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AMERICAS
National Bank of Canada, a commercial bank in Canada, agreed to acquire Canadian Western Bank, a full-service bank, for $3.6bn.
“We are proud to come together with National Bank and are confident that this combination will create incredible value for our clients, teams, communities and our shareholders. Together, we can offer Canadians more choice by combining CWB’s four-decade legacy of serving business owners and their families with National Bank’s scale, complementary market expertise and the technological capabilities necessary to accelerate our growth. Our two organizations share similar values grounded in an unwavering commitment to our clients, a deep history of entrepreneurship and a commitment to giving back in the communities we serve. We’re excited to build on this legacy together,” Chris Fowler, CWB CEO.
CWB is advised by JP Morgan and Torys. NBC is advised by Jefferies & Company, NBC, Mayer Brown and McCarthy Tetrault. CDPQ is advised by Fasken.
Viking and BDT & MSD-backed AlphaSense, an intelligence and search platform, agreed to acquire Tegus, a provider of expert research, unique private company content, and financial data and workflow tools, for $930m.
"This transaction marks a pivotal moment for AlphaSense in our mission to help businesses and investors make better decisions with confidence and speed. I am thrilled to join forces with the Tegus team as a significant leap forward in furthering our mission, adding top-quality content on public and private companies, and enhancing our ability to deliver even more comprehensive insights to our customers around the world," Jack Kokko, AlphaSense CEO and Founder.
Tegus is advised by Evercore, Morgan Stanley and Latham & Watkins (led by Daniel R. Breslin and Jana Kovich). AlphaSense is advised by Goldman Sachs, DLA Piper and Paul Weiss Rifkind Wharton & Garrison.
Blackstone Real Estate, an investment company, and MRP Group, a specialist in platform construction for alternative investments to capitalize opportunities in Mexico, offered to acquire Terrafina, a real estate trust specialising in an industrial portfolio and established to acquire, develop and manage real estate, for 1.6bn.
"As the only announced all-cash tender offer, this transaction would provide substantial and immediate value for Terrafina’s shareholders and avoids the potential negative tax consequences associated with competing exchange offers. Additionally, this offer provides more certainty given the limited closing conditions. With a track-record of over 50 successful public company transactions, Blackstone Real Estate is well-positioned to execute this transaction," Blackstone.
Blackstone is advised by Morgan Stanley, Santander, Galicia Abogados and Simpson Thacher & Bartlett (led by Sas Mehrara).
Matador Resources, an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources, agreed to acquire Ameredev, an oil and natural gas company, from EnCap Investments, a private equity firm, for $1.9bn.
“Matador is very excited to work with EnCap again on this strategic bolt-on opportunity. As with the successful Advance Energy deal we completed in April of 2023, we view the Ameredev transaction as another unique opportunity to work with EnCap and another value-creating opportunity for Matador and its shareholders," Joseph Wm. Foran, Matador Founder, Chairman and CEO.
IFS, a technology innovator in cloud and Industrial AI software, agreed to acquire Copperleaf, a company that provides AI-powered asset investment planning and management software. Financial terms were not disclosed.
“IFS continues to build on its position as the global software leader for Asset and Service management, powered by Industrial AI. I am deeply excited about what Copperleaf brings to our extended customer offering. We combine two companies built on the same principles: world class innovative technology with unrivalled time to value, asset and industry expertise delivering exceptional ROI, and organizational cultures that have always put the customer at the center of everything they do," Mark Moffat, IFS CEO.
Copperleaf is advised by BMO Capital Markets.
Redstone ends discussions with Skydance media over the merger.
Paramount Global Chair Shari Redstone has walked away from an offer to merge her family's media company with David Ellison's Skydance Media, ending months of tense negotiations that would have capped the Redstones' decades-long run atop the owner of CBS and MTV, Bloomberg reported.
