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AMERICAS
Rogers Communications succeeded in extending a deadline to buy back $9.33bn of bonds, overcoming objections from some investors about the terms of the deal.
The Toronto-based cable and wireless firm got approval from investors holding a majority of eight US and Canadian dollar bond securities to extend the deadline to complete its acquisition of Shaw Communications to December 2023, the company said in a statement. Under the original terms of the bonds, Rogers would have to repay the securities at $1.01 on the dollar if the $15.5bn deal isn’t done by the end of this year, Bloomberg reported.
Shaw is advised by CIBC World Markets, TD Securities, Burnet Duckworth & Palmer, Davies Ward Phillips & Vineberg, Dentons and Wachtell Lipton Rosen & Katz. Financial advisors to Shaw are advised by Osler Hoskin & Harcourt. Rogers is advised by Bank of America, Barclays, Cravath Swaine & Moore, Goodmans and Torys. Financial advisors to Rogers are advised by Davis Polk & Wardwell, Latham & Watkins and McCarthy Tetrault.
Microsoft’s planned $68.7bn purchase of videogame maker Activision Blizzard will be sent for an in-depth review unless the tech giant offers remedies to address the UK watchdog’s concerns.
The Competition and Markets Authority said it was concerned about a substantial lessening of competition in the gaming consoles, multi-game subscription services and cloud gaming markets. It gave Microsoft a September 8 deadline to come to an acceptable agreement with the agency, Mint reported.
“We are concerned that Microsoft could use its control over popular games like Call of Duty and World of Warcraft post-merger to harm rivals, including recent and future rivals in multi-game subscription services and cloud gaming," Sorcha O’Carroll, CMA Senior Director of Mergers.
Activision Blizzard is advised by Allen & Company, Morgan Stanley, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. Financial advisors to Activision Blizzard are advised by White & Case. Microsoft is advised by Goldman Sachs, Osler Hoskin & Harcourt, Sidley Austin, Simpson Thacher & Bartlett, Weil Gotshal and Manges and Assembly Media.
Rio Tinto Group offered to buy out mineral exploration and development company Turquoise Hill Resources in a deal valued at about $3.3bn, securing more control of a giant copper mine in Mongolia.
The deal represents an increase on the FTSE 100 miner’s original offer in March of $2.7bn to buy out minority shareholders in the Quebec-headquartered group, which it last month sweetened to $3.1bn.
Rio also amended the offer to support Turquoise Hill’s near-term liquidity needs. The measures included increasing the early advanced facility by more than half of $650m and extending the deadline for a $650m equity raising and debt repayment to at least March 2023, FT reported.
Turquoise Hill is advised by BMO Capital Markets, TD Securities, Blake Cassels & Graydon, Norton Rose Fulbright and Paul Weiss Rifkind Wharton & Garrison. Rio Tinto is advised by Credit Suisse, RBC Capital Markets, Rothschild & Co, McCarthy Tetrault and Sullivan & Cromwell.
NEOGEN, an international food safety company, completed the acquisition of a 49.9% stake in the food safety business of 3M, a business conglomerate, for $1bn.
"We welcome the former 3M Food Safety team to the Neogen family and are thrilled to unite two organizations with a shared focus of being a leading company in the development of solutions for food and animal safety. Together, we will be at the forefront of food safety and digitization, positioning Neogen as an innovative global industry leader," John Adent, NEOGEN President and CEO.
NEOGEN was advised by Centerview Partners, Weil Gotshal and Manges and Brunswick Group. Debt financing was provided by Goldman Sachs and JP Morgan. 3M was advised by Goldman Sachs, Wachtell Lipton Rosen & Katz and Joele Frank. Goldman Sachs was advised by Sullivan & Cromwell.
Centennial Resource Development, an independent oil and natural gas company focused on the development of oil and associated liquids-rich natural gas reserves in the Permian Basin, completed the merger with Colgate Energy, a privately held, independent oil and natural gas company, in a $5.3bn deal.
"This transformative combination significantly increases scale and drives accretion across all our key financial and operating metrics. Colgate's complementary, high-margin assets are a natural fit for Centennial, creating the largest pure-play E&P company in the Delaware Basin. Importantly, the combined company is expected to provide shareholders with an accelerated capital return program through a fixed dividend coupled with a share repurchase plan. We are excited to partner with Colgate as we share a common vision for the pro forma company that includes a strong balance sheet, a disciplined investment program to drive cash flow and a robust return-of-capital program," Sean Smith, Centennial CEO.
