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ss Top Highlights
Nippon Life, a Japan insurance company, completed the acquisition of Resolution Life, a global life insurance group, for $8.2bn, according to press releases.
Resolution Life was advised by Goldman Sachs (led by James Mann), Debevoise & Plimpton (led by David Grosgold), Herbert Smith Freehills Kramer (led by Matthew FitzGerald), Kirkland & Ellis (led by Alex Brodkin and Richard Watkins), Linklaters (led by Tracy Whiriskey and Yoshiyuki Asaoka), SEC Newgate (led by Erica Borgelt) and Temple Bar Advisory (led by Alex Child-Villiers). Goldman Sachs was advised by Sullivan & Cromwell (led by Stephen M. Kotran). Nippon Life was advised by JP Morgan (led by Xavier Loriferne), Mitsubishi UFJ Morgan Stanley Securities, ASW Law (led by Neil Horner, Kim Willey and Hanno Tolhurst), Ashurst (led by Philip Hardy and Natsuko Ogawa), Bell Gully (led by Glenn Joblin), DLA Piper, Mayer Brown (led by David W. Alberts, Joseph A. Castelluccio and Camila Panama) and Nishimura & Asahi (led by Tatsuya Tanigawa and Tatsuya Nakayama), according to MergerLinks data and press releases.
iA Financial, a diversified financial services and insurance company, completed the acquisition of RF Capital, a wealth management firm, for $597m, according to press releases.
TELUS, a publicly traded holding company and conglomerate, completed the acquisition of the remaining 13.1% stake in TELUS Digital, a technology company specializing in digital customer experiences, for $539m, according to press releases.
TELUS Digital was advised by BMO Capital Markets, Bank of America, McCarthy Tetrault (led by Jennifer Longhurst and Rob Hansen), Osler Hoskin & Harcourt, Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz), and FGS Global (led by Josh Pekarsky and Alan Bayless). Financial advisors were advised by White & Case (led by Denise A. Cerasani) and Sullivan & Cromwell (led by Stephen M. Kotran). TELUS was advised by Barclays, Jefferies & Company, A&O Shearman (led by Scott Petepiece and Sean Skiffington), Allen & Overy, and Stikeman Elliott. Financial advisors were advised by Skadden Arps Slate Meagher & Flom (led by Ann Beth Stebbins), according to press releases and MergerLinks data.
Deal Round up
AMERICAS
LLOG Exploration Offshore weighs potential $3bn sale. ( Reuters)
Coinbase in advanced talks to acquire stablecoin startup BVNK for $2bn. ( Bloomberg)
Ananym Capital urges LKQ to divest European unit. ( Reuters)
Central Bancompany targets $5.7bn valuation in planned US IPO. ( Reuters)
EMEA
Deutsche Glasfaser and owners explore debt restructuring amid stalled fundraising. ( Bloomberg)
APAC
Seven & i explores M&A opportunities to drive growth. ( Reuters)
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AMERICAS
Pfizer has filed a lawsuit against Metsera and rival drugmaker Novo Nordisk in an effort to block Novo’s competing bid for the obesity startup.
Pfizer argued that Novo’s offer does not meet the criteria of a “Superior Company Proposal” under the merger agreement, partly because it is unlikely to pass regulatory approval. Pfizer is requesting that the Delaware Court of Chancery prevent Metsera from finalizing a deal with Novo, giving Pfizer time to present its case.
Metsera is advised by Bank of America, Goldman Sachs, Guggenheim Partners, Allen & Company, and Paul Weiss Rifkind Wharton & Garrison (led by Scott Barshay, Andrew Krause, and Benjamin Goodchild). Financial advisors are advised by Skadden Arps Slate Meagher & Flom (led by Thomas Greenberg). Pfizer is advised by Citigroup and Wachtell Lipton Rosen & Katz (led by Steven Green and David Lam), according to press releases and MergerLinks data.
Platinum Equity, a private equity firm, completed the acquisition of PlayPower, a designer and manufacturer of recreational and outdoor living systems, from Littlejohn & Co, a private equity firm, according to press releases. Financial terms were not disclosed.
Platinum Equity was advised by Goldman Sachs and Simpson Thacher & Bartlett (led by Michael Kaplan), and Willkie Farr & Gallagher (led by Cristopher Greer). Littlejohn & Co was advised by Lincoln International, Gibson Dunn & Crutcher (led by Sean Griffiths), and Gasthalter & Co (led by Nathaniel Garnick). PlayPower was advised by Jamieson, according to press releases and MergerLinks data.
