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AMERICAS
KSL Capital, an investor in travel and leisure businesses, agreed to acquire Hersha Hospitality Trust, an owner of luxury and lifestyle hotels in coastal gateway and resort markets, for $1.4bn.
"Hersha and its team have built an impressive, curated portfolio of experiential luxury and lifestyle hotels and resorts in strategic markets. With KSL's extensive track record investing in high-quality assets in dynamic metropolitan markets across North America and around the world, we are uniquely suited to position the business for further success over the long term," Marty Newburger, KSL Partner.
Hersha is advised by Goldman Sachs, Hunton Andrews Kurth (led by James V. Davidson and Kate Saltz), Latham & Watkins, Venable and FGS Global (led by Stephen Pettibone). KSL is advised by Citigroup, Wells Fargo Securities, Miles & Stockbridge, Simpson Thacher & Bartlett and Joele Frank (led by Jonathan Keehner). Debt financing is provided by Citigroup and Wells Fargo Securities.
Zevra Therapeutics, a rare disease company melding science, data and patient need to create transformational therapies for diseases with limited or no treatment options, agreed to acquire Acer Therapeutics, a pharmaceutical company focused on development and commercialization of therapies for rare and life-threatening diseases, for $91m.
“We believe that Acer’s portfolio of rare disease programs, including the recent US commercial approval of OLPRUVA for UCDs, is a perfect strategic fit for Zevra and creates significant opportunity for us to positively impact patient lives while creating shareholder value. We are excited about Acer’s clinical programs and are confident in the potential of OLPRUVA to bring UCD patients a more convenient and cost-effective treatment option over current therapies. Acer would bring unique rare disease operations and capabilities that would serve as a foundation to support the commercialization of Zevra’s pipeline as it advances," Joshua Schafer, Zevra Chief Commercialization Officer and Executive Vice President of Business Development.
Acer Therapeutics is advsed by William Blair & Co, Pillsbury Winthrop Shaw Pittman and Gilmartin Group. Zevra Therapeutics is advsed by Canaccord Genuity and Bryan Cave Leighton Paisner.
Hyperloop, a transportation and technology company focused on realizing the hyperloop, agreed to go public via a SPAC merger with Fusion Acquisition, a special purpose acquisition company. Financial terms were not disclosed.
“With Fusion we believe we have found the right partner at the right time. We see the LOI with Fusion as the next major step in achieving our mission with HyperloopTT. That mission has always included the public, starting with our collaborative crowdsourcing model and now moving closer towards becoming a public company. This business combination is expected to accelerate the arrival of sustainable high-speed transportation. We hope to be at the epicenter of sustainable, safe, clean, and quick mass transit in the years to come," Andres de Leon, Hyperloop CEO.
Fusion Acquisition is advised by Gateway Investor Relations (led by Cody Slach).
The deal to take Donald Trump's social-media company, Trump Media & Technology, public faces a make-or-break moment as the blank-check firm that's acquiring it rushes to get investor buy-in, Bloomberg reported.
Digital World Acquisition, the special-purpose acquisition company, is at risk of seeing the deal collapse if investors — made up largely of pro-Trump retail traders — don't give it another year.
Digital World is advised by EF Hutton.
Watts Water Technologies, a manufacturers and provider of plumbing, heating and water quality products and solutions, agreed to acquire Bradley, a provider and manufacturer of commercial washroom and emergency safety products, for $303m.
“Today’s strategic acquisition delivers on our mission to improve comfort, safety and quality of life for people around the world. Bradley’s complementary portfolio will enable us to provide our customers with innovative water solutions, as it adds front-of-the-wall applications to our differentiated back-of-the-wall portfolio. We believe we can leverage the combined strengths of the two companies’ sales networks and channel relationships to facilitate cross selling and accelerate growth. With expanded end market access, increased product diversification, a strengthened go-to-market position and our highly experienced leadership team, Watts is well positioned to capture run-rate cost synergies, capitalize on growth opportunities and drive value creation," Robert J. Pagano, Watts Water CEO.
JP Morgan, a financial services firm, agreed to acquire an additional 6% stake in C6 Bank, a bank in Sao Paulo. Financial terms were not disclosed.
“We want to communicate to our customers the benefits of having an innovative bank that has as a partner one of the main leaders in financial services in the world," Alexandra Pain, C6 Bank Head of Marketing.
Nvidia-backed CoreWeave seeks stake sale at up to $8bn valuation.
CoreWeave, a cloud computing provider that’s becoming one of the hottest startups in the artificial intelligence race, is exploring a minority stake sale that values the company at as much as $8bn or more, Bloomberg reported.
The Roseland, New Jersey-based company, which previously specialized in ethereum mining, is working with an adviser as its management team seeks buyers for a roughly 10% equity stake at a valuation of between $5bn and $8bn.
