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AMERICAS
Biocon Biologics, a biopharmaceutical company, completed the acquisition of the biosimilar assets of Viatris, an American global healthcare company, for $3.3bn.
"This acquisition is transformational and will create a unique, fully integrated, world-leading biosimilars enterprise. Our long-standing global partnership with Viatris has enabled us to achieve many firsts, setting new benchmarks for the global biosimilars industry. This strategic combination brings together the complementary capabilities and strengths of both partners and prepares us for the next decade of value creation for all our stakeholders," Kiran Mazumdar-Shaw, Biocon Biologics Executive Chairperson.
Biocon Biologics was advised by Allegro Capital, Ernst & Young, PricewaterhouseCoopers, Goodwin Procter, Herbert Smith Freehills (led by Jamie McLaren), Krishnamurthy & Co (led by Shwetambari Rao) and Shardul Amarchand Mangaldas & Co. Viatris was advised by AlixPartners, PJT Partners, Arthur Cox, Cravath Swaine & Moore (led by Aaron Gruber), Hogan Lovells (led by Tom Brassington) and Saraf & Partners.
In the coming weeks, Microsoft will likely offer remedies to EU antitrust regulators to stave off formal objections to its $69bn bid for Activision Blizzard, "Call of Duty" maker, Reuters reported.
The US software giant and Xbox maker announced the deal in January to help it compete better with leaders Tencent and Sony. It has since then faced regulatory headwinds in the European Union, Britain, and the United States, with Sony criticizing the deal and even calling for a regulatory veto.
The deadline for the European Commission to investigate the deal is to set out a formal list of competition concerns known as a statement of objection in January. Offering remedies before such a document is issued could shorten the regulatory process.
Royal Bank of Canada, a multinational financial services company and bank in Canada, agreed to acquire HSBC Canada, a commercial bank based in Vancouver, for $10.1bn.
"This acquisition builds on our core domestic retail business and expands our international product capabilities. We look forward to welcoming HSBC Canada's talented employees after the transaction closes and supporting them as they continue to serve their clients. With strong cultural and risk alignment and a shared focus on client service, we can build together on HSBC Canada's leading international products," Neil McLaughlin, RBC Group Head of Personal & Commercial Banking.
Royal Bank of Canada is advised by Goldman Sachs, RBC Capital Markets, Allen & Overy, Blake Cassels & Graydon and Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy and Jacob A. Kling). HSBC is advised by HSBC and JP Morgan.
Novacap, a North American private equity firm, agreed to acquire All West Communications, a fiber-based provider of data, video, and voice services to residential, commercial and carrier customers. Financial terms were not disclosed.
"The continued transformation of All West into a leading broadband provider will benefit from the Novacap digital infrastructure playbook, and the prior successes of Fibrenoire, Oxford, FirstLight, Horizon and Stratus Networks. This partnership will enable All West to continue its mission of providing fast, reliable, fiber-based local Internet services to its customers, including those located in underserved communities. We look forward to accelerating the momentum of All West by expanding its footprint, enhancing its capabilities, and ensuring rapid network deployment," Ted Mocarski, Novacap Senior Partner.
All West Communications is advised by Stifel and Blackburn & Stoll. Novacap is advised by Bank Street Group and Paul Hastings.
Boston Scientific, a firm that develops, manufactures, and markets minimally invasive medical devices, agreed to acquire Apollo Endosurgery, a firm active in the healthcare sector, for $615m.
"Endoluminal surgery is an emerging field and a core focus for our Endoscopy business. We intend to expand our global capabilities in ELS with the differentiated innovation that Apollo Endosurgery offers, and we will continue to focus on procedural adoption as well as professional education in this exciting space. This acquisition also enables us to enter a new adjacency – the endobariatric market – and deliver strong, continued growth across our business," Mike Jones, Boston Scientific Senior Vice President.
Apollo Endosurgery is advised by Piper Sandler, Cooley and Darrow Associates (led by Matt Kreps).
Centerbridge Partners, a multi-strategy private investment firm, and GIC Real Estate, a real-estate arm of Singapore's sovereign wealth fund, offered to acquire the remaining 85.2% stake in INDUS Realty Trust, a US-based industrial and logistics REIT, for $562m.
