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Top Highlights
Lands’ End, a digital retailer of solution-based apparel, swimwear, outerwear, accessories, footwear, home products and uniforms, and WHP Global, a brand management firm, agreed to form joint venture, according to press releases. Financial terms were not disclosed.
Lands’ End is advised by Perella Weinberg Partners, Wachtell Lipton Rosen & Katz (led by Igor Kirman), FGS Global (led by Andrew Duberstein) and ICR (led by Tom Filandro). WHP Global is advised by Morgan Stanley, Kirkland & Ellis and EJ Media Group (led by Jaime Cassavechia). Debt financing is provided by Morgan Stanley, according to press releases.
IonQ, a quantum company, agreed to acquire SkyWater Technology, a pure-play semiconductor foundry, for $1.8bn, according to press releases.
SkyWater Technology is advised by Goldman Sachs, Foley & Lardner and FGS Global (led by John Christiansen). IonQ is advised by Bank of America, Cantor Fitzgerald, Paul Weiss Rifkind Wharton & Garrison (led by Robert Kindler), and Joele Frank (led by Dan Katcher), according to press releases and MergerLinks data.
Capital Export-backed Cabi Group, a designer and manufacturer of modular prefabricated buildings, livestock equipment, and storage solutions, completed the acquisition of La Maison de l’Éleveur, a distribution of roofing sheets, cladding, livestock equipment, according to press releases Financial terms were not disclosed.
Deal Round up
AMERICAS
Abu Dhabi's XRG raises Rio Grande LNG project stake. ( Reuters)
Exxon's XTO unit seeks buyers for select Eagle Ford assets. ( Reuters)
SoftBank halts talks to buy data center firm Switch in blow to Son's stargate ambitions. ( Bloomberg)
Merck ends talks to buy Revolution Medicines. ( WSJ)
Blackstone eyes more hiring in Asia to tap private market demand. ( Bloomberg)
Electrical equipment maker Forgent Power seeks $1.62bn in US IPO. ( Bloomberg)
Bob’s Discount Furniture seeks $370m in IPO. ( Bloomberg)
EMEA
Italian fiber group Retelit mulls €700m data center sale. ( Bloomberg)
Spire Healthcare's shares soar 20% amid buyout talks. ( Reuters)
Blackstone and Yanmar are considering the bids for VW's Everllence. ( Bloomberg)
CEO of digital healthcare startup Docplanner sees AI fueling before IPO. ( Bloomberg)
APAC
CICC rebuilds IPO pipeline to focus on the “most promising” deals. ( Bloomberg)
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COMPANIES
INVESTORS
FINANCIAL ADVISORS
LEGAL ADVISORS
PR ADVISORS
DEBT PROVIDERS
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AMERICAS
Goldgroup Mining, a Canadian-based gold production and exploration company, agreed to merge with Gold Resource Corporation, a Denver-based precious and base metals producer, developer and explorer, in a $372m deal. Gold Resource Corporation will become a wholly owned subsidiary of the combined company, with existing Gold Resource Corporation stockholders owning approximately 40% and Goldgroup shareholders holding 60% of the new entity, according to press releases.
Goldgroup Mining is advised by Cormark Securities, Cozen O'Connor, McMillan and Fort Capital Partners. Gold Resource Corporation is advised by Cassels Brock & Blackwell, Davis Graham & Stubbs and Sanchez Mejorada Velasco y Ribe, according to press releases.
CVC, a private equity and investment advisory firm, agreed to acquire Marathon Asset Management, a hedge fund focused on opportunistic investing in credit and fixed income markets globally, for $1.2bn, according to press releases.
CVC is advised by Ernst & Young, JP Morgan, Freshfields, and Fried Frank Harris Shriver & Jacobson. Marathon is advised by Sidley Austin, according to press releases.
Eaton, an intelligent power management company, agreed to spin off its Vehicle and eMobility segments, according to press releases. Financial terms were not disclosed.
