by Jackson O’Maley, Douglas E. McWilliams, Robert Hughes and Jordan Fossee). SilverBow Resources is advised by Bank of America, Evercore, Gibson Dunn & Crutcher and Joele Frank (led by Adam Pollack and Jed Repko).
LogRhythm to merge with Exabeam.
LogRhythm, a global security intelligence company, agreed to merge with Exabeam, a global cybersecurity company. Financial terms were not disclosed.
“As a combined organization, we will continue to push the envelope of security operations innovation with solutions that bring AI, automation, SIEM, security analytics, and UEBA together to deliver a holistic approach to combating cyberthreats. With AI and cloud as driving forces that can’t be ignored in the market, we look forward to collectively addressing the needs of our joint prospects and customers to further enhance their cybersecurity TDIR capabilities. We are proud to be named a Leader in the 2024 Gartner® Magic Quadrant™ for SIEM for the fifth straight time and to offer all that is now possible in terms of efficacy, value, speed, and scale,” Adam Geller, Exabeam CEO.
LogRhythm is advised by Kirkland & Ellis and 10Fold Communications. Exabeam is advised by JP Morgan, Goodwin Procter and Touchdown PR.
Nippon Life to acquire a 20% stake in Corebridge from AIG for $3.8bn.
Nippon Life, a life insurance company, agreed to acquire a 20% stake in Corebridge, an American multinational financial services company, from AIG, an American multinational finance and insurance corporation, for $3.8bn.
“Nippon Life is well known in the financial services industry for its leadership in the Japanese insurance market and is globally recognized for its strong performance and corporate reputation. We are pleased to have Nippon Life become a strategic partner to Corebridge and believe that they will add meaningful value as an investor," Peter Zaffino, AIG Chairman and Chief Executive Officer.
AIG is advised by JP Morgan and Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy, David Lam, and Mark Stagliano).
Johnson & Johnson to acquire Proteologix for $850m.
Johnson & Johnson, a pharmaceutical, and medical technologies corporation, agreed to acquire Proteologix, a privately-held biotechnology company focused on bispecific antibodies for immune-mediated diseases, for $850m.
“Atopic dermatitis is the most common inflammatory skin disease, impacting more than 100m adults worldwide. About 70% of patients using existing standard of care therapies do not reach remission1. Current advanced therapies for AD either target a single pathway and have limited efficacy or are more broadly immunosuppressive, resulting in significant safety concerns. We see an opportunity for best-in-disease efficacy for both PX128 and PX130 as each bispecific antibody targets two different combinations of disease driving pathways that are mediating the skin inflammation in heterogenous subpopulations of AD patients,” David Lee, Johnson & Johnson Global Immunology Therapeutic Area Head.
GMS to acquire Yvon Building Supply and its affiliates for CAD197m.
GMS, a North American specialty building products distributor, agreed to acquire Yvon Building Supply, a building material store, for CAD197m ($144m).
"We are excited about this opportunity to expand our presence in southern Ontario and look forward to welcoming the Yvon team of highly respected and knowledgeable building products professionals to GMS. Reflecting the continued execution of our growth strategy, we look forward to this transaction expanding our product and service offerings, including further expanding our Complementary Products category, in the fast-growing Greater Toronto Area and throughout southern Ontario,” John C. Turner, Jr., GMS President and CEO.
ATS to acquire Paxiom.
ATS, an automation solutions provider, agreed to acquire Paxiom, a provider of primary, secondary, and end-of-line packaging machines in the food and beverage, cannabis, and pharmaceutical industries. Financial terms were not disclosed.
“With a dynamic product mix and a growing global footprint, Paxiom will be a great addition to ATS. As we seek to expand our presence in regulated markets, such as food and beverage and life sciences, the strong reputation and sophisticated offerings that Paxiom brings to market will provide both organic and synergistic opportunities for growth with an accretive margin profile,” Andrew Hider, ATS Chief Executive Officer.
