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AMERICAS
Microsoft's $69bn Activision Blizzard acquisition got a new chance at winning approval from UK regulators after the tech giant submitted a substantially different deal to the country's antitrust watchdog, Bloomberg reported.
In a rare move, the Competition and Markets Authority will open a new deal probe after Microsoft said it would give Ubisoft Entertainment rights to distribute Activision games, potentially easing concerns over its dominance in the cloud gaming market. The CMA has set a statutory deadline of October 18 for the phase-one probe.
Maritime Partners, a maritime financing solutions provider, agreed to acquire ATHC, a nine handysize products tankers and one handysize shuttle tanker owner, from AMSC, a Norwegian-American shipping and shipyard company, for $747m.
"We are thrilled to acquire AMSC's Jones Act business which is a natural fit for our platform and consistent with our investment strategy. The acquired vessels are critical long-lived assets engaged in the transportation of non-discretionary cargo throughout the United States. The vessels are employed on long-term bareboat charters with two strong counterparties. This acquisition will nicely complement our existing lease portfolio by diversifying lessee exposure, asset exposure and end market exposure within the protected Jones Act markets," Bick Brooks, Maritime Partners Co-Founder and CEO.
Maritime Partners is advised by Deutsche Bank, Reed Smith, Wikborg Rein and Ernst & Young. AMSC is advised by Pareto Securities, BAHR and Blank Rome.
General Atlantic, a global growth investing firm, completed the investment in Flint Group, a home services company. Financial terms were not disclosed.
"We established Flint Group with a philosophy of partnering with strong brands, building great teams, and delivering superior services to residents across the country. We are proud of what we've achieved in our first four years, and we believe there is substantial opportunity to accelerate our growth into new markets while continuing to invest in our team and technology," Collin Hathaway, Flint Group Founder and Chairman.
Flint Group was advised by Jefferies & Company and Dorsey & Whitney. General Atlantic was advised by William Blair & Co and Paul Weiss Rifkind Wharton & Garrison (led by Neil Goldman and Samuel J. Welt).
HIG Capital, a global alternative investment firm, agreed to acquire a majority stake in Ascent Global Logistics, a provider of technology-enabled, expedited logistics and supply chain solution services, from Elliott, an investment management firm. Financial terms were not disclosed.
"Ascent is the preeminent provider of time-critical logistics services and is uniquely positioned to meet the increasing complexity within global supply chains. We are excited to support Ascent's growth strategy of investing in technology, broadening its unique capabilities, expanding its global reach, and enhancing its strategic carrier network through organic initiatives and acquisitions," Rob Jang, HIG Managing Director.
Ascent is advised by Debevoise & Plimpton. HIG is advised by Wofford Advisors and Latham & Watkins.
MACOM, a supplier of semiconductor products, agreed to acquire the RF Business of Wolfspeed, a developer and manufacturer of wide-bandgap semiconductors, for $125m.
"We are excited to acquire Wolfspeed's RF Business and look forward to welcoming its employees to MACOM. The RF team's engineering capabilities, technology and products are a perfect fit with MACOM and our strategy," Stephen G. Daly, MACOM President and CEO.
Wolfspeed is advised by JP Morgan and Smith Anderson.
Francisco Partners, a global investment firm, agreed to acquire certain assets of The Weather Company, a weather forecasting and information technology company, from IBM, a provider of global hybrid cloud and AI, and consulting expertise. Financial terms were not disclosed.
"Amid the growing volatility of weather, The Weather Company's unique set of consumer, media, and industry-specific products provide mission critical, data-driven weather insights to individuals and businesses around the world. We are excited to partner with the management team to grow The Weather Company's robust portfolio of technology offerings and deliver a great product experience for its customers," Alan Ni, Francisco Partners Partner.
Insigneo, a global wealth management firm, agreed to acquire the Latin American brokerage and investment operations of PNC, a financial services corporation. Financial terms were not disclosed.
"The acquisition of PNC's Latin American brokerage and investment operations further cements Insigneo's position in the Americas as a leader in international wealth management. We are committed to the region with our strategy of empowering investment professionals to deliver excellent service and compelling investment strategies and solutions to clients globally," Raul Henriquez, Insigneo Chairman and CEO.
Wescom Credit Union, a credit union and financial services company, agreed to merge with Central Coast Federal Credit Union, a financial cooperative. Financial terms were not disclosed.
"Given our commitment to delivering innovative products and services, the value we are able to pass to our membership through better rates, lower fees, robust access channels, and our unwavering focus on member service, we believe that we have the ability to expand our reach with this merger and build better lives for more Californians. Pending regulatory approval and a vote from the CCFCU membership, we believe this is a perfect union and will benefit our combined 240k members, soon to be nearly 900 team members, and the communities we serve," Darren Williams, Wescom President and CEO.
Wescom is advised by Grail.
Redbrick, a portfolio of disruptive digital companies, completed the acquisition of Animoto, a video creation software. Financial terms were not disclosed.
