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AMERICAS
Stelco announced that regulatory and program approvals under the Investment Canada Act and Strategic Innovation Fund have been received for Cleveland-Cliffs’ pending acquisition of Stelco. These approvals represent the final regulatory approvals required to complete the Transaction.
With these approvals in hand, the Transaction can now proceed toward closing. The Transaction is currently scheduled to close on November 1, 2024.
CVC Capital Partners, a Luxembourg-based private equity and investment advisory firm, completed the investment in CD&R-backed Epicor, an industry-specific enterprise software provider. Financial terms were not disclosed.
“We look forward to working with CVC and CD&R as we continue to invest in our people, portfolio and AI-powered cognitive ERP capabilities to enhance the value we bring to our customers and communities. We anticipate this strategic partnership will enable us to accelerate our growth into new markets, continue to develop new cloud-ready products and support our focus in delivering for the Make, Move and Sell industries worldwide. We believe CD&R and CVC’s combined operating expertise in the technology and software space will be a key driver of innovation and expansion of our business,” Steve Murphy, Epicor CEO.
Epicor was advised by Barclays, Goldman Sachs and Debevoise & Plimpton. CVC Capital was advised by Evercore, Jefferies & Company and White & Case (led by Oliver Brahmst). CD&R was advised by Barclays, Goldman Sachs and Debevoise & Plimpton (led by Uri Herzberg and Kevin M. Schmidt).
GlycoMimetics, a late clinical-stage biotechnology company, agreed to acquire Crescent Biopharma, a biotechnology company advancing a pipeline of oncology therapeutics designed to treat solid tumors. Financial terms were not disclosed.
“Crescent was founded to harness recent breakthroughs in immuno-oncology and antibody-drug conjugates that pave the way for a next generation of therapies for patients with solid tumors,” Jonathan Violin, Crescent CEO.
Crescent is advised by Jefferies & Company, LifeSci Partners, Stifel, TD Cowen, Wedbush PacGrow and Gibson Dunn & Crutcher. Financial advisors are advised by Covington & Burling. GlycoMimetics is advised by Lucid Capital Markets, Sidley Austin (led by Asher Rubin).
FirstSun Capital and HomeStreet announced that, based on discussions FirstSun and its subsidiary, Sunflower Bank have had with the Federal Reserve and the Texas Department of Banking, that regulatory approvals necessary for the mergers with HomeStreet and its subsidiary, HomeStreet Bank to proceed have not been obtained and FirstSun and Sunflower have been asked to withdraw their merger applications. FirstSun and HomeStreet are discussing the pursuit of an alternative regulatory structure for the merger. The parties are also discussing terms on which they would terminate the merger agreement if no alternative structure is feasible. There can be no assurance that an alternative regulatory structure may ultimately be feasible.
“We are disappointed in the process to date, but we remain hopeful that we will be able to continue productive discussions with regulators in order to obtain regulatory approval,” Neal Arnold, FirstSun Chief Executive Officer and President.
Francisco Partners, an investment firm, agreed to acquire AdvancedMD, a cloud-based provider of medical office software, from Global Payments, a worldwide provider of payment technology and software solutions. Financial terms were not disclosed.
“We are excited to welcome AdvancedMD back to the FP portfolio and to partner with the team to continue building best-in-class healthcare software. AdvancedMD’s end-to-end platform delivers an integrated user experience for patients, physicians, staff and billers, and is well-positioned to ensure its customers’ success,” Anders Mikkelsen, Francisco Partners Principal.
Neuberger Berman completed the investment in Mariner. (FS)
Neuberger Berman, an investment management firm, completed the investment in Mariner, a national financial services firm. Financial terms were not disclosed.
"Mariner is fully committed to building the fiduciary service provider of the future, With this investment and continued partnership, we are confident in our ability to reach new heights in both client service and business expansion as we continue to build a truly holistic financial services firm rooted in the vision of positively impacting the lives of many," Marty Bicknell, Mariner Chief Executive Officer and President.
Mariner was advised by Ardea Partners, Ropes & Gray (led by Jessica T. Murray) and Hot Paper Lantern. Neuberger Berman was advised by Cravath Swaine & Moore (led by Peter Feist). Leonard Green was advised by Latham & Watkins.
NSUS Group, an investment group in the iGaming space known for successfully launching several groundbreaking ventures, completed the acquisition of World Series of Poker, a gambling center, from Caesars Entertainment, an American casino and hotel company, for $500m.
“After collaborating with Caesars Entertainment for years, NSUS Group, the operators of GGPoker, is thrilled to announce their new role in leading the World Series of Poker, the world’s most renowned poker brand. We will leverage GGPoker’s cutting-edge technology and industry expertise to create an exciting future for WSOP, ensuring players have an increasingly improved, safe, and seamless poker experience. Under the new leadership, NSUS intends to expand WSOP worldwide, positioning it at the forefront of poker’s growth,” Michael Kim, NSUS Group Chief Executive Officer.
