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AMERICAS
KPS Capital Partners, an American investment company, agreed to acquire a 49.7% stake in Primient, a food and industrial ingredients producer, from Tate & Lyle, a food and beverage products supplier, for $350m.
"Primient's performance has exceeded our expectations, and this second investment represents KPS' continued commitment to Primient, its customers and employees. Under our ownership, Primient will continue to modernize its operations, supporting growth initiatives and industry-leading sustainability practices. We intend to make further strategic investments to strengthen Primient's role within the corn wet milling industry and the broader bioeconomy," Michael Psaros, KPS Capital Partners Co-Founder and Co-Managing Partner.
KPS Capital Partners is advised by Evercore and Paul Weiss Rifkind Wharton & Garrison (led by Angelo Bonvino and Cullen Sinclair). Tate & Lyle is advised by FTI Consulting (led by Nick Hasell), Linklaters and Citigroup. Debt financing is provided by Barclays.
MidOcean Partners, a New York-based alternative asset manager, completed the investment in GridHawk, a damage prevention services provider. Financial terms were not disclosed.
“Having followed GridHawk for some time as part of our utility services investment thematic, we have been consistently impressed with the Company’s leadership team and differentiated service model. Their understanding of customer pain points and crisp execution ability position them well to be the provider of choice in the future,” Eric Roth, MidOcean Partners Managing Director.
MidOcean Partners was advised by Gasthalter & Co (led by Amanda Shpiner). GridHawk was advised by Solomon Partners. Debt financing was provided by BMO Capital Markets.
Merck-backed MilliporeSigma, a life sciences company, agreed to acquire Mirus Bio, a transfection reagents, electroporation solutions and related products company, from KKR-backed Gamma Biosciences, a life sciences tools platform, for $600m.
“We have been driving innovation in nucleic acid delivery for two decades. MilliporeSigma’s broad portfolio, scale, and global reach, combined with our leading transfection reagents, will help take our business to even greater heights and allow us to serve more customers, and ultimately patients, worldwide,” Dale Gordon, Mirus Bio CEO.
Gamma Biosciences is advised by Jefferies & Company and Sidley Austin. KKR is advised by FGS Global (led by Alastair Elwen).
MPM BioImpact-backed Orna Therapeutics, a biotechnology company that specializes in fully engineered circular RNA therapeutics to treat various diseases, agreed to acquire ReNAgade Therapeutics, a biotechnology company that focuses on the potential of RNA therapeutics to treat disease. Financial terms were not disclosed.
"RNA-centric approaches are poised to eclipse traditional cell therapy-based methods and reshape the future of medicine. This strategic acquisition unifies Orna's and ReNAgade's strengths and capabilities under one roof, expanding technological synergies and multiplying the companies' depth and breadth of expertise to drive a unique RNA therapeutic-focused R&D engine. Orna will now advance an industry-leading approach combining the Company's circular RNA expression technology with ReNAgade's broad portfolio of LNP-based RNA delivery systems and comprehensive editing programs to solve the most pressing challenges in drug development," Amit D. Munshi, ReNAgade CEO.
Axis Insurance, an insurance company, completed the acquisition of Magnes Group, an insurance brokerage company. Financial terms were not disclosed.
“We are thrilled to see the fulfillment of a vision established nine years ago with Axis. Combining the Magnes and Axis teams will provide our professionals with the enhanced resources and expertise to continue to ensure the best results for our clients,” Andy Sloan, Magnes President and CEO.
Resource Label Group, a label and packaging solutions provider, completed the acquisition of Beyer Graphics, a packaging design company. Financial terms were not disclosed.
“We are thrilled to welcome the talented team at Beyer Graphics to the RLG family. This addition significantly strengthens our fast-growing RLG Healthcare business and reinforces our commitment to meeting the needs of our pharmaceutical and healthcare customers,” Mike Apperson, Resource Label Group President and CEO.
Vulcan says it's unaware of a $2bn Mexican offer for assets.
Vulcan Materials rejected a Mexican government offer to purchase its Caribbean coast assets for $2bn. Still, the US company said it wasn't aware of such a proposal, Bloomberg reported.
President Andres Manuel Lopez Obrador announced the apparently sweetened price on May 22 morning, saying the state hasn't expropriated the property but that the Vulcan plant is merely "closed".
Firefly Aerospace backers explore $1.5bn sale. (FS)
Firefly Aerospace investors are considering a sale that could value the closely held rocket and moon lander maker at about $1.5bn, Bloomberg reported.
