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Top Highlights
Makarora Management, an investment management firm, and Ares Alternative Credit Management, an asset-based finance and tactical asset investing strategy arm of Ares, agreed to acquire Plymouth, a real estate investment trust, for $2.1bn, according to press releases.
Plymouth is advised by JP Morgan, KeyBanc Capital Markets, Alston & Bird and Morrison Foerster (led by Lauren Bellerjeau and Joseph Sulzbach). Makarora is advised by Citigroup, Moelis & Co, Greenberg Traurig, Simpson Thacher & Bartlett and Kekst CNC (led by Todd Fogarty and Nathan Riggs). Financial advisors are advised by Dechert. Ares is advised by Kirkland & Ellis and Latham & Watkins (led by Julian Kleindorfer), according to MergerLinks data and press releases.
Centerbridge Partners, a global investment firm, completed the acquisition of MeridianLink, a provider of modern software platforms for financial institutions and consumer reporting agencies, for $2bn, according to press releases.
MeridianLink was advised by Centerview Partners, JP Morgan, Goodwin Procter, Skadden Arps Slate Meagher & Flom (led by Stephen Arcano) and Joele Frank (led by Joseph Sala and Jed Repko). Financial advisors were advised by Sullivan & Cromwell (led by Mitchell S. Eitel). Centerbridge Partners was advised by Goldman Sachs, Kirkland & Ellis, Paul Hastings (led by Jennifer Yount) and Kekst CNC (led by Jeremy Fielding), according to MergerLinks data and press releases.
Federated Hermes, an investment manager, agreed to acquire an 80% stake in FCP Fund Manager, a real estate investment manager, for $331m, according to press releases.
FCP is advised by Berkshire Global Advisors and Goodwin Procter. Federated Hermes is advised by Hodes Weill Securities, KPMG and K&L Gates, according to MergerLinks data and press releases.
Deal Round up
AMERICAS
Writers Guild opposes proposed Skydance-Warner Bros. merger. ( Bloomberg)
Newmont explores deal to take control of Barrick’s Nevada gold assets. ( Bloomberg)
JP Morgan strengthens business services team with senior hires. ( Reuters)
OMERS scales back Asia private equity operations. ( Bloomberg)
EMEA
Angola makes bid for majority stake in De Beers, challenging Botswana. ( Reuters)
SNB exits Rio Tinto amid broader move away from extractive industries. ( Reuters)
TotalEnergies explores partial sale of German battery storage assets. ( Bloomberg)
Terna weighs minority stake sale to fund network upgrades and cut debt. ( Bloomberg)
Canal+ explores full takeover of Africa’s Showmax platform. ( Bloomberg)
FCA considers streamlining the London IPO process to enhance market competitiveness. ( Bloomberg)
APAC
Kirin puts Kentucky bourbon brand Four Roses up for sale. ( FT)
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AMERICAS
Electro-Mechanical, a manufacturer of medium voltage switchgear and power distribution equipment, completed the acquisition of Powercon, a provider of custom-designed medium voltage switchgear, e-houses, and modular substation power systems, according to press releases. Financial terms were not disclosed.
Powercon was advised by EdgePoint Capital Advisors and Calfee Halter & Griswold. Electro-Mechanical was advised by England & Company, UBS and Greenberg Traurig, according to press releases.
Nicolet Bankshares, a financial holding company, agreed to merge with MidWestOne Financial Group, a financial holding company, in $864m deal, according to press releases.
Nicolet Bankshares is advised by Keefe Bruyette & Woods and Nelson Mullins Riley & Scarborough. MidWestOne Financial Group is advised by Piper Sandler and Alston & Bird, according to press releases.
Merchants & Marine Bancorp, a company focused on regional community banking and related financial services, agreed to merge with Farmers–Merchants Bank & Trust Company (FM Bank), a community bank, according to press releases. Financial terms were not disclosed.
Merchants & Marine Bancorp is advised by Janney Montgomery Scott and Phelps Dunbar. FM Bank is advised by National Capital and Fenimore Kay Harrison & Ford, according to press releases.
George Raymond Zage III and James Fu Bin, a majority shareholders of Grindr and long-time investors and board members, agreed to acquire Grindr, a social networking and dating platform, according to press releases. Financial terms were not disclosed.
Grindr is advised by ASC Advisors (led by Taylor Ingraham), according to press releases.
Eli Lilly, a medicine company, agreed to acquire Adverum Biotechnologies, a clinical-stage company pioneering the use of intravitreal gene therapy, for $262m, according to press releases.
Adverum is advised by Aquilo Partners and Cooley. Eli Lilly is advised by Ropes & Gray, according to press releases.
OpenAI, an artificial intelligence research laboratory, agreed to acquire Software Applications, a start-up that builds AI interfaces for Apple's Mac computers, according to press releases. Financial terms were not disclosed.
Fireblocks, an enterprise-grade platform that provides a secure infrastructure for moving, storing and issuing digital assets, agreed to acquire Dynamic Labs, a developer of embedded wallet infrastructure for enterprises, according to press releases. Financial terms were not disclosed.
Fireblocks is advised by Davis Polk & Wardwell (led by Michael Diz), according to MergerLinks data.
Cascade Services, a residential tri-trade services platform, completed the acquisition of ECM Air Conditioning, an air conditioning plumbing, electrical and home warranty company, from Air Pros USA, an AC installer, repair & preventive maintenance company, according to press releases. Financial terms were not disclosed.
