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AMERICAS
Providence Equity Partners, a private equity firm, completed the investment in NexPhase Capital-backed Brandt, a provider of outdoor recreational technology platforms. Financial terms were not disclosed.
“NexPhase has been a great partner for Brandt during an exciting period of growth and innovation. Today, we are excited to build on the momentum delivering unparalleled solutions and experiences for outdoor enthusiasts by bringing in Providence to help us get to the next level of service for our recreational government agency customers," Richard Wise, Brandt Founder and Board Member.
Brandt was advised by Shea & Co, TD Securities, VRA Partners and Choate Hall & Stewart. Providence was advised by Robert W Baird and Simpson Thacher & Bartlett (led by Michael Holick). Debt financing was provided by Capital One Financial Corporation and HPS Investment Partners.
Investment firm MNC Capital has raised its offer to acquire sporting and outdoor goods company Vista Outdoor, opens new tab to $39.50 per share, or over $3bn.
Shares of Vista Outdoor rose 7.4% to $36.99 in premarket trading. Vista Outdoor had rejected MNC Capital's proposal last week, despite engaging with the investment firm to increase its bid of $37.50 per share, saying it undervalued the company and its performance gear business, Revelyst.
Vista Outdoor is advised by Moelis & Co, Morgan Stanley, Cravath Swaine & Moore (led by Aaron Gruber) and Gibson Dunn & Crutcher (led by Jonathan Layne). MNC Capital is advised by Brunswick Group (led by Bob Christie) and Gladstone Place Partners (led by Lauren Odell).
nVent, a provider of electrical connection and protection solutions, agreed to acquire Trachte, a provider of easy-deployment application-engineered protection and control buildings, from Palladium Equity Partners, a private equity firm, for $695m.
“Trachte will expand our enclosures portfolio in new applications and enhance our system protection capability. It further strengthens our solutions in high-growth verticals, including power utilities, data centers and renewables. With the macro trends of modernizing and upgrading electrical infrastructure as well as the expansion of data centers, Trachte provides us with a platform to accelerate our growth and provide broader solutions for customers. We look forward to welcoming the Trachte team to nVent, and together helping to build a more sustainable and electrified world,” Beth Wozniak, nVent Chair and CEO.
Trachte is advised by Harris Williams & Co, Robert W Baird and Morrison & Foerster. nVent is advised Foley & Lardner. Palladium Equity Partners is advised by Kekst CNC (led by Jeffrey Z. Taufield and Todd Fogarty). Debt financing is provided by Citigroup.
Permira, an investment firm, agreed to invest in PharmaCord, a pharma services company. Financial terms were not disclosed.
“We are very excited to partner with a leading, growth-oriented, technology-focused investment firm like Permira to help us broaden our tech-enabled offerings and support our ambitious expansion efforts. We are guided by our commitment to innovation and our strength in developing and deploying effective technology-supported solutions to enable our clients to improve the patient experience. I’m incredibly proud of what our team has accomplished thus far and look forward to bringing even more services to our clients while capturing the exciting growth opportunities ahead with the benefit and support of a global investor like Permira," Nitin Sahney, PharmaCord Founder and CEO.
Permira is advised by Jefferies & Company, Leerink Partners, Skadden Arps Slate Meagher & Flom (led by Brett Fleisher) and FGS Global. PharmaCord is advised by Centerview Partners and Willkie Farr & Gallagher (led by Morgan Elwyn and Ziyad Aziz).
Aterian Investment Partners, a private equity firm, completed the acquisition of Contract Pharmaceuticals, a North American contract development and manufacturing organization of non-sterile liquid and semi-solid dosage forms. Financial terms were not disclosed.
“With Aterian’s backing, we are laser focused on innovation, growth and delighting our customers to further expand our unmatched position in the non-sterile liquid and topical drug products space. This collaboration undoubtedly strengthens our positioning in serving our customers and being the trusted partner to pharmaceutical companies around the world," Jan Sahai, Contract Pharmaceuticals CEO.
Contract Pharmaceuticals was advised by SSG Capital and Goodmans. Aterian Investment Partners was advised by Kirkland & Ellis, Osler Hoskin & Harcourt and Stanton PRM (led by Alex Goss).
Goldman Sachs Asset Management, an asset manager, completed the acquisition of a minority stake in CarltonOne, a company that offers engagement + ecommerce platform for creating B2B employee recognition, from HIG, an alternative investment firm. Financial terms were not disclosed.