ADQ, an Abu Dhabi-based investment and holding company, and Patrick Drahi, a media and telecom entrepreneur, completed a $1bn investment in Sotheby’s, an auction house.
"We are delighted to welcome ADQ as a shareholder to Sotheby’s. We embrace their long-term vision of our business, and this investment is a testament to what we have achieved so far as well as our significant potential for future growth. The additional capital and investment expertise will enable us to accelerate our strategic initiatives, expand our commitment to excellence in the art and luxury markets, and continue to innovate to better serve our clients around the world," Charles F. Stewart, Sotheby’s CEO.
Thryv, a software company, agreed to acquire Keap, a private company that offers an e-mail marketing and sales platform for small businesses, including products to manage customers, customer relationship management, marketing, and e-commerce, for $80m.
"The agreement to acquire Keap is a transformative moment for Thryv. This acquisition significantly enhances our SaaS business in recurring revenue and profitability profile by increasing our scale, subscriber count, all while strengthening our market presence in North America and beyond. Keap’s high-quality SMB sales and marketing automations will integrate seamlessly with Thryv’s platform offerings, creating powerful cross-sell and upsell opportunities while extending our go-to-market reach through strong channel partnerships," Joe Walsh, Thryv CEO.
Thryv is advised by RBC Capital Markets and Akin Gump Strauss Hauer & Feld. Keap is advised by AXOM Partners and Snell & Wilmer.
Aquarian, a diversified global holding company with a strategic portfolio of insurance and asset management solutions, completed the investment in PACE Equity, an independent advisory services firm. Financial terms were not disclosed.
"At Aquarian, we look for investments that are built to last. The long-term stability of C-PACE projects are a highly attractive opportunity, and we are very pleased to be entering into this partnership with PACE Equity,” Rudy Sahay, Aquarian Founder and Managing Partner.
PACE Equity was advised by Guggenheim Partners and Gibson Dunn & Crutcher. Aquarian was advised by DLA Piper.
Minerva Foods, a exporter of fresh beef and provides beef, sheep, and derivative products, completed the acquisition of cattle and lamb slaughtering and deboning plants from Marfrig, a food processing company that offers a wide range of gluten-free foods at the base of meat, oats, and oysters, for $1.5bn.
"For more than 30 years, we have built a strong track record in the animal protein market, creating connections between people, food, and nature. We are pleased to take another major step in our global positioning, and even more excited to strengthen our team with the new members who will join as a result of the integration of the new plants," Fernando Queiroz, Minerva Foods CEO.
BlackRock talks to buy private-credit firm HPS Advance. (FS)
BlackRock is in advanced talks to buy HPS Investment Partners, emerging as the only suitor in active talks with the firm as the world’s largest asset manager seeks to compete in the fast-growing private credit industry, Bloomberg reported.
The two sides are seeking to reach an agreement by the end of this year. HPS could still opt for an initial public offering or minority stake sale if the parties fail to agree on valuation.
Arctos is in talks to buy minority stake in the NFL’s Buffalo Bills. (FS)
Investment firm Arctos Partners is in talks to acquire a minority stake in the National Football League’s Buffalo Bills, Bloomberg reported.
The firm, led by co-managing partners Ian Charles and David O’Connor, is in discussions to buy a stake from controlling owner, billionaire Terry Pegula. A transaction hasn’t been agreed to and it’s possible another suitor, or suitors, could emerge.
Wall Street giants to make $50bn bet on AI and power projects. (FS)
KKR and Energy Capital Partners have agreed to invest a combined $50bn in data-center and power-generation projects to support the development of artificial intelligence, WSJ reported.
The investment is a bet on AI’s huge energy needs and the mounting stress it is putting on the US power grid. Much of it will be invested over the next four years.
Diamond sees US bank consolidation as top investment opportunity.
Former Barclays Chief Executive Bob Diamond sees consolidation in the world’s most-developed banking market as the biggest investment opportunity in the US, Bloomberg reported.
A string of US lenders with combined assets of more than $500bn collapsed over 10 weeks last year, adding momentum to a long-standing trend toward consolidation in the industry.
David Ellison to control family’s Paramount stake after deal.
Independent filmmaker David Ellison will control his family’s stake in Paramount Global once his Skydance Media completes its merger with the larger movie and TV company, Bloomberg reported.
The Ellison family on October 29 amended a filing with the Federal Communication Commission to show that Ellison, and not his father Larry, will control their voting interest.
EMEA
JBT, a global technology solutions provider to high-value segments of the food and beverage industry, announced that the Financial Supervisory Authority of the Central Bank of Iceland has granted an extension of the expiration of JBT’s voluntary takeover offer to acquire all issued and outstanding shares of Marel.