Colgate Energy was advised by Credit Suisse, Jefferies & Company and Kirkland & Ellis. Centennial was advised by Citigroup and Latham & Watkins. Citigroup was advised by White & Case.
TELUS, a telecommunications company, completed the acquisition of LifeWorks, a human resources services and technology company, for $1.7bn.
“Today marks another exciting step in our TELUS Health journey, as we welcome the talented LifeWorks team, and the 36m employees and family members of our business customers who they support, into our TELUS Health family. I look forward to the incredible opportunities before us to progress our goal of leveraging our globally leading technology, in combination with our social purpose-driven, client-centric culture and brand, to create better health experiences across the entire health and wellness ecosystem," Darren Entwistle, TELUS President and CEO.
LifeWorks was advised by BMO Capital Markets, Goldman Sachs and Osler Hoskin & Harcourt. TELUS was advised by CIBC World Markets, Clifford Chance and Stikeman Elliott.
Novo Nordisk, a Danish multinational pharmaceutical company, agreed to acquire Forma Therapeutics, a clinical-stage biopharmaceutical company focused on transforming the lives of patients with sickle cell disease and rare blood disorders, for $1.1bn.
"Today's announcement is an exciting milestone that accelerates Forma's purpose to transform the lives of patients with sickle cell disease and other serious hematological diseases. Novo Nordisk will partner closely with the sickle cell community to amplify our impact for patients around the world who urgently need new treatment options. We look forward to working together with Novo Nordisk to serve as a trusted partner to our communities and to advance innovation, access and health equity for patients," Frank D. Lee, Forma President and CEO.
Forma Therapeutics is advised by Centerview Partners, Goodwin Procter and Kendall Investor Relations. Novo Nordisk is advised by Moelis & Co, Davis Polk & Wardwell and Joele Frank.
Brightstar Capital Partners, a private equity firm, completed the acquisition of WindsorONE, a manufacturer of trim boards, molding, shiplap and other fabricated wood products. Financial terms are not disclosed.
"We are impressed by WindsorONE's culture of safety and quality, dedicated employee base, and reputation in the millwork industry for manufacturing finely crafted products. Brightstar loves to partner with family-owned, well-managed companies like WindsorONE. We look forward to working with CEO Craig Flynn and his team to strengthen the Company's market position and execute on numerous growth opportunities," Roger Bulloch, Brightstar Partner.
WindsorONE was advised by Wells Fargo Securities and Jeffer Mangels Butler & Mitchell. Brightstar was advised by Nomura, Kirkland & Ellis and Dukas Linden Public Relations.
Heartland Express, an irregular route truckload carrier based in North Liberty, Iowa, completed the acquisition of the contract freighters truckload business of TFI International, a Canadian transport and logistics company based in Saint-Laurent, Quebec, for $525m.
"We are thrilled to welcome CFI to the Heartland Express family of companies, where it will continue to operate from Joplin under its own brand and current leadership team. CFI has exactly what we look for as we expand – significant scale, a respected and recognizable brand, capable management, safe and experienced drivers, a strong asset base, and a complementary terminal network. CFI's strengths in the north-south midwestern corridor will add to our driver and customer capability, and their cross-border expertise will help us capitalize on the expected long-term freight volume benefits of nearshoring activity by manufacturers. At the same time, we can offer the CFI people a home that is entirely focused on their core – high-service, irregular route, asset-based truckload freight transportation. Over time, we expect to gain meaningful synergies and operate our consolidated business on a larger scale at our historical margins," Michael Gerdin, Heartland Express Chairman, President and CEO.
Heartland Express was advised by Scudder Law Firm. TFI was advised by JP Morgan. Debt financing was provided by JP Morgan and Wells Fargo Securities.
SomaLogic, a developer of AI data-driven proteomics technology, completed the acquisition of Palamedrix, an innovator in DNA nanotechnology, for $53m.
