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AMERICAS
Crescent Energy, a US independent energy company, completed the acquisition of SilverBow Resources, an independent oil and gas company, for $2.1bn.
“Today is an exciting day for Crescent. We are well positioned to create value, and I am grateful for the trust from our original Crescent and new SilverBow shareholders, each of whom voted with an overwhelming majority to approve our merger and to take equity consideration and participate in the go-forward company. Through disciplined investing and operations, we have delivered profitable growth, tripling the size of our business over the last four years. We have created a premier growth through acquisition platform by executing on our cash flow and returns-oriented strategy. Today, we are focused on rapidly integrating our new assets and personnel and continuing to deliver on the significant synergies we’ve identified to strengthen returns. We are highly confident in our ability to execute and demonstrate Crescent’s value proposition as a leading mid-cap company,” David Rockecharlie, Crescent CEO.
Lundin Mining, a Canadian base metals mining company, and BHP, a multinational mining and metals public company, agreed to acquire Filo, a mining company focused on advancing the company's key project, Filo del Sol, for $2.9bn.
“This strategic transaction is the key to unlocking the enormous value that the Vicuña District represents. As we partner to acquire Filo del Sol, one of the world’s largest undeveloped copper-gold-silver deposits, with its true size yet to be defined, we are very excited about the future of the Company and our role in developing this region. Combined with the Josemaria project, we are now positioned to create a multi-generational mining district with significant synergies and cost savings on a scale that has the potential to become one of the world’s largest of its kind. Importantly, we gain a valued partner in BHP and together we aim to generate long-term value through combining complementary skills and experiences, foundational to our near-term goal of becoming a top-tier copper producer," Jack Lundin, Lundin Mining President and CEO.
Filo is advised by BMO Capital Markets, National Bank Financial, Blake Cassels & Graydon and Skadden Arps Slate Meagher & Flom (led by June Dipchand). Lundin Mining is advised by Morgan Stanley, Rothschild & Co, Cassels Brock & Blackwell, Fasken and Sullivan & Cromwell. BHP is advised by TD Securities and Stikeman Elliott.
Stanley Capital, a mid-market private equity firm, and Goldman Sachs Alternatives, an investor, completed the acquisition of a majority stake in SePRO, a specialty environmental restoration company focused on water quality, from Excellere Partners, a private equity firm. Financial terms were not disclosed.
"We are excited to partner with SePRO management and Goldman Sachs Alternatives to build a technology-enabled growth story that will continue to build on the significant success of SePRO in profitable partnerships with clients to protect, preserve and restore nature. Investing in protecting our global water resources is core to SCP’s Resource Efficiency strategy," James Brooks, Stanley Capital Founding Partner.
SePRO was advised by Piper Sandler, Raymond James and Winston & Strawn. Stanley Capital was advised by Barclays, Sidley Austin and EQ Partners (led by James Culverhouse).
SK Capital Partners, a private investment firm, agreed to acquire the North America composites & fuel containment division of Parker Hannifin Corporation, a provider of engineered carbon fiber composite components and fuel containment solutions for the defense and commercial aerospace markets. Financial terms were not disclosed.
“CFC has a rich heritage in providing differentiated material science solutions for leading customers across the aerospace and defense sector. Our firm is privileged to be partnering with CFC’s team to continue delivering excellence for its customers and their mission-critical applications,” Jared Kramer, SK Capital Principal.
SK Capital is advised by JP Morgan, Latham & Watkins and BackBay Communications (led by Jeremy Milner). Debt financing is provided by HPS Investment Partners. Parker Hannifin is advised by Lazard and Jones Day (led by Patrick Leddy).
I Squared Capital, an independent global infrastructure investment manager, agreed to acquire Priority Power, an independent provider of energy management services and infrastructure solutions, from Ara Partners, a global private equity firm, and Oaktree Capital Management, a private equity firm. Financial terms were not disclosed.
“Priority Power has proven itself to be a valued partner for customers seeking to reduce costs, manage volatility and progress sustainability goals as they navigate the increasingly complex power market. As access to grid interconnections has become increasingly challenging, Priority Power has been leading the movement to build private transmission and distribution assets to support continued growth for its customers,” Gautam Bhandari, I Squared Capital Chief Investment Officer and Managing Partner.