Backers, which include US private equity firm AE Industrial Partners, are working with an adviser on strategic options for Firefly.
Petrobras scraps plan to sell five more of its oil refineries.
Petroleo Brasileiro reached a deal with Brazil's antitrust watchdog to keep oil refineries it hasn't already sold as the company gears up to expand its facilities, Bloomberg reported.
Petrobras said that it renegotiated a 2019 agreement with Cade, the watchdog, to sell eight refineries. The company has already sold three plants, but the others have been removed from its divestment plan.
Brazil's Suzano confirms interest in International Paper assets.
Suzano, the world's largest pulp producer, confirmed its interest in buying US packaging giant International Paper's assets, Bloomberg reported.
However, Suzano has clarified that there is currently no agreement, binding or otherwise, nor any decision or deliberation by company management that would qualify as a material fact.
EMEA
Shareholders in BHP Group say they see the world's largest miner moving one step closer to a $49bn takeover, after Anglo American rejected a third approach but agreed to talks and granted its suitor an extra week to commit to a binding bid, Bloomberg reported.
As a deadline approached on May 22, BHP again sweetened its all-share proposal — but stopped short of altering a structure that would oblige the target to spin off its South African iron ore and platinum businesses before the remainder is bought up.
Stoneweg, a real estate investment firm, agreed to acquire a European fund management platform from Cromwell Property Group, a commercial real estate investment and management company, for €280m ($303m).
“This milestone transaction immediately creates a pan-European real estate asset management platform of scale and continues our strong track record of successful transactions to deliver value for our investors. It successfully brings together two highly complementary businesses with a shared conviction in the compelling structural, demographic and technological drivers underpinning select real estate asset classes in Europe," Jaume Sabater, Stoneweg Founder & CEO.
Stoneweg is advised by CBH Bank and FTI Consulting. Cromwell Property Group is advised by Citigroup, UBS and Linklaters.
UL Solutions, a provider of testing, inspection and certification services, together with software products and advisory offerings, completed the acquisition of BatterieIngenieure, a battery testing company with expertise in specialized performance testing of cell, small modules and battery systems. Financial terms were not disclosed.
"The global transition to sustainable energy has increased demand for expertise in battery performance and safety testing. This acquisition expands our capabilities and allows us to meet our customers where they are, creating new business opportunities as we pursue our mission of working for a safer world," Jennifer Scanlon, UL Solutions President and CEO.
Deutsche Bahn gathers bids for a $16bn logistics arm. (FS)
Deutsche Bahn has received a handful of confirmatory bids for its DB Schenker logistics unit, which could fetch more than €15bn ($16bn) in one of Europe's largest deals this year, Bloomberg reported.
A consortium led by CVC Capital Partners and Carlyle Group submitted an offer valuing the business at around €14bn ($15.18bn). The private equity firms have been in talks to team up with the Abu Dhabi Investment Authority and Singapore wealth fund GIC.
Hargreaves Lansdown rebuffs £5bn offer from CVC, ADIA. (FS)
Hargreaves Lansdown has rebuffed a £4.7bn ($6bn) offer for the investment platform from a group of private equity buyers including an Abu Dhabi sovereign wealth fund, saying it undervalues the firm, Bloomberg reported.
CVC Capital Partners, Nordic Capital and Platinum Ivy — a subsidiary of Abu Dhabi Investment Authority — approached the UK firm's board on April 26 with an offer of £9.85 ($12.54) per share.
Billionaire Xavier Niel weighs potential buyout bid for Millicom.
Billionaire Xavier Niel is exploring a bid to buy out other shareholders of Millicom International Cellular that would value the Latin American carrier at about $4.1bn, Bloomberg reported.
Niel's holding company, Atlas Investissement, is in the preliminary stages of considering a potential all-cash tender offer for Millicom. It's exploring financing options to support an offer price of $24 per Millicom common share.
TE Connectivity mulls $2bn sale of medical unit.
TE Connectivity, which designs and builds electronic components, is considering options for its medical contract manufacturing business, including a sale that could value the operations at more than $2bn, Bloomberg reported.
The Schaffhausen, Switzerland-based company is working with an adviser to run an auction process for the business, which makes products including speciality needles and metal tubing for the medical industry.
Lagardere says it is closing in on the sale of Paris Match magazine to LVMH.
French media and business conglomerate Lagardere said on May 23 that it is moving closer to a sale of its Paris Match magazine to luxury goods giant LVMH on an enterprise value price tag of €120m ($130m), Reuters reported.
