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AMERICAS
Squarespace, the design-driven platform helping entrepreneurs build brands and businesses online, and Permira, the global private equity firm, raised their definitive agreement deal value from $6.9bn to $7.2bn.
The revised transaction is structured as a tender offer and is conditioned on a majority of the shares held by unaffiliated stockholders tendering into the offer. The amendment was unanimously approved and recommended by a Special Committee of the Squarespace Board of Directors, composed entirely of independent and disinterested directors, and unanimously approved by the Squarespace Board of Directors. All existing rolling shareholders have agreed to roll at the revised offer price.
Progress, a provider of AI-powered infrastructure software, agreed to acquire ShareFile, a secure content collaboration, file sharing and sync software provider, from Cloud Software Group, an enterprise software company, for $875m.
“Businesses today need to enhance their effectiveness in serving customers, while continuously streamlining their operations to drive efficiency, security and compliance,” Yogesh Gupta, Progress CEO.
Progress is advised by Citigroup and DLA Piper. Cloud Software Group is advised by Barclays, Jefferies & Company and Kirkland & Ellis.
EQT, a private equity firm, agreed to acquire GeBBS Healthcare Solutions, a provider of technology enabled RCM, from ChrysCapital, an India focused investment firm, for $850m.
"Healthcare technology is a key investment theme for EQT. GeBBS has developed a robust business with a clear focus on supporting healthcare providers through industry leading solutions. We see strong alignment between GeBBS' growth ambitions and EQT's experience in creating long-term value. We look forward to supporting the team through EQT's proven value creation playbook to further accelerate GeBBS' growth momentum," Hari Gopalakrishnan, EQT Partner.
EQT is advised by Ropes & Gray, J. Sagar Associates, Deloitte, and PricewaterhouseCooper. ChrysCapital is advised by Jefferies & Company and Avendus.
Nexus Capital, an investment management services company, agreed to acquire Big Lots, an American discount retail chain. Financial terms were not disclosed.
"We are excited to have the opportunity to partner with Big Lots and help return this iconic brand to its status as America's leading extreme value retailer. The Big Lots business has incredible potential and we are confident that its greatest days are ahead," Evan Glucoft, Nexus Managing Director.
Big Lots is advised by Davis Polk & Wardwell, Guggenheim Securities, AlixPartners, A&G Real Estate Partners and Joele Frank (led by Aaron Palash). Nexus is advised by Kirkland & Ellis.
Madison Dearborn Partners, an American private equity firm specializing in leveraged buyouts of privately held or publicly traded companies, or divisions of larger companies, completed the investment in Harmonia Holdings, a provider of innovative technology solutions to the US Federal Government. Financial terms were not disclosed.
“Through our new partnership with MDP, Damon and Jon, Harmonia will have the resources to build expertise and develop leadership roles to accelerate its growth strategy, which we expect will deliver many benefits to our customers and employees. We are proud of what we have accomplished together with Marc, Anil and the rest of our colleagues at Harmonia, and we are excited to begin this new chapter of Harmonia’s growth journey," Pallabi Saboo and Jai Saboo, Harmonia CoFounders.
Madison Dearborn Partners was advised by Kirkland & Ellis, Crowell & Moring and H/Advisors Abernathy (led by Deven Anand). Harmonia was advised by KippsDeSanto and Pillsbury Winthrop Shaw Pittman.
PSG, a private equity company investing in lower middle market technology-enabled service companies primarily in North America, completed the investment in Verity IQ, a provider of IT services and IT consulting, and Campus Ivy, a provider of financial aid solutions. Fianncial terms were not disclosed.
“PSG has a deep conviction in the potential for innovative technologies to transform education, and we have been actively investing in edtech for many years. We’ve closely monitored the increasing demand for trade and vocational schools, as well as community colleges, driven by the shortage of skilled vocational workers and the rising costs of higher education, among other tailwinds,” Marco Ferrari, PSG Managing Director.
Pembina Pipeline and KKR-backed Pembina Gas Infrastructure, a provider of flexible and innovative natural gas and natural gas liquids processing, transportation and NGL service solutions, agreed to acquire midstream assets from Veren, an oil and gas company based in Calgary, for $400m.
"We are thrilled to enhance and further align our strategic partnership with Veren, a top-tier growth focused Montney and Duvernay producer. This transaction demonstrates how our collaborative approach to infrastructure solutions creates a compelling value proposition for our customers," Chris Rousch, PGI President and CEO.
Zelis owners in talks to sell stake at $17bn value. (FS)
Bain Capital and Parthenon Capital are in talks to sell a minority stake in Zelis in a transaction that could value the health-care technology company at about $17bn, Bloomberg reported.
The private equity firms are considering selling a 20% to 25% stake in Zelis. Zelis has received preliminary interest from health-insurers, a payments company, buyout firms and sovereign wealth funds.
B. Riley Financial in talks to sell Great American Group.
B. Riley Financial, an American financial services company headquartered in Los Angeles, confirmed that it is in exclusive negotiations with a global asset manager to sell its Appraisal and Valuation Services, Real Estate and Retail, Wholesale & Industrial Solutions businesses.