Priority Power is advised by BMO Capital Markets, Jefferies & Company and Latham & Watkins (led by James Garrett and Ryan Maierson). I Squared Capital is advised by Bank of America and White & Case. Ara Partners is advised by Collected Strategies (led by Scott Bisang and Jack Kelleher).
Collegium, a specialty pharmaceutical company, agreed to acquire Ironshore Therapeutics, a pharmaceutical company that markets and distributes Jornay PM, for $550m.
“The Ironshore acquisition is a unique opportunity to deliver a transaction that is immediately accretive to Collegium while meeting all of our strategic objectives through the addition of a growing commercial asset that diversifies our portfolio, has significant revenue potential and exclusivity into the 2030s. The addition of Jornay PM will establish a new presence for Collegium in ADHD, a large and growing market, where we can leverage our core commercial competencies and proven commercial execution capabilities to maximize the brand’s potential. Our healthy balance sheet and strong financial position enabled us to secure attractive financing for the transaction with terms that reduce our cost of capital and enhance our flexibility in the management of our debt," Michael Heffernan, Collegium Chairman and Interim President and CEO.
Ironshore is advised by Centerview Partners, Cleary Gottlieb Steen & Hamilton and Goodwin Procter (led by Stuart Cable). Collegium is advised by Lazard and Hogan Lovells.
Kelso-backed Valenz Health, an integrated cost containment and payment integrity solutions platform, completed the acquisition of Healthcare Bluebook, an industry-leading healthcare cost and quality navigation platform, from Primus Capital, a private equity firm. Financial terms were not disclosed.
"This is a transformative moment for the industry. We are addressing the unmet needs of the market and eliminating point solution fatigue through a single, integrated platform designed to simplify healthcare. Our acquisition of Healthcare Bluebook empowers us to create a uniquely data-informed platform that drives momentum in enabling smarter, better, faster, transparent healthcare. Together, we will ensure our customers and their members have access to high-value care with innovative network options and a full suite of prospective tools to improve the member experience, create choice for employers, and establish rewards for all," Rob Gelb, Valenz Health CEO.
Healthcare Bluebook was advised by William Blair & Co and Goodwin Procter. Valenz Health was advised by Raymond James, Stifel (led by Brett Donelan) and Debevoise & Plimpton (led by Michael Diz and Spencer Gilbert).
The Vistria Group, a private investment firm, completed the acquisition of Soliant, a provider of speech pathologists, school psychologists, nurses, and other specialties in K-12 and healthcare settings, from Olympus Partners, a private equity company. Financial terms were not disclosed.
"We are immensely proud not only of the remarkable growth and performance of Soliant during our investment period, but also that the company was able to provide schools with the resources they needed to support their special needs students during the challenging periods coming out of Covid. David Alexander and the entire Soliant management team have done an exemplary job; the success of this investment was made possible by their extraordinary focus and commitment to excellence. We exit this partnership knowing that the company is well positioned to continue to thrive and we look forward to following its progress," Jason Miller, Olympus Partner.
The Vistria Group was advised by Goldman Sachs and Robert W Baird. Olympus Partners was advised by JP Morgan, Moelis & Co and Kirkland & Ellis (led by Adam Wexner).
Renasant, a financial services institution, agreed to acquire The First Bancshares, the parent company of The First Bank, for $1.2bn.
“As two of the largest banks headquartered in Mississippi, each with a footprint across the Southeast, both Renasant and The First have grown to know and respect each other’s operating philosophy, dedication to providing best-in-class customer service and commitment to the communities in which we operate. As with Renasant, The First has expanded into some of the most dynamic, fastest growing markets in the Southeast. Together, we create a more valuable company with the meaningful scale needed to compete in today’s operating environment,” Mitch Waycaster, Renasant CEO.
The First Bancshares is advised by Keefe Bruyette & Woods and Alston & Bird. Renasant is advised by Stephens and Covington & Burling.
Colliers, a global commercial real estate services and investment management firm, completed the acquisition of the majority stake in Englobe, a Canadian engineering, environmental and inspection services firm, for $475m.
