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
UnitedHealth-backed Optum, a diversified health services company, completed the merger with Change Healthcare, a health care technology company, in a $12.8bn deal.
"Together we will help streamline and inform the vital clinical, administrative and payment processes on which healthcare providers and payers depend to serve patients. We're thrilled to welcome Change Healthcare's highly skilled team to create a better future for health care," Andrew Witty, UnitedHealth Group President.
Change Healthcare was advised by Morrow Sodali Global, Barclays, Goldman Sachs, Simpson Thacher & Bartlett (led by Eric Swedenburg) and Brunswick Group (led by Jonathan Doorley). UnitedHealth and Optum were advised by Bank of America (led by Ivan Farman), Cleary Gottlieb Steen & Hamilton, Hogan Lovells (led by Leigh Oliver), Sullivan & Cromwell (led by Keith A. Pagnani and Melissa Sawyer). Blackstone was advised by Ropes & Gray.
Orthotic and prosthetic patient care service provider Hanger's stockholders approved the $1.4bn acquisition by Patient Square Capital, a healthcare investment firm.
"I would like to express my gratitude to the Hanger stockholders for their support today, and throughout this transaction process. The Hanger team is excited about this partnership with Patient Square Capital, and beginning our next chapter as a private company. We believe this collaboration will enable us to accelerate our growth and enhance our position as the leader in our profession, and ultimately, better fulfill our mantra of empowering human potential," Vinit Asar, Hanger President and CEO.
Goldman Sachs Asset Management's Petershill Program and Hunter Point Capital, an independent investment firm, completed the investment in SLR Capital Partners, a boutique asset manager. Financial terms were not disclosed.
"We believe Petershill and HPC will help to accelerate the execution of our business plan. We are grateful for the partnership with these leading firms as we seek to continue to deliver high-quality returns to our investors," Michael Gross, SLR Co-Founder.
SLR Capital Partners was advised by JP Morgan, Kirkland & Ellis and Prosek Partners (led by Andy Merrill). Petershill and Hunter Point Capital were advised by Mizuho Securities, Fried Frank Harris Shriver & Jacobson and Prosek Partners (led by David Wells).
Francisco Partners, a global investment firm, agreed to acquire bswift, a provider of benefits technology and services, from CVS Health, a healthcare company. Financial terms were not disclosed.
"We appreciate CVS Health's work in growing this business and are confident that our partnership will help bswift drive crucial focus in executing on organic and inorganic growth strategies. We look forward to supporting the talented employees and management team," Anders Mikkelsen, Francisco Partners Vice President.
Francisco is advised by Wells Fargo Securities, Kirkland & Ellis and Sloane & Company (led by Whit Clay). CVS is advised by Goldman Sachs, Dechert and Fried Frank Harris Shriver & Jacobson.
L3Harris Technologies, an American technology company, defense contractor, and information technology services provider, agreed to acquire the Link 16 Tactical Data Links business of Viasat, a satellite communications company, for $2bn.
"This transaction will transform our balance sheet, reduce cash interest obligations, and sharpen strategic focus while enabling continued growth opportunities for the Link 16 business and assuring our customers of a competitive, innovative and reliable source for their future needs. The Link 16 Tactical Data Links business has been an important contributor to Viasat's growth and earnings and the transaction recognizes the value created by our outstanding team. L3Harris has been a long-time Link 16 strategic partner and has a portfolio that will benefit significantly from these capabilities. Looking ahead, the ViaSat-3 constellation and the Inmarsat acquisition both create greater forward-looking government systems growth opportunities in space-based businesses with more R&D, capital and operational synergies," Mark Dankberg, Viasat CEO and Chairman of the Board.
L3Harris Technologies is advised by Citigroup and Sullivan & Cromwell. Viasat is advised by JP Morgan, PJT Partners and Latham & Watkins.
Complete Solaria, a solar services provider, agreed to go public via a SPAC merger with Freedom Acquisition I, a special purpose acquisition company, in a $553m deal.
