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Top Highlights
Metric Capital Partners, a private capital fund manager, and UI Investissement, an investment firm, agreed to invest in Excellence Imagerie, an operator of radiology and imaging examination center, according to press releases. Financial terms were not disclosed.
Excellence Imagerie is advised by PricewaterhouseCoopers (led by Philippe Serzec), Rothschild & Co, De Pardieu Brocas Maffei (led by Cedric Chanas), Hoche Avocats (led by Marie Peyrega), Julien Sichel Avocats (led by Julien Sichel) and Veil Jourde (led by Laurent Jobert and Vincent Ramel). Metric Capital is advised by Degroof Petercam, KPMG (led by Etienne Mouchet, Albane Eglinger and Florence Olivier) and McDermott Will & Schulte (led by Gregoire Andrieux). UI Investissement is advised by Banque Populaire Val de France (led by Eric Beasse), LCL (Le Crédit Lyonnais) (led by Emilie Bosselut) and Societe Generale (led by Erkan Suer). Debt financing is provided by BNP Paribas (led by Bertrand de Mellon), La Banque Postale (led by Yoann Vitiello), Muzinich & Co (led by Alexandre Millarini) and Societe Generale (led by Laurent Petit). Debt providers are advised by Hogan Lovells (led by Sabine Bironneau-Loy) , according to press releases and MergerLinks data.
Bayview Asset Management, a global alternative investment firm, completed the acquisition of Guild Holdings Company, a growth-oriented mortgage company, from McCarthy Capital, a private equity firm, for $1.3bn, according to press releases.
Guild was advised by Morgan Stanley, Ballard Spahr, Sullivan & Cromwell (led by Andrew Gerlach) and ICR (led by Devin Broda). Morgan Stanley was advised by Ropes & Gray. Bayview Asset Management was advised by Goldman Sachs, Wells Fargo Securities, Schulte Roth & Zabel, Simpson Thacher & Bartlett (led by Lee Meyerson and Ravi Purushotham) and FGS Global, according to press releases and MergerLinks data.
Montage Gold, a Canadian company developing gold projects in Africa, agreed to acquire African Gold, an Australian exploration company focused on the development of gold projects in Cote d'Ivoire, for $170m, according to press releases.
African Gold is advised by SCP Resource Finance, Allens, and Cozen O'Connor. Montage Gold is advised by Ashurst, Cassels Brock & Blackwell, and Oakstrom Advisors (led by John Vincic), according to press releases.
Deal Round up
AMERICAS
Copper miner SolGold says it has rejected a Chinese takeover bid. ( Bloomberg)
EMEA
Deutsche Boerse in talks to buy fund-tech platform Allfunds in $6bn deal. ( WSJ)
Delivery Hero investors said to push for sale, divestments. ( Bloomberg)
NatWest is in exclusive talks to sell Cushon to Willis Towers Watson. ( Reuters)
Mercuria, Vitol are among bidders for Raizen Argentina refinery. ( Bloomberg)
Stake in the Economist draws interest as deadline nears. ( Reuters)
Saudi wealth fund closes in on investing in Leonardo business. ( Bloomberg)
Sabadell’s David Martinez resigns from board after failed BBVA bid. ( Reuters)
APAC
CIC close to selling $1bn in US private equity stakes. (Bloomberg )
Activist AVI to invest ¥38bn more in Japan small, mid caps. ( Bloomberg)
Khazanah’s UEM bids $68m to privatize asset firm Edgenta. ( Bloomberg)
Temasek eyes stake in Quest Global at $4.6bn pre-IPO price. ( Bloomberg)
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AMERICAS
Warburg Pincus, a private equity firm, agreed to acquire Raptor Technologies, a company that provides integrated safety software and services for schools, from Thoma Bravo, a private equity firm that invests in application and infrastructure software and technology-enabled services sectors, according to press releases.
Copper miner SolGold says it has rejected a Chinese takeover bid. ( Bloomberg)
Mining company SolGold, which is aiming to develop a copper mine in Ecuador, said it has rejected a second takeover offer from China’s Jiangxi Copper.
The latest bid of $0.34 per share was received on November 28, following an earlier offer rejected on November 23. SolGold shares rose as much as 17% to $0.405, after gaining nearly 30% over the previous four sessions.
EMEA
Centrica, a British multinational energy and services company, and Energy Capital Partners, a private equity firm, completed the acquisition of Grain LNG, a specialized liquefied natural gas import terminal, from National Grid, an electricity, natural gas, and clean energy delivery company, for £1.5bn ($1.98bn), according to press releases.
Centrica was advised by Santander and Slaughter & May. Energy Capital Partners was advised by Latham & Watkins (led by Beatrice Lo and David Walker) and FGS Global. National Grid was advised by Morgan Stanley, according to press releases and MergerLinks data.
Agile Robots, a provider of AI-powered robotic solutions, agreed to acquire the automation engineering business unit from thyssenkrupp, an industrial engineering and steel production company, according to press releases. Financial terms were not disclosed.
Aneo, a Nordic renewable energy company, agreed to acquire Arise, a Swedish independent renewable energy company, for SEK1.8bn ($191m), according to press releases.
