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AMERICAS
GCM Grosvenor, an alternative asset management firm, completed the acquisition of a 25% stake in Shepherds Flat, a wind farm, from Brookfield Asset Management. Financial terms were not disclosed. Financial terms were not disclosed.
"We believe Shepherds Flat presents a rare opportunity to invest in a high-quality, hard-to-replicate, sustainable infrastructure asset alongside an experienced owner, operator, and developer of clean power. The Infrastructure Advantage Strategy is pleased to invest in contracted renewable power generation in the Pacific Northwest energy market. We are confident we can deliver long-term value to our investors through this strategic acquisition," Matt Rinklin, GCM Grosvenor Managing Director.
GCM Grosvenor was advised by Thorndike Landing, Kirkland & Ellis (led by John Kaercher and Patrick Salvo) and H/Advisors Abernathy (led by Tom Johnson). Brookfield was advised by BMO Capital Markets, Wells Fargo Securities and King & Spalding.
Macquarie Asset Management, a financial services group, agreed to acquire a minority stake in D. E. Shaw Renewable Investments, a renewable energy firm, for $1.73bn.
“We are excited to invest in DESRI, an energy transition platform of scale with a proven, highly-regarded management team and a large base of operating assets which we expect will grow over the medium term through the successful completion of late-stage projects,” Christopher Frost, Macquarie Asset Management Senior Managing Director.
D. E. Shaw Renewable is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom (led by Christopher Barlow and Allison Schneirov). Macquarie Asset Management is advised by Lazard and King & Spalding.
Apogee Enterprises, an architectural services company, agreed to acquire UW Interco, a vertically integrated manufacturer of high-performance coated substrates, differentiated by its proprietary formulations and coating application processes, from Heartwood Partners, a middle market private equity firm, for $240m.
“UW Solutions is a highly strategic acquisition, aligned with our strategy of adding differentiated businesses with a track record of operating excellence to our portfolio. This acquisition will strengthen LSO, our most profitable business segment, and expands our offering of high-performance coated substrate solutions,” Ty R. Silberhorn, Apogee Chief Executive Officer.
Apogee Enterprises is advised by Centerview Partners and Cleary Gottlieb Steen & Hamilton.
Dotmatics, an R&D scientific software connecting science, data, and decision-making, completed the acquisition of Virscidian, a specialized provider of analytical chemistry solutions and automated chromatography and mass spectrometry data processing. Financial terms were not disclosed.
"Virscidian's expertise in chromatography and mass spectrometry workflows and analytics for small molecule scientific discovery complements the solutions we offer through Protein Metrics for large molecule R&D. And now we can extend Virscidian's capabilities by integrating it with Dotmatics Luma, which is helping our customers streamline complex workflows and enhance the accuracy and speed of their research through an AI-enabled lab-in-a-loop," Thomas Swalla, Dotmatics CEO.
Virscidian was advised by Marks Baughan and Jones & Spross.
Lee Equity Partners-backed Bradford Health Services, a provider of addiction treatment and recovery services, completed the acquisition of Lakeview Health, a rehabilitation center. Financial terms were not disclosed.
“Our mission at Bradford Health has always been to empower individuals to reclaim their lives from addiction through compassionate, evidence-based care. The acquisition of Lakeview Health is a significant milestone in our growth strategy, allowing us to expand our services and provide a broader range of specialized care options to our patients. Lakeview’s programs align perfectly with our vision of offering a full continuum of care that supports every stage of the recovery journey,” Rob Marsh, Bradford Health Services CEO.
Lakeview Health was advised by Cain Brothers.
Trivest-backed Cadex, a building the premier provider of commercial order-to-cash management solutions, completed the acquisition of Receivables Control Corporation, a provider of global commercial debt recovery that offers a comprehensive suite of accounts receivable management solutions, including pre-collections, first-party and third-party collections, commercial asset recovery and liquidations, and consulting services. Financial terms were not disclosed.
“I have been blessed to work with the most energetic and loyal group of people at RCC for over 40 years, so entrusting someone with my team and company was emotionally and psychologically challenging, to say the least. Cadex's CEO, John Fisher, is someone I have known for 20 years, so I was able to have frank discussions about the continued growth opportunities presented to RCC as part of Cadex. I needed to find a well-respected and well-managed buyer who aligned with RCC's values. I found that with Cadex and Trivest, and I could not be more excited about the future of the RCC team," Luke Vidor, RCC President and CEO.