The extension was granted to accommodate the regulatory reviews by the European Commission and Australian Competition and Consumer Commission.
Eiffage, a civil engineering construction company, completed the acquisition of EQOS, a company that specialises in the fields of energy transmission and distribution, telecommunications, and rail, from Triton Partners, an investment firm. Financial terms were not disclosed.
Together with EQOS, Triton made a series of improvements to its strategy, leadership and culture, finances, and operations. This included the implementation of an operational improvement program and a full revamp of the leadership team that instilled a performance culture and re-focused the business on its core activities. Non-core entities were disposed, and strategic M&A was used to complement the company’s service portfolio.
Winterberg, an investment firm, and Healthcare Holding Schweiz, a player in the Swiss Medtech services and distribution sector, completed the acquisition of MVB Medizintechnik, a specialized distributor in the fields of cardiotocography. Financial terms were not disclosed.
“We are excited to welcome MVB Medizintechnik AG into the Healthcare Holding family. This acquisition not only broadens our product offerings but also enhances our capability to deliver tailored solutions to our customers. The integration of MVB’s specialized knowledge and innovative products will significantly contribute to our growth strategy," Fabian Kroeher, Healthcare Holding Schweiz President of the Board.
Brookfield Renewable, a Canadian multinational company, agreed to acquire a 12.45% stake in four UK offshore wind farms from Ørsted, a developer of offshore and onshore renewable energy farms, energy storage facilities, and bioenergy plants, for $2.3bn.
“We’re pleased to welcome Brookfield, a leading renewable energy investor with proven investment and operational expertise, as a partner in four U.K. offshore wind farms in one of Ørsted’s core strategic markets. Today’s transaction is an important milestone in the farm-down program as part of our business plan, supporting our significant re-investment in new assets,” Mads Nipper, Ørsted Group President and CEO.
Grafton Group, a building material company, completed the acquisition of Salvador Escoda, a company that provides electronic products and industrial hardware accessories, from Escoda Sans, a building material company, for €132m ($143m).
"The purchase of Salvador Escoda is an excellent fit with Grafton's strategy of acquiring platform businesses in new markets which possess strong and unique propositions with the opportunity to drive further growth and scale. We see long term structural growth in the Spanish economy and in its fragmented distribution markets for building and construction products. Salvador Escoda's leading own brands in categories such as ventilation and air conditioning are an exciting new adjacent channel for Grafton. We look forward to working with the highly experienced and successful team to build on their rich heritage and accelerate what has been an impressive track record of growth," Eric Born, Grafton Group Chief Executive Officer.
Volvo Cars seeks to oust Northvolt from EV battery venture.
Volvo Cars said it will invoke a right to acquire Northvolt's shares in their Swedish battery joint venture, NOVO Energy, after Northvolt decided to no longer provide funding for it, Reuters reported.
Northvolt this year has gone from being Europe's best shot at a home-grown electric-vehicle battery champion to racing to stay afloat by slimming down and cutting jobs, hobbled by production problems and a lack of funding.
StanChart to double investment in wealth unit, trim retail as it lifts outlook.
Standard Chartered said it will double investment in its wealth unit while paring back retail banking, as it lifted performance targets and said it will go further in reshaping the bank to try and meet those goals, Reuters reported.
Income this year will grow by around 10%, the bank said on October 30, up from a previous estimate of towards 7%. The lender also said it plans to return at least $8bn to shareholders over 2024-2026, up from $5bn.
Oaktree-backed predator eyes swoop for London-listed Avation. (FS)
An aircraft leasing company backed by Oaktree Capital, the $200bn US investment giant, is plotting a swoop on London-listed rival Avation, Sky News reported.
Azorra Aviation has been drawing up plans to make an offer for Avation.
BHP has moved on from Anglo American, company chairman says.
BHP has moved on to focus on other growth opportunities after its failed bid for Anglo American earlier this year, the company's chairman said on October 30, weeks before a block on making another offer expires, Reuters reported.
The world's biggest miner walked away from a $49bn bid to acquire Anglo in May after it was rebuffed three times. The upcoming end in late November to a six-month freeze on BHP making another approach under UK takeover rules had raised speculation a deal may again be under scrutiny.
Ermotti says EU bank deals shouldn’t fail over national interest.
Europe’s banking market is in need of consolidation and narrow political preferences shouldn’t stand in the way, Sergio Ermotti, UBS Group Chief Executive Officer, Bloomberg reported.
It would be a “very bad chapter for Europe” if a deal were to fail because of “national interest,” Ermotti said on October 30.
Nigeria sees objections to Shell oil asset sale resolved soon.