Philadelphia Insurance Companies, a specialty commercial insurer, completed the acquisition of the collector vehicle division from Ignyte Insurance, a specialty insurance platform, for $615m, according to press releases.
Philadelphia Insurance Companies was advised by Sullivan & Cromwell (led by Robert G. DeLaMater) and Troutman Pepper Locke. The Carlyle Group was advised by Wachtell Lipton Rosen & Katz. Ignyte Insurance was advised by Foley & Lardner, Polsinelli and Wachtell Lipton Rosen & Katz, according to press releases.
Palomar, an insurance holding company, agreed to acquire Gray Surety, a surety bond provider, from Bernhard Capital Partners, a private equity management firm, and The Gray Insurance Company, an insurance carrier, for $300m, according to press releases.
Gray Surety is advised by JP Morgan and Kirkland & Ellis. Palomar is advised by Evercore and DLA Piper. BCP is advised by Joele Frank (led by Ed Trissel), according to MergerLinks data and press releases.
Lincoln International, an investment banking advisory firm, completed the acquisition of MarshBerry, an investment banking and strategic consulting company, from Atlas Merchant Capital, a global investment firm, according to press releases. Financial terms were not disclosed.
Motive Partners, a private investment firm, completed a $100m investment in Electric Mind, a business and technology consulting company, according to press releases.
Electric Mind was advised by McCarthy Tetrault. Motive Partners was advised by Envoy Capital Advisors and Weil Gotshal and Manges (led by Jenna McBain), according to MergerLinks data and press releases.
Mountaingate Capital-backed Ignite Visibility, a company focused on digital marketing services, completed the acquisition of EverConnect, a marketing services platform, from EverCommerce, a publicly-traded service commerce platform, according to press releases. Financial terms were not disclosed.
EverConnect was advised by Canaccord Genuity and Greenberg Traurig. Mountaingate Capital was advised by Morrison Foerster, according to press releases.
AssetMark Financial, a company operating in wealth management and advisor‑platform services, agreed to acquire Efficient Advisors, an asset management platform, from Fiduciary Services Group, a financial services firm, according to press releases. Financial terms were not disclosed.
AssetMark is advised by PricewaterhouseCoopers and Kirkland & Ellis. Fiduciary Services Group was advised by DLA Piper, according to press releases.
Hometown Financial Group, a mutual multi-bank holding company, completed the acquisition of CFSB, a holding company for Colonial Federal Savings Bank, for $44m, according to press releases.
Hometown Financial Group was advised by Kilpatrick Townsend. CFSB is advised by Piper Sandler and Luse Gorman, according to press releases.
ARCHIMED, a private equity healthcare specialist, completed the acquisition of a 60% stake in ARK Diagnostics, a company specialised in the development and manufacture of specialty immunoassay in vitro diagnostics, from Soulbrain, a specialty chemical company, for $257m, according to press releases.
ARCHIMED was advised by Dechert (led by Michael Darby) and Lanchner Communications (led by David Lanchner), according to MergerLinks data and press releases.
Bain Capital, a private investment firm, agreed to invest in Innocap, a dedicated managed account platform, according to press releases. Financial terms were not disclosed.
Innocap is advised by Montieth (led by Cameron Penny). Bain Capital is advised by Ropes & Gray (led by Elizabeth Gallucci), according to MergerLinks data and press releases.
Carrington, an operating across mortgages and real estate services, agreed to acquire Reliance First Capital, a direct‑to‑consumer mortgage origination platform, from Tiptree, a private equity firm, according to press releases. Financial terms were not disclosed.
Reliance First Capital is advised by Piper Sandler, according to press releases.
Novo Nordisk, a global healthcare company, offered to acquire Metsera, a clinical-stage biotechnology company, for $9.1bn, according to press releases.
Chewy, an online retailer of pet food and other pet-related products, agreed to acquire SmartEquine, a provider of equine health products, from Covetrus, a company providing animal health products and related services, according to press releases. Financial terms were not disclosed.
Chewy is advised by Paul Weiss Rifkind Wharton & Garrison (led by Benjamin Goodchild), according to MergerLinks data.
CoreWeave, an AI cloud-computing company, agreed to acquire Marimo, the creator of the open-source marimo notebook, an AI-native, reactive development environment for Python, according to press releases. Financial terms were not disclosed.
Marimo is advised by Morgan Stanley, according to MergerLinks data.