Arise is advised by DNB Carnegie Investment Bank. Aneo is advised by SEB Corporate Finance (led by Svein Erik Larsen) , according to press releases and MergerLinks data.
ForteBank, the third-largest bank in Kazakhstan, completed the acquisition of a 75% stake in Home Credit Bank, a provider of banking and lending services. Financial terms were not disclosed, according to press releases.
ForteBank was advised by JP Morgan, according to MergerLinks data.
CTP, a commercial real estate developer and manager across Europe, completed the acquisition of VLD, a real estate development and investment company specialised in the industrial and logistics sector, from FBH Group, an Italian logistics company for supply chain management, warehousing and transportation of goods by road, for €241m ($279m), according to press releases.
Deutsche Boerse in talks to buy fund-tech platform Allfunds in $6bn deal. ( WSJ)
Deutsche Boerse said it is in talks with European fund-technology company Allfunds about a possible acquisition valued at around $6bn.
The German stock-exchange operator said that it has made a nonbinding offer to buy Allfunds for $10.2 a share. This would give the company an equity value of $6.13bn.
Delivery Hero investors said to push for sale, divestments. ( Bloomberg)
Delivery Hero is facing pressure from several large shareholders to conduct a strategic review as consolidation accelerates in the food-delivery industry.
Investors including Hong Kong hedge fund Aspex Management, the company’s second-largest shareholder with a stake of more than 5%, are urging management to consider selling the company or parts of its business. The pressure follows a period of weak stock performance, with Delivery Hero shares down about 50% over the past year and nearly 90% from their 2021 peak.
NatWest is in exclusive talks to sell Cushon to Willis Towers Watson. ( Reuters)
NatWest Group is in exclusive talks to sell its 85% stake in workplace pension provider Cushon to US insurance broker Willis Towers Watson, just two years after the British bank acquired the business.
Mercuria, Vitol are among bidders for Raizen Argentina refinery. ( Bloomberg)
Energy trading giants Mercuria Energy Group and Vitol Group are among the finalists to acquire a refinery and hundreds of gas stations in Argentina being sold by Raizen.
Stake in the Economist draws interest as deadline nears. ( Reuters)
The sale of a significant stake in the Economist is reaching a critical point this week, with bidders expected to submit expressions of interest for a 27% stake by November 28’s deadline.
At least a dozen parties, including wealthy individuals and media companies, have already expressed preliminary interest.
Saudi wealth fund closes in on investing in Leonardo business. ( Bloomberg)
Saudi Arabia’s sovereign wealth fund is in advanced talks to invest in Leonardo’s aerostructures unit after months of negotiations.
Under the proposed deal, the two parties would create a global unit for aerostructure operations. The discussions between the Italian defense contractor and the kingdom’s Public Investment Fund.
Sabadell’s David Martinez resigns from board after failed BBVA bid. ( Reuters)
David Martinez, Sabadell’s third-largest shareholder with a 3.86% stake, has stepped down from the Spanish bank’s board.
In September, Martinez supported BBVA’s attempted hostile takeover of the smaller bank, which ultimately failed, as it was only approved by holders of 25.47% of Sabadell’s voting rights.
APAC
General Atlantic, a global investor, completed the investment in El Jannah, a charcoal chicken brand, according to press releases. Financial terms were not disclosed.
El Jannah was advised by Morgan Stanley and Apollo Strategic Communications (led by Adam Connolly). General Atlantic was advised by Cognito (led by Scott Schuberg) , according to press releases and MergerLinks data.
CIC close to selling $1bn in US private equity stakes. ( Bloomberg)
China Investment, the nation’s $1.3tn sovereign wealth fund, is nearing the completion of a $1bn sale of US private equity stakes after a brief pause in the deal.
Paris-based Ardian is among the final bidders for the portfolio. The stakes being sold include those managed by Carlyle Group, Hellman & Friedman, and Welsh Carson Anderson & Stowe.
Activist AVI to invest ¥38bn more in Japan small, mid caps. ( Bloomberg)
AVI Japan Opportunity Trust announced that it will acquire about $243m in net assets from Fidelity Japan Trust in exchange for 110.6m new AVI Japan shares. The deal follows the two funds’ agreement to merge in August.
Khazanah’s UEM bids $68m to privatize asset firm Edgenta. ( Bloomberg)
UEM Group, the infrastructure arm of Malaysian sovereign wealth fund Khazanah Nasional, has made a MYR282m ($68m) takeover bid to privatize its asset management subsidiary UEM Edgenta through a selective capital reduction and repayment exercise.
UEM is offering MYR1.10 ($0.3) per share as a capital repayment for Edgenta shares it does not already own, valuing the unit at MYR915m ($221.3m). The group currently holds a 69.14% stake in the company.
Temasek eyes stake in Quest Global at $4.6bn pre-IPO price. ( Bloomberg)
Singapore state investor Temasek Holdings is in advanced talks to acquire a stake in Quest Global Services, in a deal that would value the engineering services firm at $4.6bn.
Temasek is looking to purchase roughly a 5% stake in Quest Global in a pre-IPO round, the sources said, speaking on condition of anonymity. Other investors may join as discussions continue and remain subject to change.
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