“This is the start of an exciting next chapter at CarltonOne. I’d like to firstly thank every CarltonOne employee who has helped build our company to where it is today. Goldman Sachs Asset Management sees the incredible potential of both our people and our platform. They will help us double down on growth with their significant global network and resources," Rob Purdy, CarltonOne Founder and CEO.
CarltonOne was advised by Canaccord Genuity, Robert W Baird and Paul Hastings. Goldman Sachs was advised by Simpson Thacher & Bartlett (led by Katherine Krause).
Greenbriar Equity, a private equity firm, completed the acquisition of Sunvair Aerospace, a maintenance, repair and overhaul services provider, from Blue Sea Capital, a private equity firm. Financial terms were not disclosed.
“Sunvair’s evolution is a great example of Blue Sea Capital’s business transformation playbook. Sunvair has grown from a niche MRO to one of the largest independent providers of repair and overhaul services to global airlines. We are thrilled to have partnered with Kerry Jarandson and the Sunvair team to support the Company’s rapid capabilities expansion and a nearly tenfold increase in earnings. We wish Kerry and the Sunvair leadership team, the Company and Greenbriar continued success," Scott Kirkendall, Blue Sea Capital Partner.
Sunvair was advised by Houlihan Lokey and William Blair & Co. Blue Sea was advised by Jones Day (led by Lisa Lathrop).
Turnspire Capital Partners, a private equity firm, completed the acquisition of Swanson Industries, a provider of manufacturing, remanufacturing, repair, and distribution services of mining equipment, hydraulic cylinders, and related industrial equipment. Financial terms were not disclosed.
“Turnspire’s investment in Swanson is a significant step forward that positions our business for strategic growth. Our entire team is excited to collaborate with Turnspire, which has a long and consistent track record of operational excellence. Together with Turnspire, we will execute a strategic plan that builds on our market leading positions through growth, innovation, and product development, benefitting our customers, suppliers, and employees,” Steve Sangalli, Swanson CEO.
Turnspire was advised by Macquarie Group, Willkie Farr & Gallagher and Gasthalter & Co (led by Mark Semer).
Avenir Energy, an energy company, agreed to acquire Canadian commercial propane business of Parkland, an international fuel distributor, marketer, and convenience retailer, for $115m.
“This transaction is a big step toward achieving our target of $500m from the divestment of non-core assets by the end of 2025. By focusing on our core assets, we are simplifying our business to improve returns. Driven by our customer focus, we continue to see tremendous opportunity to deliver growth and value from our Canadian business,” Ian White, Parkland Canada President.
Parkland is advised by Scotiabank.
Sirion, an AI-native CLM platform, completed the acquisition of Eigen Technologies, a research-driven AI company specializing in NLP for businesses in finance, law, and professional services. Financial terms were not disclosed.
"We are excited to welcome Eigen to Sirion. We have been at the forefront of teaching computers how to read contracts the way lawyers do. This combination of Sirion with the Document AI and IDP platform built by Dr. Lewis Liu and his Eigen team creates the world’s largest labelled contract dataset and allows us to extract valuable insights from a wide range of commercial documents adjacent to contract – such as invoices, purchase orders and performance reports – and drive deeper value realization for the business," Ajay Agrawal, Sirion Founder & CEO.
Sirion was advised by Powerscourt.
Encyclopaedia Britannica seeks capital to repay Safra's debt.
Encyclopaedia Britannica, the publisher of the namesake encyclopedia and the Merriam-Webster dictionary, is looking to raise fresh capital to repay the debts of its Swiss owner, Jacob E. Safra, Bloomberg reported.
The company has tapped Jefferies Financial Group to sound out private lenders over a more than $450m capital raise, which will also include an equity component. Bank of America and Deutsche Bank are also working on the financing.
Paul Weiss's Langston sees "stars aligning" for M&A uptick.
A top dealmaker is predicting busy times ahead for mergers and acquisitions, with deal volumes up 16% so far this year, Bloomberg reported.
"Confidence is returning to board rooms, to C-suites - companies are willing to make big, bold bets on M&A," Jim Langston, Paul Weiss Partner.
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Paramount's rival bidders include the Patrón Tequila billionaire.
John Paul DeJoria, the billionaire co-founder of Patrón tequila and Paul Mitchell hair care products, is among the deep-pocketed investors who've made a bid to take over Paramount Global, Bloomberg reported.
DeJoria, who sold Patrón to Bacardi for $5.1bn in 2018, wants a chance to redirect the news coverage at Paramount's CBS network.