Consistent with its fiduciary duties and in consultation with its financial and legal advisors, the company's Board of Directors will carefully review the proposal to determine the best path forward for the company that maximizes value for all shareholders. The Board of Directors remains confident in the company's performance, strategy, and growth prospects.
INDUS Realty Trust is advised by Morgan Stanley, Latham & Watkins and Abernathy MacGregor Group (led by Tom Johnson and Jeremy Jacobs).
H.I.G. Capital-backed Oxford Global Resources, a specialty staffing and consulting services firm, completed the acquisition of Hale International, a provider of Workday specialty staffing and consulting services in the United States. Financial terms were not disclosed.
“We are thrilled to enter into this new chapter with Oxford Global Resources. This partnership also allows Hale to further expand our presence across the USA, as well as leverage Oxford’s knowledge and infrastructure to support our ambitious growth plans. We remain committed to providing outstanding services to our customers, as well as outstanding opportunities for our consultants, and we look forward to working with Oxford to support our next phase of growth," Matthew Cox, Hale International CEO and Founder.
Hale International was advised by Azlan Advisory and Trowers & Hamlins. Oxford Global Resources was advised by Ropes & Gray.
NFP-backed Wealthspire Advisors, an independent investment adviser, agreed to acquire Sage Financial Advisors, a wealth management firm. Financial terms were not disclosed.
“We are delighted to welcome Brian Loy and the Sage team to Wealthspire. They’ve built a strong planning-first business that prioritizes the client experience and aligns with our fiduciary model. With this addition, we expand our growing presence in the West, and further reinforce our firm as a truly national RIA,” Mike LaMena, Wealthspire CEO.
Sage Financial Advisors is advised by DeVoe & Company and Hanson Bridgett. Wealthspire Advisors is advised by Ropes & Gray.
Hyatt Hotels, a hospitality company, agreed to acquire the lifestyle hotel brand and management platform from Dream Hotel Group, a hotel brand, and management company, for $300m.
"Hyatt has a proven track record of preserving what makes lifestyle hotels special and is the ideal new home for our growing Dream Hotel Group brands. As an owner of Dream Hotel Group properties, I look forward to the next part of our journey and am confident there is a bright future ahead for our hotels, owners, guests, and team members as part of the Hyatt family," Sant Singh Chatwal, Dream Hotel Group Chairman and Founder.
Hyatt Hotels is advised by Moelis & Co and Latham & Watkins.
Bionano Genomics, a life sciences instrumentation company, agreed to acquire Purigen Biosystems, an ionic purification system developer, for $64m.
"We are thrilled to welcome the Purigen team to Bionano and look forward to working together to transform the way the world sees the genome. We believe the addition of the Ionic Purification System, its ITP technology, and the Purigen team can enable Bionano to further simplify and streamline the process of DNA isolation for OGM and may also enable new applications for more sample types where low concentrations and small quantities of cells and the UHMW DNA they contain have proven to be challenging for our current solutions," Erik Holmlin, Bionano Genomics President and CEO.
Bionano Genomics is advised by Cowen & Company and Juniper Point (led by Amy Conrad).
Cargill, an international producer, and marketer of food, agricultural, financial, and industrial products, and services, agreed to acquire Owensboro Grain Company, a family-owned soybean processing facility and refinery in Owensboro. Financial terms were not disclosed.
"We are pleased to welcome Owensboro Grain Company into our Cargill family. Our two companies have tremendous operational histories, similar heritages as grain merchants, and values, including an unwavering commitment to prioritizing people ― making this a tremendous fit. Additionally, this is a significant milestone in Cargill's journey to create a connected and modernized grain experience for our customers," Leonardo Aguiar, Cargill President of North American Agricultural Supply Chain.
Canada Pension Plan Investment Board, a global investment management organization, agreed to invest C$625m ($468m) in V.Tal, a neutral fiber-to-the-home network provider in Brazil.
V.Tal currently accounts for about 14% of Brazil's fiber network and reaches nearly 20m households across the country. The company intends to expand its footprint in Brazil, a market with substantial unmet demand for high-speed connectivity.
