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AMERICAS
Amentum, a government and commercial services contractor, agreed to merge with with critical mission solutions and cyber and intelligence businesses of Jacobs, a technical professional services firm. Financial terms were not disclosed.
“Uniting our great organizations – Amentum, CMS, and Cyber & Intelligence Solutions – creates a leading provider of systems integration and technology solutions with the talent, scope, scale and footprint to deliver excellence and a wider range of solutions for our clients. Our combined company will deliver extensive expertise in the government’s highest priority areas of energy, space exploration, intelligence and analytics, and digital modernization. We look forward to the union of our strong teams and a bright future ahead,” John Heller, Amentum CEO.
Amentum is advised by JP Morgan, Morgan Stanley and Cravath Swaine & Moore. Jacobs is advised by Centerview Partners, Goldman Sachs, Perella Weinberg Partners and Wachtell Lipton Rosen & Katz.
Gridiron Capital-backed Colibri Group, a professional education company with leading brands that provide learning solutions to licensed professionals, completed the acquisition of TRC Healthcare, a premier source of lifelong learning solutions for healthcare professionals. Financial terms were not disclosed.
“This expansion of our capabilities continues to serve our mission of leading professionals to achieve more and thrive in their careers. At the same time, it enables us to deepen our solutions for healthcare clinicians, leaders, and institutions. We are thrilled that TRC Healthcare, with their industry leadership and high-quality education, will become part of Colibri," Renee Altier, Colibri Group President of Healthcare.
TRC Healthcare was advised by Deloitte, Morgan Stanley, William Blair & Co and Kirkland & Ellis. Gridiron Capital was advised by Houlihan Lokey, Robert W Baird and Finn Dixon & Herling.
OneMain, a consumer lending company, agreed to acquire Foursight Capital, a financial services company, from Jefferies, a full-service investment banking and capital markets firm, for $115m.
"Foursight is an attractive tuck-in acquisition giving us a seasoned team, scalable technology, tested credit models, a franchise dealer network and a high-quality loan portfolio to support our disciplined expansion into the auto lending business. I look forward to welcoming Mark Miller and the Foursight team to OneMain and working together to continue to diversify and grow our suite of lending products for hardworking Americans," Doug Shulman, OneMain Chairman and CEO.
OneMain is advised by Barclays and Covington & Burling. Jefferies is advised by Jefferies & Company and Morgan Lewis & Bockius.
SKKY Partners, a private equity firm, agreed to acquire a minority stake in TRUFF, a food producer. Financial terms were not disclosed.
“We are excited to back TRUFF for so many reasons: the passionate, visionary founders; the distinctive, category-defining nature of the products; and the unique brand positioning. The business has a very strong foundation and is now at the perfect juncture for us to bring our experience building and scaling unique consumer brands to help fuel the next stage of TRUFF’s growth,” Jay Sammons, SKKY Partners Co-Founder and Managing Partner.
SKKY Partners is advised by Kirkland & Ellis, FGS Global ( Brooke Gordon and Julie Rudnick) and Full Picture. TRUFF is advised by Buchalter.
Suncor Energy, a unique and sustainable energy company, completed the acquisition of the remaining 31.23% stake in Fort Hills, an open-pit truck and shovel mine, from TotalEnergies, an energy and petroleum company, for $1.07bn.
“The transaction secures additional long-term bitumen supply to fill our Base Plant upgraders at a competitive supply cost, addressing a key uncertainty for the company and adding long term shareholder value. With 100% ownership of Fort Hills we will pursue opportunities to create additional value through regional synergies and basinwide management of our unparalleled, integrated oil sands asset base. This transaction is aligned with our strategy to wholly own and operate long-life strategic assets," Rich Kruger, Suncor Energy President and CEO.
Suncor Energy was advised by JP Morgan, Blake Cassels & Graydon and Paul Weiss Rifkind Wharton & Garrison.
Stardust Power, a chemical manufacturing company, agreed to go public via a SPAC merger with Global Partner Acquisition, a special purpose acquisition company, in a $490m deal.
“Stardust Power aims to solve one of the largest challenges of the energy transition – reliable access to the critical minerals that will make the transition a reality. Refined lithium is the key component in the lithium-ion batteries which make the proliferation of EVs, and decarbonization of transportation, possible. Domestic production of battery-grade lithium is also a crucial factor to American national security and leadership in the energy transition, which Stardust Power is working to address,” Roshan Pujari, Stardust Power CEO.
