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Top Highlights
Lowe's, an American retail company specializing in home improvement, completed the acquisition of Foundation Building Materials, a North American distributor of interior building products, from American Securities, and CD&R, two private equity firms, for $8.8bn, according to press releases.
Foundation Building Materials was advised by RBC Capital Markets, Weil Gotshal and Manges (led by Michael Lubowitz). Lowe's was advised by Centerview Partners, Goldman Sachs, Freshfields Bruckhaus Deringer (led by Damien R. Zoubek and Jenny Hochenberg), and Joele Frank (led by Barrett Golden). Debt financing was provided by Bank of America and Goldman Sachs. Debt providers were advised by Paul Hastings (led by Morgan Bale, Steve Camahort, and Ismael Duran). CD&R was advised by RBC Capital Markets, Weil Gotshal and Manges and FGS Global (led by Andrew Cole). American Securities was advised by RBC Capital Markets, Weil Gotshal and Manges, and Prosek Partners (led by Joshua Rosen), according to press releases and MergerLinks data.
Novo Nordisk, a Danish pharmaceutical company, agreed to acquire Akero Therapeutics, a US clinical-stage biotech focused on metabolic liver disease, for $4.7bn, according to press releases.
Akero Therapeutics is advised by JP Morgan. Novo Nordisk is advised by Bank of America, Ropes & Gray and Brunswick Group, according to press releases and MergerLinks data.
Race Rock, a privately owned fabricator and distributor of a wide portfolio of steel infrastructure products, completed the acquisition of Spitzer Industries, a custom manufacturer of equipment serving the energy, industrial, and commercial sectors worldwide, from Stephens Group, a private investment firm, according to press releases. Financial terms were not disclosed.
Spitzer Industries was advised by Jefferies & Company and Jones Day. Race Rock was advised by Gibson Dunn & Crutcher. Debt financing was provided by JP Morgan, according to press releases and MergerLinks data.
Deal Round up
AMERICAS
Civitas eyes potential merger with SM Energy in Permian Basin. ( Bloomberg)
Alliance Laundry secures $826m in US IPO. ( Reuters)
Rockpoint Gas, backed by Brookfield, nets $504.5m in Toronto IPO. ( Bloomberg)
University of Phoenix investors generate $136m from their initial public offering. ( Bloomberg)
EMEA
Global Infrastructure Partners’ Skyborn is said to be considering a stake sale in its German offshore wind operations. ( Bloomberg)
KNDS selects Lazard to advise on initial public offering for Franco-German defense firm. ( Bloomberg)
APAC
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FINANCIAL ADVISORS
PR ADVISORS
DEBT PROVIDERS
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Read on...
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AMERICAS
Mountaingate Capital, a private equity firm, completed the acquisition of Walker Sands, an integrated B2B growth services agency, from Stone-Goff Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Walker Sands was advised by Canaccord Genuity. Mountaingate Capital was advised by Hogan Lovells, according to press releases.
Callodine Group, a Boston-based asset management platform, agreed to acquire a majority stake in Corrum Capital Management, a private investment firm, according to press releases. Financial terms were not disclosed.
Corrum is advised by Berkshire Global Advisors, Gibson Dunn & Crutcher and Winston & Strawn. Callodine is advised by Paul Weiss Rifkind Wharton & Garrison, according to press releases and MergerLinks data.
Cherry Bekaert, a US firm providing assurance, tax and advisory services, agreed to acquire Herbein + Company, a Pennsylvania-based CPA and advisory firm, according to press releases. Financial terms were not disclosed.
Civitas eyes potential merger with SM Energy in Permian Basin. ( Bloomberg)
Civitas Resources, an oil and gas explorer that has been exploring a sale, is considering a merger with Permian Basin rival SM Energy.
The discussions involve a deal without a premium, structured as a merger of equals, as Civitas evaluates its strategic options. No agreement has been finalized, and other potential buyers are reportedly also interested in Civitas.
Alliance Laundry secures $826m in US IPO. ( Reuters)
Alliance Laundry priced its expanded New York initial public offering at the top of its marketed range, raising $826m, the commercial laundry equipment manufacturer said on 8 October. The deal adds to a steady stream of IPO activity despite the ongoing US government shutdown.