“Colliers’ enterprising culture, decentralized operating style, focus on service excellence and employee engagement align well with Englobe’s key values, making Colliers the perfect partner for the next chapter of our journey. Joining a best-in-class professional services organization with a global brand and international platform will allow us to accelerate our growth going forward, as well as offer better services to our clients and more opportunities to our professionals. Our team is more than excited to join the Colliers family,” Mike Cormier, Englobe President.
Britain's competition regulator said on July 30 it has found competition concerns over Global Business Travel Group's planned $570m acquisition of CWT.
The Competition and Markets Authority said the deal between the suppliers of business travel services to corporate customers could lead to worsened quality of service, higher prices and reduced innovation efforts, Reuters reported.
CWT is advised by Paul Hastings (led by Joseph C. Swanson). Global Business Travel Group is advised by Morgan Stanley, Skadden Arps Slate Meagher & Flom (led by Peter Serating) and Sloane & Company.
Sleep Country Canada shareholders are weighing whether they’ll vote in favor of Fairfax Financial’s takeover bid, a deal that analysts say is well-timed for the buyer, Bloomberg reported.
Canada’s largest mattress retailer announced the friendly C$35-per-share offer a week ago. That’s a 28% premium to the previous closing price, but it’s below where the stock was in early 2022. The deal comes in the midst of tough environment for the company, with a slow housing market and high borrowing costs hurting consumers.
Sleep Country is advised by Blair Franklin Capital Partners, CIBC World Markets and Davies Ward Phillips & Vineberg. Fairfax is advised by Torys.
Hedge funds Nut Tree Capital Management and Caspian Capital have made a sweetened bid to acquire fuels storage and transporter Martin Midstream Partners, Reuters reported.
The new offer would give unitholders of Martin Midstream $4.50 per unit in cash and value the company at nearly $176m, up from the $4 per unit bid from the hedge funds on July 11. The offer is the latest attempt from the hedge funds to thwart a rival takeover bid from Martin Midstream's largest shareholder, Martin Resource Management Corporation, which has offered $3.05 per unit in cash to acquire all common units it did not already own.
Buffett cuts BofA stake, unloading $3bn this month.
One year after Warren Buffett called his multibillion-dollar bet on Bank of America an investment worth keeping, he’s selling it down.
Buffett’s Berkshire Hathaway disclosed its third disposal of shares this month — paring its massive, profitable stake in the lender by a total of more than $3bn, Bloomberg reported.
McDonald's sales fall worldwide for first time in four years.
McDonald's sales have fallen worldwide for the first time in nearly four years amid rising prices and ongoing boycotts over the war in Gaza. The fast food giant said same-store sales decreased by 1% in the second quarter of the year - its first drop since the COVID pandemic forced thousands of branches to close in early 2020, Sky News reported.
Under-pressure chief executive Chris Kempczinski admitted it was "clear that our value leadership gap [over rivals] has recently shrunk" but said the company was "working to fix that with pace".
Pondera seeks to cash out of Whisker at $1bn valuation. (FS)
Investment firm Pondera is exploring options for Whisker, including a sale of its controlling stake that could value the maker of self-cleaning cat litter boxes at close to $1bn, Reuters reported.
A deal would likely lead to the recapitalization of Whisker, with new debt and equity refinancing its capital structure. Private equity firms have been attracted to pet-care companies in recent years, as a surge in pet ownership during the pandemic drove up demand for pet accessories.
R.R. Donnelley adds lender protection on $1.65bn bond sale.
A $1.65bn bond sale to help fund R.R. Donnelley and Sons’s planned acquisition of Valassis Communications is set to price July 30 after investor protections were bolstered, Bloomberg reported.
Pricing discussions on $1bn of senior secured notes call for a yield between 9.5% and 9.75%. A $650m second-lien bond is poised to price 150 basis points above the first-lien note. JP Morgan and Apollo Global Management’s capital markets arm are leading the transaction.
Baupost opts out of IPO for Bill Ackman’s Pershing Square Fund. (FS)
Seth Klarman’s Baupost Group decided against investing in Bill Ackman’s new US closed-end fund that’s slated to price in coming days, Bloomberg reported.
Ackman had named the Boston-based hedge fund as one of the potential backers in a letter last week to investors in Pershing Square’s management company. He also told them that the initial public offering would raise $2.5bn to $4bn, far below the $25bn estimate he originally floated.