FTC opens antitrust probe of Microsoft AI deal.
The Federal Trade Commission is investigating whether Microsoft structured one of its latest deals with an artificial intelligence startup to avoid a government antitrust review of the transaction, WSJ reported.
Microsoft hired Inflections AI's co-founder and almost all of its employees in March and agreed to pay the startup around $650m as part of the licensing fee to resell its technology.
Ticket-seller SeatGeek adds Citigroup and Wells Fargo to IPO.
Ticket-seller SeatGeek has added banks to the lineup for its planned initial public offering that could take place toward the end of this year, Bloomberg reported.
The company is working with Citigroup and Wells Fargo on the planned listing, which is being led by Morgan Stanley. SeatGeek is targeting a valuation in an IPO exceeding the $1.35bn figure agreed in a 2021 deal to go public via a blank-check company. The transaction was scrapped the following year.
Alvarez & Marsal raids Big Four in push to expand deal advisory work. (People)
The US consulting firm Alvarez & Marsal is planning to poach "hundreds" of partners and staff from the Big Four accounting groups in a new push to expand its work on corporate mergers and acquisitions, FT reported.
A&M is set to announce on June 6 that it has hired six senior deal advisers from KPMG, including the global head of its integration and separation practice, Preston Parker, who will run a new business at A&M targeting M&A work for US and multinational companies.
Chemours hires new finance chief in wake of accounting scandal. (People)
Chemical company Chemours named a new finance chief after suspending three top leaders earlier this year amid an accounting probe, WSJ reported.
Shane Hostetter will join the Wilmington, Del.-based company on July 1 from Quaker Houghton, where he has been chief financial officer since April 2021. In his 13 years at the maker of industrial process fluids, Hostetter held various other senior-level finance roles, including chief accounting officer and global controller.
EMEA
Palladium Equity-backed Kymera International, a specialty materials and surface technologies company, agreed to acquire Fiven, a company specialized in silicon carbide, a material used a variety of industrial applications, from OpenGate Capital, a private equity firm. Financial terms were not disclosed.
"Fiven has all of the strong attributes we look for in an acquisition. They have an excellent reputation for quality and service, are aligned with Kymera's strategy of focusing on attractive end markets such as electronics, aerospace and defense, and have an outstanding management team and dedicated workforce. We are excited to partner with Falk and his team to continue growing Fiven and capitalize on the numerous operational and commercial synergies we have already identified," Barton White, Kymera CEO.
Kymera is advised by Goldman Sachs, Lazard, Piper Sandler and Paul Weiss Rifkind Wharton & Garrison (led by Samuel J. Welt). OpenGate Capital is advised by Robert W Baird and Willkie Farr & Gallagher (led by Lionel Spizzichino and Hugo Nocerino).
Robinhood, an American financial services company, agreed to acquire Bitstamp, a global cryptocurrency exchange, for $200m.
“As the world’s longest running cryptocurrency exchange, Bitstamp is known as one of the most-trusted and transparent crypto platforms worldwide. Bringing Bitstamp's platform and expertise into Robinhood’s ecosystem will give users an enhanced trading experience with a continuing commitment to compliance, security, and customer-centricity,” JB Graftieaux, Bitstamp CEO.
Bitstamp is advised by Galaxy Digital Partners. Robinhood is advised by Barclays.
ABB considering sale of some electric mobility assets. (FS)
ABB is considering selling part of its E-mobility business, which includes electric-vehicle charging stations worldwide as well as research and development facilities in China, Bloomberg reported.
The Swiss firm is working with China International Capital on a possible sale and has sounded out potential buyers. Chinese companies looking to expand globally have shown preliminary interest.
Swiss energy trader MET seeks to buy 54% of Lithuania’s Achema.
Swiss energy trader and producer MET Group plans to buy a majority stake in Lithuanian fertilizer producer Achema Group, one of the Baltic nation’s biggest companies, Bloomberg reported.
The company is seeking to buy the 54.07% majority stake jointly owned by Lyda Lubienė and her daughter Viktorija Lubytė.
Julius Baer shares drop amid heightened EFG deal speculation.
EFG International shares spiked after a report on market speculation that Julius Baer Group may soon announce a takeover of its rival, Bloomberg reported.
The private bank’s shares rose as much as 10% and were halted earlier on June 6 due to excessive volatility, after website Inside Paradeplatz reported rumors that an announcement could come on June 7 after the market closes. Julius Baer shares fell as much as 6.7% after the report.