HIG Capital, a private equity firm, completed an investment in Greenflash Infrastructure, an energy storage and power generation company. Financial terms were not disclosed.
"The Greenflash management team has a proven track record of successfully developing and operating numerous energy storage projects across multiple markets. We're extremely excited to partner with the team and look forward to leveraging HIG.'s capabilities and relationships to enhance the Company's growth in the rapidly expanding renewable energy market," George Watts, HIG Managing Director.
Hewlett Packard Enterprise, a US technology company, completed the acquisition of Vyopta, an Austin based provider of collaboration management solutions, offering analytics and monitoring for large, unified communications and collaboration networks. Financial terms were not disclosed.
“With the addition of Vyopta’s unique capabilities, HP has a tremendous opportunity to unlock fulfilling employee experiences and meet the evolving needs of our customers. Vyopta has revolutionized the way organizations deliver collaboration experiences by providing contextual intelligence, unified visibility, and actionable alerts across a wide range of business collaboration applications, devices, and infrastructure. Together, we will deliver more AI-driven, streamlined, and comprehensive insights that enable an agile, resilient, and productive workforce,” Faisal Masud, HP Digital Services President.
Axis Insurance, a provider of local, national, and international clients with risk management and insurance services with a focus on specialized risks, completed the acquisition of O’Neill Group, a provider of premier employee group benefits, life insurance, and wealth advisory firms. Financial terms were not disclosed.
“The strategic alliance with Axis expands our capabilities and extends our reach, enhancing the services we can provide to our clients. Having worked alongside Axis for over ten years, we are confident in a shared vision and dedication to excellence, deeply rooted in our aligned values and company culture, and are excited to continue to provide personalized, top-tier service to our clients and plan members,” Thomas O’Neill, O’Neill Group President.
ROI CX Solutions, a provider of high-touch, omnichannel customer experience services, completed the acquisition of Active TeleSource, a provider of customer experience services within the electric, gas, and water utilities markets. Financial terms were not disclosed.
“ATI is a leader in the highly attractive, stable utilities market which is benefiting from significant tailwinds. ATI supercharges ROI’s growth in the utilities market to provide high-quality, domestic CX services within the regulated, mission-critical utility market,” Rob Schow, ROI CEO.
Brookfield secures $2.4bn for UAE-backed climate fund. (FS)
Brookfield Asset Management has raised $2.4bn for its Catalytic Transition Fund, a climate-focused fund backed by the United Arab Emirates aimed at scaling climate finance in emerging markets.
The CTF was launched during the COP28 climate summit in Dubai last December, with an initial $1bn anchor investment from ALTERRA, a $30bn UAE-based climate fund. ALTERRA, which sas founded by Abu Dhabi-based alternative investment firm, Lunate and was also introduced during the COP28 talks, is seeking to attract $250bn in investments by 2030.
Wiz in talks to sell shares at valuation as high as $20bn.
Cybersecurity startup Wiz is in discussions to sell existing shares at a valuation as high as $20bn, Bloomberg reported.
Wiz, which in July walked away from a deal to be bought by Alphabet’s Google for $23bn, is talking about a transaction that would let existing shareholders tender from $500m to $700m of their holdings. The valuation being discussed ranges from $15bn to $20bn.
EMEA
Insight Partners, a private equity firm, completed an investment in Flightkeys Group, a cloud-based flight planning and optimization software developer. Financial terms were not disclosed.
"We are delighted to be working with Insight Partners, who supports our vision of building world-class software solutions for airlines that make dispatchers and pilots more effective and allows airlines to improve operations for the benefit of their customers," Christoph Prinz and Raimund Zopp, Flightkeys Co-Founders.
Flightkeys Group was advised by Drake Star Partners, Jank Weiler Operenyi Rechtsanwaelte and Schonherr Rechtsanwalte. Insight Partners was advised by E+H Rechtsanwälte and Willkie Farr & Gallagher.