US IPO market to slow after Lineage, with quiet summer ahead. (FS)
The pricing of Lineage’s $4.4bn first-time share sale helped make last week into the busiest for US initial public offerings in two and a half years. That excitement will be short-lived, according to bankers, who predict the rest of the summer will be more subdued, Bloomberg reported.
There was $6.1bn worth of IPO activity in the US last week. Levels were boosted by temperature-controlled storage giant Lineage’s upsized offering and KKR-backed software company OneStream’s pricing above its marketed range to raise $490m.
Blackstone portfolio operations chief Morgan named UKG CEO. (FS, People)
Jennifer Morgan, who leads the army of operators who keep Blackstone’s business empire running, is leaving to become chief executive officer at human resources software firm UKG, Bloomberg reported.
In recent days, Blackstone executives told some employees that Morgan will step down from her role as global head of portfolio operations at the $1tn private equity firm.
EMEA
Concord, a music rights company, completed the acquisition of Hipgnosis Songs Fund, a British music IP investment and song management company, for $1.58bn.
"We are pleased to be announcing this offer, which has been unanimously recommended by its Board and has the support of 29.38 per cent. of their shareholders. We believe we are offering a fair price for Hipgnosis' catalogues and music assets, giving its shareholders the opportunity to realise their investment at a significant premium to the prevailing share price in cash," Bob Valentine, Concord Chorus CEO.
Hipgnosis was advised by Shot Tower Capital (led by David Dunn), Singer Capital Markets (led by James Moat), Carey Olsen (led by Tony Lane), Shoosmiths (led by Nick McCarthy and Andrew Millar) and Headland Consultancy (led by Susanna Voyle). Blackstone was advised by Jefferies & Company (led by Philip Noblet), Kirkland & Ellis (led by Aprajita Dhundia and David Higgins), Ogier, Shoosmiths and Teneo (led by James Macey White). Concord was advised by JP Morgan (led by Jonty Edwards), DLA Piper (led by Robert Sherman, Jonathan Klein and Mark Dwyer), Mourant Ozannes, Reed Smith and H/Advisors Maitland (led by Neil Bennett). JP Morgan was advised by Ashurst (led by Tom Mercer). Debt financing was provided by Apollo Global Management. Apollo Global Management was advised by Latham & Watkins (led by Mike Turner).
BMS Group, the independent specialist insurance and reinsurance broker, agreed to acquire David Roberts & Partners, an independent insurance broker, from Inflexion, a private equity firm, for £450m ($578m).
"This landmark transaction is a significant strategic step for BMS and a very proud moment in our company’s evolution. By aligning these two businesses, both of which have market-leading organic growth and ambitious expansion plans, we create a formidable force. We are delighted that DR&P selected BMS as their new home amidst considerable global interest. Our shared values, such as a commitment to people development, a growth mindset, employee ownership, empowerment, and a determination to maintain independence were pivotal in the decision," Nick Cook, BMS Group CEO.
David Roberts is advised by Deloitte, Hines Associates and DWF. BMS Group is advised by PricewaterhouseCoopers, BMS Capital Advisory, Macquarie Group (led by Harry Gao) and Skadden Arps Slate Meagher & Flom.
sennder, a digital road freight forwarder, agreed to acquire European surface transportation business from C.H. Robinson, a transportation company. Financial terms were not disclosed.
“To win, we need to focus on what sets us apart and build upon our competitive advantages. Europe remains an important strategic market for us, and we are committed to our global forwarding and managed services presence there. This clarity of investment in the region is important for the long-term success of our business and employees as well as the value and impact we can offer our customers and carriers. I am convinced that sennder will be a great home for the EST business and will provide good continuity of service to EST customers," Dave Bozeman, C.H. Robinson President and CEO.
sennder is advised by Evercore and Kekst CNC. C.H. Robinson is advised by Morgan Stanley and HVG Law.
CIM Group, a community-focused real estate and infrastructure owner, completed the investment in Round Hill Capital, a real estate investment firm. Financial terms were not disclosed.
“CIM Group’s investment in Round Hill Capital Ventures is part of our firm’s longstanding practice of expanding our platform by partnering with best-in-class managers in their home markets, including by providing financial and operational support. We believe Round Hill Capital Ventures will be a top-tier living sector fund manager across the EU and the UK, and we look forward to being a part of its growth going forward as an investor and supportive partner,” Richard Ressler, CIM Group Co-Founder and Principal.
