BC Partners and PSP Investments exit Antelliq to Merck for €3.25bn. (Financial Sponsors). (FS)
Merck agreed to acquire Antelliq Group owned by BC Partners and PSP Investments. Merck will make a cash payment of approximately €2.1bn ($2.4bn) to acquire all outstanding shares of Antelliq and will assume Antelliq’s debt of €1.15bn ($1.3bn).
“Merck Animal Health is a leader in the animal health business and has delivered consistent above-market growth driven by a broad portfolio of innovative pharmaceuticals, vaccines and other value-added technologies and services. Antelliq’s people and products complement this portfolio by adding market-leading digital products, extending the range of solutions we can provide our customers and further driving the growth of our business." Kenneth C. Frazier, Merck Chairman and CEO.
Jean-Baptiste Wautier, chairman of Antelliq and partner at BC Partners commented, “Antelliq is a unique business which played a pivotal role in driving forward the convergence of the animal intelligence and animal health industries globally. We are proud of the transformation of the company that we initiated together with a fantastic leadership team over the past five years and believe that Merck is an ideal partner for Antelliq to support the next stage of its growth. As a truly innovative market leader with a clear vision and dynamic team, Antelliq has significant potential to continue leading the industry, as the use of intelligence, data and technology play an increasingly important role in animal health and care.”
Merck was advised by Barclays and Centerview Partners. Antelliq was advised by Rothschild & Co and Goldman Sachs.
Laureate Education, the world’s largest global network of higher education institutions, has signed an agreement with a company backed by the Permira funds, for the sale of Laureate’s institutions in Spain and Portugal, contingent on the receipt of all necessary regulatory and accreditation approvals. The institutions included in this agreement are Universidad Europea de Madrid, Universidad Europea de Valencia, Universidad Europea de Canarias, Universidade Europeia in Portugal, and Instituto Portugues de Administracao de Marketing in Portugal. The transaction value is €770m ($871m).
“These institutions have great brand recognition and offer a strong value proposition to students across a variety of disciplines. Under the ownership of the Permira funds, these institutions will maintain their focus on delivering high quality education, providing new and innovative learning experiences. The funds will continue to invest in their physical campuses and reinforce their online offering to meet the evolving needs of their student population. We look forward to working with management and academics, leveraging our global resources, local knowledge and expertise to help these universities execute on their growth plans and continue providing students with a world-class academic experience.” Pedro Lopez, Permira Head of Spain.
Permira was advised by Barclays and Linklaters. Laureate was advised by Goldman Sachs and Allen & Overy.
Dexia and Helaba have signed a sale and purchase agreement allowing Helaba to buy 100% of the shares in Dexia Kommunalbank Deutschland for a total consideration of €352m ($401m).
“We are happy to acquire DKD as it gives us the chance to strengthen our position as one of the leading issuers of Pfandbriefe and makes us a stronger competitor in public sector finance” Herbert Hans Gruntker, Helaba CEO.
Winncare Group acquired Mangar Health from YFM Equity Partners. (FS)
YFM Equity Partners has sold is stake in Mangar Health to Winncare Group, a leading French medical device company. Financials terms were undisclosed.
“This is another example of YFM identifying and backing a niche business with significant growth potential. We have really enjoyed working with the Mangar Health management team, alongside chairman James Buckley, and we are sure that they will deliver further growth as part of the Winncare Group.” Ian Waterfield, YFM Partner.
YFM was advised by KPMG and Addleshaw Goddard.
Omnes and BIP Capital Partners have taken a joint majority stake in Captain Tortue. The founders, Philippe and Lilian Jacquelinet, have reinvested a significant share alongside Omnes and BIP. Financial terms were undisclosed.
Captain Tortue is the European leader in direct selling women's ready-to-wear clothing.
"With its unique business model and management team’s significant experience, Captain Tortue has very good growth prospects ahead. We are looking forward to working with Nathalie and her team to shape the company’s continued success story.” Estelle Fornallaz, BIP Capital Partners Partner.
Gioconda, Italian subsidiary of LBO France acquired stake in Bluclad. (FS)
Gioconda, the Italian subsidiary of LBO France, has taken a stake, alongside the current management team, in Bluclad, the Italian leader in developing chemical solutions for the galvanization of metal used in the luxury goods sector, mainly for clothing, footwear and luggage. Financials terms were undisclosed.
Thanks to its capacity for technical innovation, and the value-added services provided to galvanic and luxury companies, Bluclad has enjoyed steady and sustained growth since its creation, and also benefited from a highly buoyant underlying market thanks to the prominence of “Made in Italy” luxury goods. In 2017, the group posted revenue in excess of €20m ($22m) and had 42 employees, the majority of which are technical engineers.
