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AMERICAS
Drilling Tools International, an oilfield services company, agreed to acquire Superior Drilling Products for $32m.
"We have a well-established history with the DTI team and believe they are the right partner to help us to further penetrate the oil & gas industry with our highly effective well bore conditioning tool. This strategic move represents a tremendous opportunity to leverage our combined resources and expertise to better serve our customers, drive innovation and accelerate our growth domestically and internationally," Troy Meier, Superior Drilling Products Chairman and CEO.
Drilling Tools International is advised by Energy Capital Solutions, Winston & Strawn and Dennard Lascar (led by Ken Dennard and Rick Black). Superior Drilling Products is advised by Piper Sandler, Ewing & Jones, Mayer Brown and Kei Advisors (led by Deborah K. Pawlowski).
Johnson & Johnson, a pharmaceutical company, completed the acquisition of Ambrx, a clinical-stage biopharmaceutical company, for $1.9bn.
“We’re pleased to welcome Ambrx’s talented scientific team and proprietary ADC platform to Johnson & Johnson. We look forward to continuing the development of ARX517, which represents a potential first- and best-in-class PSMA-targeting ADC for the treatment of metastatic castration-resistant prostate cancer. This significant opportunity sets the stage for advancing next generation ADCs with the aim of delivering differentiated solid tumor therapies that improve patients’ lives,” Yusri Elsayed, Johnson & Johnson Innovative Medicine Global Therapeutic Area Head, Oncology.
Core & Main, a specialized distributor of water, wastewater, storm drainage and fire protection products, and related services, completed the acquisition of Dana Kepner, a distributor of water, wastewater, storm drainage, and geotextile products, from Littlejohn & Co, a private investment firm. Financial terms were not disclosed.
“The team at Dana Kepner recognizes the importance of providing local expertise to its customers in the waterworks industry. Like the Core & Main team, they add value by serving as knowledgeable and trusted advisors to municipalities and contractors. We are excited about this opportunity to extend our geographic reach, expand the range of products and services that we offer, and add key talent into our organization,” Steve LeClair, Core & Main CEO.
OKRP, a new model, full-service creative advertising agency, completed the merger with Barkley, a full-service independent agency. Financial terms were not disclosed.
“In a world where the choice is often ‘big holding company’ or ‘small independent,’ BarkleyOKRP provides an alternative that marries the best of both worlds. We affectionately call it ‘big indie. OKRP has built a creative powerhouse, and Barkley, in addition to its own award-winning creative product, has built a foundation of modern consumer expertise. Combined, BarkleyOKRP clients will receive the very best of strategy and creativity in an agency that has broad capabilities and significant scale,”Jeff King, Barkley CEO.
Barkley was advised by Toni Lee PR (led by Toni Lee).
Pritzker-backed Sugar Foods, a food company serving prominent foodservice, grocery, retail and restaurant brands, completed the acquisition of Concord Foods, a supplier of retail food products. Financial terms were not disclosed.
“I have long admired Sugar Foods for its diverse product categories, customer-led culture and deep commitment to quality and service. The Concord team is thrilled to begin its next chapter with Sugar Foods and looks forward to executing on the robust pipeline of growth opportunities ahead. I am confident that together we will be an even stronger food and ingredients provider with a broader set of capabilities to better meet customers’ needs,” Robin Galloway, Concord Foods CEO.
Sugar Foods was advised by H/Advisors Abernathy (led by Dan Scorpio)
Carenet Health, a provider of healthcare engagement, clinical support, advocacy and 24/7 telehealth solutions, agreed to acquire Health Dialog, an American company providing personalized population health services to health plans, providers, employers and pharmaceutical manufacturers. Financial terms were not disclosed.
“Health Dialog has long been renowned for the quality and commitment of its team as well as the depth of its analytics and insights,” John Erwin, Carenet CEO.
Carenet Health is advised by G+S Business Communication (led by Chelsea D’Amore).
Exxon signals a potential counteroffer for Hess's Guyana assets.
Exxon Mobil on March 6 said it filed a contract arbitration claim related to Hess's proposed sale of its Guyana oil properties and suggested it may counter Chevron's pending deal for the assets, Reuters reported.
The arbitration case seeks to preserve Exxon's right to evaluate making a bid for Hess's 30% stake in the giant Stabroek offshore oil block if Chevron proceeds with its proposed $53bn Hess purchase. Stabroek considered the largest oil discovery in decades, is the prize in Chevron's bid for Hess. Exxon made clear for the first time it could bid for the Hess's Guyana properties.
Embattled lender NYCB secures $1bn investment from cohort including Mnuchin's firm. (FS)
New York Community Bancorp said on March 6 that it had raised $1bn from investors, including former US Treasury Secretary Steven Mnuchin's Liberty Strategic Capital, and named a former Comptroller of the Currency its new CEO, Reuters reported.
