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AMERICAS
Hut 8 Mining, an innovation-focused digital asset mining pioneer and high performance computing infrastructure provider, completed the merger with US Bitcoin, a builder and strategic operator of four Bitcoin mining centres. Financial terms were not disclosed.
"Our established track record of creating shareholder value through organic growth and strategic acquisitions while maintaining a balance sheet-first approach has positioned us perfectly to advance our growth trajectory through this business combination. Bringing together Hut 8's operational track record and diversified revenue streams with US Bitcoin's scalable mining sites, sizeable hosting business, and industry-leading managed infrastructure operations not only accelerates our diversified strategy and positions us for near-term growth, but also establishes us as a strong, US-based player that is ready and able to seize additional opportunities as they arise," Jaime Leverton, Hut 8 CEO.
US Bitcoin was advised by Needham & Co, Brown Rudnick, Greenberg Traurig and Stikeman Elliott. Hut 8 was advised by Stifel, Bennett Jones and Skadden Arps Slate Meagher & Flom (led by June Dipchand).
EnCap Flatrock-backed Cardinal Midstream Partners, an independent midstream energy company, completed the acquisition of the natural gas gathering and processing business from Medallion Midstream Services, a provider of midstream services. Financial terms were not disclosed.
“We are excited to have completed this transaction as it positions us for significant growth and future bolt-on opportunities in the heart of one of the most prolific basins in the United States. We believe that clean burning natural gas will continue to play an important role in the energy mix, driving global demand, upstream production, and accompanying midstream infrastructure. These assets are an ideal cornerstone for our business, and we look forward to meaningfully growing our footprint over time,” Doug Dormer, Cardinal CEO.
Cardinal Midstream Partners was advised by Shearman & Sterling (led by Nathan Meredith) and Redbird Communications (led by Meredith Howard). Medallion Midstream was advised by Greenhill & Co (led by Ali Akbar) and Locke Lord.
Amulet Capital and Athyrium Capital, two private equity firms, completed the acquisition of Eruptr, a healthcare digital marketing company. Financial terms were not disclosed.
“Since we founded Eruptr in 2009, we have experienced significant growth, which is indicative of patient and market share demand for hospitals and systems. We will greatly benefit from the support of two experienced, operationally focused partners that intimately understand our business and landscape. We look forward to this next phase of expansion, which in turn will allow us to deliver even more patient engagement solutions and marketing results," J.K. Lloyd, Eruptr Co-Founder and President.
Eruptr was advised by Canaccord Genuity and Sidley Austin. Amulet Capital was advised by McDermott Will & Emery and Joele Frank (led by Jonathan Keehner).
Progress, a provider of application development and infrastructure software, completed the acquisition of MarkLogic, a developer of a metadata refining platform designed to support powerful models, from Vector Capital, a private equity firm, for $355m.
“Our Total Growth Strategy consists of three pillars—Invest and Innovate, Acquire and Integrate and Drive Customer Success. The MarkLogic acquisition aligns with this approach by adding industry-leading products to our already-strong portfolio, new and meaningful customer relationships to our large customer base and significant revenue to our top line,” Yogesh Gupta, Progress CEO.
MarkLogic was advised by Jefferies & Company and Paul Hastings (led by Dana Kromm). Progress was advised by DLA Piper.
Vinco Ventures, a digital media and content technologies holding company, agreed to acquire National Enquirer, National Examiner and Globe, three multimedia companies, from a360 Media, a publisher of magazines, supermarket tabloids, and books. Financial terms were not disclosed.
"Vinco's digital platforms and capabilities are well positioned to maximize revenues from these iconic and already profitable media brands. Our digital ecosystem will be critical in heightening the reputation and recognizability of the National Enquirer, National Examiner and Globe to a broader audience and the editorial team joining us from these publications will play an important role in these efforts. We look forward to integrating these publications into our business and continuing their legacy of success," Rod Vanderbilt, Vinco Executive Chairman of the Board.