V.Tal is advised by BTG Pactual.
3STEP Sports, a provider of white-label event and media solutions, completed the acquisition of BEST FC Soccer Club, a summer soccer camp provider. Financial terms were not disclosed.
"Our goal was never to be the biggest or the best on the field. We've always believed in quality over quantity. We treat every player like we treat our two daughters, and we take that responsibility very seriously. Paul is a teacher, a successful high school coach, and the face of the program. He's out on the field every day. It's our job to be role models for all our players, and we demand that of all our coaches," Maria Mumby, BEST FC Soccer Club Founder.
3STEP Sports was advised by Elevate Communications.
Full-Life Technologies, a fully integrated global radiotherapeutics company, agreed to acquire Focus-X Therapeutics, a company developing targeted radiopharmaceuticals to treat cancer, for $245m.
"The Focus-X acquisition perfectly leverages Full-Life's radiotechnology and development platform by adding two development-ready compounds, including a lead with initial human data, a robust pipeline, and world-class peptide discovery capabilities," Lanny Sun, Full-Life Co-Founder, Chairman and CEO.
Rule changes spur new wave of PE ownership in pro sports.
Following recent rule changes across three of the major North American professional sports leagues, rising valuations and overall strength of the asset class, private equity firms are jumping at the opportunity to hold ownership stakes in everyone’s favorite sports team. While there are only a limited pool of teams and barriers to entry are high, dealmakers are seeing true value within the assets, as reported in the latest issue of Mergers & Acquisitions.
“What began as mom-and-pop businesses worth a couple hundred million 20 years ago and were easily funded within the local community via wealthy businesspeople in town coming together to purchase or run an asset, has now become a multi-billion dollar global organization,” Drew Laurino, Dyal HomeCourt Partners Managing Director.
Transition team asks Petrobras CEO to suspend company's divestment plan.
Reuters reported that Brazil's government-elected transition team asked state-run oil company Petrobras' CEO, Caio Mario Paes de Andrade, to suspend the company's divestment plan. In that way, they would have time to decide which asset sales would go ahead in the coming years, transition team member Mauricio Tolmasquim said.
"It would be ideal to suspend everything until the new board of directors takes over," Mauricio Tolmasquim, Petrobras transition team member. He said the suspension would give some time to decide which asset sales would go ahead in the coming years.
Nestle may sell allergy unit in health-strategy U-turn.
Nestle, a food and beverage manufacturer, put its Palforzia peanut-allergy treatment up for sale only two years after buying it, as CEO Mark Schneider reverses course on one of his biggest acquisitions beyond the Swiss company's traditional food and beverage operations, Bloomberg reported.
Mark Schneider said Nestle is trying to correct mistakes quickly and aims for consistent results in the coming years, even as the market becomes more volatile. He set new targets for earnings growth and profitability through 2025.
KKR and Walgreens-backed BrightSpring withdraws IPO plans. (FS)
KKR and Walgreens-backed BrightSpring Health Services, a provider of home care services intended for elderly and disabled people, is not going through with its planned IPO, according to an S-1 filing.
The company had initially filed the paperwork for an IPO that was expected to raise close to $800m in October of 2021. Over a year later, it has decided to reverse course.
"The Registrant has determined not to proceed with the proposed initial public offering of the securities contemplated by the Registration Statement at this time. Because the proposed offering will not occur, the Registrant believes that the withdrawal of the Registration Statement is consistent with the public interest and the protection of investors, as contemplated by Rule 477(a) of the Securities Act," BrightSpring.
EMEA
Leonardo DRS, a provider of defense products and technologies, completed the merger with RADA, an Israel-based defense electronics company. Leonardo and RADA shareholders own approximately 80.5% and 19.5%, respectively, of the combined company. Financial terms were not disclosed.
"The combination of RADA's tactical radar capabilities and Leonardo DRS' strength as a premier mid-tier defense provider make the Combined Company a leader in the rapidly growing force protection market, increases our addressable market, expands international opportunities, and ultimately unlocks value for shareholders. The transaction also provides flexibility for the combined company to add capabilities in Leonardo DRS' core markets through targeted acquisitions and strategic investments as we expect to supplement strong organic growth with M&A and dividend distributions as part of our overall strategy going forward," William J. Lynn III, Leonardo DRS CEO.