A special committee of the board met on June 12 to discuss a complicated deal proposed by Ellison, which would have seen Redstone sell him her family's National Amusements, the holding company that controls 77% of the Paramount voting stock. But before the meeting was over, representatives for Redstone informed the committee that NAI had not come to a deal with Skydance, a dramatic reversal considering Redstone's initial support.
Tether to invest more than $1bn in deals over the next year.
The investment arm of cryptocurrency company Tether expects to pour more than $1bn into deals over the next 12 months, according to Chief Executive Officer Paolo Ardoino.
Tether Investments has a growing team of 15 people who are evaluating as many as hundreds of pitches each month, most of them coming directly from startups. It's focused on alternative financial infrastructure for emerging markets, artificial intelligence and biotech — areas where it has already spent about $2bn over the past two years, Bloomberg reported.
JP Morgan risk swap ends up at a familiar place: rival banks.
When JP Morgan Chase arranged a series of trades to shift the risk of losses from $20bn of its loans, some of those dangers wound up at a familiar place: rival banks, Bloomberg reported.
The deal, struck late last year, was one of the biggest ever Synthetic Risk Transfer trades, or SRTs, opaque transactions heralded by Wall Street and approved by regulators that are supposed to hand possible loan losses to hedge funds and other nonbank investors. Yet some buyers in the JP Morgan deal — and in multiple other SRT trades — borrowed money from other banks to help finance their stakes and inflate returns.
Commuter bus operator Coach USA goes bankrupt after rider drop.
Bus company Coach USA, owner of the Megabus brand and commuter bus lines connecting New York and New Jersey, filed for bankruptcy, saying it was unable to recover from a decline in ridership brought on by the pandemic, Bloomberg reported.
The company owes creditors between $100 and $500m, according to its Chapter 11 petition filed on June 11 in Wilmington, Delaware. Chapter 11 of the US Bankruptcy Code is designed to allow companies to keep operating while they shed debt and reorganize.
Private-prison stock tumbles on ICE detention center closing.
The shares of CoreCivic plummeted after US officials moved to close a costly facility used to detain migrants in Dilley, Texas, Bloomberg reported.
CoreCivic, which leases the facility and the site from a third-party lessor, saw its stock slide 20% on June 11, the biggest one-day drop in over four years, after US Immigration and Customs Enforcement said it will close the South Texas Family Residential Center. Shares of Target Hospitality fell by a record 31% on the expected contract termination. Both stocks extended losses from June 10, when the closing was first reported.
Cold storage firm Lineage is said to seek $3bn-plus in IPO.
Logistics giant Lineage is seeking to raise more than $3bn in a US initial public offering in what would be the largest listing this year, Bloomberg reported.
The company may seek as much as $3.5bn. Michigan-based Lineage could list as soon as in July. The real estate investment trust is seeking a valuation of more than $30bn in the IPO and is working with Morgan Stanley and Goldman Sachs on the offering.
Aeromexico investors seek up to $500m in US IPO. (FS)
Apollo Global Management and other investors are seeking to raise as much as $500m in an initial public offering of Grupo Aeromexico, the Mexican carrier that emerged from bankruptcy protection more than two years ago, Bloomberg reported.
The alternative asset manager, which owns about 22% of Aeromexico, and other selling shareholders are aiming to raise about $400m to $500m in the Mexico City-based carrier's listing.
EMEA
Voodoo, a mobile apps and games publisher, completed the acquisition of BeReal, a messaging app. Financial terms were not disclosed.
“Voodoo has a proven track record of driving significant growth in mobile apps. Their resources and expertise will help bring BeReal on a sustainable growth path while continuing to deliver on its mission to create an authentic world that keeps you connected with the people you really care about,” Alexis Barreyat, BeReal Founder and CEO.
BeReal was advised by JP Morgan. Voodoo was advised by Brunswick Group (led by Nicolas Grange).
Everfox, a cybersecurity company, agreed to acquire Garrison Technology, a cybersecurity firm that offers a secure remote browsing technology, from IP Group, a British-based intellectual property business investing in technology companies. Financial terms were not disclosed.
