Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Public Storage, an American international self-storage company, offered to acquire Life Storage, a self-administered and self-managed equity REIT that is in the business of acquiring and managing self-storage facilities, for $11bn.
"Our proposal would create a combined company with significant advantages, more robust operational capabilities, and a strong trajectory of profitable growth," Joe Russell, Public Storage President and CEO.
Lone Star Funds, a private equity firm advising funds that invest globally in real estate, equity, credit and other financial assets, agreed to acquire Titan, a bi-coastal provider of ship repair services and marine and heavy complex fabrication, from private equity firms Carlyle Group and Stellex Capital. Financial terms were not disclosed.
"We are proud of the many accomplishments of the Titan team over the course of our partnership. Throughout a particularly unprecedented time, with the pandemic and supply chain constraints, the Titan team has continually executed on its strategy to successfully grow the business, refine its market segments, and expand into new geographic territories. Titan is well-positioned to maintain its positive trajectory, and we wish the team continued success in its next phase of growth," Derek Whang, Carlyle Managing Director.
Titan is advised by Bank of America, Evercore and Latham & Watkins. Lone Star Funds is advised by Lazard and Kirkland & Ellis. Stellex is advised by Marketcom PR (led by Rosalia Scampoli).
Thompson Street Capital Partners, a private equity firm based in St. Louis, completed the investment in Sabai Global, a Chesterfield, MO-based provider of regulatory review and biosafety consulting services to pharmaceutical sponsors, CROs, academic health systems, and clinical research site networks. Financial terms were not disclosed.
"Our team has worked hard to identify an asset that serves the rapidly growing cell and gene therapy market, and was extremely pleased to find one led by a CEO as passionate as Chris in the St. Louis area. We are proud to support Sabai's continued growth as they help bring the most cutting-edge, life-saving treatments to market in an efficient, safe, and ethical manner," Matt Scherrer, TSCP Managing Director.
TSCP was advised by BackBay Communications.
Google agreed to invest $300m in Anthropic, an artificial intelligence startup firm.
"We're thrilled to be able to partner with Google Cloud on training and deploying useful AI systems. We've been impressed with Google Cloud's open and flexible infrastructure. We are excited to partner with Google to scale-up our systems in the coming months," Dario Amodei, Anthropic CEO.
Wendel-backed Stahl, a chemicals company, agreed to acquire ICP Group, a packaging coatings company, for $250m.
“ISG is a strong strategic fit for Stahl, given the complementary nature of our business models, technologies, and footprints. The acquisition will enhance Stahl’s growth profile, diversify our target markets, and broaden our technology base. Going forward, specialty coatings will represent approximately 75% of group sales. ISG will be able to take advantage of Stahl’s know-how and ESG leadership position to support the transition towards more sustainable value chains. We are excited about this opportunity and look forward to welcoming the excellent ISG team into the Stahl family," Maarten Heijbroek, Stahl CEO.
International Petroleum, an oil and gas exploration and production company, agreed to acquire Cor4, an oil and gas company, for $62m.
“We are very pleased to announce today the complementary acquisition of almost 16 MMboe of 2P reserves adjacent to our Suffield property in Alberta, Canada, through the proposed acquisition of Cor4, a private company. The producing assets to be acquired are complementary not only to our Suffield assets but in addition, to a recent land acquisition that IPC concluded in the fourth quarter of 2022. Following these acquisitions, we now have over 25 drilling inventory locations on the Ellerslie play fairway that extends from the west of our Suffield asset, to our new land acquisition and into the Cor4 property. IPC plans to drill a total of six wells on this exciting new play in 2023," Mike Nicholson, IPC CEO.
Abbvie plans to lift $2bn cap on deals.
Chief Executive Officer Richard Gonzalez said the company now has the capacity "to do more", in an interview with WSJ.
Danaher considers buying Catalent.
Danaher, an American globally diversified conglomerate, expressed takeover interest in contract manufacturer Catalent, Bloomberg reported.
The overtures by Danaher in recent months valued Catalent at a significant premium. It's unclear how Catalent will proceed or whether it's receptive to a takeover offer.
Northern Biogas acquires three dairy renewable natural gas projects. (FS)
HIG Capital, a global alternative investment firm with $54bn of equity capital under management, is pleased to announce that its portfolio company, Northern Biogas, has acquired three additional dairy renewable natural gas projects, significantly expanding its RNG production capacity.
“We appreciate HIG’s partnership, their continued commitment to our business plan, and the shared desire to scale our market position through the acquisition of these three new dairy RNG projects. Since partnering with HIG in September 2022, we have more than doubled the number of RNG projects under construction, and rapidly expanded our RNG project development pipeline across the waste-to-renewable natural gas market. We look forward to utilizing our technical, commercial, and operational expertise to continue to expand our existing dairy RNG footprint and further develop our landfill and food waste RNG projects,” Chris Akers,
Northern Biogas CEO.