Shell, an oil and chemical group, agreed to acquire Nature Energy, an operator of biogas plants, from Davidson Kempner, an investment firm, Pioneer Point, a private equity firm, and Sampension, an insurance company, for $2bn.
"Shell's competitiveness in low carbon fuels derives from capabilities across the value chain, combining a world-class Trading and Supply organization with access to differentiated technology and production assets. Acquiring Nature Energy will add a European production platform and growth pipeline to Shell's existing RNG projects in the United States. We will use this acquisition to build an integrated RNG value chain at global scale, at a time when energy transition policies and customer preferences are signaling strong growth in demand in the years ahead," Huibert Vigeveno, Shell Downstream Director.
Gland Pharma, an Indian generic injectables maker, agreed to acquire Cenexi, a French pharmaceutical firm, for €230m.
“This proposed acquisition would be Gland Pharma’s first international acquisition, and it would perfectly support our goal of deepening access into the European markets. This acquisition would help expand our global presence and further solidify our identity as an injectable focused CDMO company. Together, we see exciting synergy opportunities from leveraging our combined sterile expertise and development capabilities to expand our customer base and increase share of wallet. The acquisition will not only act as a sustainable lever for long term growth but would also establish a leading European platform to enrich our offering and increase value add to customers," Srinivas Sadu, Gland Pharma MD & CEO.
Cenexi is advised by Jefferies & Company, Natixis Partners and Dechert. Gland Pharma is advised by Clifford Chance and Cyril Amarchand Mangaldas.
The Riverside Company-backed Il Pastaio di Brescia, a manufacturer of pasta, completed the acquisition of Canuti Tradizione Italiana, a family-owned producer of frozen pasta serving the food service channel. Financial terms were not disclosed.
“Canuti is the perfect addition to Il Pastaio, and will help drive further expansion and capitalize on the global popularity of the trend for ‘Made in Italy’ cooking experiences and quality food ingredients," Karsten Langer, Riverside Managing Partner.
The Riverside Company was advised by PricewaterhouseCoopers, Alvarez & Marsal, Studio MBA and Allen & Overy.
boohoo group, an online fashion retailer, completed the acquisition of a 13.6% stake in Revolution Beauty, a global mass beauty and personal care business. Financial terms were not disclosed.
The investment reflects boohoo's belief in the growth potential of Revolution Beauty, and it intends to be a supportive stakeholder and long-term partner.
AstraZeneca, a biopharmaceutical company, agreed to acquire Neogene Therapeutics, an operator of a preclinical stage biotechnology company, from Syncona, a healthcare company focused on investing in and building global firms in life science, for $320m.
"This acquisition represents a unique opportunity to bring innovative science and leading experts in T-cell receptor biology and cell therapy manufacturing together with our internal oncology cell therapy team, unlocking new ways to target cancer. Neogene's leading TCR discovery capabilities and extensive manufacturing experience complement the cell therapy capability we have built over the last three years and allow us to accelerate the development of potentially curative cell therapies for the benefit of patients," Susan Galbraith, AstraZeneca Executive Vice President of Oncology R&D.
Syncona is advised by FTI Consulting (led by Ben Atwell). Neogene Therapeutics is advised by Real Chemistry (led by Sheryl Seapy).
CS Capital, a private equity fund, agreed to acquire a 33% stake in Kirk Kapital-backed Scanmetals, an operator of a specialist metals recycling company. Financial terms were not disclosed.
"In the spring, Velliv entered an agreement to invest DKK 5bn in the green transition through CS Capital. Scanmetals is our first investment in a future portfolio of sustainable investments, and the company is a prime example of the type of companies we want to invest in within resource optimization, which is one of our major focus areas. Scanmetals is a contributor to the circular economy through their unique technology within metal recovery from waste. We are looking forward to supporting this development," Carsten Gröhn, CS Capital Managing Partner.
CS Capital is advised by Carnegie Investment Bank.