HG-backed Cube completed the acquisition of the regulatory intelligence businesses from Thomson Reuters. (FS)
HG-backed Cube, an automated regulatory intelligence firm, completed the acquisition of the regulatory intelligence businesses from Thomson Reuters, a global content and technology company. Financial terms were not disclosed.
"Thomson Reuters is known to be the biggest and best in the industry for providing regulatory expert analysis and subject matter expertise, alongside world-leading journalism and news. The combination of CUBE's purpose-built AI, with the years of content curated by Thomson Reuters Regulatory Intelligence and Oden expert analysts, will accelerate innovation. Together, we will deliver regulatory transformation capabilities for our global customers that could only have been imagined before," Ben Richmond, CUBE Founder and CEO.
Abt Global completed the acquisition of TSPi.
Abt Global, a consulting and research firm, completed the acquisition of TSPi, an IT solutions provider. Financial terms were not disclosed.
“TSPi and Abt share common missions and approaches. We’re purpose-driven organizations focused on solving problems that will make a real difference in people’s lives. The opportunity ahead is significant, and we will continue to drive innovation to accelerate client success around the globe,” Vishal Suri, TSPi Founder.
Blackstone planning discounted sale of $450m in private credit loans. (FS)
Blackstone has been working with Evercore to find a buyer for the loan portfolio, which was acquired for $2.4bn from NewStar Financial in 2017 and includes debt from travel rewards program Arriva, American Achievement, BMC Software and Charter Communications.
With the fund now past its reinvestment window, Blackstone is selling off the remaining loans and has reportedly selected a bid that valued the portfolio at around 60 cents on the dollar.
Ingram Micro ready to move on plan for $1bn IPO. (FS)
Platinum Equity-backed technology company Ingram Micro is preparing to move ahead with plans for an initial public offering that could raise more than $1bn, Bloomberg reported.
Ingram Micro is considering seeking to be valued at as much as $10bn in an IPO. The company, which filed confidentially with the US Securities and Exchange Commission in 2022, should be able to make its filing public as soon as June.
EMEA
KPS Capital Partners to acquire Innomotics from Siemens for €3.5bn. (FS)
KPS Capital Partners, an American investment company, agreed to acquire Innomotics, a motor and large-drive systems supplier, from Siemens, a German multinational technology conglomerate, for €3.5bn ($3.8bn).
"KPS, with its demonstrated track record of manufacturing excellence and its global platform, is the ideal owner for the new Innomotics. We will extend our extensive track record of successful technological innovation and providing our customers with world-class products, solutions and services," Michael Reichle, Innomotics CEO.
Innomotics is advised by Gleiss Lutz (led by Jan Balssen and Olaf Hohlefelder). KPS Capital Partners is advised by Bank of America, Lazard and Paul Weiss Rifkind Wharton & Garrison (led by Neel V. Sachdev, Will Aitken-Davies and Angelo Bonvino). Siemens is advised by Hengeler Mueller (led by Hans-Jorg Ziegenhain and Daniel Moritz). Debt financing is provided by Barclays, Citigroup, Goldman Sachs, Intesa SanPaolo, MUFG Bank, Morgan Stanley, Standard Chartered Bank, Ubs and UniCredit.
Expro completed the acquisition of Coretrax from Buckthorn Partners for $210m. (FS)
Expro, an energy services provider, completed the acquisition of Coretrax, a performance drilling tools and wellbore cleanup, well integrity and production optimization solutions provider, from Buckthorn Partners, a private equity firm, for $210m.
“This is an exciting day as we officially welcome John Fraser and his Coretrax teammates to the Expro family. We expect the acquisition to accelerate the growth of Coretrax’s innovative, high value-adding drilling optimization, well integrity and production enhancing technology solutions by leveraging Expro’s global operating footprint," Michael Jardon, Expro CEO.
Expro was advised by Wells Fargo Securities,CMS (led by Patrik Daintry and Frank Fowlie) and Joele Frank. Coretrax was advised by Evercore and Blackwoods. Buckthorn Partners was advised by Sidley Austin.