Stardust Power is advised by Cohen & Company Capital Markets and Norton Rose Fulbright. Global Partner Acquisition is advised by Kirkland & Ellis.
Professional Fighters League, a mixed martial arts league, completed the acquisition of Bellator, a mixed martial arts promotion, from Paramount Global, a multinational mass media and entertainment conglomerate. Financial terms were not disclosed.
"PFL is now a global powerhouse in MMA. Our Bellator acquisition turbocharges PFL's mission to innovate the sport and become the industry co-leader," Donn Davis, PFL Founder and Chairman.
Pelican Energy, a private equity firm, completed the acquisition of Springs Advanced Technology Group, a manufacturer and solutions provider of custom containment systems, from Machine Build Technologies, a manufacturing services provider. Financial terms were not disclosed.
"We are thrilled to partner with Pelican Energy Partners. They have a unique focus of investing in the nuclear sector and have been very enthusiastic about supporting our existing growth plan. Our business is in high growth mode and now we have all the financial resources we need to accomplish our goals," Kevin Oliver, ATG President.
Pelican Energy was advised by Locke Lord. Machine Build was advised by Dvorak Law.
Komatsu, a manufacturer of construction, mining, forestry and industrial heavy equipment, agreed to acquire American Battery Solutions, a leader in the design, development and manufacturing of advanced lithium-ion batteries. Financial terms were not disclosed.
"We are excited to join the Komatsu family with its global presence. This partnership will position ABS as a leading partner for electrification of industrial equipment and commercial vehicles globally. We are thankful for the support of our initial investors, KCK Group, and are pleased to enable a successful exit after only 4 ½ years. Komatsu's acquisition of ABS is testament to the intellectual and manufacturing assets ABS has developed in the span of four years," Subhash Dhar, ABS Founder and CEO.
Komatsu is advised by Rothschild & Co.
Merck, a pharmaceutical company, agreed to acquire Caraway Therapeutics, a preclinical biopharmaceutical company, for $610m.
“Caraway’s multidisciplinary approach has yielded important progress in evaluating novel mechanisms of modulation of lysosomal function with potential for the treatment of progressive neurodegenerative diseases. We look forward to applying our expertise to build upon this work with the goal of developing much needed disease-modifying therapies for these conditions," George Addona, Merck Senior Vice President.
Caraway Therapeutics is advised by MacDougall.
Morgan Stanley Infrastructure Partners, a company involved in private infrastructure equity investing, agreed to acquire a 70% stake in UltraEdge, a datacenter company, from Altice France, a provider of wireless telecommunication services, for €535m ($585m).
"The transaction reflects Altice France’s strategy around balance sheet management, which notably includes executing inorganic deleveraging through pro-active management of our non-core asset portfolio. Furthermore, the transaction will strengthen Altice France on its objectives to provide best in class telecommunication services to its clients as the datacenter infrastructure continues to be upgraded, expanded and densified," Altice France.
CRH, a provider of building materials solutions, agreed to acquire cement and readymixed assets from Martin Marietta, a supplier of aggregates and heavy building materials, for $2.1bn.
"The acquisition of these high-quality assets further strengthens our market leading position in Texas and increases our exposure to attractive, high-growth markets. Our ability to leverage our cement expertise and technical capabilities will enable us to enhance and optimize our existing footprint in Texas, resulting in significant synergies and self-supply opportunities. This transaction reflects our disciplined approach to capital allocation as well as our commitment to deliver further growth and value creation for our shareholders. We also believe there is significant potential to unlock additional growth opportunities across an expanded footprint in this attractive growth market," Albert Manifold, CRH CEO.
TotalEnergies, Sabic selling US chemical plant.
French oil major TotalEnergies and Saudi Basic Industries are considering selling a jumbo US plant that make chemical ingredients used for everything from plastic packaging to disposable cups and insulation, Bloomberg reported.
Total and Sabic are working with an adviser to prepare the sale of the styrene and polystyrene production lines in Carville, Louisiana, which together could fetch at least $1bn.
