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AMERICAS
Mars, a family-owned, global producer of pet care, snacking and food, agreed to acquire Kellanova, a company focusing on global snacking, international cereal and noodles, North American plant-based foods and frozen breakfast foods, for $36bn.
“In welcoming Kellanova’s portfolio of growing global brands, we have a substantial opportunity for Mars to further develop a sustainable snacking business that is fit for the future. We will honor the heritage and innovation behind Kellanova’s incredible snacking and food brands while combining our respective strengths to deliver more choice and innovation to consumers and customers. We have tremendous respect for the storied legacy that Kellanova has built and look forward to welcoming the Kellanova team,” Poul Weihrauch, Mars CEO.
Mars is advised by Citi, Skadden, Arps, Slate, Meagher & Flom (led by Howard Ellin), S impson Thacher & Bartlett and FSG Global (led by Kal Goldberg). Debt financing is provided by JP Morgan and Citi. Debt providers are advised by Cravath, Swaine & Moore. Kellanova is advised by Goldman Sachs, Lazard and Kirkland & Ellis (led by Eric Schiele and Allison Wein) and Brunswick Group (led by Jayne Rosefield). Lazard is advised by Sullivan & Cromwell (led by Stephen M. Kotran).
Guardian, a life insurer and a provider of employee benefits, agreed to acquire an additional stake in HPS Investment Partners, a global credit investment firm. Financial terms were not disclosed.
"Since the inception of our partnership over two years ago, HPS has been an exemplary provider of investment solutions. Today's announcement is a natural evolution of our deep strategic relationship and an exciting development for our policyholders who will further benefit from HPS's differentiated investment capabilities at greater scale and with additional depth across credit asset classes. This reflects Guardian's commitment to continually strive for superior risk adjusted returns so we can deliver on our promises and best support the well-being of our customers, colleagues, and communities," Andrew McMahon, Guardian Chief Executive Officer and President.
HPS Investment is advised by Ardea Partners, Bank of America, Goldman Sachs, JP Morgan, Morgan Stanley, Fried Frank Harris Shriver & Jacobson and Prosek Partners (led by Mike Geller). Guardian is advised by Berkshire Global Advisors and Debevoise & Plimpton (led by William Regner).
StanCorp Financial, an insurance and financial services company, agreed to acquire employer voluntary benefits business from The Allstate Corporation, a publicly held personal lines insurers company, for $2bn.
“We see significant synergies between Allstate’s industry-leading supplemental and voluntary life products and The Standard’s expertise in workplace benefits. This transaction enhances our suite of offerings for customers of all sizes. We look forward to welcoming the talented Allstate Employer Voluntary Benefits employees to The Standard and to a mutually beneficial distribution partnership as we move forward,” Dan McMillan, The Standard President and CEO.
Allstate is advised by JP Morgan, Ardea Partners and Willkie Farr & Gallagher. StanCorp Financial is advised by Citi, and Debevoise & Plimpton (led by Nicholas Potter).
Performance Food Group, a food distributor and supplier, agreed to acquire Cheney Brothers, an independent broadline foodservice distributor, from Clayton Dubilier & Rice, a private equity company, for $2.1bn.
“Cheney Brothers will be an outstanding addition to our Foodservice segment, and we are excited to welcome their many talented associates to the PFG family of companies. This acquisition will expand and enhance our offerings to a high-quality and diverse customer base. We have long admired the success of Cheney Brothers in the Southeastern US and believe that the combination of our organizations will push the business to new heights. We are excited for what the future holds for the newest addition to PFG," George Holm, PFG Chairman & CEO.
Cheney Brothers is advised by Morgan Stanley and Davis Polk & Wardwell (led by Louis L. Goldberg). Performance Food is advised by JP Morgan and Skadden Arps Slate Meagher & Flom (led by Micah Kegley). Clayton Dubilier & Rice is advised by Debevoise &Plimpton (led by Kevin M. Schmidt and Spencer Gilbert).
Gauge Capital, a private equity firm, completed the investment in AGT Robotics, a provider of robotic welding solutions for the structural steel and heavy metal fabrication industry. Financial terms were not disclosed.