"By acquiring Animoto, we're making Redbrick's portfolio stronger and more diverse. This acquisition means we've reached $100m in annualized revenue and 200 team members. Animoto's role in Redbrick is really important as it allows digital entrepreneurs to tap into the power of video which is the fastest-growing way to reach people online," Tobyn Sowden, Redbrick CEO.
Animoto was advised by Talk Shop Media.
Cressey & Company, a private investment firm, completed the acquisition of HealthDrive, a multi-specialty clinical services provider, from Bain Capital Double Impact, a global private investment firm. Financial terms were not disclosed.
"We are pleased to partner with Dan and the entire HealthDrive team as they help their facility partners provide best-in-class preventative care that delivers better health outcomes and keeps residents healthy and out of the hospital. We see a great opportunity for HealthDrive to continue expanding access to its comprehensive offering of complementary clinical services that improves residents' quality of life and creating opportunities for innovation in partnership with facilities," Steve Dildine, Cressey & Company Partner.
HealthDrive was advised by Harris Williams & Co.
Coinbase, a cryptocurrency exchange platform, agreed to invest in Circle, a peer-to-peer payments technology company. Financial terms were not disclosed.
"We believe that stablecoins can advance the real-world utility of crypto and help make the global financial system more open and inclusive. Together, we look forward to unlocking additional value by growing the USDC ecosystem, circulation and global adoption," Coinbase.
Subway nears $9.6bn sale to Arby's owner Roark. (FS)
Roark Capital, which owns restaurants Arby's and Buffalo Wild Wings, is nearing a deal to buy sandwich chain Subway for about $9.6bn. A deal could be finalized this week, Reuters reported.
Earlier this month private equity firms TDR Capital and Sycamore Partners were in talks to team up in their pursuit to acquire Subway, which in February said it was exploring a possible sale of its business.
SoftBank turns a profit on first sales of Latin America stakes.
SoftBank is selling some of its investments in Latin America for the first time, turning a profit on the holdings even though startups in the region have been shut out of the market for initial public offerings, Bloomberg reported.
The Japanese company is among the sellers of Pismo, a Brazilian financial-technology firm that Visa agreed to acquire for $1bn in a deal announced in June. With the transaction, expected to be completed by the end of the year, SoftBank more than doubled its initial investment in Pismo in 18 months. The internal rate of return, a measure of profitability, was 54%.
Vesey Street Capital Partners completed the sale of QualityMetric. (FS)
Vesey Street Capital Partners, a private equity firm, completed the full sale of portfolio company, QualityMetric, a developer of patient-reported outcomes and clinical outcomes assessment products intended for healthcare and life sciences companies.
"We have been honored to partner with this great organization. Gus and his team have delivered notable growth and success in our time together," Adam Feinstein, VSCP Managing Partner. "We truly believe in the mission of QM and wish them well in their future as they drive the important goal of greater patient-centered solutions in health and pharmaceutical innovation," Larry Marsh, VSCP Investment Partner.
Vesey Street was advised by Piper Sandler and Kirkland & Ellis.
EMEA
NaaS Technology, an EV charging service company, agreed to acquire Charge Amps, an EV charging solutions provider, for $66m.
"We are very pleased to welcome the Charge Amps brand and team into the NaaS platform, marking an important milestone as we continue to expand into the international market. We are very optimistic about the prospects of EV penetration in Europe and the overall charging service capacity. We are confident that we can work with the Charge Amps team to further strengthen its leading position in the EV charging space. We have also developed an integration plan that will see new products launched through the Charge Amps channels. I firmly believe this acquisition will bring value to our shareholders," Alex Wu, NaaS Co-Founder, President and CFO.
Charge Amps is advised by ABG Sundal Collier. NaaS is advised by Houlihan Lokey.
Fidelity International weighs sale of €35bn fund platform. (FS)
Fidelity International is working with investment bank Rothschild to find potential buyers for its fund platform in Germany, Bloomberg reported.
The platform, FIL Fondsbank, could attract interest from market infrastructure companies and private equity funds. The business provides access to thousands of fund products for independent financial advisers, banks and asset managers in Germany and Austria.
Equinor is exploring sale of $1bn Azerbaijan assets.
Equinor is exploring the sale of its operations in Azerbaijan, including a stake in the country's largest oil project, Bloomberg reported.
The Norwegian energy company is working with Jefferies Financial Group to gauge buyer interest in the assets, which includes a 7.27% interest in the large Azeri-Chirag-Gunashli field. A deal could value the assets at about $1bn.
Continental considers sell-off of ContiTech car business.
German auto parts supplier Continental is considering the sale of the car division currently bundled within ContiTech, Reuters reported.
The possible sale would be part of a wider reorganisation of the company being planned by Supervisory Board Chairman Wolfgang Reitzle and the executive board around CEO Nikolai Setzer.
Lukoil seeks to buy back shares from foreign investors.
Russia's second-largest oil producer Lukoil aims to buy out as much as 25% of its shares from foreign investors, using funds accumulated on its bank accounts abroad, Bloomberg reported.
The producer, which has submitted the buyback request to Russian authorities, aims to purchase the shares, including depositary receipts, at a discount of at least 50%.