Private equity deal drought overshadows annual meet up for second year.
Advisers and investors congregated at the annual SuperReturn conference in Berlin this week as a still struggling private equity market cast a shadow over the meeting for a second year, although there were flashes of optimism among the attendees, Reuters reported.
At a long row of streetside alpine huts where an overflow of the globe's top deal brokers conversed, some talked of resilience in the face of adversity as higher borrowing costs continued to put the brakes on the private equity industry.
LSEG, BlackRock and S&P among potential bidders for data provider Preqin. (FS)
The London Stock Exchange Group, BlackRock and S&P Global are among potential bidders for data provider Preqin, Reuters reported.
The owners of the UK data firm that focuses on the private equity industry are considering options, including a full sale of the business, and are being advised by Goldman Sachs.
UK's Wood Group to discuss with Sidara on possible takeover proposal.
UK's John Wood Group said on June 5 that its board would discuss with Sidara on a sweetened takeover proposal and grant the Dubai-based engineering and consulting firm access to due diligence materials. The news caused the shares in Wood to rise nearly 10% in early trade to 205 pence on June 6, Reuters reported.
Last week, Sidara raised its proposed takeover offer for the British oilfield services and engineering firm for the third time, saying that the cash offer of 230 pence apiece was its "final offer".
SVP eyes takeover of OQ Chemicals after Advent deal rejected. (FS)
Opportunistic credit firm Strategic Value Partners is proposing a deal to fix OQ Chemicals balance sheet, which would see it take control of the company, Bloomberg reported.
The deal would see fresh funds injected into the business and allow the company to address its nearly $1bn worth of term loans that come due in October. SVP has been scooping up the company's loans on the secondary market and is now one of its largest lenders.
ECB cracks down on risks from buyouts to climate under Buch.
Half a year into her tenure as chair of the European Central Bank's supervisory board, Claudia Buch is destroying any hopes executives may have had for a cosier relationship with the region's top bank regulator, Bloomberg reported.
Under Buch, the ECB is set to fine several banks over their protracted failures to deal with potential fallout from climate change. The profits of other lenders could be dented by demands that they set aside money for losses on loans to commercial real estate developers and by a review of the risks they take when lending to heavily indebted companies.
Abu Dhabi's first IPO of the year draws $20bn in orders.
Abu Dhabi's first initial public offering of the year drew in orders of $20bn as appetite for listings in the Gulf remains healthy, Bloomberg reported.
Alef Education's shareholders will raise $515m after the deal priced at $0.28 per share, the top of the range. That implies a market capitalization of $2bn. The offer was 39 times covered by local, regional, and international investors.
Aramco offering weighs on biggest Saudi IPO debut of the year.
Saudi Aramco's $12bn secondary share sale took the shine off the kingdom's biggest initial public offering of the year, Bloomberg reported.
Saudi healthcare group Dr. Soliman Abdel Kader Fakeeh Hospital closed 10% above its offer price of 57.5 SAR ($15.3) in Riyadh on June 5 as Aramco's offering drained liquidity from the market. That's the smallest first-day gain for a listing in the kingdom, raising at least $100m in the past 12 months.
Bank of America energy banker relocating to Dubai as deals surge. (People)
A senior Bank of America dealmaker is relocating from London to Dubai, as transactions in the Middle Eastern energy industry boom, Bloomberg reported.
Shoaib Noormahomed, a managing director in the bank’s natural resources and energy transition group, is moving to the Gulf emirate to help bolster the team’s efforts in the sector.
M&S director quits over poaching of Rightmove finance chief. (People)
A director of Marks & Spencer Group is quitting the retailer's board after being blindsided about the poaching of its new finance chief from another company he chairs, Sky News reported.
Andrew Fisher, a long-serving M&S non-executive director, only discovered late in the recruitment process that M&S intended to hire Alison Dolan from Rightmove, the listed digital property portal, as its chief financial officer.
APAC
Morgan Stanley Infrastructure Partners, an infrastructure investor, completed the acquisition of a 49% stake in Onslow Iron Road Trust, the owner of an approximately 150-kilometer private haul road from the Onslow Iron ore project to Ashburton Port in the northwest Pilbara region of Western Australia. Financial terms were not disclosed.
“We are pleased to partner with Mineral Resources as part of the Onslow Iron project and value its long-term track record of project execution. We are proud to be co-stewards of an asset we believe will deliver an attractive, inflation-protected cash yield, backed by significant barriers to entry and attractive underlying economics,” Tim Cooper, MSIP Managing Director.