Eaton is advised by Morgan Stanley, Hogan Lovells, Paul Weiss Rifkind Wharton & Garrison (led by Dotun Obadina), and Joele Frank, according to press releases.
Vector, a logistics industry's leading workflow platform, completed the acquisition of YardView, a yard management and dock visibility company, according to press releases. Financial terms were not disclosed.
YardView was advised by AGC Partners, according to press releases.
Synergie, a major international human resources group, agreed to acquire a majority stake in Agilus Work Solutions, a Canadian full-service recruitment firm, according to press releases. Financial terms were not disclosed.
Penske Automotive Group, an international transportation services company operating automotive dealerships, agreed to acquire Lexus of Orlando, and Lexus of Winter Park, the luxury automotive dealerships offering sales of new and used Lexus vehicles, according to press releases. Financial terms were not disclosed.
G2 Consulting Group, a Michigan-based, employee-owned engineering firm, completed the acquisition of Construction Testing Services, an engineering services provider, according to press releases. Financial terms were not disclosed.
Bessemer Venture Partners, a venture capital firm, led a $250m Series B funding round in Upwind, a cybersecurity company, with participation from Salesforce Ventures, Picture Capital, Greylock, Cyberstarts, Leaders Fund, Craft Ventures, TCV, Alta Park, Cerca Partners, Swish Ventures and Penny Jar Capital, according to press releases.
Decisive Point, a venture capital firm, led a $140m round in Standard Nuclear, a nuclear energy company, with participation from Chevron Technology Ventures, StepStone Group, XTX Ventures, Welara, Fundomo, Andreessen Horowitz, Washington Harbour Partners, and Crucible Capital.
Abu Dhabi's XRG raises Rio Grande LNG project stake. ( Reuters)
Abu Dhabi state energy company XRG is acquiring an additional 7.6% stake in two liquefied natural gas trains at the Rio Grande LNG project in Texas, increasing its exposure to one of the world’s largest export facilities.
The stake in Trains 4 and 5 is being purchased from an acquisition vehicle of Global Infrastructure Partners, adding to XRG’s existing indirect 11.7% holding in the project’s first three trains.
Exxon's XTO unit seeks buyers for select Eagle Ford assets. ( Reuters)
Exxon Mobil subsidiary XTO Energy is seeking buyers for a portion of its assets in the Eagle Ford shale basin in South Texas.
The company has opened a virtual data room to market the assets, which span about 168k net acres and are valued at more than $1bn.
SoftBank halts talks to buy data center firm Switch in blow to Son's stargate ambitions. ( Bloomberg)
SoftBank Group has halted talks over a potential acquisition of US data center operator Switch, dealing a setback to founder Masayoshi Son’s plans to expand Stargate AI infrastructure.
Son had been pursuing a deal valued at around $50bn, seeking direct control of Switch’s energy-efficient data center network to support computing capacity for the Stargate initiative.
Merck ends talks to buy Revolution Medicines. ( WSJ)
Merck is no longer in talks to acquire biotech firm Revolution Medicines after the two companies failed to agree on valuation. A potential deal could have valued the business at around $30bn, though discussions could restart or another bidder may emerge.
Merck is pursuing acquisitions to bolster its treatment portfolio as it prepares for patent expiries expected to reduce sales by about $18bn over the next five years.
Blackstone eyes more hiring in Asia to tap private market demand. ( Bloomberg)
Blackstone is planning to expand hiring across Asia to capitalize on growing opportunities in private markets, according to Ed Huang, head of Asia Pacific private wealth.
The alternative asset manager sees strong potential in offering private market investments to individual investors seeking alternatives to traditional stock and bond portfolios.
Electrical equipment maker Forgent Power seeks $1.62bn in US IPO. ( Bloomberg)
Forgent Power Solutions, a designer and manufacturer of electrical equipment for data centers, is seeking to raise up to $1.62bn in its initial public offering.
The Dayton, Minnesota-based company is offering 56m shares at $25 to $29 each, valuing the business at around $8.8bn at the top of the range.