Star Capital Finance to acquire six retail centers in Poland from Cromwell Property Group for €285m. (FS, RE)
Star Capital Finance, a real estate investor, agreed to acquire six retail centers in Poland from Cromwell Property Group, a property management company, for €285m ($309m).
“The completion of this sale, and subsequent debt repayment, significantly simplifies our business, bringing us closer to our goal of being a capital-light fund manager. The simplification of the Group’s business model will allow us to focus on our core fund and asset management skills to drive long-term securityholder value from growth initiatives locally when market timing is conducive,” Jonathan Callaghan, Cromwell Property Group CEO.
Cromwell Property Group is advised by Greenberg Traurig (led by Malgorzata Kercz and Karol Lewandowski).
Grid operator TenneT could sell or list German assets.
Dutch electricity grid operator TenneT will consider selling or listing its German operations, with the Netherlands and Germany having failed to agree a sale to the German state, Reuters reported.
A sale of the assets for as much as €25bn ($27.2bn) has been close to completion several times only to encounter German budget difficulties.
Sabadell rejected BBVA's bid over capital impact and cost savings.
Spanish lender Sabadell rejected BBVA's $13.1bn all-share hostile takeover offer because the bigger bank had underestimated its negative effect on capital reserves and overestimated cost savings from a deal, Reuters reported.
In its proposal, BBVA estimated annual cost savings at about €850m ($923m) before tax, spread over three years.
APAC
Honda to invest $65bn over ten years to bolster EV push.
Honda Motor will invest JPY10tn ($65bn) in its electrification strategy this decade as it expects demand for battery-powered vehicles to rebound from short-term headwinds that are stifling purchases, Bloomberg reported.
The spending, which will run through fiscal 2031, will cover areas including software, research and development, and establishing supply chains in key markets like the US, Canada and Japan, the company said on May 16 in its business plan update. The carmaker maintained its goal of battery and fuel-cell EVs accounting for 100% of global sales by 2040.
Reliance Retail to sell UK's ASOS apparel in India.
India's Reliance Retail entered a partnership to sell British online retailer ASOS' products in India, Reuters reported.
U.K.-listed shares of ASOS, whose products cater to young adults, rose as much as 3.9% on the news. The partnership is the latest in a string of deals by Reliance Retail, bringing international brands such as American jewellery seller Tiffany & Co and French luxury brand Balenciaga to India.
Singapore's Golden Gate Ventures hits first close of $100m MENA fund. (FS)
Southeast Asian venture capital firm Golden Gate Ventures has hit the first close of its $100m debut Middle East and North Africa (MENA) fund, DealStreetAsia reported.
It secured $20m from anchor investors, Al Khor Holding and Al Attiya Group, both Qatari family-controlled conglomerates with businesses in areas like real estate, manufacturing and brands, as well as Sheikh Jassim Bin Jabor Al Thani.
The MENA fund will be established and headquartered in Qatar, making Golden Gate Ventures the first international VC fund to do so in the Gulf state.
McKinsey's China rainmaker to retire; firm rotates top leaders. (People)
Lola Woetzel, a Shanghai-based senior partner at McKinsey, is retiring soon. She is also a director of the McKinsey Global Institute, the firm's business and economics research arm, and opened the consultancy's office in Shanghai in 1995.
A top China rainmaker is leaving the global consulting firm after more than three decades, at a time when it's reshuffling senior leadership ranks to adapt to a shifting business and political landscape, Bloomberg reported.
Hedge fund Ovata Capital hires four as assets top $1.1bn. (FS, People)
Ovata Capital Management, a Hong Kong-based hedge fund firm led by BlueCrest Capital Management alumnus James Chen, recently hired four portfolio managers and traders after boosting assets past $1.1bn, Bloomberg reported.
Ovata recruited Dan Ho, also formerly of BlueCrest, as a portfolio manager focused on equity relative-value investments. Jon Lowry, who worked at Millennium Management and Elliott Management, will join as an Asia event-driven portfolio manager.