Investcorp Europe Acquisition I announced it has terminated the previously announced business combination agreement with Zacco Holdings (formerly OpSec Holdings), as amended pursuant to Section 15.1 thereof. Under the terms of the business combination agreement, the company will receive a $30m termination payment.
It is expected that at least $20m of such termination amount would be used to pay expenses incurred by the company. The company is currently considering whether to seek an alternative business combination or dissolve.
Rightmove rejected a third bid from News.-controlled REA Group valued at $8.1bn, saying the latest offer still materially undervalues the company and its future prospects, WSJ reported.
Australian real-estate advertiser REA launched its latest bid earlier this week as it perseveres in its attempt to combine two of the English-speaking world’s dominant real-estate listing websites.
Rightmove is advised by Morgan Stanley. REA Group is advised by Deutsche Bank (led by Gavin Deane) and Brunswick Group (led by Simon Sporborg).
Firstsource Solutions, a business process management company, to acquire Ascensos, a customer experience outsourcing company, for $56m.
"This acquisition is aligned with the strategic capabilities Firstsource has been pursuing toward growth and expansion. We’re thrilled about the potential that Ascensos’s extensive retail knowledge, Firstsource’s advanced technology, and the RPSG Group’s deep expertise bring together. Retail and CPG BPO Market is a $28bn market globally*. Ascensos opens a host of new growth opportunities for us that are underpinned by our strategy of delivering differentiated services built on deep industry knowledge and tailored technology. This collaboration will benefit our current clients and enable us to pursue new opportunities in the thriving retail sector," Sanjiv Goenka, Firstsource Chairman.
Firstsource Solutions is advised by Khaitan & Co.
William Grant & Sons, a whiskey manufacturer, agreed to acquire The Famous Grouse and Naked Malt Scotch Whisky brands from Edrington, a distiller. Financial terms were not disclosed.
“This decision is driven by our strategy to focus on our core strengths and the growth opportunities in the ultra-premium spirits category. We consider this the right moment for Edrington to exit the blended Scotch category and focus on our core portfolio of ultra-premium spirit brands. The Famous Grouse is a well-loved brand that has consistently performed in its category during the time it has been part of Edrington, and Naked Malt has grown its reputation. I am confident that these brands are well-positioned to continue to succeed as part of the William Grant & Sons portfolio," Scott McCroskie, Edrington CEO.
Edrington is advised by Nomura.
UniCredit, an international banking group, agreed to acquire a 51% stake in CNP UniCredit Vita, an operator of a life insurance company, from CNP Assurances, an insurance company. Financial terms were not disclosed.
The exercise of the call option on CUV is based on the terms of the shareholders' agreement entered in 2017, as amended from time to time. Under this agreement, the purchase price will be determined through a specific procedure based on agreed methodologies.
UniCredit, an international banking group, agreed to acquire a 50% stake in UniCredit Allianz Vita, an insurance company, from Allianz, a German multinational financial services. Financial terms were not disclosed.
The exercise of the call option on CUV is based on the terms of the shareholders' agreement entered in 2017, as amended from time to time. Under this agreement, the purchase price will be determined through a specific procedure based on agreed methodologies.
EQT considers stake sale in hearing aid firm WS Audiology. (FS)
Buyout firm EQT is considering selling a small part of its ownership in WS Audiology, in a deal that could value one of the world’s largest hearing aid makers at about €7bn ($7.8bn) or more, Bloomberg reported.
Stockholm-based EQT is working with Goldman Sachs Group to help identify suitors for part of their 49% stake in the closely-held company. The stake sale could draw interest from other financial investors seeking to get exposure in the sector.
Solaria’s real estate unit seeks to raise €150m.
Spanish solar developer Solaria Energia y Medio Ambiente is seeking investors to inject about €150m ($168m) in its real estate unit, Bloomberg reported.
Under the plan, Solaria’s Generia unit would hold a capital increase that would give new investors a 49% stake. The deal would value the real estate unit at about €300m ($334m).
Ajeej Capital and Nuwa Capital launch $100m tech-focused private debt fund. (FS)
Dubai-based asset manager Ajeej Capital and venture capital firm Nuwa Capital have partnered to launch a $100m private debt fund aimed at providing debt capital to technology-focused companies across the MENAT region, with a particular focus on the GCC.