Vinco Ventures is advised by DLA Piper (led by Tom Ara) and Jolie G. Kahn Esquire (led by Jolie G. Kahn). A360 Media is advised by Paul Weiss Rifkind Wharton & Garrison.
Panoramic Ventures, a venture capital firm, led a $200m round in ShiftMed, a healthcare workforce management marketplace, with participation from Blue Heron Capital and Audacious Capital.
"Healthcare providers continue to struggle with access to credentialed workers as patient needs and volume continues to rise. ShiftMed is positioned to provide health systems with a regulatory compliant W-2 solution that leverages local and part-time resources," Todd Walrath, ShiftMed CEO.
ShiftMed was advised by AM Public Relations.
Texada Software, a creator of SaaS rental and mobile applications for the equipment industry, completed the merger with Uptake Canada, an equipment dealer software. Financial terms were not disclosed.
“The equipment industry is eager to move away from disconnected data riddled with complexity. Dealerships and rental companies want a 360-degree understanding of customers and their interactions across the entire business. Only an integrated view will deliver operational excellence, and as a result, break down business silos. I’m thrilled that we are bringing together SaaS software leaders in rental management and dealership sales and service to manage the full lifecycle of customer possibilities,” Matt Harris, Texada Software CEO.
Uptake was advised by GrowthPoint Technology Partners.
Holcim, a manufacturer of building materials, agreed to acquire Duro-Last, a roofing systems provider, for $1.29bn.
“I’m excited to welcome Duro-Last into Holcim’s broad range of innovative and sustainable building solutions. Duro-Last is a perfect strategic fit for our roofing business. Its proprietary technologies and leading brands complement our offering in the fast-growing North American market. Its energy-efficient systems and excellence in recycling will further advance our leadership in sustainability. I congratulate the Burt family and its leadership team for developing such a thriving business, based on its strong customer relationships and most of all its empowered and dedicated people. I am excited to further strengthen the Duro-Last brand and welcome all 840 employees to the Holcim family," Jan Jenisch, Holcim CEO.
CDPQ, a global investment group managing funds for public pension and insurance plans, agreed to acquire a 50% stake in A25 Concession, a toll road and bridge network serving Greater Montréal and its residents, from Transurban, a road operator company that manages and develops urban toll road networks, for $355m.
"This is the second partnership between Transurban and CDPQ since the recent WestConnex transaction. We have found them to be a constructive, knowledgeable and collaborative partner and we are excited to continue the excellent working relationship. Both parties are aligned on the long-term aspirations for the North American market, and we look forward to pursuing new opportunities together," Scott Charlton, Transurban CEO.
AMCON Distributing, a convenience distributor, completed the acquisition of Henry’s Foods, a convenience distributor of consumer products. Financial terms were not disclosed.
“Henry’s has developed an incredible breadth of products and service expertise in foodservice, which we look to integrate for the benefit of our customer base company-wide. We now operate in the marketplace as The AMCON Family of Brands, which includes AMCON Distributing Company, Henry’s and Team Sledd. Our customers have access, across a broad geography, to a comprehensive suite of services designed to enhance their profitability,” Andrew C. Plummer, AMCON President and COO.
CVS nearing $10.5bn deal for primary-care provider Oak Street Health.
CVS Health is close to an agreement to buy primary care center operator Oak Street Health for a $10.5bn including debt, Reuters reported.
Oak Street Health runs primary care centers across the United States for recipients of Medicare, the US government insurance program for Americans aged 65 and older, and has private equity firms such as General Atlantic and Newlight Partners among its shareholders.
BNP Paribas plans a $5.4bn buyback after US unit sales.
BNP Paribas plans to buy back $5.4bn of shares after the sale of its US unit, and raised its profitability targets as traders posted a quarter that beat many Wall Street peers, Bloomberg reported.