Blackstone to close multi-strategy fund after assets drop nearly 90%. (FS)
Blackstone plans to close a fund that exposes investors to a variety of hedge funds and trading strategies after assets fell almost 90% in four years, Reuters reported.
The US-based asset manager had informed clients after it decided in October that its Blackstone Diversified Multi-Strategy fund would close at the end of the year.
OpenAI's board approached Anthropic CEO about top job and merger. (People)
OpenAI's board of directors approached rival Anthropic's CEO about replacing chief Sam Altman and potentially merging the two AI startups, Reuters reported.
On November 19 the board offered ex-Twitch CEO Emmett Shear to be its interim chief, who accepted. Meanwhile, Altman agreed to join the startup's backer Microsoft along with other key personnel from OpenAI.
NRG replaces CEO after another battle with Elliott over strategy. (FS, People)
For the second time in six years, NRG Energy is making a big change after activist investor Elliott Investment Management objected to the strategy being pursued by the independent US power producer, Bloomberg reported.
GM Cruise Co-Founder, senior exec Dan Kan quits day after CEO exit. (People)
General Motors' Cruise Co-Founder and chief product officer Daniel Kan has resigned, a day after Cruise CEO Kyle Vogt quit, Reuters reported.
Kyle Vogt noted that Cruise had been serving 10k rides per week. "I know Cruise will achieve that again soon," Kyle Vogt.
Anne Richards steps down as Fidelity International CEO. (FS, People)
Asset manager Fidelity International announced that Anne Richards has stepped down as chief executive officer after five years and will become vice chair at the company, Reuters reported.
Richards, who has more than 30 years of experience in asset management, led M&G Investments before joining Fidelity as chief executive officer in 2018, replacing Brian Conroy. She was CIO at Aberdeen Asset Management before that. During her term as CEO, assets managed by Fidelity grew significantly, to $714.3bn.
EMEA
EU antitrust regulators have extended their date for a decision on the tie-up of Danish food ingredients and enzymes makers Novozymes and Chr. Hansen to December 12 after the companies offered remedies to address competition concerns, Reuters reported.
Novozyme, which makes enzymes for household products, food and beverages and biofuels, and Chr. Hansen, enzyme maker for the food sector, proposed on November 20 to sell part of the combined company's global lactase enzyme business.
Chr. Hansen is advised by Goldman Sachs (led by Andre Kelleners), Baker McKenzie, Gorrissen Federspiel (led by Tobias Linde and Anders Orjan Jensen) and Impact Partners. Financial advisers are advised by Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg). Novozyme is advised by Danske Bank, FIH Partners (led by Kasper Elton Koch), Gordon Dyal & Co (led by Gordon Dyal), Nordea Bank (led by Torben Hansen), Oxera, Davis Polk & Wardwell (led by Will Pearce and Connie I. Milonakis), Linklaters (led by Mark Daniel), Plesner (led by Thomas Holst Laursen), FGS Global (led by Charlie Chichester) and Point Communications. Financial advisers are advised by Simpson Thacher & Bartlett (led by Jakob Rendtorff and Caroline Gottschalk).
EU antitrust regulators will decide by December 22 whether to clear Swedish private equity group EQT's takeover bid for British veterinary pharmaceuticals maker Dechra Pharmaceuticals, Reuters reported.
EQT announced the cash acquisition in June, making it one of the biggest deals in the UK private equity sector this year. EQT sought approval from the EU competition enforcer on November 17.
MMG, a mid-tier global resources company, agreed to acquire Khoemacau Copper Mine, a copper mine in Botswana, for $1.88bn.
“The acquisition of Khoemacau mine is an important step in achieving our vision of creating a leading international mining company for a low carbon future and will create meaningful long-term value for our shareholders. Khoemacau is a high-quality operating mine with a strong expansion case, located in one of the most prospective mining regions in Africa, the Kalahari Copper Belt, in Botswana, and capable of supporting global supply chains. This transaction aligns with our strategy to pursue value-accretive external opportunities, while continuing to drive significant organic growth opportunities across existing operations," Jiqing Xu, MMG Chairman.
MMG is advised by Citigroup and Macquarie Group. Khoemacau is advised by UBS.
One Equity Partners, a private equity firm, agreed to acquire Measurement Solutions business from TechnipFMC, a global oil and gas company. Financial terms were not disclosed.