Rockpoint Gas, backed by Brookfield, nets $504.5m in Toronto IPO. ( Bloomberg)
Brookfield’s Rockpoint Gas Storage raised approximately CAD704m ($505m) in its initial public offering, pricing shares at the top of the marketed range.
The natural gas storage platform, controlled by Brookfield through its infrastructure funds, sold 32m shares at CAD22 each. The IPO had been widely expected to price at the upper end of the range.
University of Phoenix investors generate $136m from their initial public offering. ( Bloomberg)
Shareholders of Phoenix Education Partners, the parent company of the University of Phoenix, raised $136m in an initial public offering, pricing the shares in the middle of the marketed range.
Apollo Global Management and Vistria Group sold a combined 4.25m shares at $32 each, within the target range of $31 to $33.
EMEA
WSP Global, a Canadian consulting firm, completed the acquisition of Ricardo, a global strategic, environmental and engineering consultancy, from Science Group, an international science & technology consultancy and systems organisation, for £363m ($488m), according to press releases.
Ricardo was advised by Ashurst (led by Duncan Liddell). WSP was advised by RBC Capital Markets, Baker McKenzie (led by James Thompson and Ben Wilkinson) and Linklaters (led by Iain Fenn). Science Group was advised by MHP Communications (led by Reg Hoare), according to press releases and MergerLinks data.
Peter Möhrle, a real estate firm that propagates investments in project development and asset management, agreed to acquire a majority stake in YellowFox, a provider of telematics solutions for a wide variety of industries, vehicle types and company sizes, from ECM, an investment company, according to press releases. Financial terms were not disclosed.
ECM is advised by OC&C Strategy Consultants, KPMG, Rothschild & Co, Milbank and Code & Co, according to press releases and MergerLinks data.
Aramco, an integrated energy and chemicals company, completed the acquisition of an additional 22.5% stake in Petro Rabigh, a Saudi Arabia–based company which produces and markets refined hydrocarbon and petrochemicals, from Sumitomo Chemical, a chemical company, for $702m, according to press releases.
Aramco was advised by HSBC. Sumitomo Chemical was advised by Freshfields Bruckhaus Deringer (led by Noah Carr, Ibrahim Attar and Gordon Palmquist), according to press releases and MergerLinks data.
Bufab, a trading company, agreed to acquire novia Group, a provider of global sourcing solutions and engineering services, from Family Trust, a private equity company, for €60m, according to press releases.
Bufab is advised by Noerr (led by Holger Alfes), according to press releases and MergerLinks data.
Lloyds Banking Group, a UK retail and commercial financial services provider, completed the acquisition of the remaining stake in Schroders Personal Wealth, the wealth management and advice business previously operated as a joint venture with Schroders Group, according to press releases.
Global Infrastructure Partners’ Skyborn is said to be considering a stake sale in its German offshore wind operations. ( Bloomberg)
Skyborn Renewables, a unit of BlackRock’s Global Infrastructure Partners, is seeking to sell a stake in a major offshore wind project under development in Germany.
KNDS selects Lazard to advise on initial public offering for Franco-German defense firm. ( Bloomberg)
KNDS has appointed Lazard to advise on a potential initial public offering for the Franco-German tankmaker, amid rising demand for defense stocks and a more favorable market for listings.
The Amsterdam-based company said the selection followed a competitive pitching process and is a “normal step in the potential IPO readiness project launched at the request of the group board of directors.
APAC
HSBC, a banking and financial services organization, offered to acquire Hang Seng Bank, a banking and financial services company, in a $13.6bn deal, according to press releases.
Hang Seng is advised by Morgan Stanley and Brunswick Group. HSBC is advised by Bank of America, Goldman Sachs and Brunswick Group. HSBC Asia Pacific is advised by HSBC, according to press releases and MergerLinks data.
Temasek-backed Sembcorp, a Singaporean state-owned energy and urban development company, agreed to acquire solar energy unit from Renew Energy Global, a decarbonisation solutions company, for $190m, according to press releases.
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