Pension schemes advised to sell LDI funds run by BlackRock. (FS)
Pension schemes that invested in liability-driven investment funds run by BlackRock and other managers are being advised to sell their holdings.
Investment advisers XPS Pensions and Barnett Waddingham have cut their ratings on some pooled LDI funds to their lowest ranking, DealStreetAsia reported.
Ex-SoFi boss cuts funding targets for blockchain startup; mulls spin offs.
Mike Cagney, the former chief executive officer of lending giant SoFi, is searching for investors for his latest startup, Figure Technologies. The company, which builds financial products on a blockchain, is also seeking to spin off some product lines as it navigates a dramatic industry downturn, Bloomberg reported.
Two years ago, when investors’ fintech frenzy was at its peak, Cagney raised $200m for Figure. The company at the time was valued at $3.2bn, gaining it entrance into a rarified club of multibillion-dollar startups.
Just Climate closing in on $1bn target for debut fund. (FS)
Just Climate, a climate-led investment business established by impact firm Generation Investment Management, is close to reaching the $1bn fundraising target set for its first fund – a growth equity strategy focused on industrial decarbonisation.
The fund will look to take minority stakes in asset-heavy businesses and hold those assets for between three and five years, with a final close expected later this year at its $1bn target.
EMEA
Dufry, a Swiss-based travel retailer which operates duty-free and duty-paid shops and convenience stores in airports, cruise lines, seaports, railway stations and central tourist areas, completed the merger with Autogrill, an Italian-based, multinational catering company, in a €3bn ($3.2bn) deal.
"I am very happy to lead this transformative combination, which I am sure will reinforce the new Group strategy and will create sustainable long-term value for our customers and shareholders," Xavier Rossinyol, Dufry CEO.
Autogrill was advised by Bank of America (led by Fabio Fusco), Citigroup (led by Roberto Costa), Intesa SanPaolo (led by Marco Perelli-Rocco) and Mediobanca (led by Matteo Calegari). Dufry was advised by Credit Suisse (led by Andrea Donzelli), Santander, UBS (led by Riccardo Mulone), UniCredit, Chiomenti (led by Filippo Modulo), Cleary Gottlieb Steen & Hamilton, Davis Polk & Wardwell (led by Daniel Brass), Homburger (led by Andreas Müller), Dynamics Group and Kekst CNC (led by Roland Klein). Edizione was advised by Bank of America, BonelliErede, Lenz & Staehelin (led by Jacques Iffland) and Barabino & Partners (led by Federico Steiner).
A group of investors, including Traxys' management, Optiver, CoLift and Regent Mercantile Holdings, agreed to acquire Traxys, a global physical trader and merchant in metals and natural resources, from Carlyle and Louis M. Bacon, the founder of Moore Capital Management. Financial terms were not disclosed.
"The increasing demand for raw materials to address the global energy transition serve the booming Electric Vehicle and Battery Storage markets and meet the needs of a growing global middle class coupled with structural underinvestment in raw material production markets underpin the opportunities for Traxys," Mark Kristoff, Traxys CEO.
Traxys is advised by Ducera Partners and ING Bank. Regent Mercantile is advised by Fasken. CoLift is advised by Jones Day (led by Robert Profusek). Optiver is advised by Clifford Chance. Carlyle is advised by Wachtell Lipton Rosen & Katz.
Syntagma Capital, a private equity firm, agreed to acquire LAN/data center and Telecom/Fibre divisions from Nexans, a company in the cable and optical fiber industry. Financial terms are not disclosed.
“We are pleased to partner with management to continue to grow the business. Providing the backbone for data management is an exciting prospect. Despite a challenging M&A market, we are continuing to find attractive opportunities to invest our capital while providing sellers with divestiture solutions for complex carve outs where speed and certainty are of the essence. This transaction represents our most recent carve out and reflects Syntagma’s strategy to acquire businesses that will benefit from a new owner to drive the next area of growth," Sebastien Kiekert Le Moult, Syntagma Managing Partner.
Syntagma is advised by Roland Berger, PricewaterhouseCoopers, ERM Group and Willkie Farr & Gallagher.
CVC Capital Partners, a Luxembourg-based French private equity and investment advisory firm, agreed to acquire a majority stake in Scan Global Logistics, a global transport and logistics provider, from AEA Investors, an American middle market private equity firm. Financial terms were not disclosed.