Investment firms Hudson Bay Capital, Reverence Capital Partners, Citadel Global Equities, other institutional investors and certain members of the bank's management also participated in the equity investment, according to NYCB. The bank's stock had a rollercoaster session, falling 45% prior to the announcement, bouncing 30% higher after finally closed 7.4% higher.
Andreessen Horowitz nears $7bn funding haul for growth and sector-focused funds. (FS)
Andreessen Horowitz, one of the most well-known venture capital funds, is moving closer to raising nearly $7bn for multiple funds across investment stages with a sector-focus approach, Reuters reported.
The fundraising efforts, which are expected to close in early April, have involved asking limited partners to commit capital to its fourth growth fund, which will account for half of the total target. Capital is also being raised for a follow-on fund for gaming and three early-stage funds with different focus on enterprise infrastructure, application, and American Dynamism, which will invest in defence and manufacturing technology.
EMEA
Nationwide, a British mutual financial institution, agreed to acquire Virgin Money, a financial service firm, for £2.9bn ($3.7bn).
"The Board of Virgin Money is pleased that Nationwide recognises the considerable strengths and opportunities that exist across our business, with the potential acquisition delivering attractive value for our shareholders. We are confident that a combination would support an exciting new chapter for Virgin Money to benefit from Nationwide's scale and ambition," David Bennett, Virgin Money Chairman.
Cadence Design Systems, an American multinational computational software company, agreed to acquire BETA CAE Systems, a multi-domain, engineering simulation solutions provider, for $1.24bn.
“For more than two decades we’ve led the evolution of engineering simulation, first by establishing our reputation in the land mobility sector, and then successfully expanding to broad deployments across aerospace, defense, biomechanics, electronics, energy and other industries. We are very excited to join the Cadence team and are looking forward to advancing success through our shared values and passion for innovation and engineering, and our unwavering commitment to customers and partners,” Panagiotis Kouvrakis, BETA CAE Systems Chairman.
Cadence is advised by Homburger (led by Daniel Hasler). Beta Cae Systems is advised by Houlihan Lokey.
Bruker, a manufacturer of scientific instruments, completed the acquisition of Chemspeed, a provider of lab automation & digitalization technology. Financial terms were not disclosed.
“We are excited about the opportunities this acquisition brings, and we warmly welcome the excellent Chemspeed team to Bruker. Going forward, Chemspeed will continue to operate as a vendor-agnostic, standalone business within Bruker, maintaining its commitment to industry-leading automated laboratory solutions and customer service,” Bernd Gleixner, Bruker President of the new Automation Division.
A group of investors, including LGT Private Banking, GIC, Ahren Innovation Capital, Carbon Equity, Lightrock, Planet First Partners, Carbon Direct Capital, the Amazon Climate Pledge Fund, and Blue Earth Capital, led a €215m ($233m) Series E round in Sunfire, a German electrolyzer manufacturer.
“This substantial financing round is good news for Europe’s leading role in hydrogen production and for the European clean-tech industry. I am delighted to welcome additional investors backing our vision, product offering, and capabilities to deliver industrial electrolyzers at pace and scale. With this new capital, we are uniquely positioned to further accelerate our company’s growth and industrialization plans to meet the fast-growing demand for electrolysis technologies,” Nils Aldag, Sunfire CEO.
Sunfire was advised by JP Morgan.
Dundee Precious Metals, a Canadian-based international gold mining company, agreed to acquire Tsumeb Smelter from Sinomine, a mining services provider, for $49m.
“We are pleased to announce the sale of the Tsumeb smelter, which is consistent with our strategic objective of focusing on our gold mining assets and simplifying our portfolio going forward. We are extremely proud of the investments that we have made to transform Tsumeb’s operational and environmental performance into a specialized custom smelter with a highly skilled workforce,” David Rae, Dundee Precious Metals President and CEO.
Dundee Precious Metals is advised by Cutfield Freeman & Co.
Saudi Arabia moves $164bn Aramco stake to wealth fund. (FS)
Saudi Arabia's government transferred a further $164bn stake in Aramco to the Public Investment Fund, a move aimed at bolstering cashflow at the state-backed investor that's ramping up spending on huge local projects, Bloomberg reported.
The 8% stake transfer will cut the government's direct ownership in the world's largest oil company to 82%. The move will have no impact on Aramco's dividend, which the oil giant kept at $29bn for the third quarter despite a drop in production and weaker oil prices.
KKR in talks to buy energy firm Encavis for over €2bn. (FS)
KKR is in talks to acquire renewable-energy producer Encavis in a deal that could value the German company at more than €2bn ($2.2bn), Bloomberg reported.