The Paris-based bank is set to distribute about $3.6bn related to the sale of Bank of the West and $860m as part of its ordinary shareholder return policy in two tranches during 2023.
Bed Bath & Beyond plans share sale to counter bankruptcy.
Domestic merchandise retail stores chain Bed Bath & Beyond has lined up investors for an eleventh-hour cash infusion that would allow it to stave off a bankruptcy filing, Bloomberg reported.
The retailer, which has been preparing for a Chapter 11 filing after lenders declared it in default last month, plans to issue convertible preferred securities and warrants, in a deal that would ultimately raise more than $1bn.
Apollo weighs CS First Boston investment. (FS)
Apollo Global Management is among a group of financial firms considering investing in Credit Suisse's revamped investment bank CS First Boston, Reuters reported.
Apollo has already committed to buying the bulk of Credit Suisse's securitized products group, which will be outside CSFB.
Goldman Sachs Asset Management closed a $5.2bn growth equity fund. (FS)
Goldman Sachs Asset Management closed a $5.2bn direct private markets fund that invests in high-growth businesses.
The fund, one of the largest growth funds of its kind, seeks to buy minority stakes with an average investment size of about $50m in businesses that are in the early or middle stages of their growth.
Carlyle appoints former Goldman executive as CEO. (FS, People)
Private equity firm Carlyle Group appointed former Goldman Sachs executive Harvey Schwartz as chief executive officer, effective February 15.
The Wall Street veteran will replace Co-Founder and interim CEO Bill Conway, who will remain co-chairman of the board.
EMEA
InfraRed Capital-backed HICL Infrastructure, a closed-ended investment company, failed to acquire a 55% stake in ADTIM, a French wholesale infrastructure telecom operator, from DIF Capital Partners, a private equity firm. Financial terms were not disclosed.
LexisNexis, a provider of legal, regulatory and business information and analytics that helps customers increase productivity, agreed to acquire Aistemos, a patent classification company. Financial terms are not disclosed.
"The combination of Cipher and LexisNexis will significantly enhance IP analytics. Marrying the bespoke Cipher classifiers with our PatentSight analytics platform will allow our customers to view the world through their own technology lens, ultimately giving them a competitive advantage," Andrew Matuch, LexisNexis Intellectual Property Solutions President.
Conductor, an organic marketing platform, completed the acquisition of Searchmetrics, a global provider of data, advisory programmes, and software solutions for organic search. Financial terms were not disclosed.
“Searchmetrics has been a competitor almost since we started Conductor, with a strong data foundation and a powerful presence in the European market. We are excited to bring the best of what Searchmetrics does to Conductor and to our now shared customers. Our goal is for customers to greatly benefit from this acquisition through delivery of more product value on a global scale,” Seth Besmertnik, Conductor CEO and Co-Founder.
PPC mulls a $200m sale of Zimbabwe unit.
PPC, South Africa's largest cement maker, is considering selling its Zimbabwe business for a $200m. The shares surged, Bloomberg reported.
A sale will help the company, focus on its South African operations. Pricing negotiations are ongoing, and there is no guarantee that a deal will go ahead. PPC's shares surged as much as 24% in Johannesburg, taking the company's market value to $274m.
BP mulls deal to expand oil and gas portfolio.
BP may pursue acquisitions to expand its oil and gas portfolio as the company scales back promises to sharply cut fossil fuel output this decade amid soaring prices and limited supplies, Bloomberg reported.
"You may see us doing some smart M&A, commercial deals, partnerships, things that make sense in that space," Bernard Looney, BP CEO.
Tees Valley lines up lithium deal with Britishvolt’s top bidder.
Tees Valley Lithium struck a preliminary deal to supply raw materials to the preferred buyer of collapsed UK battery startup Britishvolt, Bloomberg reported.
The early-stage lithium refiner signed a memorandum of understanding to supply toll-processed lithium to Recharge Industries, which has been selected as the preferred bidder for the majority of the insolvent battery firm's business and assets. Tees Valley plans to produce the lithium at a refinery in the northeast of England that's set to start operation in 2025.
