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AMERICAS
MNC Capital, an investment firm, raised its offer for Vista Outdoor, a sporting goods and outdoor products company, to $3bn.
A transaction with MNC would not be subject to a financing contingency and would not be subject to CFIUS review. MNC has provided the details of its financing to Vista, as well as all other information that Vista requested in its March 4, 2024 letter.
Vista Outdoor is advised by Moelis & Co, Morgan Stanley, Cravath Swaine & Moore (led by Aaron Gruber) and Gibson Dunn & Crutcher. MNC Capital is advised by Brunswick Group (led by Bob Christie) and Gladstone Place Partners (led by Lauren Odell).
Ingersoll Rand, a global provider of mission-critical flow creation and industrial solutions, agreed to acquire ILC Dover, a company specializing in the design and production of highly innovative solutions for biopharmaceutical, pharmaceutical, and medical device markets, from New Mountain Capital, a growth-oriented investment firm, for $2.325bn.
“This acquisition is the next phase of our long-term vision to expand into higher-growth end markets like life sciences. I am incredibly excited to partner with Corey and the outstanding team at ILC, whom we’ve admired for their innovative products and decades of experience in life sciences, to enhance our presence in key workflows and applications,” Vicente Reynal, Ingersoll Rand Chairman and CEO.
ILC Dover is advised by Goldman Sachs, Jefferies & Company and Simpson Thacher & Bartlett. New Mountain Capital is advised by Goldman Sachs, Jefferies & Company, Simpson Thacher & Bartlett and H/Advisors Abernathy (led by Dana Gorman). Ingersoll Rand is advised by Kirkland & Ellis (led by Ravi Agarwal, Jennifer Perkins and Lee Blum).
AbbVie, an American pharmaceutical company, agreed to acquire Landos Biopharma, a clinical-stage biopharmaceutical company, for $212m.
"With this acquisition, we aim to advance the clinical development of NX-13, a differentiated, first-in-class, oral asset with the potential to make a difference in the lives of people living with ulcerative colitis and Crohn’s disease,” Roopal Thakkar, AbbVie senior vice president, chief medical officer, global therapeutics.
American Express Global Business Travel, a B2B software and services company for travel and expense, agreed to acquire CWT, a global business travel and meetings solutions provider, for $570m.
“Bringing CWT onto the proven Amex GBT software and services model will create more choice for customers, more opportunities for people and more value for shareholders,” Paul Abbott, American Express Global Business Travel CEO.
American Express Global Business Travel is advised by Sloane & Company and Skadden Arps Slate Meagher & Flom (led by Peter Serating and Thad Hartmann).
VanEck Associates, a global investment manager, completed the majority investment in Investo, a Brazilian ETF provider. Financial terms were not disclosed.
"Investo's track record of innovation in the ETF space aligns perfectly with VanEck's vision for growth in Latin America. We are excited to contribute our global resources and investment expertise to support Investo's strategic goals for the Brazilian market," Jan van Eck, VanEck CEO.
VanEck Associates was advised by Craft & Capital (led by Chris Sullivan).
Essex Property Trust, a fully integrated real estate investment trust, completed the acquisition of the remaining 49% stake in the BEXAEW real estate portfolio, comprised of four properties totaling 1.5k apartment homes, for $505m.
Concurrent with closing, the company repaid $220m of debt encumbering the properties and consolidated the communities on the company’s financials.
Taseko, a copper mining company, agreed to acquire the remaining 12.5% stake in Cariboo Copper, a copper mine, from Dowa Metals & Mining, a provider of metals products, and Furukawa, a machinery industry company, for CAD142m ($104m).
"We are happy to once again own 100% of the Gibraltar mine, our foundational asset, which will continue to generate strong returns for the Company for many years to come. This acquisition provides 14% growth in our attributable copper production, and is immediately cashflow accretive as we advance construction at our Florence Copper Project," Stuart McDonald, Taseko President and CEO.
Key1 Capital, a global investment firm focused on growth technology companies, Euclidean Capital, a firm that provides financial guidance and asset management services, and Hamilton Lane Advisors, an American alternative investment management and advisory company, led a $100m Series C round in FundGuard, a fully cloud-native, AI-powered, multi-asset class investment accounting platform, with participation from Blumberg Capital and Team8.