“Bluclad’s history is typical of the success of Italian SMEs: specific, unique and solid positioning and know-how, perfectly adapted to the niche market of luxury goods which is particularly attached to “Made in Italy” quality. The growth outlook is very well orientated, due on one hand to a highly buoyant luxury goods market and on the other hand to the opportunity for geographical and product diversification which has already been initiated by the company." Roberto d’Angelo and Arthur Bernardin, Gioconda Managing Directors.
Societe Centrale Prevoir acquired AssurOne Group from AnaCap Financial Partners. (FS)
AnaCap Financial Partners has entered an exclusivity arrangement to sell its French insurance broker AssurOne Group to Societe Centrale Prevoir SA. Financials terms were undisclosed.
AnaCap first bought the business from Seventure Partners, Bpifrance and the company founders back in June 2014. AssurOne Group specializes in the online distribution and management of personal insurance products. Under AnaCap’s ownership the company increased its revenue growth by 82%.
“Our strategy for AOG was to grow and digitalise an already successful platform, strengthening its competitive position and improving the overall customer journey. The sale of the business stands testament to the investment thesis and we are pleased with the outcome for our investors.” Nassim Cherchali, AnaCap Managing Director.
Diesel Founder explores the potential acquisition of Roberto Cavalli. (FS)
Renzo Rosso, the founder of fashion label Diesel, is interested in buying Italy’s Roberto Cavalli through his OTB holding company.
OTB is one of around 10 players that have expressed interest in Cavalli. Roberto Cavalli, controlled by private equity firm Clessidra, reported sales of around €152m ($172m) last year.
Roberto Cavalli is being advised by Rothschild & Co.
Scout24 explores a €5bn sale, Silver Lake shows interest. (FS)
German online classifieds company Scout24 is exploring a sale that could see it taken private in one of the country’s largest leveraged buyouts in years.
Silver Lake, the US technology-focused buyout group, is expected to be among the bidders with the most serious interest.
Scout24, which has a market value of €3.8bn euros ($4.3bn), could be valued at more than €5bn ($5.68bn) including the company’s €600m ($682m) in net debt.
Shareholders skeptical regarding Deutsche Bank and Commerzbank merger.
Shareholders and a major union expressed skepticism about speculation of a merger between Deutsche Bank and Commerzbank.
Talk of a possible merger between Germany’s two largest banks has heated up in the past few weeks as both lenders are still struggling to revitalize their performance a decade on from the financial crisis.
Executives at both banks have said that they want to focus on getting their own houses in order before considering any tie-up between the two.
Sanjeev Gupta has completed the $500m acquisition of Europe’s biggest aluminium smelter from Rio Tinto.
Industrialist Sanjeev Gupta has completed the purchase of Europe’s biggest aluminium smelter from Rio Tinto for $500m, as he looks to build a manufacturing business in northern France supplying the automotive industry.
Announced in January, the purchase of the 285k a tonne a year Dunkerque smelter comes as Mr Gupta’s finances face increased scrutiny in the wake of a string of deals that has seen the entrepreneur build an industrial empire spanning four continents, with $17bn in turnover, in just a matter of years.
LVMH is set to acquire Belmond for $3.2bn.
LVMH Moet Hennessy Louis Vuitton and Belmond, owners, part-owners or managers of 46 luxury hotel, restaurant, train and river cruise properties, entered into a definitive agreement for LVMH to acquire Belmond for $3.2bn.
“Belmond delivers unique experiences to discerning travelers and owns a number of exceptional assets in the most desirable destinations. Its heritage, its innovative services, its excellence in execution and its entrepreneurship resonates well with the values of the Group and is complementary to our own Cheval Blanc maisons and the Bvlgari hotels activities. This acquisition will significantly increase LVMH’s presence in the ultimate hospitality world.” Bernard Arnault, LVMH Chairman and CEO.
Belmond was advised by Sard Verbinnen & Co. LVMH was advised by DGM Conseil, Kekst & Company, Montfort Communications, and SEC and Partners.
CVS Defends its acquisition of Aetna before the US judge.
CVS Health defended an agreement with the US Justice Department which allowed it to purchase health insurer Aetna for $69bn, a settlement that a federal judge is still assessing.
The Justice Department approved the merger of CVS, a US pharmacy chain and benefits manager, and Aetna in October on condition that Aetna sells its Medicare prescription drug plan business to WellCare Health Plans, which was done in November.