“The Business is an established global player with exciting growth potential as a standalone company. We are thrilled to be partnering with a strong management team and talented employees. One Equity has extensive experience in diversified industrials as well as corporate carve-outs, and we look forward to working with the team to help build the business through organic growth alongside transformational acquisitions, a hallmark of our strategy,” J.B. Cherry, One Equity Partners Senior Managing Director.
One Equity Partners is advised by Stanton PRM. TechnipFMC is advised by JP Morgan.
Aptean, a provider of mission-critical enterprise software solutions, completed the acquisition of 3T Logistics & Technology, a provider of cloud-based transportation management systems. Financial terms were not disclosed.
“Aptean is pleased to expand its TMS offerings in Europe with the addition of 3T’s cloud-based EVENT platform. In today’s challenging business environment, 3T helps organizations deliver their products with greater speed and efficiency, enabling them to compete a global level," Duane George, Aptean GM of EMEA and APAC.
Stellantis, CATL plan factory in Europe to make cheaper EV batteries.
Stellantis said on November 21 it plans to build an electric vehicle battery plant with China's CATL in Europe, its fourth one in the region, as the European carmaker seeks to make cheaper batteries and more affordable EVs, Reuters reported.
The two companies announced a preliminary agreement for the supply of lithium iron phosphate battery cells and modules for the automaker's EV production in Europe and said they were also considering setting up a 50-50 joint venture in the region.
Italy sells 25% stake in Monte Paschi for about €920m.
Italy sold about 25% of Banca Monte dei Paschi for approximately €920m ($1bn) as part of its plan to divest from the bailed-out lender.
Italy sold 314.9m shares for €2.92 ($3.19) apiece, with a 5% discount on Monte Paschi’s closing price, the Finance Ministry said on November 20. The size of the offering was increased from an initial planned disposal of a 20% stake because of strong demand, Bloomberg reported.
South Africa’s Telkom in exclusive talks to sell towers to PE firm.
Telkom is in advanced talks to sell its tower assets to a private equity firm. A deal — if concluded — would be subject to South African regulatory and shareholder approval, it said. There are no guarantees that the negotiations would lead to a transaction, Bloomberg reported.
“Shareholders are hereby advised that Telkom is currently in exclusive negotiations with a preferred bidder in respect of the potential disposal of Swiftnet. The preferred bidder is a consortium of equity investors, including a black economic empowerment partner, led and managed by a reputable private equity firm," Telkom.
M&A battle fuels $500m family office’s Europe deal spree.
Brian Souter built one of the world’s largest transport fortunes over the past four decades through Stagecoach, the UK bus operator he and his family started with a pair of second-hand vehicles.
Now, fueled by the proceeds from last year’s takeover battle for the company, Souter’s personal investment firm has embarked on a major deal spree, shifting his fortune further away from the industry that defined his career, Bloomberg reported.
Zara owner poised for record close as earnings optimism grows.
Inditex shares are headed for the highest close since the retailer’s 2001 initial public offering as analysts turn increasingly optimistic ahead of third-quarter results. The Zara owner gained as much as 1.3% to €36.81 ($40.23) in Madrid trading on November 21, the highest intraday price since June 2017, Bloomberg reported.
The retailer’s fast-fashion business model and online presence have helped the shares climb about 50% this year, besting a retail sector that is the top performer in Europe. The Stoxx Europe 600 Retail Index is up 26% in 2023 as customers have hit the shops following pandemic-era lockdowns.
Britain to launch growth funds to attract pension pot cash.
The British Business Bank will set up a new fund for pension schemes and asset managers to invest in growth companies, part of wider reforms to unlock savers' cash to boost the economy, Reuters reported.
Britain wants to encourage pension schemes to switch from a heavy focus on bonds and global blue chips to putting a portion of their cash in UK growth companies, a step it says would help improve returns for investors.
Muddy Waters shorts CPI Property Group bonds. (FS)
The shares and bonds of CPI Property Group fell sharply on November 21 after short-selling hedge fund Muddy Waters said it had bet against the credit of the Luxembourg-based commercial landlord.
The fund said CPI Property Group's controlling shareholder, Czech billionaire Radovan Vitek, had misstated the value of the company. The report also said some income had been booked against real estate properties that were in fact empty plots of land, Reuters reported.