“Freedom recognizes our ability to scale rapidly both in the US and internationally. Our business model will disrupt the solar industry as we provide the best solar products and services, while delivering the highest quality end-to-end experience to home and business owners and dramatically expanding customer access to solar. This transaction will help Complete Solar scale rapidly and meet the current demand we are seeing from our clients who desire to reduce high energy bills and contribute to a more sustainable future. We expect the recent Inflation Reduction Act will further accelerate a global energy transition, and our company is well positioned to capture that growth,” Will Anderson, Complete Solar CEO.
Complete Solar is advised by Duff & Phelps, Cooley and ICR (led by Doug Donsky). Freedom Acquisition I is advised by Paul Hastings and Powerscourt (led by Andy Smith).
Nexstar Media Group, a diversified media company, completed the acquisition of a 75% stake in The CW Network, a commercial broadcast television network, an American media company, from Warner Bros, an American entertainment conglomerate, and Paramount Global, an American multinational mass media and entertainment conglomerate. Financial terms were not disclosed.
"Dennis Miller brings a unique skill set of proven television, media, and technology industry expertise, as well as venture capital experience to the role of President at The CW. His understanding and ability to unlock value from media assets by delivering high-quality, profitable entertainment, will serve the network, its viewers, its partners and CW affiliates around the country extremely well. We are confident his background, experience and relationships will allow Nexstar to deliver on the value of this transaction for our shareholders," Perry Sook, Nexstar Chairman and CEO.
The CW Network was advised by Guggenheim Partners and Paul Hastings (led by Sean Monroe). Nexstar was advised by Kirkland & Ellis, Loeb & Loeb (led by Scott Zolke) and JCIR (led by Joseph Jaffoni).
Cambridge Bancorp, a bank holding company, completed the acquisition of Northmark Bank, a Massachusetts-based bank, for $63m.
"We are pleased to announce the strategic combination of Cambridge Trust and Northmark Bank. Since Northmark's founding in 1987, the management team and board have created a franchise that provides exceptional service to its clients in locations where Cambridge currently does not have banking offices. These locations are a logical extension of our market. Northmark's dedication to providing individuals and businesses with customized attention and tailored financial solutions will greatly complement our broad range of products and services, including private banking and wealth management. We look forward to welcoming the talented Northmark team to Cambridge Trust," Denis Sheahan, Cambridge Trust Chairman, President and CEO.
Estrella Biopharma, a preclinical-stage biopharmaceutical company focusing on cancer therapeutics, agreed to go public via merger with TradeUP Acquisition, a publicly traded special purpose acquisition company, in a $399m deal.
"Estrella is committed to making a meaningful difference in areas of unmet medical needs by continue advancing our pipeline programs into the clinics. The team is confident that fueled by ARTEMIS® technologies, EB103 and EB104 have the potential to address blood cancers while mitigating safety concerns. Meanwhile, we plan to extend the use of our CD19 ARTEMIS®️ T-cell therapy into diverse solid tumors by combining with Imugene's CF33-CD19t in the novel "Mark and Kill" approach. We are delighted to have found such a stellar group of partners and investors as we take the next step in our growth trajectory as a public company," Cheng Liu, Estrella President and CEO.
Estrella is advised by Winston & Strawn. TradeUP is advised by US Tiger Securities and Robisonson+Cole.
Cornerstone Home Lending, an independent residential mortgage company, completed the acquisition of The Roscoe State Bank, a community-based bank. Financial terms were not disclosed.
"This combination of two great teams will allow Cornerstone to significantly expand product and service offerings to our hundreds of thousands of customers and referral sources throughout the country, will provide a vast array of additional home lending products and services to the customers and communities served by The Roscoe State Bank, and will produce additional growth opportunities for team members at both Cornerstone and Roscoe," Marc Laird, Cornerstone Chairman, CEO and Co-founder.