“FundGuard is shaping the future of investment and fund accounting. This latest significant investment round reflects the ongoing support of the industry, the confidence our investors have in the value our products bring to the market, and their trust in our leadership and strategic roadmap,” Lior Yogev, FundGuard CEO and Co-Founder.
AE Works, a Pittsburgh-headquartered award-winning building design and consulting firm, completed the acquisition of WTW Architects, an architecture, planning, & interior design firm. Financial terms were not disclosed.
"We are thrilled to have WTW Architects join AE Works. WTW's design leadership in delivering notable projects in Pittsburgh and beyond, especially in educational facilities, is now combined with our track record of work nationwide for large agencies like the Department of Veterans Affairs, National Institutes of Health, CDC, as well as state and local government agencies like PA Turnpike Commission, ALCOSAN, and commercial clients. This move is a key part of our strategic firm vision to diversify our experience in the region and nationwide," Michael Cherock, AE Works Founder, President and CEO.
MCI, a holding company for a diverse lineup of tech-enabled & data-driven business process outsourcing firms, agreed to acquire Market Force Information, a customer experience company. Financial terms were not disclosed.
"We loved the Market Force suite of services and their approach to business improvement via market research, data collection, and tech-enabled business services. It was an easy decision for us to acquire 100% of the equity and assets," Anthony Marlowe, MCI CEO.
Stambaugh Ness, a government contract accounting company, agreed to acquire Left Brain Professionals, an accounting and advisory firm serving government contractors. Financial terms were not disclosed.
"SN is thrilled to welcome Robert and his team to the firm, enriching our capabilities with his extensive government contracting knowledge. Robert's firsthand understanding of running a firm will provide clients with meaningful insights and vital, future-focused strategies and solutions," Steven L. Hake, Stambaugh Ness President and CEO.
The Riverside Company-backed Best Life Brands, a franchised organization with a portfolio of brands dedicated to senior care, completed the acquisition of Next Day Access, a provider of residential and commercial home access solutions across the United States and Canada. Financial terms were not disclosed.
"We are thrilled to welcome Next Day Access to the Best Life Brands family as this strategic acquisition aligns perfectly with our vision of empowering aging individuals to live their best lives, regardless of mobility challenges. As the population of older adults steadily rises and the desire to age in place remains prevalent, we're positioned to enhance our ability to provide comprehensive accessibility solutions and support services to individuals and families across the nation and Canada," J.J. Sorrenti, Best Life Brands CEO
TDR Capital, a private equity firm, offered to acquire Target Hospitality, a provider of vertically integrated modular accommodations and value-added hospitality services, for $1.1bn.
The Board intends to establish a special committee of independent directors with its own independent advisors to review the proposal.
Activist Politan plans second proxy battle at Masimo. (FS)
An activist investor who holds two seats on the board of Masimo is planning a proxy fight for two more, WSJ reported.
Politan Capital Management, founded by veteran activist Quentin Koffey, plans to nominate two director candidates to the company’s six-person board.
Lightspeed CEO Dasilva says company is ‘open’ to going private.
The head of Canada’s Lightspeed Commerce said recent talks about a potential private equity buyout of payments firm Nuvei have him thinking about whether his company should do the same, Bloomberg reported.
“Nuvei is weighing whether it can do more as a private company,” Lightspeed Interim Chief Executive Officer and founder Dax Dasilva said in an interview with La Presse, a Montreal-based news site. “People have made the same comment to me about Lightspeed.”
Zoom and Avaya announce new strategic partnership to deliver enhanced collaboration experiences.
Zoom and Avaya announced a strategic partnership designed to deliver enhanced collaboration experiences to global enterprises. As part of the partnership, Avaya selected Zoom Workplace — Zoom’s AI-powered collaboration platform that will include meetings, team chat, scheduler, whiteboard, spaces, and more — to integrate with Avaya’s Communication & Collaboration Suite.
Additionally, Avaya will offer the integrated Zoom Workplace solution and will deliver an enhanced collaboration experience to its base, which boasts some of the industry’s largest enterprise customers.
Fisker says talks with automaker have ended.
Fisker said its negotiations for some kind of tie-up with a large automaker have broken down, heightening concerns about the electric-vehicle startup’s financial situation, WSJ reported.