“We are thrilled to welcome Gauge Capital to the AGT family. The team and I are confident that our partnership will help facilitate our company's growth, turning our long-term vision into reality while continuing to pursue our mission to deliver world-class products to our highly satisfied clients. As a renowned and globally respected investor, Gauge Capital will support us in reaching our full potential and growth objectives financially, as well as help position the company strategically on the global scale. We are all extremely excited to begin this collaboration with our new partner," Éric Bélanger, AGT Founder and President.
Gauge Capital was advised by Drake Star Partners (led by Steven Dana), Blake Cassels & Graydon and Ropes & Gray (led by Matt Richards).
Trading Technologies, a capital markets technology platform provider, completed the acquisition of Abel Noser, a provider of transaction cost analysis, from Estancia Capital, a private equity firm. Financial terms were not disclosed.
“This acquisition enhances our appeal to the buy side with an offering that spans multiple asset classes which we can fortify with the wealth of anonymized data harnessed through our platform. Abel Noser’s pioneering solutions have for decades been critical to the success of buy-side participants across the globe who recognize that the ability to reliably analyze transaction costs is essential. We intend to introduce the tools into the listed derivatives space through our vast client base, build on Abel Noser’s FX TCA capabilities as we roll out our new TT FX initiative and offer the firm’s clients the full breadth of TT services available," Keith Todd, TT CEO.
Trading Technologies was advised by Ardea Partners and Foley & Lardner (led by Patrick Daugherty). Abel Noser was advised by Seward & Kissel.
EQT, a private equity firm investmenting in healthcare, consumer goods, industrial, energy, and environmental industries, agreed to acquire a majority stake in AMCS, a performance sustainability software company. Financial terms were not disclosed.
"We have followed the progress of AMCS closely for many years and have been hugely impressed by what it has achieved, establishing itself as a clear market leader and delivering continuous innovation on behalf of its customers. We strongly believe that AMCS has a fantastic opportunity to further support the circular economy and drive a greater share of recycling within the waste industry. We are very pleased to be partnering with AMCS' co-founder and CEO Jimmy Martin as well as his entire team, to deliver on an exciting shared vision for growth," Robert Maclean, EQT Partner.
AMCS is advised by William Blair & Company. Insight Partners is advised by Willkie Farr & Gallagher. EQT is advised by Arma Partners and Clifford Chance.
TA Associates-backed DigiCert, a global provider of digital trust, agreed to acquire Vercara, a purpose-built, global, cloud-based security platform, from Golden Gate Capital, an American private equity firm, and GIC, a sovereign wealth fund established by the Government of Singapore. Financial terms were not disclosed.
“The addition of Vercara into our portfolio further advances DigiCert’s goal of delivering digital trust for the real world. We believe the combination of Vercara’s talent and suite of products with DigiCert’s technology, distribution and scale will help ensure customers will get a broader set of solutions that protect them at every stage and layer of online engagement, all from a single vendor. We look forward to working with the Vercara team to continue delivering digital trust to our customers,” Amit Sinha, DigiCert CEO.
DigiCert is advised by Sidley Austin (led by Mehdi Khodadad and Mark K. Castiglia). Vercara is advised by Barclays and Paul, Weiss, Rifkind, Wharton & Garrison LLP and PAN Communications.
Tar Sands, a company that owns refining and real estate assets and minerals and mining rights located in Vernal, Utah, agreed to go public via a SPAC merger with Integrated Rail and Resources Acquisition, a blank check company. Financial terms were not disclosed.
“Today’s announcement of the Business Combination, refinery transload terminal development and operation, and commercialization marks a huge step forward towards the restart and optimization of the refinery. We have developed a very strong and talented team with deep industry expertise and experience between IRRX and Cando. We feel IRRX has created a transaction that reflects exactly what we set out to do, which was to unlock stranded or captive commodities and natural resources and get them to more distant markets using transportation optimizations and new infrastructure," Mark Michel, IRRX Chairman and CEO.
Tar Sands is advised by Holland & Hart. Integrated Rail is advised by Winston & Strawn (led by Michael J. Blankenship).