I Squared-backed Cube Green Energy, a pan-European renewable energy IPP, completed the acquisition of onshore wind assets in Germany. Financial terms were not disclosed.
“These acquisitions sit squarely within Cube Green Energy’s ambition to acquire and upgrade aging renewable energy facilities and to supplement with energy storage and hybrid solutions. At Cube Green Energy, we see enormous opportunities in Germany and other countries in Continental Europe to improve the efficiency of the renewable energy fleet and we aim to be at the forefront in implementing innovative solutions to enable the replacement of existing base load power with renewable sources,” Raghuveer Kurada, Cube Green Energy CEO.
The UK’s sale of Bulb Energy, a renewable electricity provider, to Octopus Energy, a renewable energy group, faces further delays as rivals plan to challenge the UK government’s decision in court, according to lawyers for the bust supplier’s administrators.
“It is worth observing at the outset that the intervening energy companies each had an opportunity to participate in the sales process. All could have sought meetings with the administrators or government had they wished to investigate different funding options," Richard Fisher, a lawyer representing Teneo who are overseeing the sale.
Renault chairman says confident of reaching deal with Nissan on future of alliance.
Renault's chairman said he was "confident" the French carmaker will reach an agreement with its Japanese partner Nissan on the future of their alliance, Reuters reported.
Ongoing talks between Renault and Nissan about their alliance could prompt the biggest reset in the tie-up since the 2018 arrest of longtime executive Carlos Ghosn, but it still has to be confirmed how they play out.
Italy's govt has not clarified whether CDP will bid for TIM's grid.
Italy's government has not clarified with unions whether state lender Cassa Depositi e Presitit would submit a preliminary offer for Telecom Italia's landline grid by a November 30 deadline, a union official said.
Rome was reviewing optionsfor the future of the former phone monopoly as uncertainty grew about the planned CDP bid, part of a broader plan to combine TIM's network assets with those of smaller rival Open Fiber to create a unified broadband champion under CDP's control.
Gaming firm 888 weighs tapping credit markets.
Gambling firm 888, an operator of online bingo sites, is considering tapping credit markets in the near future, after its recent buyout of a rival hindered its ability to generate enough cash to invest in growth.
The company’s debt structure is heavier than anticipated in the wake of its buyout of gaming peer William Hill International, as economic conditions have changed since September 2021 when the acquisition was originally announced. Floating-rate securities make up about 64% of 888’s gross debt load, which means the interest it pays on those securities have risen this year because of central bank hikes.
APAC
Tata-backed Air India, a flag carrier airline of India, agreed to merge with Vistara, an Indian full-service airline and joint venture of Tata and Singapore Airlines, a flag carrier airline. Financial terms were not disclosed.
Singapore Airlines and Tata will merge national carrier Air India and full-service airline Vistara by March 2024. SIA's board approved the merger. The merger is subject to regulatory approvals including from India's aviation ministry, central bank and antitrust watchdog.
Singapore Airlines is advised by JP Morgan.
Gree, an appliance manufacturer, and Xicheng Jinrui, an investment firm, led a $104m round in Trinomab, a biotechnology firm, with participation from Yifeng Capital, Shenyin Wanguo, China Medical System, Guolian, and Jinhang Group.
"Since its establishment at the end of 2015, the company has always been oriented towards creating clinical value and making highly differentiated source innovative drugs. We firmly believe that with the support of many partners, Technomicrobio will surely grow faster and more stably, and provide safe-efficient-accessible antibody drugs to patients around the world," Zheng Weihong, Tynomib Co-Founder, CEO and President.
Fosun weighs sale of Gland Pharma.
Fosun Pharmaceutical, a Chinese pharmaceutical company, is considering a sale of Gland Pharma, an Indian drugmaker, Bloomberg reported.
Gland Pharma said in an exchange filing that it was unaware of any information that Fosun Pharma or its parent, Fosun International, which holds a 57.86% stake in Gland Pharma, were considering the sale of its shares.
The Chinese firm has been working with an adviser, while companies in the industry and buyout firms are in the early stages of studying the business. Fosun is yet to initiate a formal sale process of its stake in Gland Pharma.