Intesa Sanpaolo sees no potential for cross-border M&A deal now.
Intesa Sanpaolo Chief Executive Officer Carlo Messina said there's no chance that Italy's biggest bank can undertake cross-border mergers or acquisitions in the near future as there are no suitable assets to acquire, Bloomberg reported.
"While cross-border M&A is needed if you want to become a clear leader, the real problem is targets. So, for the time being I can tell you that there is no possibility to make acquisitions for us," Carlo Messina, Intesa Sanpaolo CEO.
BNP Paribas is not interested in Orange Bank's stake.
BNP Paribas is not interested in buying a stake in telecommunications corporation Orange's banking unit, Reuters reported.
"We've already indicated on several occasions that we're not interested in buying a stake or in a possible acquisition of Orange Bank," Jean-Laurent Bonnafe, BNP Paribas CEO.
Hanover raised £150m for third fund. (FS)
Hanover Investors raised £150m ($181m) for its third private equity investment fund, which has a target of £300m ($361m) and will focus on acquisition opportunities in small cap public markets.
Hanover which was founded in 2002 and focuses on investing in illiquid, has achieved IRRs in excess of 40% over the last two decades. Fund III is expected to hold its final close by June 2023.
APAC
National Council for Social Security Fund, a sovereign wealth fund of the of China, completed a $3.1bn investment in COFCO Fortune, an agri and grain business arm of COFCO Group.
COFCO Group is China's largest food processor, manufacturer and trader. It is also one of Asia's leading agribusiness groups alongside Wilmar International.
COFCO was advised by CICC.
Thoughtworks, a technology consultancy, completed the acquisition of Itoc, a cloud managed services provider. Financial terms were not disclosed.
“While businesses looking to modernize operations are moving to the cloud for increased speed at scale, they are also looking for ways to innovate, enhance customer experiences and stand out from the competition. I am excited about making this acquisition happen with the highly talented team at Itoc who have accelerated hundreds of clients’ digital transformations through the creative and optimum use of their IT infrastructure on a highly-flexible AWS cloud platform," Guo Xiao, Thoughtworks President and CEO.
Australia's venture capital deals slide 30% from record year. (FS)
Venture-capital investments in Australia plunged by about a third in 2022, following the lead of listed global technology companies and venture markets, Bloomberg reported.
Australian startups raised $5.1bn across 712 deals in 2022, down from $7.3bn across 731 deals in 2021. The research was sponsored by JP Morgan, Silicon Valley Bank, Deloitte, Google Cloud and Sling & Stone.
Toshiba's bidders win a $10.6bn loan commitment. (FS)
Top Japanese banks are going to issue commitment letters for a $10.6bn loan that backs a Japan Industrial Partners-led consortium's takeover offer for Toshiba, Bloomberg reported.
Lenders including Sumitomo Mitsui Financial Group, agreed to issue the letters this week. The banks are still demanding senior positions in Toshiba's management for their representatives, should a takeover happen.
Barrick Gold rules out rival bid for Newcrest.
Barrick Gold has ruled out a counterbid for number-one Australian gold producer Newcrest Mining, eliminating what had seemed to be the most likely prospect of a rival to bidder Newmont, Reuters reported.
Another alternative for Newcrest would be lifting its value through the sale of assets. Newmont on bid $16.9bn for Newcrest, whose operations include top-class asset Cadia in Australia and an expanding footprint in North America, Papua New Guinea and Ecuador. It also has growth potential in copper.
Morgan Stanley appoints Ong and Aronovitch to lead Southeast Asia. (People)
Morgan Stanley has appointed two senior investment bankers in Singapore to new roles as it beefs up its Southeast Asia franchise, Bloomberg reported.
Ronald Ong has been named chairman of Southeast Asia. David Aronovitch becomes chief executive officer of the region, overseeing businesses including investment banking.
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