Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Microsoft's offer of licensing deals to rivals is likely to address EU antitrust concerns over its $69bn acquisition of an American game publisher Activision, helping it to clear a major hurdle, Reuters reported.
Microsoft announced the Activision bid in January last year, its biggest ever, to take on leaders Tencent and Sony, in the booming videogaming market and to venture in the metaverse which is virtual online worlds where people can work, play and socialise.
EQT, an investment organization, and Public Sector Pension Investment Board, a pension investment manager, agreed to acquire Radius Global Infrastructure, an aggregator of rental streams underlying wireless communications, for $3bn.
“This transaction is both an exciting next step for Radius and a great outcome for shareholders as it provides compelling value. Partnering in a private capital context with EQT and PSP, both of which have significant expertise in communications infrastructure, will enable Radius to accelerate origination activity and further invest in both geographic expansion and adjacent asset opportunities. I want to thank the incredible Radius team for their commitment and success in building the platform we have today," Bill Berkman, Radius Co-Chairman and CEO.
Radius Global is advised by Barclays, Citigroup, Goldman Sachs, Cravath Swaine & Moore, Morris Nichols and FGS Global (led by George Sard). PSP is advised by Evercore and Weil Gotshal and Manges (led by Trey Muldrow and Jenna McBain). EQT is advised by Morgan Stanley and Simpson Thacher & Bartlett.
Lexasure Financial Group, a provider of reinsurance and digital insurance solutions, agreed to go public via a merger with Capitalworks Emerging Markets Acquisition, a special purpose acquisition company, in a $250m deal.
“We are thrilled to partner with a company with a proven track record of growth and profitability that is also advancing financial inclusion goals by bringing insurance products to historically underserved populations across Southeast Asia and South Asia,” Whitney Baker, CEMAC Chairman.
CEMAC is advised by Exit Strategy Partners, Ellenoff Grossman & Schole, AUM Media (led by Crocker Coulson) and Gateway (led by Cody Slach). Lexasure is advised by ARC Group and Nelson Mullins Riley & Scarborough.
Desjardins Group, a financial services provider, completed the acquisition of the life insurance, mutual fund and investment distribution networks from Guardian Capital Group, a provider of investment management services, for $555m.
"This acquisition strengthens Desjardins in the important life insurance and wealth management sectors across Canada. On the insurance side, it extends our market reach and positions us as a leader in life insurance independent distribution in Canada. On the financial advisory side, the mutual fund and securities dealers will enhance and strengthen our distribution of retail investment products. With this added bench strength, Desjardins will be able to serve more Canadians and achieve critical mass to generate the financial flexibility to innovate and invest to better meet the needs of our members, clients and advisors," Guy Cormier, Desjardins Group President and CEO.
Colorcon, a pharmaceutical company, completed the acquisition of Airnov Healthcare Packaging, a packaging solutions provider, from Arsenal Capital Partners, a private equity firm. Financial terms were not disclosed.
"Airnov's capabilities are a strong complement to Colorcon's existing portfolio. Our partnership expands our platform of stability and moisture management solutions from core to coatings to in-package offerings," Simon Tasker, Colorcon CEO.
Airnov Healthcare Packaging was advised by William Blair & Co and Kirkland & Ellis. Colorcon was advised by Dechert. Arsenal Capital was advised by Prosek Partners (led by Jackie Schofield).
ESL FACEIT, a video games company, completed the acquisition of Vindex, an esports infrastructure platform. Financial terms were not disclosed.
“The unmatched expertise and talent of our combined teams are the catalyst to drive our mission to build worlds beyond gameplay around the games fans love. The combination with Vindex brings together the power of our brands with a new scale in infrastructure and production capabilities. As one, this will help serve new communities of gamers and accelerate gaming culture globally," Craig Levine, ESL FACEIT Co-CEO.
Vindex was advised by Morgan Stanley and JSA+Partners. ESL FACEIT was advised by Goldman Sachs.
MetLife Investment Management, the institutional asset management business of MetLife, completed the acquisition of Raven Capital Management, a privately-owned alternative investment firm. Financial terms were not disclosed.
"A distinguishing feature of MIM is our ability to originate differentiated private investment opportunities for our clients. The addition of Raven Capital Management will broaden and further distinguish our offerings in higher yielding private credit and alternative investments. MIM will be able to deliver more for our clients and continue to expand our range of capabilities and complementary investment strategies," Steven J. Goulart, MIM President.
MetLife Investment Management was advised by Dukas Linden Public Relations (led by Shree Dhond). Raven Capital Management was advised by Simpson Thacher & Bartlett (led by Elizabeth Cooper).