Round Hill Capital was advised by FTI Consulting (led by Richard Sunderland). CIM Group was advised by Morgan Stanley and Mendel Communications (led by Bill Mendel).
Seven2, a private equity firm, completed the acquisition of a majority stake in Lumion, a company specializing in the publication of 3D visualization software for professionals in the AEC sector. Financial terms were not disclosed.
“This investment is the third in the Netherlands by Seven2’s MidMarket X fund, demonstrating our ability to identify primary transactions across Europe. Having built an exceptional product, Lumion is at a strategic crossroads, ready to significantly accelerate its growth and consolidate its market leadership position. Many initiatives are aimed at maintaining a strong technology advantage, strengthening the commercial organization following the successful transition to a subscription model, and addressing future opportunities such as generative AI. We are very proud to have the opportunity to partner with Lumion," Henry Capelle, Seven2 Tech & Telecom Associate.
EMK Capital, a private equity fund, completed the acquisition of L&S, a LED lighting systems and solutions provider, from Clessidra Private Equity, a private equity firm. Financial terms were not disclosed.
“L&S is a strong example of Clessidra’s investment philosophy. An initial primary buyout of a business with a very strong competitive position and significant growth potential backed by long-term sustainability trends. Over the past years Clessidra has worked closely with management to achieve organic and external expansion creating the basis for a resilient and sustainable development. Now, Clessidra represents a world-renowned excellence, and we believe EMK will continue the company’s trajectory of innovation and leadership, supported by L&S excellent management team," Andrea Ottaviano, Clessidra CEO.
AXA Investment Managers, a private equity firm, agreed to acquire a 20% stake in Rivage Investment, an investment firm specialising in European infrastructure direct lending and French public sector financing. Financial terms were not disclosed.
“We are delighted to welcome AXA IM Prime as a strategic shareholder in our firm. Building on our existing relationship, this partnership preserves our independence while helping us expand the depth and breadth of the investment solutions we provide to investors. It will also enable us to take further advantage of the significant market opportunity to finance the infrastructure, public sector, energy transition and decarbonisation projects,” Hervé Besnard, Rivage Chairman.
Europe property funds near reckoning as €12bn gets pulled. (FS)
After trying and failing to sell office buildings from Paris to Frankfurt, Amundi is finally nearing a sizable disposal that will help raise cash for investors who want out of its property funds, Bloomberg reported.
Blackstone agreed to buy a group of business parks for €250m ($270m) to €300m ($325m) from Europe’s largest asset manager. The US investment firm is betting some will have a more profitable future once they’re turned into dedicated logistics facilities.
UK cancels plan to sell NatWest stake to the British public.
The UK won’t pursue a plan to sell some of its £6bn ($8bn) stake in NatWest Group to the public, after Chancellor of the Exchequer Rachel Reeves concluded it didn’t provide value for money, Bloomberg reported.
“A retail share sale offer would involve significant discounts that could cost taxpayers hundreds of millions of pounds. It would therefore not represent value for money and will not go ahead. It is a bad use of taxpayer money and we will not do it,” Rachel Reeves.
Standard Chartered posts lower profit, announces $1.5bn share buyback.
Standard Chartered posted a drop in second-quarter net profit and announced a $1.5bn share buyback.
The London-based bank said July 30 that net profit fell 3.7% from a year earlier to $946m for the three months ended June. Its quarterly net profit fell short of the $1.03bn estimate, WSJ reported.
Used clothing marketplace Vinted fashions $500m share sale.
Vinted, Europe's biggest online marketplace for second hand clothing, has launched a share sale that could value it at as much as $5bn. The company this month began sounding out investors about a secondary stock offering that would involve existing shareholders offloading part or all of their stakes.
If successfully completed, between $200m and $500m worth of shares could change hands in the deal, Sky News reported.
PE firms said to weigh selling stake in South Africa broadcaster. (FS)
Private equity shareholders of Primedia Group are considering strategic options for their stakes in the South Africa broadcaster. The company, owned by EPE Capital Partners, FirstRand, Old Mutual and the Mineworkers Investment Trust, has turned around under Chief Executive Officer Jonathan Procter, helping boost its valuation.