The proposed transaction currently values the business at a total enterprise value of approximately $380m. This business is currently carried on the company's balance sheet at a book value of approximately $35m.
Investor Daventry Group calls on Kinaxis to sell itself. (FS)
Investment firm Daventry Group has urged Kinaxis, to put itself up for sale, calling the Canadian software company a high quality asset that many buyers would pay a "healthy premium" to own, Reuters reported.
Daventry, which has been an investor in Kinaxis since March 2021, told the board of directors that years of errors have caused the supply chain management software maker to be undervalued but that new owners could repair the damage quickly.
Starboard calls on News Corp to scrap dual-class share structure. (FS)
Activist investor Starboard Value said News Corp should eliminate its dual-class share structure, saying it gives too much influence to the family of company founder Rupert Murdoch, WSJ reported.
Starboard said in a letter to shareholders that the dual-class structure wasn't in the best interest of shareholders and doesn't reflect best-in-class corporate governance practices. It cited dynamics between Chairman Emeritus Rupert Murdoch and his children, who are in the midst of a legal fight over control of the media conglomerate.
Eli Lilly names Lucas Montarce Chief Financial Officer. (People)
Eli Lilly promoted company veteran Lucas Montarce to the top finance post at the drugmaker. Previous CFO left earlier this year to take the top finance job at Alphabet, WSJ reported.
Eli Lilly on Monday said Montarce, who joined the Indianapolis company in 2001, will now serve as executive vice president, CFO and a member of its executive committee.
EMEA
Methanex, a company that supplies, distributes and markets methanol worldwide, agreed to acquire methanol business from OCI Global, a nitrogen, methanol and hydrogen producer, for $2.05bn.
“This is a unique opportunity to create value by acquiring two highly attractive North American methanol assets that will further strengthen our global production base and we expect it will be immediately accretive to free cash flow per share. The Beaumont plants benefit from access to North America’s abundant and favourably-priced supply of natural gas feedstock, and are expected to increase our global methanol production by over 20%,” Rich Sumner, Methanex President and CEO.
Methanex is advised by Deutsche Bank, RBC Capital Markets, McCarthy Tétrault, Baker McKenzie, Loyens & Loeff and Reed Smith. OCI Global is advised by Morgan Stanley and A&O Shearman.
Shares of Hostmore plunged more than 90% as the British restaurant operator dropped plans to buy TGI Fridays after its target was removed as the manager of TGIF Funding, which owns the right to collect royalties from the restaurant chain franchise, Reuters reported.
Hostmore, a UK hospitality business, failed to acquire TGI Fridays, a hospitality business that owns the American-themed casual dining brand "TGI Fridays" from TriArtisan, a private equity firm, for £177m ($221m).
Liberty Global, a British-Dutch-American multinational telecommunications company, is set to spin-off Sunrise Communications, a Swiss telecommunications provider based in Zurich.
"I am honoured to re-introduce Sunrise as a listed Swiss company and to lead the business into its exciting new future. We are confident that we have the Board of Directors, Executive team and all key capabilities needed to succeed as a standalone company. Sunrise had a strong track record as listed company before, and it is even stronger today following the successful integration with UPC. I am confident that this new company represents a compelling investment opportunity as the only pure play Swiss-listed telco, with a strong Free Cash Flow profile that will underpin an attractive shareholder return policy, including a progressive dividend distribution," André Krause, Sunrise CEO.
Liberty Global is advised by BNP Paribas, Deutsche Bank, JP Morgan and UBS.
Armen, a European investment firm focused on buying stakes in private equity houses, agreed to acquire a 16% stake in Chorus Capital, a European alternative credit manager specialised in bank risk-sharing transactions. Financial terms were not disclosed.
The transaction marks Armen’s third purchase since it was founded in 2022. Last year, it bought a stake in Rgreen Invest, which focuses on energy transition infrastructure project investment. It also acquired a minority stake in Private Corner in France.
Chorus Capital is advised by Lincoln International. Armen is advised by Ernst & Young and BNP Paribas.
GTreasury, a treasury and risk management platform provider, completed the acquisition of CashAnalytics, a cash forecasting, reporting and liquidity planning software for multinational organizations. Financial terms were not disclosed.
"GTreasury’s vision of a seamless, modular, and future-proof approach to the adoption of treasury technology is truly game-changing," Renaat Ver Eecke, GTreasury CEO.
GTreasury was advised by Clement | Peterson (led by Kyle Peterson).
Barratt Developments, one of the largest residential property development companies in the United Kingdom, Homes England, UK's housing and regeneration agency, and Lloyds Banking Group, a UK-based financial services group, formed MADE Partnership, a joint venture which will act as master developer for large scale regeneration and new garden villages across England. Financial terms were not disclosed.
The partnership brings together Barratt, the UK’s leading national sustainable housebuilder, Homes England, the Government body responsible for housebuilding and regeneration in England, and Lloyds Banking Group, one of the largest funders of the UK housing sector.
Telegraph bidders given new deadline as $131m Spectator sale looms. (FS)
The remaining bidders for The Daily Telegraph have been given a deadline for revised bids for the right-leaning newspaper as its stablemate, The Spectator magazine, clinches a £100m ($131m) sale to the hedge fund tycoon Sir Paul Marshall, SkyNews reported.