Middle East sees year-end IPO rush despite war, global listings gloom.
The market for new share sales sprang to life in the Middle East, where investors snapped up all stock on offer in a taxi company in under an hour and put in orders worth $12bn for a crypto-related firm, against the backdrop of a subdued market for global listings and the Israel-Hamas war, Bloomberg reported.
The flurry of deals started early on November 21, as investors piled into Dubai Taxi's $315m IPO — a deal that marked the emirate’s first privatization in a year. Meantime, the biggest Mideast health-care platform announced plans to list, while crypto mining hardware retailer Phoenix Group $371m IPO was about 33 times oversubscribed.
APAC
United Overseas Bank, a bank, completed the acquisition of consumer banking franchises in Indonesia from Citi, an investment bank and financial services corporation, for $1.1bn.
“Completing our final divestiture of a full consumer franchise in Asia marks a significant milestone in simplifying the firm. This is a testament to the commitment of our employees across these markets and a clear demonstration of Citi’s ability to execute on our strategy. We are sincerely grateful to our former employees in Indonesia and wish them the very best in their careers with UOB,” Titi Cole, Citi Head of Legacy Franchises.
Citi was advised by Citigroup.
Shandong Hi-Speed, a capital investment company, agreed to acquire a 42.1% stake in VNET Group, a carrier- and cloud-neutral internet data center services provider, for $299m.
"We are pleased to welcome this strategic investment from SDHG, which stands as a powerful endorsement of VNET's leading competitiveness and unique value proposition in the IDC industry. Their investment will further strengthen our balance sheet and fuel innovation as we will cooperatively explore new opportunities in renewable energies with them going forward. As the digital economy develops and expands, VNET will remain dedicated to offering reliable and scalable IDC services, addressing customers' evolving demands and delivering long-term value to all of our stakeholders," Josh Sheng Chen, VNET Group Board of Directors.
VNET Group is advised by Shearman & Sterling (led by Li Chen).
Vinda confirms Essity in early discussions on stake sale.
Hong Kong-based tissue and diaper maker Vinda International confirmed that Essity has held preliminary discussions with a number of third parties for a sale of the Swedish company’s majority stake in Vinda. Also, Vinda said the stake sale may lead to an offer for the company.
Essity’s 51.59% stake in Vinda was worth HKG12.14bn ($1.56bn) as of November 20 close, DealStreetAsia reported.
Fortescue approves $750m investment for three green projects.
Australia's Fortescue approved on November 21 an estimated total investment of about $750m over the next three years for two green energy projects and one green steel project as the iron ore miner seeks to become a top-tier clean energy producer, Reuters reported.
Fortescue approved investments in the US hydrogen hub in Phoenix, Arizona; the Gladstone 50 megawatt green hydrogen project in Queensland, Australia; and the Christmas Creek green iron trial commercial plant in Western Australia.
Indonesia launches $20bn renewable energy investment plan.
Indonesia launched on November 21 its investment plan to mobilize $20bn in financing pledged by global lenders led by the US and Japan to accelerate its power sector decarbonization and called for immediate fund disbursement, DealStreetAsia reported.
Under Indonesia's Just Energy Transition Partnership, the country seeks to cut carbon dioxide emissions to 250m metric tons for its on-grid power sector by 2030, versus estimated business-as-usual emissions of over 350m.
Japan's inflation comeback prompts investors to tear up old playbooks.
Global inflationary forces are finally seeping into Japan's economy after decades of falling prices, forcing investors to radically rethink their Japan bets as the Bank of Japan considers a major policy shift, Reuters reported.
International investors, who have long favoured stocks benefiting from Japan's ageing population or a weakening JPY, are tearing up their playbooks to focus on expected higher interest rates, more generous dividends and a revival in consumer spending.
Bain Capital raises $7.1 bln in largest pan-Asia PE fund this year. (FS)
Bain Capital has completed the final close of its fifth pan-Asia private equity fund at $7.1bn, exceeding its target by 40%, amid a challenging macroeconomic and geopolitical environment that has otherwise impeded fundraising worldwide, Reuters reported.
Bain Capital said the firm itself committed $750m to Bain Capital Asia Fund V, alongside existing and new investors. At $7.1bn, the fund is Bain Capital's biggest to date for Asia and also the region's largest private equity fund raised this year.
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