"We are excited to announce our strategic acquisition of Palamedrix, accelerating our vision to make the SomaScan Platform more accessible to a broader group of customers, and to meet their diverse needs. This acquisition enhances our future opportunity for growth while allowing SomaLogic to maintain its strong balance sheet. It also expands our footprint to San Diego, California, one of the nation's leading biotechnology centers of excellence as we continue our work to leverage the power of proteomics to positively impact human health," Roy Smythe, SomaLogic CEO.
Palamedrix was advised by JP Morgan. SomaLogic was advised by Cowen & Company, Gibson Dunn & Crutcher and Gilmartin Group.
Ullico-backed Hearthstone Utilities, a natural gas holding and transporting company, completed the acquisition of Hope Gas, an energy transportation company, from Dominion Energy, an energy company, for $690m.
"Hope Gas is a valuable business with tremendous employees. The business and its people will fit extremely well with Ullico and Hearthstone's commitment to safety and their mission to serve American workers and customers," Robert M. Blue, Dominion Energy Chairman, President and CEO.
Ullico was advised by Mizuho Securities and Milbank. Dominion Energy was advised by JP Morgan.
Alphawave, a provider of high-speed connectivity services, completed the acquisition of OpenFive business unit from SiFive, a developer of customized and open-source-enabled semiconductors, for $210m.
"This acquisition is important for Alphawave, but also for our industry, as we will now be the leading pure-play provider of connectivity solutions in the world in whatever form-factor our customers need it – as silicon IP or in custom silicon solutions like chiplets. As we look to the future, we expect to develop and acquire additional capabilities to further expand and accelerate our leadership in connectivity. In our core business, the first quarter of 2022 is very strong and the outlook for 2022 is also strong. We expect this transaction to meaningfully impact revenues in H2 2022, pending regulatory approval of the transaction," Tony Pialis, Alphawave President and CEO.
Alphawave was advised by Brunswick Group and Gravitate PR. SiFive was advised by Cooley.
Cornerstone Home Lending, an independent residential mortgage company, announced that it has received all bank regulatory approvals necessary to complete its planned acquisition of and merger with The Roscoe State Bank, a community-based bank.
Cornerstone Home Lending expects the transaction to close on or around October 1, 2022, subject to completion of the remaining customary closing conditions.
"We are delighted to reach this key milestone and look forward to executing plans that will enhance our ability to serve customers and communities nationwide," Marc Laird, Cornerstone Home Founder, Chairman and CEO.
Roscoe State Bank is advised by Piper Sandler and Thompson & Knight. Cornerstone Home is advised by Otteson Shapiro.
Hightower, a wealth management firm, completed the investment in Highland Private Wealth Management, a $1.2bn wealth advisory and investment management business located in Bellevue, Washington. Financial terms were not disclosed.
"At Highland, we believe in acting as the central 'wealth confidant' to clients, providing them with deep financial knowledge and specialized coaching to help them connect their money to a life of meaning and purpose. Our strategic partnership with Hightower – which includes access to institutional-level value-added services, operational scale and support – is a key step in advancing how we serve our clients and grow our business. The partnership enables us to retain our entrepreneurial spirit and autonomy, which has been central to our success," John Christianson, Highland CEO and Founder.
Highland Private Wealth Management was advised by Raymond James and Peterson Russell Kelly Livengood. Hightower was advised by JConnelly.
KLH Capital, a private equity firm, completed the acquisition of Thorpe Specialty Services, a maintenance and engineering services and solutions provider in petrochemical and other industrial markets, from Capstreet, a Houston-based lower middle market private equity firm. Financial terms were not disclosed.
"We are very excited to partner with James Darnell and the KLH team to springboard Thorpe into the future. Thorpe and KLH share a passion for the privileged role we both play as Trusted Partners; Thorpe as a maintenance planning and solutions expert who our key clients expect to sit at the planning table; and KLH as not only a financial resource, but as experienced business owners and leaders who add value to developing the future of companies in which they invest," Chad Fletcher, Thorpe CEO.
Capstreet was advised by GulfStar Group, Willkie Farr & Gallagher and Lambert & Co.
Essity, a hygiene and health company, completed the acquisition of an 80% stake in Knix Wear, a provider of leakproof apparel for periods and incontinence, for $320m.