Tilray Brands, an American pharmaceutical, cannabis-lifestyle and consumer packaged goods company, agreed to acquire four craft beer breweries including Hop Valley Brewing, Terrapin Beer, Revolver Brewing, and Atwater Brewery from Molson Coors Beverage, a Canadian-American multinational drink and brewing company. Financial terms were not disclosed.
“Tilray Brands is proud to be driving the most compelling and unique growth story in the craft beer industry. With the acquisition of these four craft breweries from Molson Coors, we are marking another strategic milestone in Tilray Brands’ growth plan. Our team’s expertise in operational excellence will enable us to unlock the full potential of these brands and businesses. We are confident in our ability to drive revenue, generate cost synergies, and expand national distribution reinforcing our leadership position in craft beer resulting in tremendous growth opportunities for our global beverage business,” Irwin D. Simon, Tilray Brands Chairman and CEO.
Tilray Brands is advised by TD Securities and DLA Piper.
CPP Investments, an investment management organization, agreed to acquire a minority stake in Tallgrass Energy, an energy infrastructure company, for $843m.
"With a business strategy that combines traditional energy and decarbonization solutions, Tallgrass is an attractive investment opportunity because of its dual role in delivering against growing energy needs and increasing decarbonization opportunities. We are excited to partner with Blackstone and combine our investment and energy expertise to help support the Tallgrass team," Bill Rogers, CPP Investments Managing Director.
CPP Investments is advised by Paul Weiss Rifkind Wharton & Garrison (led by Ravi Purohit).
Serasa Experian, a provider of services for supplier management, acquisition and credit granting, fraud and validation, agreed to acquire SalaryFits, a platform that allows financial institutions to integrate their systems with payroll information of entities. Financial terms were not disclosed.
The objective of the new acquisition is to “create new business models and offers to leverage payroll loans in the country, promoting financial inclusion and fair credit”.
SalaryFits is advised by UBS.
Rheinmetall, a German automotive and arms manufacturer, agreed to acquire Loc Performance, a vehicle specialist for both military and civilian customers, for $950m.
"We are making this investment because we have a clear strategy for growth and the United States will be an important core market for us in the coming years. The acquisition of Loc Performance proves that we are consistently focussing on success in the USA and want to expand our share of the large market volume. Everything speaks in favour of this acquisition: Loc Performance is already pursuing a sustainable business model there with robust organic growth, has a highly qualified workforce and offers us significant capacity reserves for the orders we are targeting in the USA," Armin Papperger, Rheinmetall CEO.
Sapphire Ventures, an enterprise VC firm, led a $75m series D round in EliseAI, an AI company developing a conversational platform for business automation, with participation from Navitas Capital, Point72, DivcoWest Ventures, and Koch Real Estate Investments.
“Essential industries like housing and healthcare are facing serious operational challenges and financial strain. Our mission to tackle these problems authentically resonates with everyone at our company. We are committed to improving how these industries operate, making them more sustainable and accessible. We are excited to partner with the Sapphire Ventures team given their track record of working with B2B software companies to achieve extraordinary success," Minna Song, EliseAI Co-Founder and CEO.
KKR is in talks for $500m private debt to fund FGS deal. (FS)
The New York-based investment firm is buying an approximately 50% stake in FGS Global from British advertising agency WPP for $775m, in a deal announced earlier this month. This increases KKR’s stake in the business to about 80% from 30%.
Paramount to close TV studio amid restructuring.
Paramount Global is restructuring its TV-production business as part of a cost-cutting effort and what the company said were significant changes in the TV and streaming marketplaces, WSJ reported.
Paramount on August 13 said that Paramount Television Studios was shutting down at the end of the week, and that its sister TV unit—CBS Studios—would absorb the production of Paramount shows as a result of the move. CBS Studios produces content for the CBS network, Paramount+ and other platforms.
Samsonite board approves plan to pursue second listing in the US.
The board of Samsonite International has authorized the luggage maker to pursue a dual listing in the US to improve liquidity and make its shares more accessible to investors globally, Bloomberg reported.
Samsonite, which is listed in Hong Kong, said in a August 14 statement that the US is the appropriate venue based on the company’s “global footprint, growth drivers and strategic priorities.”