India's ICICI Bank faces pushback against delisting brokerage unit.
India’s ICICI Bank is facing pushback against delisting its unit ICICI Securities, with some shareholders trying to block the move and the market regulator hauling the bank up over its processes to win shareholder approval, DealStreetAsia reported.
In March, around 72% of ICICI Securities’s minority shareholders voted in favour of selling their shares to ICICI Bank, which holds a roughly 75% stake in the brokerage.
Sumitomo Mitsui weighs broader expansion in India's low-tax hub.
Sumitomo Mitsui Financial Group is hiring for its planned outpost in India's low-tax hub, joining a cluster of global banks placing a bet on the nation's answer to Singapore and Dubai, Bloomberg reported.
Japan's second-biggest bank plans to start its Gujarat International Finance Tec-City branch likely in July, with around ten people, through a mix of hires and relocations. The bank's operation will begin with booking loans, but eventually may expand to include trade finance and global markets business.
Pakistan air bidder says partnership better than stake sale.
A bidder for Pakistan International Airlines has suggested the government seek a partner rather than sell stake in the carrier, Bloomberg reported.
Businessman Arif Habib, part of one of the six groups that have been shortlisted to bid for the carrier, has told Prime Minister Shehbaz Sharif'sSharif's administration that the government should dilute its stake and attract a partner. It can then sell its share at a higher price after the revival of the airline is complete.
GIC, Temasek join a global coalition that will invest $25bn in Indo-Pacific. (FS)
KKR, Global Infrastructure Partners and the Indo-Pacific Partnership for Prosperity have formed a coalition to invest $25bn in infrastructure in the Indo-Pacific region, DealStreetAsia reported.
Investment would include green data centres in Indonesia, renewable energy in the Philippines, smart metres, and hybrid renewables in India. Private equity firms KKR and GIP will co-chair the initiative, while global investors, including BlackRock, GIC, Rockefeller Foundation and Temasek, will be a part of the coalition.
Global clean energy investments to hit $2tn this year led by China.
Global investment in clean energy technology and infrastructure is set to hit $2tn this year, twice the amount going into fossil fuels, DealStreetAsia reported.
Total energy investment is expected to exceed $3tn for the first time in 2024. Combined investment in renewable power and grids overtook the amount spent on fossil fuels for the first time in 2023.
Taiwan's Fubon Life commits $270m to KKR and Blue Owl funds. (FS)
Fubon Life Insurance, the insurance unit of Taiwanese financial conglomerate Fubon Financial, has committed to invest a total of $270m in funds managed by KKR and Blue Owl Capital, DealStreetAsia reported.
The Taiwanese insurer's recent infrastructure commitments have focused on core-plus and secondaries strategies across various regions.
Spacetech startup Astroscale raises $632m in Tokyo IPO.
Astroscale, a Japan-based company specializing in orbital debris removal and satellite servicing, went public on the Tokyo Stock Exchange on June 5. The offering raised approximately $153m at a valuation of $632m.
The company'scompany's post-IPO share price rose by 51% on June 5. Astroscale's market cap was close to $1bn by market close.
Astroscale was advised by Skadden, Arps, Slate, Meagher & Flom (led by Kenji Taneda).
Board of India's Bajaj Housing Finance approves $480m IPO.
India’s Bajaj Housing Finance approved to file for an IPO with a fresh issue of shares worth INR40bn ($479m) on June 6, DealStreetAsia reported.
The firm, a unit of non-banking finance company Bajaj Finance, said the IPO would include a sale of shares by existing shareholders.
Billionaire Richard Li's FWD Group revives Hong Kong IPO plan.
Billionaire Richard Li has revived plans to list pan-Asian insurer FWD Group in Hong Kong after regulatory delay and market volatility scuppered previous attempts to take it public, Reuters reported.
Hong Kong-headquartered FWD could target a valuation of up to $9bn in the initial public offering depending on financial market conditions when launching the deal.
Porsche Ventures' debut China-focused VC fund secures first close. (FS)
Porsche Ventures, the corporate venture capital arm of German automobile manufacturer Porsche, has secured the first close of its debut Chinese VC fund, DealStreetAsia reported.
Set up with investment bank China International Capital Corporation, the CICC Porsche Venture Capital Investment Partnership will help amp up Porsche's ambitions in China.
The CICC-Porsche Fund will be scouting for opportunities in new energy and intelligent connected vehicles.
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