The Roscoe State Bank was advised by Piper Sandler and Holland & Knight. Cornerstone was advised by Otteson Shapiro.
Halma, the global group of life-saving technology companies, completed the acquisition of IZI Medical Products, a designer, manufacturer and distributor of medical consumable devices, from Shore Capital, a private equity firm, for $168m.
"Our purpose is to improve patients' lives with physician-led innovation. This vision aligns to Halma's when it comes to improving quality of care delivered by healthcare providers. Many physicians started using our technologies in medical school and have continued to do so throughout their careers. Joining the Halma group will take IZI Medical Products to the next level, adding R&D, commercial and international growth opportunities that will help us in our journey to advance healthcare for patients worldwide," Greg Groenke, IZI Medical Products CEO.
IZI Medical Products was advised by Winston & Strawn. Halma was advised by MHP Communications (led by Andrew Jaques). Shore Capital was advised by Edelman.
AstraZeneca-backed Alexion, an American pharmaceutical company, agreed to acquire LogicBio Therapeutics, a genomic medicine company, for $68m.
"The proposed acquisition of LogicBio is a significant development for our growing research in genomic medicine. LogicBio's people, experience and platforms provide new scientific capabilities by adding best-in-class technology and expertise to our genomic medicine strategy. The scientific collaboration between Alexion and AstraZeneca has been a substantial area of focus since last year's acquisition and the addition of LogicBio will expand this foundational work," Marc Dunoyer, Alexion CEO.
LogicBio is advised by Centerview Partners and Paul Weiss Rifkind Wharton & Garrison. Alexion is advised by Freshfields Bruckhaus Deringer.
Incyte, a biopharmaceutical company, agreed to acquire Villaris Therapeutics, an asset-centric biopharmaceutical company, for $380m.
"This acquisition complements our current portfolio, providing us the opportunity to further enhance treatment options for people with vitiligo, leveraging the expertise we established in the Dermatology space through our successful launch of Opzelura™ (ruxolitinib) Cream. People living with immune-mediated dermatologic diseases like vitiligo face significant challenges and we are committed to developing novel therapies like auremolimab, which may address these unmet needs," Hervé Hoppenot, Incyte CEO.
Villaris is advised by PJT Partners. Incyte is advised by Optimum Strategic Communications (led by Mary Clark and Nick Bastin).
Fernweh Group, a principal investment firm, completed the acquisition of a 60% stake in AIS Investment Holdings, a provider of specialized products and solutions designed to support industrial and electrical applications, from AZZ, an electrical equipment manufacturing company, for $300m.
"We are excited by the opportunity to acquire a majority stake in AIS and look forward to working with management to continue to strengthen and grow the business. The company has a range of strategic growth opportunities in energy, infrastructure, data center, and other sectors, as well as unique capabilities to support marquee customers in these end markets. The acquisition is aligned with Fernweh's investment thesis in the industrials sector and will be a strategic platform on which to build a major electrical and industrial business. We look forward to welcoming the AIS colleagues to the Fernweh family and establishing a long and fruitful partnership with Tom, and the AZZ team," Nick Santhanam, Fernweh Group CEO.
Molina Healthcare, a managed care organization, completed the acquisition of the medicaid managed long term care business from AgeWell New York, a provider of care manager or wellness coach services, for $110m.
"The addition of AgeWell to Molina's expanding New York footprint is not only complementary to our existing MLTSS business, but also representative of our strategic growth strategy. Our highest priority is to serve all Molina members with quality care and compassion, and we anticipate a seamless integration," Joe Zubretsky, Molina Healthcare President and CEO.
Ingersoll Rand, a provider of mission-critical flow creation and industrial solutions, completed the acquisition of Dosatron International and Dilution Solutions, two technology solutions providers of water powered dosing pumps and systems, for $105m.