Bob’s Discount Furniture seeks $370m in IPO. ( Bloomberg)
Bob’s Discount Furniture, a home furnishings retailer backed by Bain Capital, is seeking to raise up to $370m in a US initial public offering.
The Manchester, Connecticut-based company plans to offer 19.45m shares at $17 to $19 each. Following the offering, Bain-advised investment funds and affiliates are expected to hold roughly three-quarters of the outstanding common stock.
EMEA
EP Group, a major European industrial conglomerate controlled by Czech billionaire Daniel Křetínský, offered to acquire the remaining shares in Fnac Darty, a European retailer specializing in household appliances, consumer electronics and cultural goods, at a €1.1bn ($1.3bn) valuation. Vesa Equity Investment, an affiliate of EP Group, holds a 28.5% stake in Fnac Darty, according to press releases.
EP Group is advised by BNP Paribas, Credit Agricole, Societe Generale and De Pardieu Brocas Maffei. Fnac Darty is advised by Ledouble (led by Agnes Piniot), Rothschild & Co and Bredin Prat, according to press releases.
KPS Capital Partners, a private equity firm, agreed to acquire a majority stake in Novacel, a provider of surface protection solutions, from Compagnie Chargeurs Invest, a French diversified holding company, according to press releases. Financial terms were not disclosed.
KPS Capital Partners was advised by Paul Weiss Rifkind Wharton & Garrison (led by Will Aitken-Davies) and Rothschild & Co, according to press releases.
Nolex, a stock corporation operating as an investment holding company, completed the acquisition of Holzmedia, a company that specializes in the design, development, and distribution of premium media furniture and integrated solutions for meeting and conference rooms, according to press releases. Financial terms were not disclosed.
Nolex was advised by Heuking Kuhn Luer Wojtek (led by Hermann Ali Hinderer), according to press releases.
Italian fiber group Retelit mulls €700m data center sale. ( Bloomberg)
Italian fiber carrier Retelit is considering a sale of its data center business in a deal that could value the unit at up to €700m ($828m).
The company, owned by private equity firm Asterion Industrial Partners, is at an early stage of discussions, and a potential sale process could begin as early as next year.
Spire Healthcare's shares soar 20% amid buyout talks. ( Reuters)
Spire Healthcare shares jumped to a record high after the British private hospital group confirmed it is in preliminary talks with multiple buyout firms, including Bridgepoint and Triton, to explore strategic options.
The company said discussions remain at an early stage and there is no certainty that a transaction will proceed.
Blackstone and Yanmar are considering the bids for VW's Everllence. ( Bloomberg)
Blackstone and Japanese industrial equipment maker Yanmar Holdings have emerged as potential bidders for a majority stake in Volkswagen’s heavy diesel engine unit, Everllence SE.
Brookfield Asset Management is also studying the unit, which produces ship engines and power-plant turbines. Turkish energy group Karpowership, a major Everllence client, could join the process, and some private equity firms may partner with the bidders.
CEO of digital healthcare startup Docplanner sees AI fueling before IPO. ( Bloomberg)
Docplanner, a healthcare digital platform, is seeking to leverage artificial intelligence to unlock the value of its medical data as it positions itself for a potential public listing.
Founded in Poland in 2012, the company connects about 100m monthly users with 2.8m medical professionals and plans, subject to patient consent, to use the data to develop AI models aimed at enhancing diagnostics.
APAC
HCLTech, a global technology company, agreed to acquire Finergic, a boutique wealth consulting firm, according to press releases. Financial terms were not disclosed.
Temasek-backed ABC Impact, Lenovo Capital and Puhua Capital, three private equity firms, led a $173m round in DeepWay, a trucking tech startup, according to press releases.
CICC rebuilds IPO pipeline to focus on the “most promising” deals. ( Bloomberg)
China International Capital Corp. is rebuilding its initial public offering pipeline and stepping up due diligence as regulatory scrutiny intensifies following a surge in Hong Kong share sales.
President and CFO Wang Shuguang said the recent deal boom has posed challenges for investment banks, prompting a sharper focus on the most promising listings.
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