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Lowe's, an American retail company specializing in home improvement, agreed to acquire 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.
Lowe's is advised by Centerview Partners, Goldman Sachs, Freshfields Bruckhaus Deringer and Joele Frank (led by Tim Ragones). Debt financing is provided by Bank of America and Goldman Sachs. Foundation Building Materials, American Securities and CD&R are advised by RBC Capital Markets and Weil Gotshal and Manges (led by Michael Lubowitz and Ryan Taylor). American Securities is also advised by Prosek Partners (led by Joshua Rosen and Devin Shorey), according to press releases.
A group of investors led by William Chisholm, a private equity executive, completed the acquisition of Boston Celtics, an NBA team based in Boston, for $6.1bn, according to press releases.
Astorg, a pan-European private equity firm, completed the investment in ATTIKON, a German commercial insurance brokerage platform, according to press releases. Financial terms were not disclosed.
Astorg was advised by Ernst & Young, Rothschild & Co, Kirkland & Ellis, Willkie Farr & Gallagher, Prosek Partners, Steele and Holt, Howden, Oliver Wyman and ERM Group, according to press releases.
Deal Round up
AMERICAS
Chevron to integrate Hess exploration team after $53bn takeover. (Bloomberg)
Lutnick open to Union Pacific’s $72bn bid for Norfolk Southern. ( Bloomberg)
Dayforce in advanced talks for $70 per share sale to Thoma Bravo. ( Reuters)
Mengniu Dairy considers stake sale in Aice. ( Bloomberg)
Ford looks to offload surplus batteries amid weak EV demand. ( Bloomberg)
Neuberger Berman approaches first close of $5bn secondary fund. ( Bloomberg)
EMEA
Aurobindo Pharma leads talks to acquire Zentiva for $5.5bn. ( Reuters)
Kenya considers splitting Safaricom into three entities. ( Bloomberg)
Shawbrook revives IPO plans amid bank rally. ( FT)
Stada owners resume IPO plans after CapVest talks fall through. ( Bloomberg)
APAC
UltraTech to sell 6.5% stake in India Cements worth $85.6m. ( Reuters)
Quadria explores stake sale in Encube. ( Bloomberg)
Canva launches $42bn employee share sale ahead of IPO. ( Bloomberg)
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AMERICAS
Black Hills, a utility company, agreed to merge with NorthWestern Energy, a utility company providing electricity and natural gas, in a $15.4bn deal, according to press releases.
NorthWestern Energy is advised by Greenhill & Co, Morgan Lewis & Bockius and Joele Frank (led by Barrett Golden). Black Hills is advised by Goldman Sachs, Faegre Drinker Biddle & Reath and Joele Frank (led by Barrett Golden). Financial advisor is advised by Sullivan & Cromwell, according to press releases.
ArcLight Capital-backed Enstor, a natural gas storage operator, agreed to acquire Black Bear Transmission, an oil and gas company, from Basalt Infrastructure Partners, an independent infrastructure investment firm, according to press releases. Financial terms were not disclosed.
Enstor is advised by TD Securities, Kirkland & Ellis and Redbird Communications (led by Meggan Morrison). Basalt Infrastructure Partners is advised by Citigroup and Morgan Lewis & Bockius, according to press releases.
Citizens Financial, a financial services firm, agreed to acquire Miners and Merchants Bank, a full-service bank, according to press releases. Financial terms were not disclosed.
Miners and Merchants Bank is advised by Performance Trust Capital Partners and Dinsmore & Shohl. Citizens Financial is advised by Commonwealth Advisors and Gerrish Smith Tuck, according to press releases.
BTX Precision, a precision manufacturing platform, completed the acquisition of High Tech Solutions, an aerospace component manufacturer, according to press releases. Financial terms were not disclosed.
High Tech Solutions was advised by Janes Capital Partners (led by Stephen Perry) and Bryan Cave Leighton Paisner (BCLP). BTX Precision was advised by Vedder Price, according to press releases.
Align Capital-backed E Source, a customer, grid, and technology solutions company, completed the acquisition of Opinion Dynamics, a program evaluation and advisory firm, according to press releases. Financial terms were not disclosed.
Opinion Dynamics was advised by Focus Investment Banking and Saul Ewing Arnstein & Lehr. E Source was advised by McGuireWoods, according to press releases.
truckstop, a provider of freight matching and transportation technology solutions, completed the acquisition of Denim, an innovative fintech company, according to press releases. Financial terms were not disclosed.
Denim was advised by Performance Trust Capital Partners (led by Johnny Bond) and Morrison Foerster, according to press releases.
AGC Equity Partners, a global institutional investment firm, completed the investment in Atmosphere Data Centers, a data center platform, according to press releases. Financial terms were not disclosed.
Atmosphere was advised by Guggenheim Partners and Jaymie Scotto & Associates, according to press releases.
Chevron to integrate Hess exploration team after $53bn takeover. ( Bloomberg)
Chevron CEO Mike Wirth said the company will merge Hess’s exploration unit with its own following the completion of its $53bn acquisition last month. The aim is to combine expertise and pursue new discoveries.
While Chevron is cutting about 650 Hess jobs, the exploration team is expected to remain intact as part of the merged operations.
Lutnick open to Union Pacific’s $72bn bid for Norfolk Southern. ( Bloomberg)
US Commerce Secretary Howard Lutnick signaled support for rail industry consolidation, backing Union Pacific’s proposed $72bn takeover of Norfolk Southern. He argued that the current interchange system creates bottlenecks that a merger could help resolve.
The remarks suggest the deal could gain political backing as Union Pacific advances its takeover effort.