GIP said to mull deal for Tower Vision India. (FS)
Global Infrastructure Partners, an infrastructure investment fund, is exploring a potential acquisition of Tower Vision India, an independent telecommunications infrastructure provider in India, Bloomberg reported.
The private equity firm has been sounding out financing for a potential deal that could value Tower Vision India at about $300m to $400m.
JD.com to reportedly exit Thailand and Indonesia in 2023.
JD.com is reportedly exiting its e-commerce joint ventures in Thailand and Indonesia in the first quarter of 2023, DealStreetAsia reported.
The online retailer is exiting its entire business line in Southeast Asia region, especially in those two countries. JD.com is said to be in the final stage of shutting down its business in this region. JD.com's businesses in Indonesia and Thailand were formed through joint ventures with telcos and payment companies. Online businesses in Indonesia require an operating licence and establishing joint ventures would enable the company to obtain the licences faster.
Alibaba may sell $200m shares in Zomato via block deal.
Alibaba Group, a technology company specializing in e-commerce, plans to sell a stake of about 3% in Zomato, an Indian food delivery firm, worth $200m through a block deal, DealStreetAsia reported.
The Chinese e-commerce giant, through its finance affiliate Ant Group, currently owns a 13.3% stake in Zomato.
Temasek to open Paris office in 2023. (FS)
Singaporean state investor Temasek will open an office in Paris next year as it seeks to focus on investments in the Europe, Middle East and Africa region.
"Our decision to open a new European office reflects the continuing importance of EMEA as an investment destination," Uwe Krueger, Temasek EMEA Head. Ranked among the top 10 state investors in the world, Temasek's portfolio value rose to a record $293bn in the year to March 2022.
Most of Dubai’s newly listed shares are trading below IPO price.
A flurry of initial public offerings in Dubai this year promised to revive the city’s trading volumes and help deepen capital markets. Now, the majority of those newly listed shares are trading below their IPO price as oil declines weigh on appetite.
The latest to list is private school operator Taaleem, which dropped as much as 13% to $0.71, valuing the company at $762m. Taaleem had sold shares at $0.82 apiece, raising $204m. The company drew $3.7bn in investor orders and priced the offering at the top of a marketed range, Bloomberg reported.
GoTo shares hit new low a day before IPO lock-up period ends.
Indonesia-listed tech giant Goo's shares dropped to a new low on Tuesday at IDR162 ($0.01) apiece, down 6.36% from its previous close, a day before the lock-up period on its shares ends, DealStreetAsia reported.
Market watchers expect a significant impact of the lock-up period expiry on the firm's stock performance and potential. An IPO lock-up prevents early investors and company insiders from selling their stake for a certain period after the public offering.
Primavera is said to be targeting $300m for a private credit fund. (FS)
Chinese investment firm Primavera Capital Group, an early investor in billionaire Jack Ma's Alibaba Group, is reportecy seeking to raise $300m for a private credit fund, DealStreetAsia reported.
Primavera, which invests in the global market with a focus on China, is said to have built out the credit strategy earlier this year with the recruitment of Jeffrey Lau as a partner as well as CEO and CIO of its credit investments team. Lau's appointment led to the launch of the dedicated private credit fund.
Fortescue taps Woodside veteran as CEO amid green energy push. (People)
Australia's Fortescue Metals Group appointed former Woodside Energy executive Fiona Hick as its CEO, effective February 2023, as Elizabeth Gaines made way for a new boss in August.
Hick joins Fortescue at a time when the iron ore giant is delving into mining of critical minerals and rare-earths and is also striving to transition into a green energy firm through its unit Fortescue Future Industries.
Qatar Wealth Fund hires former JP Morgan executive as CFO. (FS, People)
The Qatar Investment Authority, the Gulf emirate’s $450bn sovereign wealth fund, has hired former JP Morgan executive Niall Byrne as its chief financial officer.
Byrne, who has nearly 30 years’ experience in the finance industry, joined QIA this month. He previously held positions at JP Morgan including chief operating officer and chief financial officer of global fixed income, currency and commodities at its asset management arm.
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