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Top Highlights
Madison Dearborn Partners-backed Nichols Cauley, an accounting and advisory firm, agreed to merge with Partners Risk Services, an independent insurance brokerage, and JGH Consulting, a transaction advisory firm, according to press releases. Financial terms are not disclosed.
Nichols Cauley is advised by Dechert, Nelson Mullins Riley & Scarborough and Aliign Creative. Madison Dearborn Partners is advised by Koltin Consulting Group, Alston & Bird, Kirkland & Ellis, Paul Weiss Rifkind Wharton & Garrison (led by Lukas Richards, Brian Huang and Adam M. Givertz), Vedder Price, and H/Advisors Abernathy, according to press releases.
SGH, an Australian diversified operating company, and Steel Dynamics, an American steel producer, offered to acquire BlueScope, a steel supplier and manufacturer, for AUD13.2bn ($8.8bn), according to press releases.
BlueScope is advised by UBS and Herbert Smith Freehills Kramer. Steel Dynamics is advised by JP Morgan, Ashurst, Barrett McNagny and Skadden Arps Slate Meagher & Flom. SGH is advised by Barrenjoey Capital Partners, Goldman Sachs and Allens, according to press releases.
Capitol Meridian Partners and Stellex Capital Management, investment firms, completed the acquisition of Beaufort, an aerospace and defense division, from Survitec, a provider of survival technology, according to press releases. Financial terms were not disclosed.
Stellex Capital Management was advised by Prosek Partners (led by Rachel Goun). Capitol Meridian Partners was advised by Evercore, Latham & Watkins (led by J. Cory Tull) and Ullman Communications (led by Chris Ullman). Financial advisor was advised by Milbank. Debt financing was provided by Adams Street Partners. Survitec was advised by Houlihan Lokey and Greenberg Traurig, according to press releases and MergerLinks data.
Deal Round up
AMERICAS
Brazilian fintech PicPay discloses revenue jump in US IPO filing. ( Reuters)
EMEA
TPG closes in on £1bn-plus deal for GP patient records supplier. ( Sky News)
InPost soars after receiving takeover approach. ( Bloomberg)
APAC
KKR and Warburg Pincus among suitors for Southeast Asia school operator. ( Bloomberg)
TheraVectys weighs Hong Kong IPO in rare move for non-Chinese biotech. ( Bloomberg)
McDonald’s rival Jollibee surges on global arm’s US listing plan. ( Bloomberg)
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COMPANIES
FINANCIAL ADVISORS
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AMERICAS
Crestpoint Real Estate Investments, a commercial real estate investment manager, agreed to acquire Minto Apartment REIT from Minto Group, a real estate company, for $2.3bn, according to press releases.
Minto Group is advised by TD Securities and Torys. Crestpoint is advised by TD Securities, Torys and McCarthy Tetrault. Minto Apartment REIT is advised by BMO Capital Markets, Desjardins, Blake Cassels & Graydon and Goodmans, according to press releases and MergerLinks data.
Protective Life, a financial services holding company and a US subsidiary of Dai-ichi Life, completed the acquisition of Portfolio, a provider of reinsurance management services and finance and insurance products for car dealerships, from Abry Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Portfolio Holding was advised by Jefferies & Company and Kirkland & Ellis. Protective Life was advised by TD Securities and Maynard Nexsen. Abry Partners was advised by Jefferies & Company, Kirkland & Ellis and FGS Global, according to press releases.
Vistra, a power company, agreed to acquire Cogentrix Energy, a renewable energy development company, from Quantum Capital Group, a private equity firm, for $4bn, according to press releases.
Cogentrix Energy is advised by Evercore and King & Spalding. Vistra is advised by Goldman Sachs, Cleary Gottlieb Steen & Hamilton, Latham & Watkins (led by Trina Chandler, Ryan Lynch and Caroline Blitzer Phillips) and Sidley Austin. Quantul Capital Group was advised by Joele Frank, according to press releases.
The PNC Financial Services Group, a US-based bank holding company, completed the acquisition of FirstBank, a provider of commercial and retail banking services across Colorado and Arizona, for $4.1bn, according to press releases.
FirstBank was advised by Goldman Sachs (led by John Mahoney), Morgan Stanley (led by Liz Jacobs) and Sullivan & Cromwell (led by Mitchell S. Eitel). Financial advisor was advised by Ropes & Gray. PNC was advised by Wells Fargo Securities, Wachtell Lipton Rosen & Katz (led by Nicholas G. Demmo and Edward D. Herlihy), according to press releases and MergerLinks data.
Lane42 Investment Partners, an alternative asset management firm, and Karis Midstream Partners, a midstream company, completed the acquisition of Aqua Terra Permian, an energy infrastructure company, according to press releases. Financial terms were not disclosed.
Aqua Terra Permian was advised by Kirkland & Ellis. Lane42 Investment Partners was advised by Houlihan Lokey, Vinson & Elkins and Prosek Partners. Karis Midstream Partners was advised by Stephens, according to press releases.
Blackstone Energy Partners, a Blackstone's energy-focused private equity business, completed the acquisition of Alliance Technical Group, a provider of air quality testing, monitoring and source emissions testing services, according to press releases. Financial terms were not disclosed.
Alliance Technical Group was advised by Piper Sandler and Jones Day. Blackstone was advised by Harris Williams & Co, RBC Capital Markets and Kirkland & Ellis, according to press releases.
Windjammer Capital, a private equity investment firm, completed the acquisition of MFG Chemical, a developer and manufacturer of specialty chemicals, according to press releases. Financial terms were not disclosed.