Hindalco may resume work on Novelis share sale next year.
Hindalco Industries, which delayed an initial public offering for Novelis, said it’s seeking a premium valuation for its US unit and any attempt to list it will take place in 2025, Bloomberg reported.
The plan to raise as much as $945m by floating Novelis, the world’s largest aluminum recycler, was postponed in June.
EMEA
Interogo, an investment group, completed the acquisition of a 12.25% stake in Q-Park, a parking infrastructure owner and operator, from KKR, an investment firm. Financial terms were not disclosed.
“We are very excited to welcome Interogo as a new long-term investor. As Q-Park continues to benefit from structural mega-trends as an energy transition enabler for urban mobility, Interogo’s commitment to sustainability and long-term value creation provides us with the ideal partner to support our strategy going forward," Frank De Moor, Q-Park CEO.
Advent International, a private equity firm that invests in business, financial services, healthcare, industrial, retail, consumer, and leisure sectors, agreed to acquire a majority stake in Syspro, a global provider of manufacturing and distribution software to enhance innovation and growth. Financial terms were not disclosed.
“It is rare to find an established business like SYSPRO with such meaningful potential for further growth. We are excited to bring Advent’s expertise in enterprise application software to support Jaco and the SYSPRO team in building a long-term global category leader,” Christian Braunfisch, Advent International Assistant Director.
CK Infrastructure, an infrastructure company with diversified investments in energy infrastructure, transportation infrastructure, water infrastructure and infrastructure related business, agreed to acquire a portfolio of wind farms in the UK from Aviva Investors, a British multinational insurance company, for £350m ($450m).
The CKI-led group will pay about £350 million ($450m) for the assets, which include 32 operating onshore wind farms located in England, Scotland and Wales. The assets, owned by Aviva Investors, have 175 megawatts in installed capacity and 137 megawatts in net attributable capacity.
CK Infrastructure is advised by Barclays. Aviva Investors is advised by Credit Agricole.
Avenue Sports Fund, a fund that provides capital solutions to a wide variety of established teams and leagues, completed the investment in Ipswich Town Football Club, a professional football club based in Ipswich, Suffolk, England. Financial terms were not disclosed.
"We are thrilled to partner with Bright Path, PSPRS and other investors to support the long-term growth of Ipswich Town. The Club has demonstrated remarkable focus and energy in its successive promotions and we welcome the opportunity to support the team and CEO Mark Ashton and the talented Ipswich Town organization to maintain the Club's momentum in the Premier League," Marc Lasry, Avenue Capital Chairman, CEO and Co-Founder.
Avenue Sports Fund was advised by Kekst CNC (led by Todd Fogarty).
Thyssenkrupp in good talks with Carlyle, KfW over warship unit sale. (FS)
Thyssenkrupp continues to be in good discussions with private equity firm Carlyle and German state lender KfW over the sale of a majority stake in its warship division, Reuters reported.
Sources told Reuters in June that Carlyle and KfW are in discussions to jointly acquire a majority in Thyssenkrupp Marine Systems.
Intel, pinched by losses, sells stake in chip designer arm.
Intel, which is slashing jobs and expenses in a bid to turn around the business, sold its holdings in chip technology creator Arm during the second quarter year, Bloomberg reported.
The company reported in a regulatory filing on August 13 that it no longer owns the 1.18m shares it held three months earlier. Based on the average price of Arm’s stock during that period — $124.34 — the sale would have raised about $147m for Intel.
RWE fails to dispel Calpine M&A speculation, shares extend losses.
RWE shares extended losses on August 14 after the group's management failed to dispel investor concerns about a report that the company could buy into a US operator of gas-fired power plants, Reuters reported.
Earlier this month, magazine PeakLoad reported that RWE was in advanced talks to buy a minority stake in US power plant operator Calpine, causing RWE shares to fall by 7% on investor concerns over the group's capital allocation and whether such a deal would fit within its green strategy.
UK's Playtech mulls sale of Italian unit to Flutter.
UK gambling technology firm Playtech said on August 14 that it is in talks with Irish betting firm Flutter Entertainment for the sale of its Italian unit Snaitech, Reuters reported.