"Our Dosatron brand is a global leader in energy efficient, water-powered dosing technology that plays at the nexus of clean and sustainable farming. This acquisition will enable us to more closely align our new product development with end user needs. Dosatron International has extremely strong customer relationships in growing end markets like indoor farming and has developed unique IIoT solutions and systems to serve these customers. We see significant opportunity to introduce other Ingersoll Rand product lines including Maximus, Ion Solutions and LMI to these markets and customers," Vicente Reynal, Ingersoll Rand Chairman and CEO.
SilverBow Resources, a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas, agreed to acquire oil and gas assets in DeWitt and Gonzales counties for $87m.
"This transaction fits our disciplined growth strategy of adding production at attractive valuations and increasing our high-quality inventory across both the Eagle Ford and Austin Chalk formations. The acquisition is a mix of incremental working interest on our existing acreage as well as new adjacent acreage, which provides for extended lateral lengths, increased drilling locations and enhanced returns for our optimized development program," Sean Woolverton, SilverBow CEO.
Fandom acquired a portfolio of entertainment and gaming brands from Red Ventures. (FS)
Fandom, the world's largest fan platform, acquired a portfolio of entertainment and gaming brands from Red Ventures, an American media company. Financial terms were not disclosed.
This deal will continue to expand Fandom's global fan platform to super serve entertainment and gaming fans as well as partners.
Harley-Davidson’s e-bike spinoff climbs in volatile trading.
LiveWire Group jumped Monday as the electric motorcycle business spun off by Harley-Davidson rebounded from last week’s disappointing stock market debut, Bloomberg reported.
The shares surged as much as 46% during the regular session - after a 91% pop during premarket trading - despite no company announcements or other apparent news involving LiveWire. The stock was up 13% to $8.09 at 9:49 a.m. in New York.
EMEA
Sumitovant Biopharma, a technology-driven biopharmaceutical company, offered to acquire the remaining shares in Myovant Sciences, a biopharmaceutical company that develops and commercializes new treatments for women's diseases and endocrine disorders, for $1.3bn.
"The proposal is a natural step in the well-established relationship between Sumitovant and Myovant, and represents an unprecedented opportunity to combine expertise, platforms, and resources to deliver innovative therapies addressing unmet patient needs in women's health and prostate cancer. Sumitovant and Sumitomo Pharma have been impressed with the culture and significant accomplishments of Myovant's employees. If a transaction is completed, we will continue to provide support and resources to Myovant to enable achievement of its mission to redefine care for the patients they so passionately serve," Sumitovant.
Myovant Sciences is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom. Sumitovant is advised by JP Morgan and Sullivan & Cromwell.
Centaury Management, the investment office of the Markus family, agreed to acquire the filters business of Essentra, a global provider of essential components and solutions, for £262m ($292m).
"The strategic review of Filters was launched in October 2021 and has built on the significant progress the division has made since 2017 when announcing its strategy for future growth. The business is delivering on all of the strategic "game changers" and has attractive long-term growth prospects. I am confident that Filters will continue to make excellent progress under its new ownership," Paul Forman, Essentra CEO.
Essentra is advised by Goldman Sachs, Lazard, Peel Hunt and Tulchan Communications (led by Olivia Peters).
HIG-backed Aspire Pharma, a pharmaceutical company, completed the acquisition of Morningside Healthcare and Morningside Pharmaceuticals, two providers of niche generic and branded specialty pharmaceuticals. Financial terms were not disclosed.
"We are excited to welcome the Morningside team to the Aspire family. This is a transformative opportunity for both companies to expand and enhance our market position as a result of both companies highly complementary product portfolios. The combination will create one of the largest and fastest growing UK pharma companies and see further accelerated growth potential in our current and future product portfolio, in the UK and internationally. Our commitment remains with our team, patients, and our partners in the NHS and beyond, to ensure a smooth integration of businesses," Richard Condon, Aspire CEO.
Morningside was advised by Citigroup and Eversheds Sutherland. HIG was advised by Jefferies & Company and Kirkland & Ellis.
Marex, the diversified global financial services platform, completed the acquisition of the financial services division of ED&F Man Group, a global agricultural commodities merchant, for $235m.