Nigeria’s upstream oil regulator found some issues with Shell’s proposed sale of its onshore assets to a consortium of local companies but they should be resolved soon, Bloomberg reported.
“I am sure that in short order it will be resolved with the regulator in a way that addresses our own objectives to continue to accelerate exits for international oil companies,” Olu Verheijen, President Bola Tinubu’s special adviser on energy.
DSV to sell €5bn in bonds to fund DB Schenker buyout.
DSV is set to raise €5bn ($5.4bn) in funding for the acquisition of DB Schenker in a multi-tranche transaction, matching the biggest corporate deal in Europe so far for 2024, Bloomberg reported.
The Danish transport company is selling bonds with maturities ranging from two to 10 years. The arranging banks have received preliminary investor bids in excess of €29bn ($31bn).
Saudi Arabia set to back $2bn Brookfield Mideast Fund. (FS)
Saudi Arabia will back Brookfield Asset Management’s new $2bn Middle East fund, giving the Canadian investment firm extra financial firepower to pursue deals in the oil-rich Gulf region, Bloomberg reported.
The Public Investment Fund will anchor Brookfield Middle East Partners, which will invest in businesses in Saudi Arabia and the wider region. At least half of the fund will be allocated to deals within the kingdom and to international firms looking to expand locally — a move aimed at attracting foreign direct investment.
Estee Lauder confirms appointment of Stephane De La Faverie as next CEO. (People)
The Estée Lauder Companies has announced the appointment of Stéphane de La Faverie as its new President and Chief Executive Officer and member of its Board of Directors, effective January 1, 2025. De La Faverie will report directly to the Company’s Board of Directors.
William P. Lauder also announced that he will be stepping down from his current role as Executive Chairman of the company and will remain Chair of the Board of Directors, following the Company’s upcoming Annual Meeting of Stockholders.
APAC
ADIA, a sovereign wealth fund, and APG, an investment management firm, agreed to acquire two toll roads in Indonesia from Indonesia Investment Authority, for $1.4bn.
“This investment not only solidifies our toll road platform with APG and Adia, it also expands our asset base, establishing a scalable investment platform that opens new avenues for economic opportunities,” Ridha Wirakusumah, INA CEO.
Indonesia Investment Authority is advised by Rothschild & Co.
NEC, an information technology and electronics corporation, agreed to acquire the remaining 48.75% stake in NEC Networks, a computer integrated systems design company, for $1.5bn.
Once the world’s biggest maker of semiconductors, NEC has reinvented itself by focusing on its IT services and infrastructure operations, including a supercomputer for
artificial intelligence-related research.
NEC is advised by Mitsubishi UFJ Morgan Stanley Securities.
Korea Zinc shares dive on plan to issue $1.8bn of new stock after buyback.
Shares in Korea Zinc fell as much as 29.9% to their daily lower limit on October 30 after the world's top zinc refiner said it planned to issue new stock worth about $1.8bn just two days after it bought back shares at a higher price, Reuters reported.
Run by the Choi family, Korea Zinc has been in a bitter fight to control the $18bn zinc empire with the co-founding Chang family, whose conglomerate Young Poong made an initial joint offer with private equity firm MBK Partners in September.
Kyocera to sell down $10.4bn KDDI stake to boost finances.
Kyocera plans to sell down its stake in Japan’s No. 2 telecom operator KDDI over the next five years, the latest company to take part in a gradual unwinding of cross-held shares in Japan, Bloomberg reported.
The Kyoto-based maker of telecom equipment and semiconductor materials holds 15.3% of KDDI — a stake now worth roughly JPY1.6tn ($10.4bn). Kyocera plans to sell about a third of that stake and will use the proceeds to bolster its finances. Kyocera, which established KDDI’s precursor Daini-Denden Kikaku in 1984, may also use KDDI shares as collateral to take out loans, and will consider further reducing its KDDI holdings and exiting its non-core operations.
Investcorp’s China-backed fund tees off with three mideast deals. (FS)
Investcorp has inked three deals through a new investment vehicle anchored by China’s sovereign wealth fund that was set up earlier this year to target opportunities within the Middle East, Bloomberg reported.
“That fund is coming along great, we are targeting about $750m,” Rishi Kapoor, Investcorp Chief Investment Officer. The biggest Mideast alternative asset manager had initially planned to set up a $1bn fund, backed by China Investment, to capitalize on growing ties between Gulf oil exporters and the world’s second-largest economy.
China's CNGR weighs $10bn battery material plant in Indonesia.
Chinese battery material maker CNGR Advanced Material is planning to build a plant worth $10bn in nickel-rich Indonesia, DealStreetAsia reported.
The investment will take place over 10-15 years and the company is looking for a suitable location for the plant, Magdalena Veronika, a director at CNGR Indonesia told reporters.
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