Sky News had earlier reported that FanDuel owner Flutter was in talks to buy Snaitech, one of Italy's largest gambling companies, in a deal that could be worth £2bn ($2.57bn). Playtech's shares jumped 19% to their highest level since March 2022 on the potential deal. London-listed shares of Flutter, which reported upbeat results late on Tuesday, rose 8%.
Shein hires ex-EU official to bolster lobbying as IPO nears. (People)
Shein has enlisted a former top European Union official to bolster its lobbying efforts across the region, taking a more active stance toward potential regulatory scrutiny as it plans a stock market debut in London, Bloomberg reported.
The online fashion retailer hired former EU budget commissioner Günther Oettinger as a consultant to help it navigate the bloc’s policy environment. Shein faces a raft of issues including a debate whether to impose customs duties on cheap parcels — a potential game-changer for Shein and other low-cost online retailers like PDD’s Temu.
APAC
Perseus Mining, an Australian mining company, completed the acquisition of 13.82% stake in Predictive Discovery, a gold exploration company. Financial terms were not disclosed.
"Predictive’s Bankan Gold Project is an attractive gold development project located in a jurisdiction that has an increasing presence in the gold mining industry. We are looking forward to working with the Predictive management team and Board to help realise the potential of the Bankan Gold Project," Jeff Quartermaine, Perseus Chairman and CEO.
Perseus is advised by NWR Communications.
Tongwei, a multinational enterprise with eco-agriculture and new energy, agreed to acquire a 51% stake in Jiangsu Runergy, a solar technology company, for $700m.
The plan involves using either self-raised or borrowed funds to invest in Runergy and purchase the shares acquired by Jiangsu Yueda as well, aiming to secure at least 51% of Runergy's equity.
SKF, a global supplier of bearings, seals, mechatronics, lubrication systems, and services, agreed to acquire lubrication and flow management businesses from John Sample Group, a mining, construction and off-highway, pulp and paper, food and beverages, and transportation company. Financial terms were not disclosed.
"This acquisition is a good strategic fit as it enables us to become a significant lubrication systems player in the important ISEA region. Lubrication is an important part of SKF's portfolio of offering, enabling us to offer our customers tailored stand-alone lubrication solutions as well as improved bearing performance. As an essential part of industrial maintenance, effective lubrication management also contributes to a sustainable business and society," Thomas Fröst, SKF President.
DigitalBridge, a global digital infrastructure investment firm, agreed to acquire a 26% stake in Jtower, a Japan-based company mainly engaged in the communications infrastructure sharing business, for $163m.
Since launching in 2012, Jtower has entered capital and business tie-ups with Japan’s major carriers, which are looking to consolidate their tower networks and cut costs amid a rapidly shrinking population. The company listed on the Tokyo Stock Exchange’s startups section in 2019.
Botas, an oil and natural gas transportation and trade company, agreed to acquire floating liquefied natural gas terminal from Swan Energy, an India-based petrochemicals and textile company, for $399m.
Swan Energy is the majority owner of Triumph Offshore, the company that owns the LNG terminal in question.
KKR-led consortium starts sale process for around $3bn Philippines hospital business. (FS)
A KKR-led consortium has started the process of selling its entire stake in the largest private hospital in the Philippines in a deal that could value the business at around $3bn, WSJ reported.
The US private-equity firm is also in initial talks with minority shareholder Metro Pacific Investments, a Philippines conglomerate that was the original owner of Metro Pacific Hospital, to explore its interest in buying a stake of the healthcare provider.
China’s Hengli Group said to plan Hong Kong IPO of shipbuilding unit.
China’s Hengli Group is considering a Hong Kong initial public offering for its shipbuilding unit, Bloomberg reported.
The company is working with an adviser and may seek to raise about $100m in a share sale.
Sunda International weighing $100m to $200m Hong Kong IPO. (FS)
Guangzhou Sunda International Trading, a supplier of personal care products mainly in Africa, is considering an initial public offering in Hong Kong that could raise $100m to $200m, Bloomberg reported.
The company is working with China International Capital and Citic Securities on a first-time share sale that may take place in early 2025.
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