A jump in operating cash flow at Primedia makes it easier for the PE firms to begin discussions with local and international companies, Bloomberg reported.
APAC
Khazanah Nasional Berhad, the sovereign wealth fund of the Government of Malaysia, completed the acquisition of Malaysia Venture Capital Management Berhad, a venture capital fund, and Penjana Kapital, a government-backed venture capital agency. Financial terms were not disclosed.
“The integration of MAVCAP and PK represents an opportunity to build on the solid foundations of these entities while implementing new initiatives aimed at further strengthening Malaysia’s VC ecosystem. By consolidating investment platforms across multiple investment agencies, Malaysia will be better positioned to ensure greater sustainability of funding, crowd-in private capital, attract regional VC firms into the country and catalyse strategically important sectors,” Amirul Feisal Wan Zahir, Khazanah Managing Director.
Khazanah Nasional was advised by Ernst & Young.
Canva, a free online visual communications and collaboration platform, agreed to acquire Leonardo.AI, a generative AI platform for content creation. Financial terms were not disclosed.
“We’re thrilled to welcome Leonardo.AI to Canva - two Australian companies joining forces to bring world-first breakthroughs in AI and creativity. This field is constantly evolving, and Leonardo’s technical leadership and community impact can’t be overstated. Bringing our worlds together will accelerate each of our teams' work, taking us from strength to strength, and we can’t wait to get started,” Cameron Adams, Canva co-Founder and Chief Product Officer.
WestBridge Capital, a private equity firm investing in early and growth stage companies, led a $120m funding round in Rapido, a bike taxi platform.
The new capital, a Series E infusion, underscores Rapido’s growing prominence in India’s mobility sector where it has emerged as a formidable challenger to the long-standing duopoly of Uber and Ola. It is simultaneously also helping Swiggy’s competitive stance against rival Zomato in the fiercely contested food-delivery market.
Silver Lake to join IFM-backed group in AirTrunk bidding. (FS)
Silver Lake Management is joining a consortium backed by IFM Investors and DigitalBridge Group in the bidding for Australian data center operator Airtrunk, Bloomberg reported.
Global Infrastructure Partners is also part of the IFM-backed group. AirTrunk’s owners, which include Macquarie Group’s asset management arm and PSP Investments, could seek a valuation of about AUD20bn ($13bn) in the potential sale.
Korea launches roadshow to pitch big offshore find to oil majors.
South Korea is conducting an investor roadshow after global oil majors showed interest in an offshore field that’s sparked excitement and skepticism in the Asian nation, Bloomberg reported.
Korea National Oil has launched the roadshow and in August will begin scouting banks to provide any necessary financing for deals, Lee Hohyeon, the nation’s deputy minister for energy policy, told on July 30.
Chinese solar firm Akcome's unit declares bankruptcy amid plunging prices, overcapacity.
Chinese solar module producer Zhejiang Akcome New Energy Technology has filed for bankruptcy at one of its subsidiaries, citing an inability to repay its debts, DealStreetAsia reported.
Zhejiang Akcome Photoelectricity Technology’s petition to enter bankruptcy restructuring was submitted by the parent company and was accepted by Changxing county court in eastern Zhejiang province.
99 Speed Mart eyes September market debut as Malaysia's biggest IPO in 7 years.
Malaysia's top mini-market chain retailer 99 Speed Mart Retail aims to make its market debut on September 9 after raising $509m in an IPO set to be launched next month and which would be the country's biggest in seven years, Reuters reported.
99 Speed Mart, founded by entrepreneur Lee Thiam Wah in 1987 as a traditional sundry store, plans to offer an up to 17% stake, or as much as 1.43bn shares for its IPO.
China's PICC Capital sets up new fund to transform traditional industries. (FS)
PICC Capital, a major player in insurance asset management in China, has launched a new fund valued at $1.4bn. This fund is targeted at transforming traditional industries, specifically focusing on chemicals, agriculture, and infrastructure sectors, DealStreetAsia reported.
This move marks a significant step in PICC Capital's efforts to modernize and innovate within these vital industries. The fund is part of a broader strategy to revitalize and upgrade China's traditional industrial base, promoting sustainable growth and development.
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