Bystronic, a sheet metal processing technology and innovation company, agreed to acquire the materials processing tools product division from Coherent, a global photonics company, according to press releases. Financial terms were not disclosed.
Coherent is advised by Joele Frank (led by Eric Brielmann), according to MergerLinks data.
LLOG Exploration Offshore weighs potential $3bn sale. ( Reuters)
LLOG Exploration Offshore is considering a potential sale that could value the privately held oil and gas producer at over $3bn, including debt.
Based in Covington, Louisiana, the company has engaged Guggenheim Securities to advise on the process and has recently reached out to a select group of potential buyers to assess interest.
Coinbase in advanced talks to acquire stablecoin startup BVNK for $2bn. ( Bloomberg)
Coinbase Global, one of the leading US cryptocurrency exchanges, is in advanced discussions to acquire stablecoin infrastructure firm BVNK in a deal valued at around $2bn.
Coinbase Ventures, the exchange’s investment arm, is already an investor in BVNK. The San Francisco-based company aims to finalize the acquisition by late this year or early next, though the terms could still change and there’s a possibility the deal may not proceed.
Ananym Capital urges LKQ to divest European unit. ( Reuters)
Ananym Capital has renewed pressure on auto-parts supplier LKQ to sell its European business, arguing that potential buyers are already interested and that proceeds from a sale could be used for share buybacks.
The activist hedge fund’s letter came shortly after LKQ’s third-quarter earnings release and reiterated its stance that maintaining both the European and North American operations under one umbrella is strategically inefficient.
Central Bancompany targets $5.7bn valuation in planned US IPO. ( Reuters)
Central Bancompany aims for a valuation of up to $5.72bn through its upcoming US initial public offering, marking a rare public listing move by an American bank.
The Missouri-based lender plans to raise as much as $426.7m by offering 17.8m shares priced between $21 and $24 each, reflecting continued strong investor appetite for new IPOs.
EMEA
MPE Partners, an investment firm, completed the acquisition of Renold, a manufacturer of industrial chains and related power transmission products, for £187m ($246m), according to press releases.
IFM Global Infrastructure Fund, an infrastructure core fund managed by IFM Investors, completed the acquisition of Green Group, a digital infrastructure platform operating hyperscale and enterprise data centres, from InfraVia, a private equity firm, according to press releases. Financial terms were not disclosed.
Cadence Design Systems, an American multinational technology and computational software company, completed the acquisition of Secure-IC, a France-based group specialized in cybersecurity solutions, according to press releases. Financial terms were not disclosed.
Secure-IC was advised by Jefferies & Company. Cadence Design Systems is advised by Ernst & Young, according to press releases and MergerLinks data.
Teledyne Technologies, a company operating in industrial and aerospace technology, completed the acquisition of TransponderTech business from Saab, an aerospace and defense company, according to press releases. Financial terms were not disclosed.
Teledyne Technologies was advised by Rushton Gregory Communications (led by Andrew Golden), according to press releases.
CD&R-backed Presidio, a global technology services and solutions provider, agreed to acquire Ergo, an IT solutions and managed services provider, according to press releases. Financial terms were not disclosed.
Presidio is advised by Debevoise & Plimpton (led by Dominic Blaxill), according to MergerLinks data.
IBM, an American multinational technology company, completed the acquisition of Txture, a cloud transformation and continuous application portfolio management, modernization, and governance platform, according to press releases. Financial terms were not disclosed.
IBM was advised by Binder Groesswang (led by Gottfried Gassner), according to MergerLinks data.
Orange, a company operating in mobile and fixed telecommunications services, agreed to acquire the remaining 50% stake in MasOrange, a Spanish telecom operator providing mobile, broadband and TV services, from Lorca, a telecom investment firm, for €4.25bn ($4.9bn), according to press releases.
Deutsche Glasfaser and owners explore debt restructuring amid stalled fundraising. ( Bloomberg)
Deutsche Glasfaser and its private equity backers are engaging with lenders to restructure the German fiber company’s debt after efforts to raise €500m ($578m) in preferred equity failed to progress.
EQT and Canadian pension fund OMERS, the company’s owners, plan to meet with banks to provide an update on its financial position. Deutsche Glasfaser intends to negotiate with lenders to develop a plan to refinance its debt and support its long-term business strategy.
APAC
Seven & i explores M&A opportunities to drive growth. ( Reuters)
Japan’s Seven & i is pursuing a range of strategic initiatives, including potential mergers, acquisitions, and partnerships, to achieve significant growth, Chief Financial Officer Yoshimichi Maruyama said.
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