The company said the unnamed automaker ended talks last week. Fisker is weighing strategic alternatives, including in- or-out-of-court restructurings and the sale of assets.
Chime Financial targets public listing in US in 2025.
Chime Financial, a fintech firm taking aim at the bigger banks by offering fee-free services, is planning to list the company in the US next year, Bloomberg reported.
Chime is yet to engage banks on the expected initial public offering.
Boeing CEO Dave Calhoun to step down in wake of 737 Max struggles. (People)
Dave Calhoun stepped in to address a crisis at Boeing. He is stepping aside four years later with the manufacturer still mired in a crisis over the quality of its planes, WSJ reported.
The Boeing chief executive will exit at the end of the year, part of a broader executive shake-up after a January 5 midair blowout and sweeping production problems that have angered airlines and regulators.
Lufthansa's bid for a minority stake in Italian rival ITA Airways could harm competition and lead to higher prices, EU antitrust regulators said on Monday, ramping up pressure on the German carrier to come up with stronger remedies.
The European Commission said the deal threatened competition on short-haul routes between Italy and Central European countries, as well as on long-haul routes between Italy and the United States, Canada and Japan. It would also strengthens ITA's dominant position at Milan's main airport, Reuters reported.
Novo Nordisk, a global healthcare company, agreed to acquire Cardior, a company that discovers and develops therapies that target RNA as a means to prevent, repair and reverse diseases of the heart, for €1.025bn ($1.1bn).
“By welcoming Cardior as a part of Novo Nordisk, we will strengthen our pipeline of projects in cardiovascular disease where we already have ongoing programmes across all phases of clinical development. We have been impressed by the scientific work carried out by the Cardior team, especially on CDR132L, which has a distinctive mode of action and potential to become a first-in-class therapy designed to halt or partially reverse the course of disease for people living with heart failure,” Martin Holst Lange, Novo Nordisk Executive Vice President.
Cardior is advised by Trophic Communications (led by Stephanie May).
Qualcomm, a chip designer, failed to acquire Autotalks, a fabless semiconductor company. Financial terms were not disclosed.
"Qualcomm has terminated the transaction to acquire Autotalks due to lack of regulatory approvals in a timely manner. Automotive is a very important vertical for Qualcomm and we remain fully committed to our product roadmap, our customers and our partners," Qualcomm.
Airbus Defence and Space, the division of Airbus responsible for the development and manufacturing of the corporation's defence and space products and providing related services, agreed to acquire INFODAS, a Cologne-based, German company that provides cybersecurity and IT solutions in the public sector including for defence and critical infrastructures. Financial terms were not disclosed.
This acquisition supports Airbus’ strategic ambition to strengthen its cybersecurity portfolio for the benefit of its European and global customers. With exponential cyber threats, along with the increasing digitalisation and connectivity of its products and systems, cybersecurity is a pivotal component of Airbus’ development.
Hancom, a software developer in South Korea, agreed to invest in FacePhi, a Spanish artificial intelligence biometric company. Financial terms were not disclosed.
"Through this investment, we will be able to expand Hancom's AI business area and we expect to expand overseas sales by supplying Hancom-branded FacePhi solutions to the entire Asia-Pacific region in the future. We will continue to lead the AI market by actively promoting collaboration with, investment in, and acquisition of competent AI businesses," Yeon-soo Kim, Hancom CEO.
Carlyle is among suitors for environmental consultant RSK. (FS)
The Carlyle Group, one of the world's biggest private equity firms, is among a pack of suitors circling RSK, a British-based environmental consultancy, in a deal that would value it at well over £1bn ($1.25bn), SkyNews reported.
Carlyle is one of several parties in discussions with Alan Ryder, RSK's founder and chief executive, about a possible transaction. A deal could involve the outright purchase of a large minority stake in RSK, which employs more than 15k people and operates in 40 countries.
UK gives Telegraph deal parties until April 2 before deciding on lengthy probe.
The parties involved in the UAE-led takeover of Britain's Telegraph newspaper will now have until April 2 to make representations to the government before it decides on referring the deal to an in-depth investigation by the markets regulator, Reuters reported.
Britain's Media Secretary Lucy Frazer, who last week said she was minded to refer the contentious merger to the lengthy, "Phase 2" review, extended the deadline from March 25 following a request from one of the parties.