France’s Pinault nears $7bn deal for talent agency CAA. (FS)
French billionaire Francois-Henri Pinault is close to a $7bn deal to buy a majority stake in Creative Artists Agency, the Hollywood talent giant that’s home to actor Brad Pitt and basketball’s Chris Paul, Bloomberg reported.
Pinault, whose family controls a luxury goods empire, is seeking the majority stake held by private equity firm TPG. Temasek, the Singapore government’s investment firm, may also increase its stake in CAA by buying out China’s CMC Capital. While the deal could fall apart, the parties are expected to conclude negotiations in the next couple weeks.
Billionaire Thomas Tull is in talks to increase stake in Steelers. (FS)
Billionaire Thomas Tull is vying against rival bidders as he seeks to increase his ownership in the NFL’s Pittsburgh Steelers by acquiring a small stake from sports investors Josh Harris and David Blitzer, Bloomberg reported.
Harris and Blitzer bought a stake of less than 5% in the team in 2020. They’re exploring a sale after a group led by Harris won the auction for another team in the league, the Washington Commanders, earlier this year. NFL rules mandate that a majority owner can’t hold an interest in another franchise.
OpenAI rival Cohere taps JPMorgan, Goldman for financing.
Artificial intelligence startup Cohere, backed by investors including Oracle and Nvidia, is working with banks to raise a fresh round of financing, just a few months after its last one.
Toronto-based Cohere is being advised by JPMorgan and Goldman Sachs on the potential round, Bloomberg reported.
Einhorn’s Greenlight to reap big gains on Black Knight bet. (FS)
Hedge fund manager David Einhorn bet big that Intercontinental Exchange would succeed in taking over mortgage software company Black Knight despite US antitrust opposition, and his wager is set to pay off, Bloomberg reported.
Greenlight Capital, Einhorn’s firm, has reaped more than $20m on the trade since the end of June. The fund manager said that it had bought shares of Black Knight, and it had added to its position, bringing its holdings to around 1.34m shares.
SentinelOne drops Wiz alliance after citing cyber startup’s ‘lack of execution’.
SentinelOne canceled a six-month-old strategic partnership with Wiz, saying the union failed to help it build up its cloud security business, Bloomberg reported.
“We terminated our re-sell agreement with Wiz as a result of their continued lack of execution against their commitments. The Wiz partnership has not been material to our business,” SentinelOne.
Fight over Sculptor hedge fund sale entwined in Daniel Och’s tax affairs. (FS)
Sculptor Capital Management explicitly warned investors ahead of its 2007 initial public offering that “conflicts of interest” stemming from a complicated ownership structure could one day pit the hedge fund’s billionaire founder Daniel Och against public shareholders, FT reported.
That theoretical tension has turned very real in recent weeks as Sculptor — worth $12bn when it listed — aims to sell itself to real estate specialist Rithm Capital for a fraction of the sum.
Goldman drums up IPO renaissance hopes in deals-starved market.
A smattering of companies set to test the market for stock listings is igniting hopes across Wall Street, Bloomberg reported.
Goldman Sachs is helming a string of initial public offerings next month that could help pry open the business after a near two-year lull. Those IPOs, including ones from chip designer Arm and grocery-delivery company Instacart, may also spur renewed interest in other parts of investment banking.
EMEA
Barnes, a global industrial and aerospace manufacturer and service provider, completed the acquisition of MB Aerospace, a provider of precision aero-engine component manufacturing and repair services, for $740m.
"We're excited to welcome MB Aerospace and its talented workforce to Barnes Aerospace. The significant growth opportunities provided by this combination will enhance our ability to deliver value-add solutions across the aero-engine value chain. MB Aerospace brings welcomed customer diversification within both commercial aerospace and defense platforms and provides Barnes with a well-balanced portfolio across aerospace and industrial end markets," Ian Reason, Barnes Senior Vice President.
MB Aerospace was advised by Goldman Sachs, RBC Capital Markets and Simpson Thacher & Bartlett (led by Michael Holick, William Allen and Brian Gluck). Barnes was advised by Bank of America and Wachtell Lipton Rosen & Katz (led by Benjamin M. Roth). Debt financing was provided by Bank of America.
Saudi Telecom-backed TAWAL, a digital enabler of telecommunications services, completed the acquisition of tower assets from United Group, an alternative telecom provider, for $1.3bn.
“We are delighted to have successfully crystalised the value of our tower assets in a deal that enables us to delever and navigate global macro-economic pressures. This will support continued investment in our portfolio companies to ensure they remain competitive in their respective markets. We are delighted to have found a strong partner in TAWAL and will look for further opportunities to work with them as they expand their footprint in the European market,” Victoriya Boklag, United Group CEO.