The Master Group, an air conditioning, heating, ventilation and refrigeration company, completed the acquisition of Refrigeration Sales, an air conditioning & refrigeration components provider, from Rotunda Capital Partners, a private equity firm. Financial terms were not disclosed.
“In a short period of time we worked closely with the management team to strengthen the business. We accomplished our goal which was to invest heavily in the management team and infrastructure to transform a multi-generation family-owned company into a data-driven platform. We are proud to have supported the Company's growth while maintaining a focus on top-quality customer service," Dan Lipson, Rotunda Managing Partner.
Rotunda Capital was advised by Houlihan Lokey and Benesch Friedlander Coplan & Aronoff.
PetroReconcavo, an independent onshore oil and gas exploration and production operator, completed the acquisition of Maha Energy Brasil from Maha Energy, an oil producer, for $187m.
“This divestment is a significant step within the Company’s new strategic positioning, continuously focusing on generating value for shareholders. As a result of this sale, we will have a strong balance sheet and cash position, enabling the Company to pursue further opportunities in the O&G market," Paulo Thiago Mendonça, Maha Energy CEO.
PetroReconcavo was advised by Morgan Stanley.
Enbridge, a pipeline and energy company, agreed to acquire a 10% stake in Divert, a RNG infrastructure company, for $80m.
"Our asset positions, cost advantages and, increasingly, our ability to deliver integrated conventional and lower-carbon solutions makes Enbridge the first-choice for energy delivery by our customers. Above all, our leading track record on operational safety and reliability differentiates us and will always be our top priority. This relentless focus, along with our premium growth and low-risk business model, also positions us as the first-choice investment opportunity among our peers," Greg Ebel, Enbridge President and CEO.
Divert is advised by JP Morgan.
Bain Capital Double Impact, a private equity company, completed the acquisition of Meteor Education, an educational services provider, from Saw Mill Capital, a private equity firm. Financial terms were not disclosed.
"Saw Mill was an exceptional partner to Meteor throughout these past five years. They were highly supportive of our vision for impacting schools, our growth strategies and made key investments that fueled our success. In addition, we were able to navigate through the market challenges of the past several years and create a stronger set of talent, systems, and further professionalize our organization - helping us prepare for the next chapter of our growth," Bill Latham, Meteor CEO.
Audax-backed Colony Hardware, a safety equipment distributor, completed the acquisition of New South Construction Supply, a building materials supplier. Financial terms were not disclosed.
“We are proud to become part of the Colony Hardware family and especially pleased that our people and locations will remain the same as we add more locations to better service contractors across the South. With Colony's leadership and reputation, I look forward to seeing New South continue on its growth trajectory with Colony’s backing. The future is bright for our business, our associates and the loyal customers of New South and Colony Hardware,” Jim Sobeck, New South CEO.
Yusen Logistics, a global supply chain company, completed the acquisition of Taylored Services, a third-party logistics provider. Financial terms were not disclosed.
"We are delighted to join Yusen Logistics, a global logistics group with over 68 years of heritage. Taylored employees and customers will benefit from access to Yusen's extensive global network and supply chain solutions including international air and ocean freight forwarding and 4PL/Lead Logistics capabilities," Jim DeVeau, Taylored Services President & CEO.
Northleaf closes PE Fund VIII above target. (FS)
Northleaf Capital Partners has held the final closing for the latest vintage of its global private equity solutions fund, Northleaf Private Equity Investors VIII, with over $675m of capital commitments, surpassing the fund's original $600m target.
NPE VIII provides investors with access to a diversified portfolio of mid-market private equity opportunities through a combination of primary, secondary and direct investments.
B Capital closes inaugural healthcare fund. (FS)
B Capital, a global multi-stage investment firm, has closed the inaugural B Capital Healthcare Fund I which, in conjunction with B Capital Growth Fund III, gives the the firm over $500m to invest in opportunities across the healthcare sector, from digital health to biotech.
The current B Capital global healthcare portfolio includes over 20 companies in the US, Asia and Europe, spanning early venture to late growth venture, across healthtech, digital health, biotech and medtech.
EMEA
RWE Renewables, a renewables developer, completed the acquisition of JBM Solar, a solar energy company. Financial terms were not disclosed.
“We are already well positioned in offshore and onshore wind in the UK. Now we are significantly strengthening our renewables business by adding this already very advanced solar and battery pipeline. The combined development pipeline, one of the largest in the UK, provides tremendous opportunities for sustainable and value accretive growth. The first projects could be delivering electricity as early as next year," Katja Wünschel, RWE Renewables CEO Onshore Wind and Solar Europe & Australia.