Dayforce in advanced talks for $70 per share sale to Thoma Bravo. ( Reuters)
Dayforce said it is in advanced negotiations to be acquired by private equity firm Thoma Bravo at $70 per share.
The deal comes as buyout firms continue targeting software companies for growth opportunities. News of the talks lifted Dayforce shares more than 3% in premarket trading.
Mengniu Dairy considers stake sale in Aice. ( Bloomberg)
China Mengniu Dairy is weighing the sale of about 20% of its stake in ice-cream brand Aice.
The company is working with an adviser to gauge buyer interest and may seek a valuation of around $1bn for Aice in the potential deal.
Ford looks to offload surplus batteries amid weak EV demand. ( Bloomberg)
Ford and its South Korean partner SK On are seeking external buyers for excess battery output from their new Kentucky joint venture plant. The facility began production on August 19 and was originally designed to serve Ford’s EV lineup.
While it will continue supplying the F-150 Lightning pickup, the companies are now pursuing additional customers to optimize use of the plant’s capacity in light of softer US EV demand.
Neuberger Berman approaches first close of $5bn secondary fund. ( Bloomberg)
Neuberger Berman is nearing the first close of its flagship $5bn fund focused on acquiring secondary private equity stakes. The firm expects to raise at least half of the target in the initial phase by year-end.
This effort follows $4bn already secured earlier in the year for a related investment strategy, highlighting ongoing investor demand for secondaries.
EMEA
STG, a private equity firm, agreed to acquire the Public Sector business of Formpipe Software, a software company, for SEK850m ($88.8m), according to press releases.
STG is advised by Willkie Farr & Gallagher (led by Daniel Gendron). Formpipe Software is advised by ABG Sundal Collier and Cirio, according to press releases.
Vantage Development, a real estate firm, agreed to acquire a PRS portfolio of Resi4Rent, a real estate company that provides property rental, sale, purchase, and investment services, for PLN2.4bn ($659m), according to press releases.
Vantage Development is advised by Greenberg Traurig (led by Agnieszka Stankiewicz), according to press releases.
Turkish Airlines, a flag carrier of Turkey, agreed to acquire a minority stake in Air Europa, a private airline in Spain, for €300m ($350m).
Mindler, a provider of digital therapy in the UK and Nordics, completed the acquisition of ieso, an online talking therapy services provider, according to press releases. Financial terms were not disclosed.
Aurobindo Pharma leads talks to acquire Zentiva for $5.5bn. ( Reuters)
Aurobindo Pharma is reported to be the frontrunner in acquiring Prague-based generic drugmaker Zentiva from Advent International for up to $5.5bn. If completed, the deal would mark the largest-ever acquisition by an Indian pharmaceutical company.
Talks are ongoing with Advent, Zentiva’s US-based private equity owner, though no final agreement has been reached yet.
Kenya considers splitting Safaricom into three entities. ( Bloomberg)
The Kenyan government is evaluating a plan to divide Safaricom, the country’s largest listed company, into separate businesses.
Under the proposal, Safaricom would be split into a telecommunications firm, a tower operator, and M-Pesa, its mobile payments platform. Treasury Secretary John Mbadi said an assessment indicated significant benefits from such a restructuring.
Shawbrook revives IPO plans amid bank rally. ( FT)
Shawbrook, a UK business bank, delayed its planned 2025 IPO earlier this year due to market volatility. Its private equity owners, BC Partners and Pollen Street Capital, are targeting a £2bn valuation.
At that level, Shawbrook would be valued at about 1.2 times book value, which would have made it one of Europe’s most highly valued banks when the listing was first proposed in January.
Stada owners resume IPO plans after CapVest talks fall through. ( Bloomberg)
Stada Arzneimittel’s private equity owners are reviving plans for a public listing of the German drugmaker after talks over a potential sale to CapVest Partners failed to progress.
Bain Capital and Cinven, which jointly control Stada, are now preparing for an initial public offering that could take place as soon as October. The renewed push for a listing comes as market conditions for healthcare and pharmaceutical firms show signs of improving.
APAC
CoreX, a Netherlands-based holding company, agreed to acquire the Carajas copper mines from BHP, an Australian multinational mining and metals corporation, for $690m, according to press releases.
UltraTech to sell 6.5% stake in India Cements worth $85.6m. ( Reuters)
UltraTech Cement said it will sell up to a 6.5% stake in India Cements through open market transactions, a holding valued at about $86m.
Following the announcement, India Cements shares closed 0.8% lower at INR370.25 ($4.25), while UltraTech shares ended flat at INR12,874 ($147.77).
Quadria explores stake sale in Encube. ( Bloomberg)
Healthcare-focused private equity firm Quadria Capital is considering selling its minority stake in Encube Ethicals, an Indian topical pharmaceutical company.
Discussions with potential advisers are underway, with Quadria seeking a valuation of around $2bn for the entire Mumbai-based business. The talks are still at a preliminary stage, and no final decision has been made.
Mutlaq AlGhowairi Contracting (MGC) is considering an IPO in Riyadh, adding to a surge of listings in Saudi Arabia that have raised over $10bn in the past two years.
The potential deal could value the company between SAR12bn ($3.2bn) and SAR15bn ($4bn).
Canva launches $42bn employee share sale ahead of IPO. ( Bloomberg)
Canva has begun an employee stock sale valuing the Australian design software company at $42bn, up from $32bn in 2024. The transaction provides liquidity for staff and marks a step toward a potential IPO.
Shares are being sold to new and existing investors, including Fidelity Management & Research and JPMorgan Asset Management.
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