Albany International, a developer and manufacturer of engineered components, completed the acquisition of Heimbach Group, a supplier of paper machine clothing, for €154m ($168m).
“We are excited about the opportunities to create additional value for our shareholders and customers through the increased scale, complementary technologies and broader geographic footprint this transaction provides. Together we will effectively combine the strengths of each company to set a new standard in customer value delivery as the industry’s partner-of-choice,” Daniel Halftermeyer, Albany President of Machine Clothing.
Deutsche Private Equity-backed valantic, a digital consulting, solutions and software company, completed the acquisition of Inspari, a computer consultancy company. Financial terms were not disclosed.
“With Inspari, we are gaining a new member of the valantic family that is recognized as the leading advanced analytics consultancy in the Danish market. By joining forces, Inspari and valantic are building one of the largest data companies in Europe, standing out from the competition with a comprehensive end-to-end portfolio for Data Analytics and AI services. Thanks to the new presence of valantic in the Nordics, we’re also setting us up for further growth in a region that is front running digitalization in Europe. I’m greatly looking forward to working with 180 highly qualified new colleagues who share our cultural values and will enrich valantic both professionally and personally," Dr. Holger von Daniels, valantic Founder and CEO.
Inspari was advised by Carnegie Investment Bank.
Saab, an aerospace and defense company, completed the acquisition of BlueBear, a provider of AI-enabled autonomous swarm systems for complex defence and security applications. Financial terms were not disclosed.
“This acquisition is another step in support of our international growth strategy as we seek to ensure Saab is well positioned in key markets and to sustain our competitive advantage. BlueBear, as world-leading provider of AI-enabled autonomous swarm systems for complex defence and security applications, is a good fit with our approach of leveraging emerging technologies in the fields of autonomous systems and AI,” Micael Johansson, Saab President and CEO.
Saab was advised by SEB Corporate Finance.
Lavoie, a scooter brand of McLaren, agreed to acquire VanMoof, an e-bike startup known for its successful subscription business model. Financial terms were not disclosed.
"With its next generation of e-bikes, smart technology, innovative design, and loyal customer base, VanMoof and Lavoie fit together perfectly. VanMoof has 190k customers globally and our commitment is to continue to keep those riders on the road whilst we stabilise and efficiently grow the VanMoof business and continue to develop its world-class products," Eliott Wertheimer, Lavoie CEO.
Proxy adviser Ethos believes UBS should have spun off CS' Swiss business. (FS)
UBS should have spun off Credit Suisse's Swiss business, proxy adviser Ethos said, after Switzerland's No. 1 bank announced plans to fully integrate its former rival's home market business, Reuters reported.
"We are disappointed as the spin-off would (have) been a better option to avoid a major systemic risk for Switzerland, an important negative impact on employment and issues for the fair competition of the Swiss financial market," Vincent Kaufmann, Ethos Director.
Italy mulls selling stakes in state-owned firms to raise cash.
Prime Minister Giorgia Meloni’s coalition is considering selling minority stakes in selected state-owned companies to boost Italy’s public finances.
Government ministers are evaluating the disposal of some assets, including a stake in the state railway, while still retaining control over the businesses, Bloomberg reported.
Top Middle East aluminum maker sees prices rising with demand.
The biggest aluminum producer in the Middle East, whose shareholders are considering an initial public offering, sees prices of the metal rising as demand gains, though it didn’t say when that increase is likely to happen, Bloomberg reported.
Emirates Global Aluminium expects its full-year sales volume to be in line with 2022 even as prices have declined over the last 12 months, Chief Executive Officer Abdulnasser Bin Kalban said. The company usually sells more of the metal in the second half of the year. It is focusing on containing costs to bolster margins in preparation for when the owners decide to hold the IPO.
Auto rental firm Lumi could raise up to $290m from Saudi IPO.
Saudi Arabia's Lumi, an auto rental firm in the kingdom, said it could raise up to $290m after a price range was set for its initial public offering, DealStreetAsia reported.
A Riyadh-based Lumi said the price range was set between $16 to $17.5 per share, giving the company a valuation of as much as $967m.
UK's Revolution Beauty appoints Walgreens executive as CEO. (People)
Revolution Beauty Group appointed Walgreens vice president for beauty and personal Lauren Brindley as chief executive, as the British makeup company faces an accounting investigation by British regulators.
Brindley replaces Bob Holt, who stepped down in July as part of a settlement with its top shareholder and online fashion retailer Boohoo which had called for better management, Reuters reported.
APAC
L'Oréal, a personal care company, completed the acquisition of Aesop, a luxury cosmetics brand, from Natura &Co, a multi-brand cosmetics group, for $2.58bn.