"I am delighted to welcome Knix to Essity. It's a successful company with an impressive track record. Essity is now becoming the global market leader in leakproof apparel, which is an important step towards our goal of being the world's fastest growing company in Intimate Hygiene, providing increased well-being for customers and consumers," Magnus Groth, Essity President and CEO.
TGS, a provider of scientific data and intelligence to companies active in the energy sector, completed the acquisition of the E&P Technology and Services business of ION Geophysical, a provider of acquisition equipment, software, planning and seismic processing services, and seismic data libraries to the global oil & gas industry. Financial terms were not disclosed.
"We are very pleased about closing the ION acquisition announced on 1 July. While we are excited about taking over another quality data library, particularly in the South Atlantic, we are equally pleased to add strong capabilities to our processing business in terms of software, hardware, imaging technologies and people. This marks another important step to consolidating the geophysical industry in line with our strategy to create a stronger and more viable business offering. We are looking forward to a successful integration," Kristian Johansen, TGS CEO.
EmpowerMe Wellness, a St. Louis, MO-based integrated healthcare provider, agreed to acquire ONR Therapy, an Austin, TX-based physical, occupational, and speech therapy services provider. Financial terms were not disclosed.
"We are excited and honored to establish this important partnership with ONR. I have tremendous respect and admiration for Jill Capela, a pioneer in our industry who founded ONR in 1988. We share a commitment to improving the lives of seniors everywhere, and this partnership enables us to advance our mission together," Josh Stevens, EmpowerMe Wellness Founder and CEO.
Brookfield hunts for buyouts with a record $110bn to spend. (FS)
Brookfield Asset Management has more than $110bn to invest and is eagerly eyeing deal opportunities, including buyouts of mispriced public companies, Bloomberg reported.
“There cannot be a better time to be a value investor. This environment actually limits competition and creates a ton of opportunity. It’s an opportune time to have that kind of dry powder," Anuj Ranjan, Brookfield head of business development.
Platinum considers a $1bn Canadian logistics firm sale. (FS)
US private equity firm Platinum is considering a sale of logistics firm Livingston International amid growing investor appetite in the sector.
Livingston, Canada’s largest customs broker, may attract interest from other investment funds. A transaction could value the Toronto-based company at $1bn or more, Bloomberg reported.
CI’s Chairman says firm may accelerate buybacks after US spinoff. (FS)
CI Financial is likely to increase the pace of share repurchases and will keep buying aggressively as long as the stock is at a low valuation, said Bill Holland, CI Financial Chairman.
The Canadian investment firm has spent about $587m buying its own shares since the beginning of 2020. It may decide to accelerate buybacks once it completes an initial public offering of as much as 20% of its US wealth-management arm.
CI, one of Canada’s largest independent asset management firms, has been undergoing a transformation since Chief Executive Officer Kurt MacAlpine took over three years ago. His strategy has included a series of acquisitions, a New York Stock Exchange listing, and a major restructuring of the Canadian fund-management arm, which saw the company drop many well-known fund brands, Bloomberg reported.
Skin-care brand Glow Recipe taps Goldman Sachs for sale. (FS)
Glow Recipe, a skin-care brand popular for its fruit-based products, is exploring a sale that could value it at $400m to $500m.
The company has $80m in annual revenue. No final decision has been made, and Glow Recipe could opt to remain independent, Bloomberg reported.
North Castle, a private equity firm focused on investments in consumer and lifestyle products and services, announced an investment of an undisclosed size in Glow Recipe last year.
Jefferies nears a deal to sell its Oak Hill stake to Kuwait-backed Wafra. (FS)
Wafra, an alternative-asset manager that invests on behalf of Kuwait, is nearing a deal to acquire a minority stake in private equity firm Oak Hill from Jefferies Financial Group.
Jefferies bought a 15% stake in Oak Hill in 2019, when the firm planned to make it the anchor investment in a fund managed by Stonyrock Partners. Stonyrock planned to raise as much as $1bn to buy stakes in private equity, real estate, infrastructure, and other asset classes, but Jefferies has since wound down the effort, dubbed Stonyrock Alt Fund I. The New York-based lender began exploring a sale of its interest, Bloomberg reported.