“We entered 2024 with great momentum, with the separation from Forcepoint and standing up Everfox. We are continuing our focus on growth and innovation and are excited to add Garrison’s hardsec and software solutions to our portfolio. Everfox has been working with Garrison as a partner for several years and have found their technology to be a complementary extension to our software cross domain solutions for connecting high-threat networks for both on-premise and cloud,” Sean Berg, Everfox CEO.
Everfox is advised by Citigroup and REQ.
EQT, a private equity firm, agreed to acquire a majority stake in CluePoints, a cloud-based software platform for risk-based quality management and data quality oversight in clinical trials. Financial terms were not disclosed.
"We are delighted that EQT has chosen to partner with CluePoints. EQT is a market-leading investor in both SaaS and medical research industries. This combination makes EQT an ideal partner for CluePoints which is a market leader for SaaS-based clinical data analytics. We are grateful for Summit's active support over the last four years. Their depth of industry knowledge and operational resources have been instrumental in our growth trajectory. Both EQT and Summit share our passion for and commitment to leveraging innovative advanced statistics and machine learning solutions to eliminate manual, error-prone activities in the clinical trial process," Andy Cooper, CluePoints CEO.
Trian Partners, a hedge fund management firm, completed the acquisition of a majority stake in Rentokil Initial, a pest-control business. Financial terms were not disclosed.
“We are hugely proud of the role our colleagues play in creating and delivering new solutions for our customers; whether a scientific breakthrough from our dedicated Innovation team, or a smart insight from our front-line technicians and expert colleagues operating around the world," Andy Ransom, Rentokil Chief Executive.
General Catalyst, a venture capital firm, led a €600m ($645m) Series B round in Mistral AI, a French company selling artificial intelligence products, with participation from Lightspeed Venture Partners, Andreessen Horowitz, Nvidia, Samsung Venture Investment Corporation, Salesforce Ventures, Belfius, Bertelsmann Investment, BNP Paribas, Bpifrance, Cisco, Eurazeo, Headline, Hanwha Asset Management, IBM, Korelya Capital, Latitude, Millennium New Horizons, Sanabil Investments, ServiceNow and SV Angel.
“I am delighted to see new and existing investors renew their confidence in our business and provide new support for its expansion. This new round puts us in a unique position to push the frontier of AI and bring state-of-the-art technology to everyone’s hands. It guarantees the company’s continued independence, which remains fully under the founders’ control,” Arthur Mensch, Mistral AI co-founder and CEO.
Tolaram, a holding company with diversified business interests in consumer goods, fintech, infrastructure and industrials, agreed to acquire a 58% stake in Guinness Nigeria, a beverage manufacturing company, from Diageo, a multinational alcoholic beverage company, for $70m.
“I’m excited to announce our new partnership with Tolaram. Guinness has been Nigeria’s favourite beer for nearly 75 years. Tolaram share this passion for Guinness and for Nigeria, making them the perfect partners as we continue to grow our business and seek to delight even more consumers in the country,” Debra Crew, Diageo CEO.
Intel delays construction on the Israel plant in an effort to manage global costs.
Intel will delay construction on its $25bn chip-manufacturing plant in Israel as the company works to pace its multi-billion-dollar investments in factories planned worldwide, Bloomberg reported.
The slowdown to Intel's plans is temporary. The company sent a note to some suppliers last month informing them of the delay. Intel said that the company remains "fully committed" to Israel and the region and that managing a large-scale project "often involves adapting to changing timelines."
Kenya approves sale of state's stake in Stanbic, NSE in IMF push.
Kenya's cabinet approved a plan to sell the state's shareholding in six companies including Standard Bank Group local unit as the government works to meet requirements for its program with the International Monetary Fund, Bloomberg reported.
The country will sell the shares on the Nairobi Securities Exchange "as part of the institutional reforms aimed at fostering a sustained turnaround of the economy". The government didn't stipulate whether it will sell its entire holding in each of the companies or provide timelines.
Rubis minority shareholder loses bid to change supervisory board.