"We are delighted to welcome the ED&F Man Capital Markets team to Marex. The business is an excellent fit with our existing capabilities, and I am excited by the opportunity of working across the significantly strengthened and expanded global footprint. Marex is gaining a high-quality global team. Underscoring our commitment to grow and better serve our clients, this acquisition creates a more competitive, diversified and resilient firm which will provide an enhanced client offering as well as more opportunities for our staff. This is an exciting time for the firm, and we anticipate a bright future for the combined businesses," Ian Lowitt, Marex Group CEO.
ABB, a global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future, completed the spin-off of its Accelleron turbocharging business.
"The completion of this spin-off marks another important step for ABB's strategy of active portfolio management as we continue to focus on our leadership positions in electrification and automation, while still allowing our shareholders to participate in the continued success of the Accelleron business. We wish all the employees a successful future as a new exciting global brand under the excellent leadership of CEO Daniel Bischofberger and Chairman Oliver Riemenschneider," Björn Rosengren, ABB CEO.
ABB was advised by Credit Suisse, Goldman Sachs and Lenz & Staehelin (led by Hans-Jakob Diem).
Hitachi, a Japanese multinational conglomerate corporation headquartered in Chiyoda, Tokyo, agreed to acquire the remaining 20% stake in Hitachi Energy, a sustainable energy firm, from ABB, a pioneering technology company, for $1.7bn.
"We are pleased with the progress of Hitachi Energy, and we look forward to supporting the Hitachi Energy 2030 Plan, as announced during Hitachi Investor Day 2022," Yoshihiko Kawamura, Hitachi Executive Vice President and Executive Officer, CFO.
Hitachi is advised by UBS.
Rockwell Automation, a provider of industrial automation, agreed to acquire CUBIC, a company that specializes in modular systems for the construction of electrical panels. Financial terms were not disclosed.
"CUBIC's innovative motor control solutions strengthen our portfolio of leading intelligent motor control technologies. We are pleased to welcome a talented team with specialized expertise in structural design, power systems, and global standards," Bob Buttermore, Rockwell Vice President and General Manager.
Greece initiates process for a stake sale in Volos port.
Greece has initiated a process for the sale of a majority stake in the port of Volos, its privatization agency HRADF said.
HRADF's advisers will investigate possible investors' interest for the sale of a stake of at least 67% in the Volos Port Authority, which operates the port, via an international tender, Reuters reported.
Vodafone, Three UK accelerate talks for a merger of British operations.
Vodafone and CK Hutchison, the owner of Three UK, have accelerated talks about a deal to combine their British operations, Reuters reported.
The two parties are hopeful of striking a deal by the end of the year to establish a joint venture or another form of combination. A deal would create a market-leading business with 27m customer connections - making it larger than Virgin Media O2 and BT Group's EE.
Private equity-backed Breitling CEO eyes deals after turnaround. (FS)
In the five years since CVC Capital Partners bought control of Breitling, the company has more than quadrupled its equity value and is on the cusp of re-joining the top 10 Swiss brands of luxury watches, Bloomberg reported.
Now Georges Kern, who gave up a top job at luxury emporium Richemont to lead the revival, is open to acquisitions to help other watch brands follow Breitling’s path of rejuvenation.
Porsche shares drop below IPO price within days of making debut.
Porsche stock traded below the price it debuted at last week, succumbing to the market pressures Volkswagen defied by going ahead with Europe’s biggest initial public offering in more than a decade, Bloomberg reported.
The sports-car maker’s shares traded down as much as 1.8% to $79 on Monday, roughly in line with the drop in the blue chip Euro Stoxx 50 Index. Porsche debuted at $80.5 - the high end of the range VW sought - on September 29 in Europe’s biggest IPO since miner Glencore raised almost $10bn in 2011.