The buyout firm is in advanced negotiations on terms of a potential transaction. KKR could reach a deal as soon as next week. Encavis confirmed that it has been in contact with KKR regarding a potential transaction without providing details.
Warner Music plans €1.65bn bid to buy France's Believe.
Warner Music Group said it planned to make a bid of at least €17 ($18.5) per share for Believe, valuing the French digital music company at €1.65bn ($1.8bn) and topping an earlier takeover bid from a consortium, Reuters reported.
The US music label's potential offer tops the €15 ($16.3) per share bid from a consortium made up of Believe's largest shareholders that valued the company at around €1.52bn ($1.65bn). The consortium's offer was also backed by the company's board of directors. Believe's shares rose about 6% to hit a more than two-year high after Warner's expression of interest on March 7.
AstraZeneca to invest £650m in the UK to boost 'pandemic preparedness'.
AstraZeneca plans to invest £650m ($827m) in Britain to boost research, development and manufacturing of vaccines, the government announced on March 6 as part of Finance Minister Jeremy Hunt's spring budget, Reuters reported.
AstraZeneca's planned investment includes £450m ($571m) to research, develop and manufacture vaccines at its manufacturing site in Speke, Liverpool, and another £200m ($254m) to expand its existing presence in Cambridge, where its global headquarters are located. The investment is a step change after Soriot shifted a planned new manufacturing plant to Ireland last year, saying that Britain's business climate had deterred biopharma firms from investing in the country.
Rovi explores sale of unit that makes drugs for third parties.
Spanish pharmaceutical company Rovi said that it had hired financial advisory and asset management firm Lazard to explore the sale of its third-party manufacturing business that it uses to make COVID vaccines, Reuters reported.
Madrid-based Rovi said it regularly assesses potential strategic alternatives to maximise value and decided to hire Lazard, although no specific decision had been taken and the analysis was still ongoing. The third-party manufacturing business, which includes a long-term partnership with Moderna to manufacture its COVID-19 vaccine for large parts of the world, accounted for almost half of Rovi's 2023 revenue of some €830m ($904m).
CVC Capital Partners revives plans for Amsterdam IPO. (FS)
CVC Capital Partners, Europe's biggest buyout firm with around €188bn ($204bn) in AUM, is reviving its plans for a $15bn-plus Amsterdam stock market listing that could happen as soon as next month.
CVC's decision had not been finalised and could be delayed beyond spring or early summer. The firm postponed its IPO plans last November due to "unfavourable market conditions", which, at the time, was to be the largest IPO in Europe upon completion, with a planned raise of around $1.09bn.
APAC
Sunday Ins, a Thai full-stack insurtech firm, completed the acquisition of PT KSK Insurance Indonesia, a provider of comprehensive range of general insurance products. Financial terms were not disclosed.
“We are extremely excited about our growth prospects and digital collaboration with the licensed insurer. This partnership signifies our deep commitment in Indonesia and mission to be a leading insurtech group in this region,” Cindy Kua, Sunday CEO and Co-Founder.
SingTel sells 0.8% stake in India's Bharti Airtel to GQG Partners for $711m.
Singapore Telecommunications has sold a 0.8% stake in India's Bharti Airtel for SGD$950m ($711m) to US investment firm GQG Partners.
The deal marks the latest effort by Southeast Asia's largest telcom operator to recycle capital, bringing the total to SGD$8bn ($5.9bn) since its strategic reset in 2021, Reuters reported.
Bruce Lee film studio weighing a sale of Singapore cinemas.
Orange Sky Golden Harvest Entertainment is considering selling its movie theatres in Singapore and Taiwan and seeking a valuation of at least $400m for the assets, Bloomberg reported.
The Hong Kong-listed company is working with advisers on the potential divestment and has reached out to potential investors. The filmmaker may also consider selling its cinemas in Hong Kong, depending on investor response.
Mahindra family to sell 'small' portion of stake in automaker.
The family of the founder of Indian car and tractor maker Mahindra & Mahindra will sell a "small" number of shares in the company for liquidity purposes, Bloomberg reported.
The stake will be sold by Prudential Management and Services, the entity that holds the family's stake. The liquidity is for "specific needs" without giving further details.
Indian PE Lighthouse set to close Fund IV by mid-year, taps domestic LPs for the first time. (FS)
Lighthouse Funds, a growth-stage private equity firm in India, has roped in limited partners from the domestic market for time since its inception in 2007 as it gears up to raise its over $400m fourth investment vehicle, DealStreetAsia reported.
The trend goes on to highlight how domestic capital is increasingly becoming a force to reckon with in the Indian private equity and venture capital landscape with a new pool of homegrown LPs looking to bet big on the country's long-term growth story.
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