Oak Hill traces its roots to Texas billionaire Robert M. Bass’s family office, and is led by managing partners Tyler Wolfram, Brian Cherry, and Steve Puccinelli. The firm has raised about $20bn in capital commitments since its inception.
Rodan & Fields said to seek new capital as Oaktree talks stall. (FS)
Rodan & Fields, a multi-level marketing company, has engaged Jefferies to explore financing options amid a sales slump.
Rodan & Fields has flexible credit agreements that would allow it to pursue various actions, such as moving assets to a subsidiary to raise new money, Bloomberg reported.
Its hunt for fresh capital came as negotiations with a lender group led by Oaktree Capital Management broke down over pricing differences. Oaktree, the largest lender by far, has been working with Milbank and began confidential debt talks with TPG earlier this month.
YPF, Petronas in talks over gas pipeline, LNG plant.
Argentine oil company YPF and Malaysian state energy firm Petronas are in talks over plans to build a new gas pipeline in the South American nation and a liquefied natural gas plant, Reuters reported.
The two sides are expected to sign an early-stage agreement on Thursday. The office of Argentina's president said in a statement that the two firms would cement an "alliance" related to the development of unconventional gas in Argentina.
Home to the huge Vaca Muerta shale formation, Argentina is looking to ramp up gas production and LNG export capacity to help cut its reliance on expensive gas imports and bring in much-needed foreign currency to replenish dwindling reserves.
Captain Fresh is close to buying Beaver Street Fisheries.
Captain Fresh, a business-to-business seafood marketplace, is close to acquiring US-based Beaver Street Fisheries at an enterprise value of $600m.
Captain Fresh will tap its existing investors to finance the acquisition. The company will also give a portion of its stock to Beaver Fisheries shareholders, Mint reported.
CDPQ plans infrastructure investments in Germany. (FS)
The largest pension funds in Canada, with assets under management of over $764bn , plan to step up investments in Germany following a meeting with German chancellor Olaf Scholz and vice-chancellor Robert Habeck.
Caisse de dépôt et placement du Québec, with total assets worth $301bn as of June this year, would like to invest more in Germany, with a particular focus on infrastructure.
Investments in infrastructure will address the broader energy transition, while CDPQ can generate growth, contributing to a more sustainable world.
EMEA
Permira, a private equity firm, completed the acquisition of Kedrion, a provider of plasma-derived therapies, and Bio Products Laboratory, a manufacturer of a wide range of products from blood plasma, in a $2.7bn deal. The merger of Kedrion and Bio Products Laboratory was also supported by investments from the Marcucci Family, Abu Dhabi Investment Authority and Ampersand Capital Partners.
"We're honored to be partnering with the Marcucci Family on this exciting project that brings together two high-quality players – Kedrion and BPL – in the plasma-derived therapeutics space, a growing industry with an important unmet patient demand. This investment fits squarely within the Specialty Pharma segment of our strategy: backing highly specialized platforms in attractive and resilient therapeutic areas. Together, the two companies will have an exciting portfolio of pharmaceutical products aimed at helping patients with compromised immune systems or bleeding disorders and we look forward to working with the teams to build a leading rare disease specialist platform with a deep commitment to its patients and donors," Silvia Oteri, Permira Head of Healthcare.
Kedrion was advised by Jamieson, Lazard, Natixis Partners, Carnelutti Studio Legale Associato and Pedersoli Studio Legale. Bio Products Laboratory was advised by Bank of America and Goodwin Procter. The Marcucci family was advised by Terzi&Partners and Carnelutti Studio Legale Associato. Permira was advised by Alvarez & Marsal, Ernst & Young, Morgan Stanley, Giliberti Triscornia e Associati, Latham & Watkins and Maisto e Associati.
The UK Competition and Markets Authority completed the review of the the $4.3bn merger of oil exploration firms Maersk Drilling and Noble. CMA published its decision not to refer the business combination for further in-depth Phase 2 review.
The CMA announced that it has accepted legally binding undertakings from Noble and Maersk Drilling. These undertakings require Noble to divest the Remedy Rigs, and related offshore and onshore personnel and assets and related operations, to a subsidiary of Shelf Drilling. The acceptance of these undertakings means that the CMA has decided not to refer the Business Combination for an in-depth Phase 2 review and completes the CMA's review of the Business Combination.
