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AMERICAS
Merck, an American multinational pharmaceutical company, agreed to acquire Prometheus Biosciences, a clinical-stage biotechnology company, for $10.8bn.
"At Merck, we are committed to delivering on our purpose to save and improve lives and continue to identify and secure opportunities where compelling science and value creation align. The agreement with Prometheus will accelerate our growing presence in immunology where there remains substantial unmet patient need. This transaction adds diversity to our overall portfolio and is an important building block as we strengthen the sustainable innovation engine that will drive our growth well into the next decade," Robert M. Davis, Merck Chairman and CEO.
Algonquin, a diverse portfolio of renewable power generation and sustainable infrastructure assets, terminated its $2.6bn acquisition of Kentucky Power, a state rate-regulated electricity generation, distribution and transmission utility, and AEP Kentucky Transmission from American Electric Power, a public utility holding company.
"After careful consideration, and in light of the evolving macro environment, our Board of Directors and management team have determined that continuing with the rransaction is not in the best interest of the company. We therefore engaged with AEP and mutually agreed to terminate the Transaction. I would like to thank the teams who have worked tirelessly throughout this entire process. Looking forward, AQN remains supported by a high-quality asset base, a strong balance sheet, and is well-positioned to deliver sustainable, long-term growth, capitalize on the energy transition and create value for shareholders," Arun Banskota, AQN President and CEO.
Apollo Global, an American global private equity firm, agreed to invest $500m in Cengage Group, a global edtech company.
"This investment is a strong affirmation of our performance and strategy by an investor who has deep knowledge of our industry and a track record of value creation. By replacing debt with equity capital from Apollo Funds, we are meaningfully reducing outstanding debt giving us optionality to invest in our portfolio of growing businesses," Michael E. Hansen, Cengage Group CEO.
Cengage Group is advised by KKR Capital Markets and Wachtell Lipton Rosen & Katz (led by Steven A. Cohen and Alison Zieske Preiss). Apollo is advised by Apollo Global Management and Paul Weiss Rifkind Wharton & Garrison.
Prosperity Bancshares, the parent company of Prosperity Bank, received all regulatory approvals necessary to complete the $342m acquisition of First Bancshares of Texas, the parent company of FirstCapital Bank of Texas.
The merger is expected to be effective as of May 1, 2023, subject to the satisfaction or waiver of customary closing conditions described in the definitive merger agreement.
First Bancshares of Texas is advised by Stephens and Fenimore Kay Harrison & Ford. Prosperity Bancshares is advised by Bracewell (led by William Anderson and Benjamin J. Martin).
Borusan Group, a Turkish industrial group, completed the acquisition of Berg Pipe, a steel pipe manufacturer, from EUROPIPE, one of the largest manufacturers of large welded steel pipes for the global oil and gas industry, for $162m.
"Pipe manufacturing, the first industrial sector in which we operate as Borusan Holding, and its first industrial venture Borusan Mannesmann has been adding value to our country for the past 65 years. It contributes to the country's economy by way of its exports to global markets. As Türkiye's number one brand in its sector, our company has been focusing on expanding into global markets to promote sustainable growth," Erkan Kafadar, Borusan Group CEO.
Quest Diagnostics, a provider of diagnostic information services, completed the acquisition of the laboratory services business of NewYork-Presbyterian, an academic medical center. Financial terms were not disclosed.
"NewYork-Presbyterian and Quest share a belief that exceptional patient care should be accessible to all. We determined that working with Quest would be the best path – allowing our patients wider access to advanced, quality laboratory services," Steven J. Corwin, NewYork-Presbyterian Managing Director, President and CEO.
MSD Partners-backed East West Manufacturing, an integrated design, engineering, manufacturing, and distribution services partner for original equipment manufacturers and distributors throughout North America and Europe, completed the acquisition of Eastprint, a printed electronics solutions provider. Financial terms were not disclosed.