Venture capital firm 83North raises $400m for latest fund. (FS)
Venture capital firm 83North has raised its latest fund of $400m, giving the investor additional capital to back startups at a time when the broader market is in a slowdown, Bloomberg reported.
The VC's investing team is led by four partners, Laurel Bowden, Gil Goren, Arnon Dinur, and Yoram Snir. The partners operate out of offices in London and Tel Aviv and invest in companies across the world.
APAC
BillDesk, a provider of digital payments, and Prosus-backed fintech company PayU agreed to terminate the $4.7bn acquisition agreement.
Closing of the transaction was subject to the fulfillment of various conditions precedent, including approval by the Competition Commission of India. PayU secured CCI approval on September 5, 2022. However, certain conditions precedent were not fulfilled by the September 30, 2022 long stop date, and the agreement has terminated automatically in accordance with its terms and, accordingly, the proposed transaction will not be implemented.
New World Development, a Hong Kong-based company focused on property, hotels, infrastructure and services and department stores, and Ares SSG, one of the largest alternative asset managers in Asia-Pacific, agreed to form a $392m joint venture.
"The Group is pleased to welcome Ares SSG as a strategic investor in the Wing Hong Street project. NWD is confident in the development prospects of West Kowloon, and has been proactive in forward planning. In the next few years, various top-tier commercial projects under the Group will come to life in phases across the strategic business location of Cheung Sha Wan. Our close collaboration with Ares SSG and other business partners will forge the first grade-A commercial complex in the core business district of West Kowloon. Not only will this meet the burgeoning demand for grade-A office buildings in the district, but it will also breathe a new dynamic into the development of West Kowloon," Edward Lau, New World Development CFO.
Tencent to step up focus on majority deals, overseas gaming assets. (FS)
Tencent is resetting its M&A strategy to put more focus on buying majority stakes mainly in overseas gaming companies, as the tech giant eyes global expansion to offset slowing growth at home in China, DealStreetAsia reported.
Tencent Holding has for years invested in hundreds of up-and-coming businesses, mainly in the onshore market. It has typically acquired minority stakes and stayed invested as a passive financial investor.
Malaysia's Permodalan to add infrastructure assets next year in diversification drive. (FS)
Malaysia’s largest asset manager, Permodalan Nasional, plans to add infrastructure assets into its portfolio from next year to diversify its exposure and navigate the current high inflationary environment, DealStreetAsia reported.
PNB, which managed $72.5bn of assets in 2021, has the majority of its portfolio invested in public equities, both local and international, besides private investments and real estate, among others.
China's Sinopec plans to delist ADSs from London Stock Exchange.
China Petroleum and Chemical, the world’s biggest oil refiner by capacity, said on Monday it intended to de-list its American Depositary Shares trading on London Stock Exchange, DealStreetAsia reported.
The firm, known as Sinopec, said its board had already approved the de-listing of ADSs from the LSE, which are intended to take effect on November 1.
Shenzhen bourse suspends registration of BYD unit's IPO application.
Shenzhen stock exchange has suspended its registration of an initial public offering application by Chinese automaker BYD‘s chip unit in China, according to a filing on the exchange dated September 30.
BYD Semiconductor needs to update its listing application with its latest financial reports, DealStreetAsia reported.
China giant edges out Goldman as world’s top share sale arranger.
A surge in China’s initial public offerings propelled Citic Securities to the top spot in the global league tables for equity issues, giving the state-backed brokerage a taste of global recognition.
Goldman Sachs fell to second place in the year to date, Bloomberg reported, marking the first time since 2009 that the number one position at the end of a quarter wasn’t held by either the US firm or its Wall Street rivals Bank of America, Citigroup, JP Morgan Chase and Morgan Stanley.
Singapore-based Pierfront Capital closes $700m second credit fund. (FS)
Pierfront Capital Fund Management, a Singapore-based fund manager offering private credit solutions to real asset sectors, has closed its second fund at $700m, DealStreetAsia reported.
The capital raised includes $450m of investor commitments and co-investment commitments.
|