Maersk Drilling is advised by JP Morgan, Davis Polk & Wardwell and Gorrissen Federspiel. JP Morgan is advised by Cravath Swaine & Moore. Noble is advised by DNB Bank, Ducera Partners, Kirkland & Ellis, Plesner and Travers Smith. Financial advisors to Noble are advised by Morrison & Foerster.
Sanoma, a learning and media company, completed the acquisition of the K12 courseware business in Italy and Germany of Pearson, a education publishing and assessment service provider, for $203m.
"We see great potential in further digitalization in Italy with the digital platforms and products we have in Sanoma Learning and that they have developed in the past years serving a 'parent paid' market. The use of digital and hybrid learning materials in Italy is still low with only 35% using hybrid materials. Sanoma plans to substantially invest in the development of digital learning platforms for secondary education in the next three years, which will strengthen our digital offering for secondary education not only in Italy, but also in our other countries. We are very excited about this acquisition, a great next step in our ambition to grow and increase our positive impact on learning," Rob Kolkman, Sanoma CEO.
Pearson was advised by BNP Paribas, Grant Thornton and Herbert Smith Freehills. Sanoma was advised by JP Morgan and Nordea Bank. Debt financing was provided by Nordea Bank, OP Corporate Bank and SEB Corporate Finance.
Italgas, a company engaged in the business of natural gas distribution, completed the acquisition of DEPA Infrastructure, a group of companies with presence in the energy sector, actively engaged in the wholesale market, trading and supply, from Hellenic Republic Asset Development Fund, an investment advisory firm, and Hellenic Petroleum, an energy group, for $867m.
"I am proud of the result achieved, which rewards the Italian entrepreneurial capability as well as the technical and technological leadership of Italgas. In recent years, the company has been able to continue to grow and is now recognized as an international benchmark for the sector also in the perspective of energy transition," Alberto Dell'Acqua, Italgas Chairman.
Italgas was advised by Mazars Corporate Finance, Grant Thornton, JP Morgan, Karatzas & Partners and Milbank. Hellenic Republic Asset Development Fund was advised by Barclays and UBS.
Avient, a global manufacturer of specialized polymer materials, completed the acquisition of the protective materials business of Royal DSM, a Dutch multinational corporation active in the fields of health, nutrition and materials, for €1.4bn ($1.5bn).
"We are very pleased to have reached agreement to acquire DSM Protective Materials and lead this exceptional business into the future. We are eager to continue investing in innovation and sustainable solutions, further accelerating the remarkable impact and possibilities of the business and Dyneema® brand. To the DSM Protective Materials employees, we look forward to you joining our team, which is proudly a certified Great Place to Work®," Robert M. Patterson, Avient Chairman, President and CEO.
Avient was advised by Morgan Stanley and Jones Day. Royal DSM was advised by Centerview Partners and JP Morgan. Debt financing was provided by JP Morgan and Morgan Stanley.
FLSmidth, a Danish multinational engineering company, completed the acquisition of the mining business of thyssenkrupp, a German multinational conglomerate, for €325m ($384m).
"FLSmidth is an excellent owner and a very good new home for our mining activities. The companies have a strong cultural fit and are a good match: the business models are comparable; the technologies complement each other well. The result is a world-leading technology provider from pit to plant. This is also a great opportunity for our employees. The merged new company will be able to drive innovation and digitalization even faster and will increasingly focus on sustainability and ways to reduce environmental footprint," Martina Merz, thyssenkrupp Group CEO.
FLSmidth was advised by JP Morgan. thyssenkrupp was advised by Ernst & Young and Citigroup.
Knorr-Bremse Group, a German manufacturer of braking systems for rail and commercial vehicles, completed the acquisition of DSB Component Workshops, the component and spare parts workshops of DSB, a Danish state rail operator, for €50m ($50m).
"As Denmark's prime rail operator, ensuring that our fleets are fully functional so we can offer well-paced rail mobility to our passengers is our top priority. With high-end rail services being a key factor in keeping our installed fleet moving, we are very happy to have reached an acquisition agreement for DSB Component Workshops with Knorr-Bremse. As a leading specialist in the service market for all types of rail vehicles, Knorr-Bremse has all that it takes to bring DSB Component Workshop's know-how and skills to the next level, develop its value proposition, expand into the digital realm, and help us make train travel in Denmark even more available and attractive over the next years," Flemming Jensen, DSB CEO.