"We are thrilled to welcome Tom Bianchi and the talented Eastprint team to East West and extend our end-to-end capabilities. As a pioneer in the printed electronics, Eastprint will enable us to enter the highly attractive screen-printed electronics and human-machine interface space in a meaningful way, putting us in a strong position to accelerate growth. We look forward to supporting our customers with an even broader set of capabilities, from product inception to full-scale production on a global basis," Scott Ellyson, East West CEO and Co-Founder.
East West Manufacturing was advised by Kekst CNC (led by Todd Fogarty).
Haivision Systems announced that its board of directors has unanimously determined that the $103m unsolicited, revised non-binding expression of interest received from Evertz Technologies is not in the best interests of Haivision.
Haivision should remain focused on executing its business plan and growth strategy.
Freeport, Vale, Anglo are said to eye Teck metals operations.
Major mining companies including Freeport McMoRan, Vale and Anglo American are evaluating potential bids for a chance to purchase Teck Resources’s base metals business if the Canadian miner successfully spins out its coal assets, Bloomberg reported.
Any such bid would likely be made only if Teck gets approval from its shareholders later this month to proceed with the planned spinoff. The interest from other companies comes as Teck races against the clock to get enough shareholder support for the vote while also trying to fend off an unsolicited $23bn takeover proposal from Glencore for the entire company.
Activist investor urges Getty to partner with Meta, Microsoft to grow revenue. (FS)
Activist investor Trillium Capital said stock-photo company Getty Images Holdings should expand and create partnerships with technology firms and publishers to grow its revenue.
According to Trillium's statement, Getty should expand its partnership with Nvidia to use the chip company's image-rendering technology and collaborate with Adobe to combine their media collections, Reuters reported.
EMEA
Aliaxis, a plastic piping systems designer and manufacturer, offered to acquire Uponor, a company that sells products for drinking water delivery, radiant heating and cooling, for €1.8bn ($2bn).
"The combination of Uponor and Aliaxis would further strengthen our position as a true leader in water management solutions. We firmly believe that our proposal would be in the best interests of Uponor and its shareholders, and we look forward to engaging with the Board of Directors of Uponor to further the proposal. Our potential offer would represent a highly attractive opportunity for Uponor's shareholders to lock in a significant derisked upside despite significant headwinds, including the ongoing downturn in the residential construction markets in Europe and the US. The proposed combination would not only accelerate the growth of our complementary brand portfolios and international footprint, but it would also preserve our strong heritage in Europe and provide multiple opportunities for employees, customers and stakeholders of both Uponor and Aliaxis," Eric Olsen, Aliaxis CEO.
Aliaxis is advised by Morgan Stanley, Avance, Cleary Gottlieb Steen & Hamilton, FGS Global and Miltton.
CVC Capital and Francisco Partners, two private equity firms, offered to acquire Network International, a technology-enabled payments solutions provider, for $2.56bn.
Network said that its board had agreed to provide the CVC Capital and Francisco Partners consortium access to confirmatory due diligence.
SEGA, a multinational video game and entertainment company, offered to acquire Rovio Entertainment, a mobile game company, for €706m ($776m).
"Among the rapidly growing global gaming market, the mobile gaming market has especially high potential, and it has been SEGA's long-term goal to accelerate its expansion in this field. I feel blessed to be able to announce such a transaction with Rovio, a company that owns "Angry Birds", which is loved across the world, and home to many skilled employees that support the company's industry leading mobile game development and operating capabilities. Historically, as represented by the "Sonic the Hedgehog" series, SEGA has released countless video game titles to various gaming platforms. I am confident that, through combination of both companies' brands, characters, fanbase, as well as corporate culture and functionality, there will be significant synergies created going forward," Haruki Satomi, SEGA President and CEO.
Blackboxstocks, a financial technology and social media hybrid platform, agreed to merge with Evtec Group, a supplier of proprietary parts for electric vehicle. Financial terms were not disclosed.