During a recent board meeting, Lagardere announced the satisfactory progress of the exclusive discussions initiated with the LVMH group on February 27, following the offer received for Paris Match magazine, and authorised the signature of a preliminary memorandum of understanding and the continuation of exclusive negotiations.
Eni weighing 20% stake sale in its Enilive biorefining unit.
Italian energy major Eni is studying the sale of a 20% stake in its Enilive biorefining unit after receiving expressions of interest from potential suitors, Bloomberg reported.
The company is working with Mediobanca and JP Morgan and values the entire business at about €10bn ($10.8bn).
Iberdrola weighs $1.8bn sale of US renewable assets.
Iberdrola is looking for an investor to buy a stake in a portfolio of US renewable-energy assets for as much as $1.8bn, Bloomberg reported.
The Spanish energy giant is working with Bank of America to sell a 50% stake in a portfolio with 700 megawatts in projects under construction. The company estimates it can raise between $1.6bn to $1.8bn with the sale.
UK's National Grid seeks buyer for Europe's biggest LNG terminal.
British energy infrastructure operator National Grid said on May 23 that it is looking to sell its Grain liquefied natural gas (LNG) terminal in Britain, Europe's largest such facility, in a bid to streamline operations, Reuters reported.
Located on the Isle of Grain in Kent, the import terminal is currently being expanded and will soon have the capacity to store and deliver enough gas to meet its target of about a third of the UK's gas demand.
Oddo BHF closes second PE secondaries fund at $775m.
Oddo BHF Asset Management's private assets team has held the final close of the second vintage of its private equity secondaries strategy with €715m ($775m) in total capital commitments, exceeding its original €500m ($542m) target.
Oddo BHF Secondaries Fund II is three times the size of the previous vehicle, which raised €240m ($260m) in 2020.
XGEN Venture announces $173m first life science fund. (FS)
XGEN Venture, a newly formed Venture Capital firm, announces its first fund, XGEN Venture Life Science Fund, with €160m ($173m) in subscriptions.
With this fund, XGEN Venture will be working alongside talented scientists and entrepreneurs to create and invest in up to 15 companies, delivering impactful solutions to patients through new therapeutics, medical devices, diagnostics and digital health solutions.
Barclays hires BofA's David King as global technology M&A head. (People)
Barclays has tapped Bank of America's David King as global head of its technology mergers and acquisitions business, Bloomberg reported.
King will be based in San Francisco and report to Ihsan Essaid, Barclays' global head of M&A. In the new role, he'll work closely with the global head of technology investment banking, Kristin Roth DeClark.
APAC
Lunit, a medical software company, completed the acquisition of Volpara Health Technologies, a health technology software for breast cancer, for $193m.
"We are thrilled to welcome Volpara into the Lunit family. Today, we take a monumental step towards revolutionizing our approach to cancer care. By combining our strengths, we are creating a formidable alliance in the industry, particularly in the US market. This merger enables us to develop and deliver innovative, life-saving solutions that meet critical needs in cancer diagnostics. While our initial focus remains on breast cancer, both Lunit and Volpara are committed to broadening our offerings to address a wider range of cancers and medical conditions. Together, we will enhance our technological capabilities and strengthen our mission to lead the global fight against cancer," Brandon Suh, Lunit CEO.
Lunit was advised by Evercore, Luminis Partners, Baker McKenzie, and Harmos Horton Lusk (led by Nathanael Starrenburg and Annie Steel) . Volpara was advised by MinterEllison and D23 Capital.
Global infra investor I Squared to invest $5bn in Asia over the next three years. (FS)
Global infrastructure investor I Squared Capital is looking to invest $5bn in the Asia Pacific from 2025 to 2027 as it seeks to tap into fast-growing sectors, including renewable energy, DealStreetAsia reported.
I Squared, which manages over $38bn of assets globally, will deploy the money from its $15bn global flagship fund and $2bn growth markets fund raised in 2022. Besides renewable energy, the company plans to focus on sectors such as digital infrastructure, transport and logistics, and environmental infrastructure.
Disney is said to sell stake in Tata's India TV platform.
Walt Disney has struck a deal to sell its minority stake in a subscription television broadcaster to Tata Group, allowing the US media giant to focus on the merger of its Indian unit with billionaire Mukesh Ambani's media arm, Bloomberg reported.
The transaction values Tata Play at about $1bn. Tata Group took full control of the TV platform after buying the 29.8% stake from Disney.
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