"Our people are our most valuable asset. We want to become the industry's preferred workplace, attracting the best talent with a defined ambition of becoming the most purpose-driven logistics company in the world. We are ambitious and believe that we can reach our revenue target of more than $5bn during the next few years by continuing to leverage our entrepreneurial culture, agile decision making, and high customer satisfaction obtained through tailored competitive logistics solutions," Allan Melgaard, SGL Global CEO.
Scan Global Logistics is advised by Barclays. CVC is advised by Rothschild & Co. AEA is advised by Joele Frank (led by Michael Freitag).
Recharge, an Australian battery technology start-up, agreed to acquire Britishvolt, the collapsed UK startup which had struggled to fund a major electric-vehicle battery factory in northern England. Financial terms were not disclosed.
"We are thrilled to be progressing with our proposed bid for Britishvolt and cannot wait to get started making a reality of our plans to build the UK's first gigafactory," David Collard, Recharge Founder.
Britishvolt is advised by Ernst & Young.
Concordia, an investment banking and consulting firm, agreed to acquire the remaining shares in Rothschild & Co, an independent financial advisory, for $2.5bn.
“None of the businesses of the group needs access to capital from the public equity markets. Furthermore, each of the businesses is better assessed on the basis of their long-term performance rather than short-term earnings. This makes private ownership of the group more appropriate than a public listing,” Concordia.
Rothschild & Co is advised by Brunswick Group (led by Simone Selzer).
Crown Energy, an international oil and gas exploration and production company, agreed to acquire an 85% stake in AccYouRate Group, a medical technology company, for €163m ($176m).
"I am super happy to be able to begin to deliver on my promise to our shareholders and the market to take a significant step in moving Crown Energy into the rapidly expanding and socially responsible world of medical technologies. I believe this investment will prove very successful in the future and bring substantial value to our company and to our shareholders as well as the wider community who will be able to benefit from this advanced technology," Yoav Ben-Eli, Crown Energy CEO.
Jumeirah Group, a hotel-management firm, completed the acquisition of Le Richemond hotel in Geneva. Financial terms were not disclosed.
Le Richemond is a 109-room luxury hotel located in Geneva, Switzerland. The hotel was established in 1875 by Adolphe-Rodolphe Armleder. It was a part of the Rocco Forte Hotels Collection from 2004 until 2011.
Nissan, a Japanese multinational automobile manufacturer, agreed to acquire a 15% stake in Ampere, a provider of electric vehicle and software, from Renault, a French multinational automobile manufacturer. Financial terms were not disclosed.
Through this intended investment in Ampere Nissan would enhance and accelerate new business opportunities for Nissan in Europe.
CapMan, a private asset expert, agreed to invest in Napier, a provider of critical transportation infrastructure for the aquaculture industry. Financial terms are not disclosed.
“We are highly impressed with the service quality Napier can deliver to its clients, and believe the company has significant further growth potential. The business also has strong infrastructure characteristics and provides mission-critical services to ensure the safe supply of food. We look forward to supporting Napier in growing the business," Pekko Haaksluoto, CapMan Partner.
Nissan board approved planned restructuring deal with Renault.
The board of Nissan has voted in favour of reshaping its alliance with French carmaker Renault, Reuters reported.
The agreement, which will retool the two-decade-old alliance, had already got the backing from Renault's board. It will be formally unveiled in London.
Sixth Street prepares bid for minority stake in Germany's football league. (FS)
US investor Sixth Street is among the firms preparing a bid for a part of the media and commercial rights to Germany's football league, Reuters reported.
The sale of a minority stake in the Bundesliga rights, which could be valued at up to $19.4bn, comes as the German soccer league tries to close the financial gap with rivals.
French shipping tycoon ramps up M&A hunt with eye on Bollore arm.
French shipping tycoon Rodolphe Saade is ramping up his hunt for acquisitions, with an eye on fellow billionaire Vincent Bollore’s logistics arm as a way to take a greater slice of global trade flows.
The Saade family’s container shipping giant, has been studying the multibillion-dollar Bollore unit as a possible target and assessing the feasibility of a deal for some time. Saade would be keen to pursue a purchase of the business if Bollore were ready to sell, Bloomberg reported.
Eurazeo names new board, CEO Morgon to leave her role. (FS, People)
French private equity and investment company Eurazeo named a new executive board and added that its current chief executive Virginie Morgon would leave her role, DealStreetAsia reported.
Eurazeo said its new executive board would be composed of two chairmen, namely Christophe Bavière and William Kadouch-Chassaing, while Sophie Flak and Olivier Millet would also be on this board.
APAC
Newmont, a gold mining company based in Greenwood Village, Colorado, agreed to merge with Newcrest Mining, an Australian-based corporation which engages in the exploration, development, mining and sale of gold and gold-copper concentrate, in a $17bn deal.