The Justice Department and companies have found themselves in the unusual position of defending their antitrust settlement to a skeptical federal judge. Most judges approve consent decrees aimed at resolving competition concerns with no fanfare and deals normally close before the judge rules.
Thoma Bravo is in talks to acquire McAfee from TPG Capital and Intel. (FS)
Thoma Bravo has been seeking to rapidly consolidate the cybersecurity sector. In October, it announced a $2.1bn acquisition of Imperva and last month announced the acquisition of another cybersecurity firm called Veracode from Broadcom for $950m.
The US justice department sets conditions in order to approve $3.6bn Gray and Raycom merger.
The US Justice Department would require Gray Television and privately held broadcaster Raycom Media to divest broadcast stations in nine markets as a condition for their $3.6bn merger.
“Without the required divestitures, Gray’s merger with Raycom threatens serious competitive harm to cable subscribers and small businesses." Makan Delrahim, Justice Department Assistant Attorney General.
Imperial Metals hired Bank of Montreal in order to speed up a restructuring process.
Canadian copper producer Imperial Metals has hired Bank of Montreal to speed up a restructuring process that could include the sale of the company for up to $1bn.
Imperial Metals, backed by Canadian billionaire Murray Edwards, earlier this year set up a special committee to identify strategic alternatives including joint ventures and a total or partial sale of the business.
It has now mandated the Canadian investment bank to start a formal process.
Chilean regulator approved a $1.2bn acquisition of Canal del Futbol by Turner International.
Chilean anti-trust regulator FNE approved Turner International Latin America’s $1.2bn purchase of Chile’s Canal del Futbol, the South American nation’s top soccer broadcaster.
Turner struck the deal granting it exclusive rights to broadcast Chilean soccer matches in late 2017, edging out competitor Fox Sports for the 15-year contract.
Azul might consider the acquisition of Avianca Brasil.
Brazilian airline Azul is not currently engaged in negotiations for a possible acquisition offer for struggling Avianca Brasil.
However, Azul's CEO stated that there could be space for a possible deal with Brazil’s fourth largest airline, which filed for bankruptcy protection this week.
APAC
Gaw Capital Partners and Consortium Partners acquired 12 Shopping Centers from Link Asset Management for HK$12bn. (FS)
Gaw Capital Partners today announced that the firm, through a fund under its management, and consortium partners, including Goldman Sachs, have won a bid to acquire a retail portfolio comprising 12 shopping centers in Hong Kong from Link Asset Management Limited at HK$12bn ($1.5bn).
“We worked closely with the community over the past 12 months and implemented a series of initiatives to better make use of these malls for the community. We look forward to applying our expertise in repositioning commercial property to add significant strategic value to this additional portfolio.” Kenneth Gaw, Gaw Capital Partners Managing Principal.
Kazakhtelecom acquired KCell from Telia and Fintur for $446m.
Kazakhtelecom, a company controlled by the government of the Republic of Kazakhstan through the sovereign wealth fund Samruk-Kazyna, acquired KCell, the leading Kazakhi telecommunications operator, from Telia, a Swedish dominant telephone company and mobile network operator, and Fintur, a Dutch telecommunications firm. The agreed price for Telia Company’s and Fintur’s 75% in Kcell is $446m.
Prior to signing the Kcell transaction, Telia Company has completed strict compliance and purchaser due diligence and is satisfied that all relevant checks and controls have been carried out with satisfactory results. Kazakhtelecom is a buyer that meets Telia Company’s requirements.
Telia was advised by UBS and Sullivan & Cromwell.
Albemarle finalized a $1.15bn joint venture with Australia’s Mineral Resource.
The deal, announced last month, will give US-based Albemarle a 50% stake in Mineral Resource’s Wodgina lithium project in Western Australia which exports unrefined hard rock ore.
The joint venture will produce 100k tonnes annually of lithium carbonate equivalent to feed a lithium hydroxide plant.
Multiples PE acquired a 37% stake in APAC Financial Services. (FS)
Private equity firm Multiples Alternate Asset Management has acquired a minority stake in the non-banking financial company APAC Financial Services. Financial terms were undisclosed.
“Banks, especially public sector banks, have lending limitations of both capital and flexibility when it comes to segments like affordable housing and MSME loans. The market is, hence, wide open for entrepreneurial ventures like APAC to go and harness that opportunity in a profitable way. Combining the tailwinds offered by the macros, with Gunit’s credible track record and goodwill, and his ability to raise future rounds of funding, there is an opportunity to create at least a billion-dollar enterprise in the near future." Ramnath, Multiples Founder and Managing Director.