DSB was advised by SEB Corporate Finance.
ADES, an oil and gas drilling company, agreed to acquire seven jack-up assets of Seadrill, a provider of drilling and well services to the offshore industry, for $628m.
"The sale of seven jack-ups to ADES is transformative for Seadrill. We are pleased to announce this transaction, which we believe crystallizes the valuation of these rigs at a substantially higher level than currently implied in Seadrill's share price. It will also enable us to significantly de-lever our balance sheet, positioning us for future opportunities," Simon Johnson, Seadrill CEO.
Hillenbrand, a global industrial company, completed the acquisition of Herbold Meckesheim, a specialist for highly efficient machines and plants for plastics recycling, for €79m ($79m).
"The successful completion of the Herbold Meckesheim acquisition is another meaningful step that delivers on our commitment to grow as a world-class industrial company, execute our strategy to deliver long-term shareholder value, and accelerate our efforts to support a more sustainable future. By leveraging Herbold's key technologies, we have an opportunity to strengthen our leadership position in the recycling industry and expand our offerings across the entire recycling value chain," Kim Ryan, Hillenbrand President and CEO.
WPP, a British multinational communications, advertising, public relations, technology, and commerce holding company, agreed to acquire Newcraft, a data-first European e-commerce consultancy based in the Netherlands. Financial terms were not disclosed.
"With consumer behaviors and use of new e-commerce channels continuing to change at a rapid pace, brands need innovative solutions to reach customers and new audiences. As we continue to invest in growth areas, Newcraft's extensive experience of transforming the digital offering of some of Europe's leading companies will further strengthen our global commerce proposition and drive results for clients," Mark Read, WPP CEO.
Alexander Govor to snap up Huhtamaki's local business.
The owner of McDonald's former restaurants in Russia reportedly offered up to $151m to buy Finnish packaging firm Huhtamaki's local business, adding to his burgeoning empire.
The deal by Siberian businessman Alexander Govor enhances his status as one of the major corporate winners to emerge from the sanctions-inflicted turmoil that followed Russia's military intervention in Ukraine, Reuters reported.
Govor said he had paid a "symbolic" sum for McDonald's restaurants in Russia when relaunching under a new brand, Vkusno & tochka, which translates as "Tasty and that's it", in June.
Aramco may take a stake in Renault's future thermal engine business.
Saudi Aramco could take a stake in the future thermal engine business that Renault plans to separate from its electric vehicle division.
China's Geely Automobile and an oil group were in talks over taking stakes in the fossil-fuel engine business, Reuters reported. Renault's alliance partner, Japanese carmaker Nissan, does not plan to take a stake in the combustion engine business.
APAC
Private equity funds India Business Excellence Fund – IV and Motilal Oswal Finvest completed a $66m investment in Simpolo Group, a luxury and premium tiles maker.
“MOPE’s experience to create leaders in the manufacturing sector and the expertise gained from their real estate fund will be instrumental in elevating Simpolo Group to one of the leaders in the building materials industry in India,” Jitendra Aghara, Simpolo Group CMD.
Simpolo Group was advised by Motilal Oswal, AZB & Partners, J. Sagar Associates and Wadia Ghandy.
ABS-CBN, a commercial television network, terminated the acquisition of a 35% stake in TV5 Network, a free-to-air television company, from MediaQuest Holdings, a Philippine-based media conglomerator.
The termination follows concern from some legislators at an inquiry last week that TV5 could be violating its franchise if it went ahead with the plan to sell a 35% stake to ABS–CBN, DealStreetAsia reported.
AP Moller - Maersk, an integrated transport and logistics company, completed the acquisition of LF Logistics, a contract logistics company, from Temasek, an investment company, and Li & Fung, a provider of supply chain management, for $3.6bn.
"The acquisition of LF Logistics is an important and truly strategic milestone on our journey to become the global integrator of container logistics; a global logistics company that provide digitally enabled end-to-end logistics solutions based on control of critical assets. With the acquisition of LF Logistics, we add critical capabilities in Asia Pacific to support our customers long term growth in Asia Pacific as well as capabilities and technology we can scale in our contract logistics business globally," Soren Skou, Maersk CEO.