A Rubis investor lost his bid to overhaul the French petroleum product distributor's supervisory board after most shareholders sided with management at the company's annual general meeting, Bloomberg reported.
Entrepreneur Patrick Molis failed to win enough votes to replace four of the company's board members — including the current chairman — with himself and three allies. Rubis' shares have almost halved since 2018.
Raspberry Pi hands London a starry share market debut at last.
London's lament over a shrinking equity market has been drowned out — for the moment at least — by the stellar trading debut of personal computer maker Raspberry Pi, Bloomberg reported.
Shares in the British creator of low-cost computers popular among hobbyists and educators soared by as much as 43% on June 11 after a $211m initial public offering. It's on track to be the strongest first-day performance in about three years for a company raising at least $100m in a London listing.
Abu Dhabi's first IPO of the year slumps in rare debut drop.
Alef Education shares dropped on their Abu Dhabi debut, a rarity in the Middle East where initial public offerings have typically yielded near-guaranteed returns in early trading, Bloomberg reported.
The shares fell as much as 19% from the offer price of 0.37$ apiece before paring the decline to close 13% lower. That contrasted with the strong demand for the stock when the IPO was unveiled — investors put in orders worth $20bn, and the deal, which priced at the top of the range and raised $515m, was 39 times oversubscribed.
APAC
HSBC, a banking and financial services organization that offers a comprehensive range of services, completed the acquisition of retail wealth portfolio in China from Citigroup, an American multinational investment bank and financial services corporation headquartered in New York City. Financial terms were not disclosed.
“HSBC’s ambition is to be the leading international wealth manager for mass affluent and high-net-worth individuals in mainland China. This portfolio complements our growing set of wealth businesses in the country, demonstrating our commitment to the Chinese market and to helping our clients diversify their assets and enhance their long-term returns," Nuno Matos, HSBC Chief Executive Officer, Wealth and Personal Banking.
HSBC was advised by Freshfields Bruckhaus Deringer (led by Teresa Ko and Yuxin Shen). Citigroup was advised by Citigroup.
KKR gets AUD500m private credit loan for Perpetual buy. (FS)
The loan is structured as a covenant-lite unitranche deal that is a blend of senior and junior debt with no financial covenants. The loan pays an interest margin in the mid-500 basis points range.
Glencore to back Indonesian nickel miner before IPO.
Indonesian nickel miner Ceria Nugraha Indotama is set to get backing from Glencore to build a battery metal plant ahead of an initial public offering planned for next year, Bloomberg reported.
Glencore is in talks to take a 10% stake in the company through a pre-IPO fund-raise, and will assist in financing its high pressure acid leach plant, Ceria Nugraha Chief Executive Officer Derian Sakmiwata said in an interview on June 12. The world's biggest commodities trader will also take a direct stake in the plant and sign an offtake agreement to buy electric vehicle battery ingredients from the Indonesian firm.
Johor Plantations, Kulim eye biggest Malaysian IPO since '22.
Malaysian palm oil producer Johor Plantations Group and a shareholder expect to raise about $156m in an initial public offering, putting the group on track to execute the country's biggest listing in over two years, Bloomberg reported.
JPG kicked off its IPO on June 12 with an offering of up to 875m shares, representing a 35% stake in the company. The IPO exercise values the palm oil firm at $445m.
CalPERS commits over $1b to Asia-focused PE funds. (FS)
The California Public Employees' Retirement System, the largest public pension fund in the US, has committed capital to a string of private equity funds managed by B Capital, TPG, and MBK Partners in Q4 2023, DealStreetAsia reported.
The public pension fund invested up to $525m in four different funds of Singapore- and US-based venture capital firm B Capital alone. It committed $175m to B Capital Ascent Fund III, looking to raise a corpus of roughly $500m; a separate $35m to B Capital Ascent SSEA Fund I; $75m to B Capital Global Growth III; and $240m to B Capital Opportunities Fund II, which closed at $750m in March this year.
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