SoftBank-backed chip designer Arm reveals filing for blockbuster US IPO. (FS)
SoftBank Group-backed Arm's annual revenue dropped 1% due to a slowdown in smartphone sales, the chip designer disclosed in its paperwork for a US initial public offering that is expected to be the largest listing of the year, Reuters reported.
Its stock market launch is expected to bring back to life a lackluster IPO market, which has over the last year seen many high-profile startups put off their listing plans due to market volatility.
Africa's $3bn payment startup Flutterwave presses ahead with IPO plans.
Flutterwave, Africa's largest startup, is pressing ahead with plans for an initial public offering after making headway in resolving allegations of financial impropriety in Kenya so that it can access more and bigger international partners, Bloomberg reported.
Olugbenga Agboola, who is also a Co-Founder of the pan-African payments company, brushed aside accusations that it had refused to honor former employees' stock rights and that staff were harassed and bullied, saying these were "very, very isolated," cases and they wouldn't affect the planned share sale. The company has won approval for the first step in securing the right to operate in Kenya, a key African market.
APAC
Gold miner Newmont said it has received clearance from Australia's competition regulator to proceed with its proposed AUD26.2bn ($16.8bn) takeover of Newcrest Mining, Reuters reported.
If the deal goes through, Newcrest shareholders would receive 0.400 Newmont share for each share, with an implied value of AUD29.27 ($18.75) a share. Newcrest in said it would back the takeover offer in what would be the third-largest deal ever involving an Australian company.
Newcrest is advised by Gresham, JP Morgan, Cravath Swaine & Moore, Herbert Smith Freehills (led by Rodd Levy) and McCarthy Tetrault (led by Shea T. Small and Eva Bellissimo). Newmont is advised by BMO Capital Markets, Bank of America, Centerview Partners, Lazard, King & Wood Mallesons, Joele Frank (led by Scott Bisang and Daniel Katcher) and White & Case (led by Gregory Pryor, Kristen Rohr, Laura Sizemore and David Johansen). Financial advisors are advised by Cleary Gottlieb Steen & Hamilton (led by Paul Shim) and Weil Gotshal and Manges (led by Michael J. Aiello).
CEVA Logistics, a third-party logistics company, agreed to acquire a 96% stake in Stellar Value Chain Solutions, a supply chain ecosystem provider, from Warburg Pincus, a private equity firm. Financial terms were not disclosed.
"With the addition of Stellar VCS, we will continue our strategic growth with the goal of becoming a Top 5 global logistics player. We are expanding into more key market segments and boosting our presence in this strategic country. Stellar has an important network of contract logistics facilities across India and a top roster of customers. Bringing on their expertise and footprint in India is a major step forward for CEVA Logistics," Mathieu Friedberg, CEVA Logistics CEO.
Stellar Value Chain Solutions is advised by Rothschild & Co.
Thailand's KBank in talks to buy Vietnam lender in up to $1bn deal.
Thailand's second-biggest lender Kasikornbank is in talks to buy consumer finance provider Home Credit Vietnam in a deal of up to $1bn that would further its push to expand in Vietnam, Reuters reported.
The Bangkok-based lender, also called KBank, hopes to become one of Vietnam's top 20 banks in terms of assets by 2027. It has total assets worth $119.7bn, second only to Bangkok Bank in Thailand.
Indonesia's Pertamina Geothermal mulls partnership with Kenyan firms.
Pertamina Geothermal Energy, a unit of Indonesian state energy firm Pertamina, has signed initial agreements with two Kenyan companies to explore partnerships in geothermal power projects, DealStreetAsia reported.
PGE signed a memorandum of understanding with Geothermal Development Company to explore a partnership that could be worth $1.5bn, and a separate MoU with Africa Geothermal International No. 1 for a potentially $700m deal.
Chinese commercial rocket maker OrienSpace could be valued at $823m in new fundraising.
Chinese commercial rocket developer OrienSpace is set to be valued at about CNY6bn ($823m) in a new fundraising exercise ahead of capital injection, DealStreetAsia reported.
One of China's emerging privately-owned rocket startups, OrienSpace is looking to raise roughly CNY600m to CNY800m ($82m to $110m).
China's Hengli to wind up Singapore trade JV with Sinochem.
Privately controlled Chinese refining and petrochemical manufacturer Hengli said that Sinochem and itself were winding up their Singapore-based joint venture Hengli Oilchem due to business and strategic considerations, DealStreetAsia reported.
Hengli Oilchem, the joint venture between Hengli and China's state-run Sinochem, began a voluntary liquidation following shareholders' decision.
HK real estate manager ESR launches largest MB income fund worth $1.3bn. (FS)
ESR, APAC's largest real asset manager, has established a CNY10bn ($1.3bn) RMB Income Fund, its largest to date, in partnership with a leading insurance company in China, DealStreetAsia reported.
The fund will be seeded with a prime logistics portfolio of CNY2.3bn ($317m), total gross floor area over 350k sq m, from ESR's balance sheet, and the transaction is expected to be closed in the second half of this year.
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