RWE Renewables was advised by RBC Capital Markets.
Summa Equity, a private equity firm, agreed to acquire a majority stake in Logpoint, a cybersecurity solutions provider. Financial terms were not disclosed.
“By taking a majority stake in Logpoint, we are investing in securing the global tech-enabled transformation, which is vital to reaching most of our sustainable development goals. It is an investment in European cybersecurity resilience, ensuring that the technology to secure digital infrastructures thrives in Europe. Logpoint will serve as the platform for building a European cybersecurity powerhouse, as an alternative to the dominating US vendors,” Christian Melby, Summa Equity Partner and CIO.
INPEX, an oil company, completed the acquisition of a 16.7% stake in Moray East offshore wind farm from Mitsubishi, an automobile manufacturer. Financial terms were not disclosed.
The Moray East offshore wind farm has been in commercial operation since April 2022 with an output scale of 950 megawatts produced by one hundred 9.5-megawatt units.
Stellantis to sell Turkey distribution business to partner Tofas for $425m.
Stellantis agreed to sell its distribution business in Turkey to its local partner for $425m to help bundle vehicle sales and services in the country.
Under a new strategic agreement entered, Tofaş will acquire the entire share capital of Stellantis Otomotiv Pazarlama, the Stellantis Türkiye distribution company. As a result, all Stellantis brands available for distribution in Türkiye, Bloomberg reported.
CPPIB, KKR are said to weigh bids for Vattenfall’s Berlin unit. (FS)
Canada Pension Plan Investment Board and KKR are among suitors weighing bids for Vattenfall’s district heating business in Berlin.
Macquarie Group is also considering a potential offer for the asset. The city of Berlin has already expressed interest in bidding in partnership with European utilities Engie and E.ON, Bloomberg reported.
Portugal's EDP committed to keeping 70% of renewables unit. (FS)
Portugal's largest utility EDP is committed to keeping more than 70% of its wind and solar unit EDP Renovaveis, its chief executive said, Reuters reported.
EDPR, in which it holds a 75% stake, intended to raise €1bn ($1.06bn) through a share sale, and Lisson Grove Investment, an affiliate of Singapore sovereign wealth fund GIC, had committed to subscribe to the issue at between €19.25 ($20.47) and €20.5 ($21.8) per share.
London Southend Airport up for sale as owner Esken begins breakup.
London’s Southend Airport is seeking a new owner after struggling to establish itself as a hub serving the UK capital, Bloomberg reported.
Current owner Esken has started a breakup of its main businesses following a strategic review, including a sale of its aviation business. It has also begun a sales process for the biofuels unit, its other main business, and it was in discussions with a number of interested parties.
Nestlé is said to kick off sale of peanut allergy pill Palforzia.
Nestlé has kicked off the sale of its peanut allergy medicine, as it seeks to reverse what’s proven to be a costly bet for the consumer company, Bloomberg reported.
The Swiss company is working with Evercore to gauge interest in the Palforzia treatment. It plans to send out marketing documents imminently and initial offers are expected in April.
Prosus mulls sale of OLX Autos classified advertising business. (FS)
Technology investor Prosus is considering a sale of its OLX Autos classified advertising business, DealStreetAsia reported.
Prosus said the pursuit of growth in the car advertising business was no longer the right approach because the second-hand car market had been hit by a significant and persistent slowdown owing to weakening economic growth and high inflation.
London Stock Exchange chief shrugs off UK companies switching listings to US.
The chief executive of the London Stock Exchange Group has shrugged off an escalating series of moves by UK companies to shift their listings from London to the US, as the world’s largest building materials group dealt the latest blow by planning to ditch its listing.
“If companies are going to make decisions when most of their business is in the US, that sort of is what it is. CRH was planning to drop its London listing in favour of New York," David Schwimmer, London Stock Exchange CEO, FT reported.
EQT seeks up to €3bn from Galderma IPO. (FS)
EQT is reviving plans to take skincare business Galderma public, in what’s expected to be another key test for Europe’s market for initial public offerings.
The Swedish investment firm is studying the feasibility of listing the business as soon as after the Easter break in early April. EQT could look to raise as much as €3bn ($3.2bn) from a listing, Bloomberg reported.
Al Ansari plans to double dividend payout ahead of Dubai IPO.
Al Ansari Financial Services plans to double its dividend for 2023 ahead of its upcoming initial public offering, Bloomberg reported.
The United Arab Emirates-based money-exchange firm raised its target payout to a minimum of AED600m ($164m). It plans to pay equal installments in October and April 2024 and is planning a payout of at least 70% of net profit after that.