The new fund, called the Amplify Growth Partnership, is managed by Ajeej Capital, which is based in the Dubai International Financial Centre (DIFC), while Nuwa Capital serving as an advisor.
APAC
Country Garden Services to sell stake in Zhuhai Wanda for $446m.
Country Garden Services, the property services arm of Chinese property developer Country Garden, said it agreed to sell its 1.49% stake in Zhuhai Wanda Commercial Management for CNY3.14bn ($446.54m).
The sale allows the company to streamline its investments, recover capital, and refocus on its core business operations as part of its planned exit strategy, Reuters reported.
BP scouts for opportunities in India, to hold board meeting.
Global energy major BP said it is holding a board meeting in India this week, as it scouts for more opportunities in the country, Reuters reported.
India, the world's third-biggest oil importer and consumer, wants to quickly raise its oil and gas output, which has been stagnant for years.
In June, the government had said that the country's top exploration company Oil and Natural Gas Corp was seeking a technical tie-up with a global oil major to boost production from its western offshore Mumbai High fields.
DBS moving to raise China securities joint venture stake to 91%.
DBS Group Chief Executive Piyush Gupta said on September 25 it is in the process of increasing ownership in its China securities joint venture to 91% from 51%, Reuters reported.
The comments came a day after China introduced aggressive measures to prop up its ailing economy and capital markets. The largest bank by assets in Singapore confirmed that it is the buyer of stakes up for sale by its Chinese joint venture partners, though the transaction is still pending regulatory approval.
BC Partners in exclusive talks to invest in EuroLeague basketball competition. (FS)
Private equity firm BC Partners is discussing buying a minority stake in the EuroLeague basketball competition, edging out rivals including General Atlantic and Saudi Arabia's SURJ Sports Investment, Reuters reported.
London-based BC Partners could agree to a deal with the EuroLeague within a month. EuroLeague had drawn interest from private equity firms including EQT, BC Partners and General Atlantic.
Prosus is said to have exited stake in China’s Trip.
Internet investing firm Prosus has sold its entire stake in online travel agency Trip.com in a $743m block trade, becoming the latest international investor to exit a Chinese tech company, Bloomberg reported.
Prosus sold 14.5m shares in Trip.com at $51.40 each in a block trade launched on September 24 night in the US, terms of the deal showed. Prosus had been gradually selling shares over the summer.
Nomura, Mizuho are leading bidders for India’s Avendus Capital. (FS)
Nomura and Mizuho Financial Group are the leading bidders for a majority stake owned by KKR in one of India’s biggest investment banks, Bloomberg reported.
The two Japanese firms have made the highest preliminary bids for KKR’s 63% stake in Avendus Capital. The US private equity firm is seeking at least $400m for its stake, and as many as seven firms, including Carlyle Group, have expressed interest.
Japan’s Kioxia postpones plans for IPO as chip stocks slide. (FS)
Japanese memory chipmaker Kioxia is pushing back plans for an initial public offering until later this year after a downturn in semiconductor stocks, Bloomberg reported.
Kioxia, which is majority-owned by private equity firm Bain Capital, is now targeting no earlier than November or December instead of October. The IPO, which Bloomberg reported could raise about $500m, is widely expected to be Japan’s biggest this year.
Indian fast-food chain Wow Momo mulls IPO in two years.
Indian fast-food chain Wow Momo Foods plans to go public within two years, its CEO said, as the popular dumpling brand aims to replicate the rapid expansion of Domino’s Pizza in the world’s most populous country, DealStreetAsia reported.
India’s $5bn fast-food sector has seen significant growth, driven by rising demand among low- and middle-income families. Valued at INR25bn ($299m) with a network of 650 stores, Wow Momo plans to become the first major local fast-food chain to go public, riding on this shift in consumer behaviour.
India's first AI unicorn Fractal said to weigh $500m IPO. (FS)
Fractal Analytics, a provider of artificial intelligence services, is considering filing for an initial public offering in India as soon as November to raise $500m, DealStreetAsia reported.
Fractal, known as India’s first AI unicorn, may seek a valuation of at least $3.5bn in the share sale. The firm became a unicorn in 2022 when it raised $360m in fresh financing from the global alternative asset firm TPG.
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