UK government ceases to be NatWest’s controlling shareholder.
The UK government is no longer a controlling shareholder in NatWest Group after its stake in the high street lender fell below 30%, FT reported.
The latest milestone in the government’s divestment from the lender — which it was forced to bail out during the global financial crisis — comes ahead of a much hyped and controversial share sale to retail investors over the summer.
Advent, CVC make joint bid for European pet food business owned by Cinven. (FS)
Private equity groups Advent International and CVC Capital have teamed up to bid for a pet food company owned by Cinven, leaving a single bidding consortium left seeking to buy an asset the UK buyout group has held for six years, FT reported.
Advent and CVC were the two remaining investors competing in the process to acquire Partner in Pet Food, a Hungary-based maker of animal food. The two groups have now submitted a joint bid.
Gail's owners bake plan for sale after rapid growth.
The owners of Gail's, the chain of bakeries and coffee shops, are preparing to hire advisers for a sale that would value it at well over the £200m ($252m) price tag at which it changed hands nearly three years ago, Sky News reported.
Bain Capital Credit and EBITDA Investments, a fund backed by serial restaurant investor Henry McGovern, are drawing up plans to appoint bankers, potentially before the end of this year.
Unilever CEO hints Dutch lead in fight for ice cream listing.
Amsterdam may beat London to a potential €17bn ($18.4bn) listing of Unilever’s ice cream unit, Bloomberg reported.
The Netherlands has “a good chance” of hosting the division after it’s spun out of the company, Chief Executive Officer Hein Schumacher told the Buitenhof TV show on March 24, in comments that will intensify the competition between the two cities.
Tristar said to revive sale talks three years after IPO stalled.
Tristar Transport has revived attempts to sell itself as investors in the Middle East logistics firm seek to cash in on the company’s recent revenue surge, Bloomberg reported.
The Dubai-based company, founded and led by Eugene Mayne, has hired deNovo Partners to run a formal sale process. The company is also working with deNovo to add another adviser to help with the sale.
APAC
Noventiq and Net One Asia to form a joint venture.
Noventiq, a global solutions and services provider in digital transformation and cybersecurity, headquartered in London, and Net One Asia, an IT solutions provider, agreed to form a joint venture as part of Noventiq's expansion strategy in the Asia Pacific region. Financial terms were not disclosed.
“As we continue on our journey to list on Nasdaq, these steps in our expansion plan are crucial for Noventiq. Positioned to serve the Singapore market, this collaboration integrates Noventiq's innovative solutions and services with a robust Microsoft ecosystem, spanning across all industries. This venture promises unparalleled cybersecurity protections and the unique offerings of Microsoft, which will bring multiple benefits for companies within the market and the broader region. Beyond technological advancements, this partnership is set to create new job opportunities, enabling employees from both entities to participate in cross-training and contribute to a growing team dedicated to the success of the joint venture," Hervé Tessler, Noventiq CEO.
TPG will halve China investments in new $5bn Asia fund. (FS)
TPG will soon close its eighth Asia buyout fund at around $5bn, with the new portfolio set to slash its China allocation by more than half from prior regional funds, Bloomberg reported.
The investment firm plans to put about 10% of its Asia VIII pool in China, down from around 25% of invested capital in previous funds. TPG will allocate more than 80% in Australia, India and Southeast Asia — up from 70% in the predecessor fund. The rest will go to South Korea.
China's Ant Group pumps $148m more into SG banking unit ANEXT.
Singapore-based digital wholesale lender ANEXT Bank has received another $148m in capital infusion from its parent company, Chinese fintech giant Ant Group, DealStreetAsia reported.
This follows the $188m that the digibank received from Ant Group in March last year.
KKR appoints Richdale to tap Asia Institutional, family capital. (FS, People)
KKR appointed Kate Richdale to lead its institutional capital efforts and take charge of a new initiative that aims to tap growing corporate and family wealth in Asia Pacific as an increasingly vital source of capital and dealmaking, Bloomberg reported.
Richdale will become head of global client solutions institutional sales & family capital for Asia Pacific. She will drive the firm’s capital raising priorities and further expand the platform for co-investments with rich entrepreneurs and families in the region. A Singapore-based spokesman confirmed the appointment.
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