“We are thrilled to have Aesop join the L’Oréal Luxe division and I look forward to welcoming Michael O’Keeffe and his passionate teams to the L’Oréal family, as we work together to write the next chapter of this iconic brand. We have great confidence that in time, Aesop will join the L’Oréal ‘Billionaire Brands’ club and play a significant role in the future growth of the Luxury division,” Cyril Chapuy, L’Oréal President of Luxe.
L'Oréal was advised by Centerview Partners and Latham & Watkins (led by Pierre-Louis Clero). Natura &Co was advised by Bank of America, Morgan Stanley, Davis Polk & Wardwell (led by Daniel Brass) and Brunswick Group.
Tradeweb, an international financial services company, completed the acquisition of Yieldbroker, an interest rate securities and derivatives broker, for $81m.
"Tradeweb and Yieldbroker share a strong commitment to client collaboration and continuous innovation, and both of us were born out of a dealer-owned structure. Now operating as one Tradeweb team based in Sydney, we are exceedingly well-positioned to seamlessly connect markets in Australia and New Zealand with our global network of clients and dealers," Billy Hult, Tradeweb CEO.
Tradeweb was advised by Corrs Chambers Westgarth.
Titan Machinery, a network of full-service agricultural and construction equipment stores, agreed to acquire O’Connors, a case IH dealership group in Australia, for $63m.
"We are pleased to announce our definitive agreement to acquire O’Connors, Australia’s leading Case IH dealership group. This transaction marks our entry into the Australian agriculture market, as we continue to seek opportunities for Titan to expand its reach, both domestically and abroad. O’Connors’ operating metrics, core values, and customer-centric focus align with our own, making them a great partner for our entry into the Australian agriculture market, which is benefiting from strong fundamentals that are being driven by enhanced productivity, economies of scale, and farmer profitability," David Meyer, Titan Machinery Chairman and CEO.
Titan Machinery is advised by ICR (led by Jeff Sonnek).
Japan releases new M&A guidelines to promote takeovers, consolidation.
The Japanese government released new guidelines to promote more mergers and acquisitions in the world's third-largest economy as it hopes to spur consolidation in industry and boost competitiveness, Reuters reported.
The guidelines set out a code of conduct for M&As, cracking down on some defence tactics and stressing that credible takeover offers should not be spurned without sincere consideration.
Adani family's partners used 'opaque' funds to invest in its stocks. (FS)
Millions of dollars were invested in some publicly traded stocks of India's Adani Group via "opaque" Mauritius funds that "obscured" involvement of alleged business partners of the Adani family, the Organised Crime and Corruption Reporting Project, Reuters reported.
The non-profit global network of investigative journalists said two individual investors - Nasser Ali Shaban Ahli from Dubai and Chang Chung-Ling from Taiwan - with "longtime business ties" to the Adani family used such offshore structures to buy and sell Adani shares.
Narayana hires Barclays to arrange $169m buyout loan. (FS)
India’s education-focused Narayana Group has mandated Barclays as the sole arranger of a loan worth around $169m to buy out minority shareholders in unit Nspira Management Services.
The minority shareholders are Morgan Stanley Private Equity, which holds a stake of around 19% in Nspira, and BanyanTree Finance that owns less than 5%, Bloomberg reported.
SoftBank sheds 1.17% stake in Indian food delivery firm Zomato in $115m deal. (FS)
SoftBank Vision Fund sold a 1.17% stake in Indian food delivery firm Zomato in a deal valued at $115m. The venture capital fund, part of Japan's SoftBank Group, sold 100m shares at $1.14 apiece in bulk deals.
International Monetary Fund, Morgan Stanley Asia Singapore, Societe Generale, Goldman Sachs, Invesco Mutual Fund, and Kotak Mahindra Life Insurance were among those who bought Zomato shares, DealStreetAsia reported.
Workers stage Japan's first strike in decades over department store sale.
Workers at a major Tokyo department store went on strike after talks with management over the planned sale of their company broke down, marking the first major walk-out the country has seen in decades, Reuters reported.
Some 900 workers at the flagship Seibu store in the bustling district of Ikebukuro are protesting the sale of Sogo & Seibu, a unit of Japanese retail giant Seven & i, to US fund Fortress Investment Group.
South Korea mulls $10.7bn investment in Korean startups to create global unicorns. (FS)
The South Korean government is stepping up investments in startups as it seeks to create global unicorns set up by Koreans, DealStreetAsia reported.
The plan is to inject a total of $10.7bn into Korean-owned and Korea-based startups through private venture funds by 2027.
Hillhouse targeting over $1.4bn for new renminbi healthcare-focused fund. (FS)
Private investment firm Hillhouse Capital is looking to raise over $1.4bn from Chinese investors for a new renminbi fund which will focus on investments in the healthcare sector.
The decision to focus fundraising on domestic investors comes as ongoing geopolitical tensions between Beijing and Washington have led to a steep decline in dollar funding for Chinese investments.
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