"We're excited about pursuing this unique opportunity with Evtec. We believe that this transaction will provide significant and long-term value for our stockholders in the post-merger company. Blackbox will continue operations in the fintech sector as a subsidiary of the parent company and will continue executing its strategic plan in its ongoing mission to provide its users with the best trading information possible. However, we also believe that changes in the supply chain resulting from the pandemic and growing geo-political tensions are creating a unique opportunity for companies like Evtec. Evtec has the vision and resources to near-shore component manufacturing and provide its customers with long term certainty of critical parts and its shareholders with the prospect for higher returns," Gust Kepler, Blackbox CEO.
G42, an Abu Dhabi-based AI technology holding group, and Mubadala, an Abu Dhabi-based global sovereign investor, formed M42, integrated healthcare company. Financial terms were not disclosed.
"As we launch M42, we are excited to impactfully disrupt the global healthcare industry. Our vision is to transform lives through innovation by providing personalized, and precise patient care. We are confident that through our operating companies, M42 will create a future in which dedicated healthcare professionals are empowered by the latest technology to optimize patient outcomes. M42 also represents a platform for us to target international expansion and partner with global peers to solve the world's most pressing healthcare challenges," Hasan Jasem Al Nowais, M42 Group Chief Executive Officer and Managing Director.
Jupiter Aluminum, an aluminum mill, agreed to acquire Aludium, a manufacturer of aluminum flat-rolled products, from Atlas, a global asset management company. Financial terms were not disclosed.
"With this acquisition, Jupiter Aluminum is pursuing its objective to expand in Europe. Aludium's extended capabilities and experience represent an excellent opportunity to complement our existing operations and product offering in the market," Paul-Henri Chevalier, JAC CEO.
Volpi Capital-backed Asolvi, a provider of field service management software, completed the acquisition of Binary Soluciones, a software company specializing in solutions for the field service and maintenance industries with a special focus on customers in the alarm, fire and security industry. Financial terms were not disclosed.
"The acquisition of Binary is an important milestone for Asolvi and our strategy to create a more international business. It demonstrates the strategic importance of the Fire and Security sector, as well as ability to grow through acquisitions into new geographies. We warmly welcome Antonio Delgado Prieto and his team," Erik Berggren, Volpi Capital Investor.
Credit Mutuel Arkea explores stake sale in payments unit Monext. (FS)
French cooperative bank Credit Mutuel Arkea is looking to sell a stake in its subsidiary Monext, following a string of European lenders that have sought external partners for their payments businesses, Reuters reported.
The group is offering a minority holding in the unit and is working with advisers at Deutsche Bank to gauge investor interest. Private equity funds are looking at the unit. Arkea has previously partnered with Advent International and PSG Equity for two of its other financial technology ventures.
THG shares soar after retailer confirms Apollo takeover bid. (FS)
THG shares soared as much as 47% after the embattled UK online retailer received a non-binding acquisition proposal from Apollo Global Management.
The New York-based private equity business now has until May 15 to decide whether to make a firm offer. The company did not disclose the value of Apollo’s initial proposal, Bloomberg reported.
Saudi PIF unit AviLease vies for StanChart leasing arm. (FS)
AviLease, owned by Saudi Arabia’s Public Investment Fund, is among suitors competing to acquire Standard Chartered’s aviation finance unit, Bloomberg reported.
The fledgling Riyadh-based jet lessor is one of several parties that were shortlisted to proceed to the second round of bidding for the unit. Dublin-based Standard Chartered Aviation Finance manages over 230 aircraft and offers other services such as jet fuel hedging, debt financing and remarketing unneeded planes. An acquisition of the business would help AviLease rapidly gain scale and boost its presence in key leasing markets in the Middle East and other parts of the world.
Saudi Aramco's 4% stake transferred to PIF's Sanabil Investments. (FS)
A 4% stake in oil major Saudi Aramco has been transferred from state ownership to Sanabil Investments, which is wholly owned by the Saudi Arabia’s sovereign wealth fund, Crown Prince Mohammed Bin Salman said.