MFG Chemical was advised by Grace Matthews and Bartlit Beck. Windjammer Capital was advised by Piper Sandler, Kirkland & Ellis and Gregory FCA, according to press releases.
Greenbriar Equity Group, a private equity firm, completed the acquisition of eShipping, a provider of managed transportation, logistics, and supply chain technology solutions, according to press releases. Financial terms were not disclosed.
eShipping was advised by Harris Williams & Co, Stifel and Alston & Bird. Greenbriar Equity Group was advised by Evercore and Kirkland & Ellis, according to press releases.
W L Gore & Associates, a global materials science company, agreed to acquire Conformal Medical, a medical device company, according to press releases. Financial terms are not disclosed.
Conformal Medical is advised by Piper Sandler and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. W L Gore & Associates is advised by BDT & MSD Partners and Davis Polk & Wardwell, according to press releases.
Marvell, a provider of data infrastructure semiconductor solutions, agreed to acquire XConn Technologies, a provider of advanced PCIe and CXL switching silicon, for $540m, according to press releases.
XConn Technologies is advised by Evercore and Goodwin Procter. Marvell is advised by Wilson Sonsini Goodrich & Rosati, according to press releases and MergerLinks data.
Cable One, a cable company, agreed to acquire a remaining 55% stake in Mega Broadband, a telecommunications company, for $495m, according to press releases.
Cable One is advised by Cravath Swaine & Moore, according to press releases.
Avigdor Willenz, a founding investor, led a $107m funding round in Lyte, an end-to-end integrated perception company for robotics and Physical AI, with participation from Fidelity Management & Research Company, Atreides Management, Exor Ventures, Key1 Capital, and VentureTech Alliance, according to press releases.
Brazilian fintech PicPay discloses revenue jump in US IPO filing. ( Reuters)
Brazilian digital bank PicPay reported a sharp rise in revenue in filings for a US initial public offering, as it renews plans to list in New York.
Revenue and financial income reached BRL7.26bn ($1.42bn) for the nine months to September 30, while profit rose to BRL313.8m ($58.1m).
EMEA
Oakley Capital, a private equity firm, agreed to acquire a majority stake in Global Loan Agency Services, a global provider of loan administration and bond trustee services, from Levine Leichtman Capital Partners, a private equity and venture capital firm, for £55m ($74m), according to press releases.
Oakley Capital is advised by Deutsche Numis (led by Nathan Brown) and Greenbrook (led by Robert White). Global Loan Agency Services and Levine Leichtman Capital Partners are advised by Deutsche Bank, Robert W Baird and Willkie Farr & Gallagher, according to press releases.
Holcim, a global company that provides cement, aggregates, and ready-mix concrete to the construction industry, completed the acquisition of Alkern, a company that manufactures prefabricated concrete products for building construction, outdoor landscaping, and public works, for $170m, according to press releases.
Holcim was advised by BDO. Chequers Capital was advised by Weil Gotshal and Manges, according to press releases and MergerLinks data.
Bridgepoint Group, a private equity firm, agreed to acquire Interpath, a financial advisory and restructuring firm, from HIG Capital, a global alternative asset investment firm, according to press releases. Financial terms are not disclosed.
Broadridge, a provider of investor communications and technology solutions, completed the acquisition of Acolin, a provider of regulatory and cross-border fund distribution services, according to press releases. Financial terms were not disclosed.
TPG closes in on £1bn-plus deal for GP patient records supplier. ( Sky News)
TPG is nearing an agreement to acquire Optum’s UK business, which supplies electronic patient record systems to most GP practices across Britain.
The transaction is expected to value the business at £1.2bn–£1.4bn ($1.5bn–$1.75bn), marking a major investment in the UK healthcare technology sector.
InPost soars after receiving takeover approach. ( Bloomberg)
InPost shares jumped about 20% after the Polish parcel locker operator received a takeover proposal from an unidentified buyer, lifting its market value to around €6.8bn ($8bn).
The company’s largest shareholder is PPF Group, while founder and chief executive Rafal Brzoska holds a 12.49% stake.
APAC
Coatue, an investment company, led a $2bn Series C round in DayOne Data Centers, an independent, Singapore-headquartered hyperscale data center platform, with participation from Indonesia Investment Authority, according to press releases.
DayOne Data Centers was advised by Morgan Stanley. Coatue was advised by Latham & Watkins (led by Tracey Zaccone), according to press releases and MergerLinks data.
KKR and Warburg Pincus among suitors for Southeast Asia school operator. ( Bloomberg)
KKR and Warburg Pincus are among bidders competing to acquire TPG’s Southeast Asia school business XCL Education, which is valued at up to $2bn. EQT has also advanced to the next stage of the process.
TPG launched the sale process last month and is seeking to exit the education platform operating across the region.
TheraVectys weighs Hong Kong IPO in rare move for non-Chinese biotech. ( Bloomberg)
TheraVectys is exploring an initial public offering in Hong Kong, marking an unusual step for a biotech company without Chinese operations amid strong listing activity in the market.
The France- and US-based immunotherapy group is considering a share sale that could raise several hundred million dollars, as it reviews options to access Asian capital markets.
McDonald’s rival Jollibee surges on global arm’s US listing plan. ( Bloomberg)
Jollibee plans to spin off its international business and list it on a US stock exchange, as the Philippine fast-food group pushes its global expansion strategy.
The new unit would house all operations outside the Philippines, while the domestic business would remain listed locally.
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