RedBird IMI, the Abu Dhabi-backed entity which was thwarted in its efforts to buy the media titles by a change in ownership law, has asked at least three parties to table second-round offers on September 27.
Evercore launches in Paris as dealmakers navigate French turmoil.
Evercore is pushing deeper into France, betting it can overcome the country's dealmaking slump and political turmoil with a raft of senior hires from rival investment banks, Bloomberg reported.
A new Paris team for the New York-based firm will number about 20 bankers by the end of the year, according to company officials, including three senior executives defecting from Lazard: Andrea Bozzi, Charles Andrez, and Charles-Henri Filippi, Lazard's former non-executive co-chair of French investment banking.
EU should allow mobile operators to merge.
The European Union should encourage more mergers in the telecommunications sector, according to a long-awaited report written by former European Central Bank President Mario Draghi on how the bloc can keep its economy competitive, Bloomberg reported.
"Facilitating consolidation in the telecoms sector is needed to deliver higher rates of investment in connectivity. The cornerstone initiative is modifying the EU's stance towards scale and consolidation of telecoms operators to deliver a true single market, without sacrificing consumer welfare and quality of service," the report, released Monday, said.
Oman's OQ said to eye $2bn from exploration unit IPO.
Oman's state energy company OQ SAOC is looking to raise about $2bn by selling shares in its exploration and production business in an initial public offering that's set to be the Gulf country's biggest on record, Bloomberg reported.
The deal would value all of OQ Exploration & Production SAOG at about $8bn. OQ plans to sell a 25% stake in OQEP, as the business is known, without disclosing details on valuation.
Castik Capital raises €2bn for new private equity fund. (FS)
Private equity firm Castik Capital raised €2bn ($2.2bn) for its latest fund, boosting its firepower to invest in European companies. Capital commitments for EPIC III exceeded the initial target of €1.75bn ($1.94bn), Bloomberg reported.
The new fund is also 60% larger than its predecessor vehicle, which closed at €1.25bn ($1.39bn) in October 2020.
Schroders’ private markets arm raises €400m for buyouts. (FS)
Schroders’s private markets arm has raised €400m ($444m) for a European buyout funds, giving it fresh capital to pursue mid-sized deals, Bloomberg reported.
The fund — Schroders Capital Private Equity Europe Direct III — received support from existing clients and new investors, spanning pension funds, insurance companies, endowments, foundations, and family offices.
APAC
Charter Hall, an Australian property development and funds management company, and Hostplus, an Australian industry superannuation fund, offered to acquire the remaining 85% stake in Hotel Property Investments, an Australian Real Estate Investment Trust with a large portfolio of freehold pubs and associated tenancies, for AUD609m ($406m).
The Board of HPI intends to formally recommend that securityholders reject the offer. HPI believes that its existing portfolio and current strategy, including its organic growth initiatives, offer significantly greater value to HPI securityholders.
HPI is advised by Bank of America, Denison Partners, Herbert Smith Freehills and Sodali & Co (led by Jim Kelly). Charter Hall is advised by Barrenjoey Capital Partners, Citigroup and Arnold Bloch Leibler.
Malaysian mini-market chain 99 Speed Mart jumps 16% on debut.
Shares of convenience-store chain 99 Speed Mart Retail rallied more than 16% on their first day of trading after what was Malaysia's biggest initial public offering in seven years, Bloomberg reported.
The stock rose to as high as $0.44 on September 9. The $531m IPO was priced at $0.38 per share, valuing the company at about $3.2bn.
Midea starts taking investor orders for up to $3.5bn Hong Kong IPO.
Midea Group started taking investor orders for its share sale in Hong Kong, which could be worth as much as $3.5bn and be the city's biggest listing in more than three years, Bloomberg reported.
The Foshan-based appliance maker is offering 492.1m shares at $6.67 to $7.03 a piece. At the low end of the marketed price range, that represents a 25% discount to the company's Shenzhen-traded shares on September 6.
GIC-backed Nium pushes back IPO plans to refocus on growth. (FS)
Singapore payments company Nium is pushing back its plans for an initial public offering in the US by more than a year, focusing on shoring up its team and growing revenue, Bloomberg reported.
Nium, now valued at $1.4bn, will be ready to go public by the end of 2026. It had previously targeted the second quarter of 2025. Nanu attributed the delay to a long search for a finance chief, saying a new leadership now in place will allow it to focus on IPO preparation.
Carlyle appoints Anuj Poddar as co-Head of Global Portfolio Solutions for Asia. (FS, People)
Carlyle has appointed Anuj Poddar to the newly created role of Co-Head of Global Portfolio Solutions for Asia, focusing on India and Southeast Asia, BW People reported.
In his role, Poddar will work closely with Carlyle Asia's country investment advisory teams, Janine Feng, Vice Chair of Carlyle Asia, who oversees value creation strategies and initiatives in Asia, as well as with Richard Elder, Global Head of GPS in the US, to help drive transformational change and performance with portfolio companies. He will be based in Mumbai.
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