LF Logistics was advised by JP Morgan and Allen & Overy. Li & Fung was advised by Morgan Stanley.
Essity, a health and hygiene company, completed the acquisition of Modibodi, a lingerie manufacturer, for $95m.
“The acquisition of Modibodi strengthens Essity’s position in leakproof apparel and enables faster growth within better-for-you, better-for-the-planet solutions. Modibodi has the qualities we are looking for with leading market positions, strong brand and sustainability credentials as well as excellent digital marketing and e-commerce capabilities," Magnus Groth, Essity President and CEO.
Essity was advised by Brockwell Capital. Brockwell Capital was advised by Corrs Chambers Westgarth.
New Delhi Television said a major stake sale by its founders to Adani Group would require clearance from India's tax authorities, adding another hurdle to the conglomerate's bid to take control of the popular news network.
The income tax department in 2017 provisionally barred the founders - Prannoy and Radhika Roy - from selling a part of their stake as part of a reassessment of their taxes, NDTV said in an exchange filing.
NDTV and Adani have locked horns in public after the conglomerate, run by India's richest man, Gautam Adani, last week unveiled plans to control a majority stake in the news network, Reuters reported.
Philippine firm Converge said to weigh $1bn network deal.
Converge ICT Solutions is considering selling a stake in its infrastructure platform, a move that would help the Philippine fiber provider raise cash to invest across the group.
Converge has been holding talks with prospective advisers as it weighs a deal that would bring a minority investor into its networks platform. A transaction could help raise about $1bn depending on the final size and structure and draw interest from other firms in the industry and investment funds, Bloomberg reported.
TPG weighing majority stake sale in India’s Fourth Partner Energy. (FS)
TPG is considering the sale of a 52% stake in Indian renewable energy company Fourth Partner Energy. The private equity firm is working with an adviser on the deal. A stake sale could value Fourth Partner at around $600m, Bloomberg reported.
The Texas-based investor put $70m into Fourth Partner in 2018 through The Rise Fund, its social impact vehicle, and contributed an additional $25m into the Hyderabad-based firm in June 2021. Norfund, the Norwegian Investing Fund for developing countries, also contributed $100m.
SpiceJet in talks to raise $200m as losses widen, CFO resigns.
SpiceJet is in talks with bankers to raise up to $200m in fresh capital after reporting a wider quarterly loss, the battered Indian airline said in a regulatory filing.
The company, which reported a loss of $99m in the quarter ended June 30 from $91m a year ago, also plans to spin off its cargo business into a separate company, SpiceXpress, by the end of next month.
"Our excellent cargo operations have provided the much-required impetus, and we will soon conclude the hive-off of the cargo business into a separate independent company, SpiceXpress, in the current quarter, which will be followed by capacity enhancement with additional freighter aircraft within FY2023,” Ajay Singh, SpiceJet Chairman and Managing Director.
Buffett's Berkshire trims stake in BYD.
Warren Buffett's Berkshire Hathaway has trimmed its stake in BYD, seven weeks after prompting speculation it might sell its entire multi-billion dollar stake in the largest Chinese electric car company.
In a Hong Kong Stock Exchange filing, Berkshire said it sold 1.33m Hong Kong-listed shares of BYD for about $47m, reducing its stake in BYD's total issued H shares to 19.92% from 20.49%, Reuters reported.
Buffett, who is Berkshire's billionaire chairman and chief executive and turned 92, has said his business partner Charlie Munger, 98, was the impetus for the investment.
Alibaba-backed YH Entertainment is said to suspend Hong Kong IPO.
YH Entertainment, the artist management company famous for representing Chinese celebrity Wang Yibo, has pulled its first-time share sale in Hong Kong as investor interest didn’t meet its valuation expectations.
The Alibaba-backed company was expected to price its initial public offering of as much as $140m Wednesday, but decided to suspend the process and wait for better market conditions, Bloomberg reported.
Hong Kong’s IPO market slump has outpaced the drop in global first-time share sales. Year-to-date volume in the Asian financial hub is nearly 80% below the levels seen last year as a result of China’s economic slowdown and ongoing regulatory uncertainty.
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