Arm Co-Founder slams UK tech strategy ahead of firm’s US IPO.
"The British government’s long-term technology strategy couldn’t be any worse than it is at the moment,” Jamie Urquhart, Arm Co-Founder, Bloomberg reported.
Urquhart, who served as the chip design company’s Chief Operating Officer when it went public in 1998 and now works as an adviser, there was very little continuity to the UK’s approach to semiconductors.
APAC
Australia’s Nitro Software recommended its shareholders accept private equity firm Potentia Capital’s sweetened takeover offer of $360m, weeks after they rejected a $320m offer from Alludo, DealStreetAsia reported.
Nitro shareholders early last month rejected Alludo’s $1.45 per-share bid, after which Potentia hinted at hiking its offer, securing access to the software company’s books and making a $1.46 apiece offer last week.
Nitro Software is advised by Cadence Bank (led by Garren Cronin), UBS, Allens and Cato & Clive (led by Clive Mathieson). Alludo is advised by Perella Weinberg Partners, Greenberg Traurig and Citadel Magnus (led by James Strong). Potentia Capital is advised by Jarden, Johnson Winter & Slattery (led by James Rozsa) and Domestique (led by Ross Thornton).
GQG Partners, an asset management firm, completed a $1.87bn investment in Adani Group, a multinational conglomerate.
“I am excited to have initiated positions in the Adani companies. Adani companies own and operate some of the largest and most important infrastructure assets throughout India and around the world. Gautam Adani is widely regarded as among the best entrepreneurs of his generation. We believe that the long-term growth prospects for these companies are substantial, and we are pleased to be investing in companies that will help advance India’s economy and energy infrastructure, including their energy transition over the long-run," Rajiv Jain, GQG Partners Chairman and CIO.
Adani was advised by Jefferies & Company. GQG Partners was advised by Sitrick and Company (led by Michael Sitrick).
EQT finalising deal for SK Group’s security services unit. (FS)
Stockholm-based private equity major EQT is set to announce the acquisition of a majority stake in South Korean integrated security services company SK Shieldus.
EQT is reported to be acquiring a roughly 68% interest in the company for about $2.3bn. The transaction reportedly involves acquiring roughly half of SK Square’s current stake in the company and the entire 36.9% stake held by a consortium led by Macquarie Korea Asset Management, DealStreetAsia reported.
China plans to inject $1.9bn into Yangtze Memory Technologies. (FS)
China has pledged to invest an additional $1.9bn in the country’s biggest maker of memory chips, a deal that may herald a renewed influx of government capital into an industry hemmed in by US sanctions.
The National Integrated Circuit Industry Investment Fund will commit $1.9bn towards Yangtze Memory Technologies. The capital infusion from the Big Fund, as Beijing’s signature investment vehicle is commonly known, was slated for completion on January 31, Bloomberg reported.
SoftBank sells 3.8% stake in logistics startup Delhivery for $116m. (FS)
Japanese investment group SoftBank has raised $116m from the sale of a 3.8% stake in Indian logistics startup Delhivery, DealStreetAsia reported.
The buyers of the shares include the Saudi Arabian Monetary Authority, City of New York Group Trust, Societe Generale, BNP Paribas Arbitrage, Morgan Stanley Mauritius, and Baillie Gifford Emerging Markets Equities Fund.
Binance revives bid to offer crypto services in Singapore.
Binance intends to take another stab at securing a licence to offer cryptocurrency services in Singapore, pivoting from retail to corporate clients, even as the digital assets giant comes under increasing scrutiny from US regulators.
The world’s largest crypto exchange will have its custodial arm apply for a permit to offer such services in due course, DealStreetAsia reported.
Saga ends talks with Australia's Open without reaching agreement.
Britain's Saga in exclusive talks with Australian insurance group Open about a potential sale of its underwriting arm had ended without an agreement.
In January, Saga, which sells cruise holidays as well as insurance to over 50-year-olds, said it was considering selling Acromas Insurance, the underwriting unit of its wider insurance division, to help pay down debt, Reuters reported.
Bank of America Asia ECM co-head Highfield retiring from banking. (People)
Bank of America Asia Pacific co-head for equity capital markets Tucker Highfield is retiring from the firm and the industry.
The Hong Kong-based managing director plans to relocate to London as soon as this summer. Highfield joined Bank of America as co-head of ECM in 2018 from Credit Suisse Group, where he had been head of Asia Pacific equity syndicate. He had previously worked at Lehman Brothers, Bloomberg reported.
|