The state remains Aramco’s biggest shareholder, owning 90.18% of the company. Riyadh-based Sanabil is an investment company that commits approximately $3bn a year to private transactions. The transfer will solidify PIF’s strong financial position and credit rating, the crown prince’s statement said of the fund that is responsible for the bulk of projects aimed at transforming the Saudi economy to reduce its reliance on oil revenue, DealStreetAsia reported.
Barclays to cut about 100 roles in investment banking group.
Barclays is embarking on a plan to cut about 100 senior jobs across its corporate and investment bank mostly in trading as the British lender seeks to rein in costs, Bloomberg reported.
The bank has started trimming mainly managing director and director positions in London and Asian financial hubs. Banks announced almost 80k job cuts last year, the most since 2015, with the vast majority of that sum in Europe. Societe Generale and Deutsche Bank are among other European lenders who have recently cut headcount.
UniCredit appoints Viviano to top equity capital markets role. (People)
UniCredit has appointed Silvia Viviano as head of its equity capital markets business. Viviano’s new role will give her oversight of the Italian lender’s cash equity, alternative capital and strategic equity solutions businesses.
Milan-based Viviano joined UniCredit last year from JP Morgan and most recently served as the bank’s head of alternative capital markets. She will report to Luca Falco, UniCredit’s head of capital markets, Bloomberg reported.
APAC
BHP Group, an Australian multinational mining, metals and petroleum public company, announced that the Federal Court of Australia has approved its $6.4bn takeover of OZ Minerals. This development comes after significant support from OZ Minerals shareholders, making it the third-largest deal in global mining in recent months.
OZ Minerals, an Australian copper producer, will have its shares suspended from trading on the local exchange following the close of trading on Tuesday.
OZ Minerals is advised by Greenhill & Co, Macquarie Group and Gilbert + Tobin. BHP Group is advised by Citigroup and Linklaters (led by James Martin).
Wellington Management, an investment firm, led a $150m funding round in Saluda Medical, a global medical device company, with participation from Fidelity Management & Research Company, TPG, Redmile Group, Action Potential Venture Capital and T. Rowe Price Associates.
"We are very excited to add two elite healthcare investors to our shareholder base while existing investors continue to support our mission to transform patients' lives with neural sensing technology and revolutionize the field of neuromodulation. With this financing, which follows the recent presentation of our 36-month data, the decision by CMS to grant Evoke TPT payment, and our initial limited commercial release, we are more prepared than ever to fundamentally transform the neuromodulation space with our clinically proven, technologically unrivaled platform," Jim Schuermann, Saluda Medical President and CEO.
Saluda Medical was advised by Bank of America and Gilmartin Group.
Volkswagen to ride on Indonesia's EV battery ecosystem.
Volkswagen will build an electric vehicle battery ecosystem in Indonesia and will partner with miner Vale, Ford and China’s battery minerals producer Zhejiang Huayou Cobalt.
Automakers are courting Indonesia for its raw materials used in producing EV batteries, which account for about 40% of a vehicle’s sticker price, aiming to cut costs and close the gap on EV market leader Tesla, DealStreetAsia reported.
Asia Partners raises $373m so far for latest growth fund. (FS)
Southeast Asia’s technology-focused private equity firm Asia Partners has so far raised $373m for its second buyout fund and a feeder fund, DealStreetAsia reported.
The firm, launched by former Sea president Nick Nash and Naspers B2C e-commerce division’s former CEO Oliver Rippel, disclosed that Asia Partners II and its feeder fund, Icosahedron, have already secured commitments from 102 investors.
Monk's Hill Ventures closes early-stage Fund III at $200m. (FS)
Southeast Asian venture capital firm Monk’s Hill Ventures has closed its third early-stage fund at $200m, DealStreetAsia reported.
The Singapore-based VC firm had first filed with the US Securities and Exchange Commission to raise $150m for this vehicle in July 2021, indicating that it took about one-and-a-half years to close the fund but exceeded the target.
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