"We believe a combination of Newmont and Newcrest presents a powerful value proposition to our respective shareholders, workforce and the communities in which we operate. The proposed transaction would join industry-leading portfolios of assets and projects to create long-term value across the combined global business, and we welcome the consideration of Newcrest's Board of Directors," Tom Palmer, Newmont President and CEO.
Newcrest Mining is advised by Gresham, JP Morgan and Herbert Smith Freehills. Newmont is advised by Bank of America, Centerview Partners, Lazard, King & Wood Mallesons and White & Case.
Croda International, a British specialty chemicals company, agreed to acquire Solus Biotech, a provider of premium, biotechnology-derived beauty actives, from Solus Advanced Materials, a Korea-based company principally engaged in the manufacturing and sale of electronic components, for £232m ($280m).
"This is a strategic bullseye for Croda, consolidating our position as a global leader in supplying sustainable, natural actives for personal care across three critical technology platforms of peptides, ceramides and retinol. It significantly enhances our sustainable biotechnology capabilities and adds a North Asia manufacturing and innovation facility, providing a springboard to premium markets in Asia and beyond. I am especially excited about their brilliant technology, with Solus bringing rich IP and proprietary know-how that we will be able to deliver to customers globally," Steve Foots, Croda CEO.
Astorg-backed Fastmarkets, a price reporting agency and information provider, completed the acquisition of Palm Oil Analytics, an online publisher of palm oil market news. Financial terms were not disclosed.
"I am excited to welcome the team from Palm Oil Analytics to Fastmarkets. Combining Palm Oil Analytics with our existing coverage of renewable energy will enhance our ability to serve our customers with the most comprehensive suite of raw material and feedstock prices for the global biofuels market," Raju Daswani, Fastmarkets CEO.
Australia’s Rest Super said to kick off Endeavour stake sale. (FS)
Australian pension fund Rest Super is kicking off a sale of its minority stake in local electricity distribution firm Endeavour Energy, Bloomberg reported.
The fund plans to send out information memoranda as soon as this week. Rest Super is seeking as much as $694m for its 12.6% stake in the power company. Interested bidders are expected to provide indicative offers in about four weeks.
Australia's Beach Energy reaches deal with Webuild on Waitsia gas project.
Australia's Beach Energy said it reached a deal with Italy's Webuild to complete delivery of the $529m Waitsia Stage 2 gas project, subject to approval from the project's contractor Clough, which was placed into administration in December.
The company revised upwards its total capital expenditure estimate to $275m, Reuters reported.
Chinese solar cell maker SolarSpace bags over $442m in two funding rounds. (FS)
Solar cell and module manufacturer SolarSpace has secured a total of $443m in its Series B and pre-IPO rounds, DealStreetAsia reported.
EBI Investment, Sinochem Capital, the private equity investment arm of Shaanxi Shantou Capital Management, as well as Yingke PE are among some of the participating investors.
Potential buyers circle embattled Singapore crypto lender Hodlnaut and its claims against FTX.
Potential buyers are inquiring about purchasing the struggling crypto lender Hodlnaut and its claims against bankrupt digital-asset exchange FTX.
Various parties who are interested in acquiring Singapore-based Hodlnaut’s crypto platform and FTX claims have contacted the interim judicial managers overseeing the company after it sought protection from creditors, Bloomberg reported.
Quadria Capital eyes first close of $800m Fund III by June. (FS)
Healthcare-focused Quadria Capital, which is currently on the road to raise $800m for its third fund, is looking to hit the first close sometime in the first half of 2023.
The Singapore-headquartered private equity firm, with an establishment in India, recently amassed $25m from the Asian Development Bank for its third investment vehicle — Quadria Capital Fund III, DealStreetAsia reported.
Openspace Ventures seeking to raise $650m across two funds. (FS)
Southeast Asian venture capital firm Openspace Ventures is seeking to raise $300m for its fourth early-stage fund and $350m for its second growth vehicle, OSV+.
Openspace’s fundraising process commenced over the past week, with certain investors granted early access to the fund’s data room, DealStreetAsia reported.
ABC Impact aiming to raise $600m for second impact fund. (FS)
Singapore-based ABC Impact (formerly ABC World Asia) is raising at least $600m for its second impact fund. This marks a doubling in fund size for the Temasek-backed private equity firm, which last closed its debut fund at $300m in late 2019.
Singapore state investor Temasek Holdings is likely to make a smaller contribution to Fund 2, which will mean that ABC Impact will have to turn to other limited partners for fundraising, DealStreetAsia reported.
|