Writers Guild opposes proposed Skydance-Warner Bros. merger. ( Bloomberg)
The Writers Guild of America said it will oppose the proposed merger between Paramount Skydance and Warner Bros. Discovery, citing concerns over its impact on the industry and workers.
The guild argued that repeated consolidation in the media sector has hurt employees, reduced competition and free expression, and squandered billions that could have supported organic growth.
Newmont explores deal to take control of Barrick’s Nevada gold assets. ( Bloomberg)
Newmont is exploring options to acquire full ownership of Barrick Mining’s highly valued Nevada gold assets.
The Denver-based miner currently holds a minority stake in a Nevada joint venture operated and majority owned by Barrick. Newmont is in the early stages of assessing potential deal structures to secure full control of the assets.
JP Morgan strengthens business services team with senior hires. ( Reuters)
JP Morgan has recruited three senior investment bankers from Deutsche Bank and Goldman Sachs to bolster its team serving the business services sector, as part of a broader effort to significantly boost fee revenue.
John Richert, JP Morgan’s head of mid-cap investment banking, said the firm aims to increase the business services group’s revenue fivefold to $500m within three to five years. He added that hiring efforts are expected to continue at a similar pace to support this ambitious growth target.
OMERS scales back Asia private equity operations. ( Bloomberg)
Ontario Municipal Employees Retirement System is winding down its Asia buyout team as part of a broader strategic reassessment within its private equity division.
The Singapore-based group, which comprises only a few members, will be disbanded by December 31.
EMEA
Piper Sandler, an investment bank, agreed to acquire MENA Growth Partners, a merchant bank, according to press releases. Financial terms were not disclosed.
MENA is advised by TMF Group and Charles Russell Speechlys. Piper Sandler is advised by Al Tamimi & Company, according to press releases.
Angola makes bid for majority stake in De Beers, challenging Botswana. ( Reuters)
Angola has submitted a bid to acquire a majority stake in De Beers, the diamond unit of Anglo American. The move sets up a potential rivalry with neighbouring Botswana, which is also vying for control of the iconic diamond producer.
De Beers, one of the world’s largest and most influential diamond companies, operates across Botswana, Namibia, South Africa, and Canada, making any change in ownership significant for the global diamond market.
SNB exits Rio Tinto amid broader move away from extractive industries. ( Reuters)
The Swiss National Bank has sold its entire stake in Anglo-Australian miner Rio Tinto, marking another step in its recent series of divestments from companies involved in extractive sectors.
Unsere SNB, a coalition of environmental groups representing around 200 SNB shareholders, said the central bank disposed of all 3.8m Rio Tinto shares—valued at roughly $227m—between June 2 and July 21.
TotalEnergies explores partial sale of German battery storage assets. ( Bloomberg)
TotalEnergies is weighing the sale of about a 50% stake in a portfolio of battery storage systems in Germany, as the French energy giant seeks to enhance returns on its growing power investments.
Terna weighs minority stake sale to fund network upgrades and cut debt. ( Bloomberg)
Terna is exploring options that include selling a minority stake in Italy’s electricity grid as it looks to finance new projects and lower its debt.
The state-controlled energy operator is assessing funding strategies to support an ambitious investment plan focused on modernising and strengthening the country’s power network. The review could result in Terna partnering with a financial investor.
Canal+ explores full takeover of Africa’s Showmax platform. ( Bloomberg)
Canal+ is considering acquiring Comcast’s remaining stake in African streaming service Showmax, as the French media group seeks to strengthen its position on the continent.
The company is working with advisers on a potential deal to buy Comcast’s 30% share in Showmax, Africa’s largest streaming platform. The remaining stake is owned by MultiChoice Group, which is controlled by Canal+.
FCA considers streamlining the London IPO process to enhance market competitiveness. ( Bloomberg)
The UK’s Financial Conduct Authority is in preliminary talks to revise its listing rules, aiming to shorten the time companies need to go public by about a week. The move is part of a broader effort to strengthen London’s position as a leading capital markets hub.
The regulator is weighing the removal of its two-stage filing system, which some critics argue makes London IPOs more vulnerable to market volatility compared to other European exchanges. The FCA has yet to set a timeline for the potential reform, and there is no guarantee the proposal will move forward.
APAC
TPG-backed Altimetrik, an AI, data and digital engineering solutions company, completed the acquisition of SLK Software, a technology services firm focused on delivering AI, intelligence automation and analytics solutions, according to press releases. Financial terms were not disclosed.
SLK Software was advised by Avendus and Khaitan & Co (led by Aravind Venugopal and Hardik Bhatia). Altimetrik was advised by Ernst & Young, Paul Weiss Rifkind Wharton & Garrison (led by Annie Herdman) and Gregory FCA (led by Matt McLoughlin), according to MergerLinks data and press releases.
Chugai Pharmaceutical, a research-based pharmaceutical company, agreed to acquire Renalys Pharma, a late-stage clinical biopharmaceutical company, for JPY31bn ($203m), according to press releases.
Kirin puts Kentucky bourbon brand Four Roses up for sale. ( FT)
Japanese brewer Kirin is seeking to sell its Kentucky bourbon brand Four Roses for $1bn.
The company has been working with UBS advisers to gauge interest from potential buyers over the past few weeks, with first-round bids expected as early as next month.
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