AMERICAS
New Mexico Public Regulation Commission unanimously approved JP Morgan's $4.3bn takeover of El Paso Electric, a Texas-based public utility company, engaging in the generation, transmission, and distribution of electricity.
"We are pleased that the NMPRC approved the unopposed stipulation and the Hearing Examiner’s modifications. The parties worked collaboratively to reach a mutual understanding early in the process. Today’s unanimous approval by the NMPRC confirms the significant value the proposed acquisition will provide to our customers, employees and communities," EPE.
EPE is advised by Lazard, Baker Botts, Cravath Swaine & Moore, and Sard Verbinnen & Co. JP Morgan is advised by Bank of America Merrill Lynch, Skadden Arps Slate Meagher & Flom, Davis Polk & Wardwell, and Joele Frank. Debt financing is provided by Bank of America Merrill Lynch.
Bayou City Energy, a private equity firm, and Mach Resources, an independent oil and natural gas producer, completed the acquisition of the upstream and midstream oil and gas assets of Alta Mesa and Kingfisher for $320m.
"This was a unique opportunity to acquire a sizeable cash-flowing asset with the supporting midstream infrastructure, through a bankruptcy process, in an area of our team’s expertise and still have an extensive inventory for future development. Our strategic aim in partnership with BCE has been to aggressively consolidate and maximize underdeveloped, undercapitalized or otherwise distressed areas in the Mid-Continent. We have been successful in buying assets at a discount, increasing production in a cost-effective manner and avoiding overspending. In a lot of ways, we have gone back to the fundamentals that were true when I began my career," Tom L. Ward, Mach CEO.
Bayou City Energy was advised by UBS and Kirkland & Ellis.
Private equity firm Owner Resource Group-backed K-Tec Holdings, a manufacturer of heavy equipment, completed the acquisition of Ashland Industries Holdings, a manufacturer of earthmoving scrapers and accessory products. Financial terms were not disclosed.
"We are excited about our partnership with K-Tec and Ashland and believe in the long-term growth potential of the companies. We believe this transaction supports the vision of both management teams to be a global leader in the earthmoving industry. The combination will allow the business to expand its product offerings, enhance innovation and provide outstanding support to our dealers. We look forward to supporting the management team’s efforts to realize the full potential of the combined organization,” Jonathan Gormin, ORG Managing Director.
Debt financing was provided by Cadence Bank.
Caisse de dépôt et placement du Québec agreed to acquire Plenary Americas, an investor, developer and operator of public infrastructure in North America, from Plenary, which operates as a real estate owner and investor. Financial terms were not disclosed.
"Plenary Americas is recognized for its highly skilled project development team and solid operational expertise. It is well-positioned to act on growth opportunities, notably in the United States, where infrastructure needs are rising and long-term investors, such as CDPQ, can play a role in bridging the funding gap. For CDPQ, it is an opportunity to strengthen our presence in social infrastructure and create a powerful platform to develop assets that are at the heart of communities," Emmanuel Jaclot, CDPQ Executive Vice‑President and Head of Infrastructure.
WebMD Health, a company in health information services for consumers, physicians, and other healthcare professionals, agreed to acquire StayWell, which provides health engagement solutions, from Merck, a global healthcare company. Financial terms were not disclosed.
"StayWell and WebMD both focus on developing health education and employee well-being programs that engage and empower individuals wherever they may be in their personal health journey. We are confident that the combination will bring even greater value to the businesses, governments, healthcare providers, payers, and associations that we serve," Nicole Latimer, StayWell CEO.
Baker Tilly, a public accounting and consulting firm, completed the acquisition of Talavant, a data analytics management consulting firm. Financial terms were not disclosed.
"Joining forces with Baker Tilly broadens our capabilities to serve the growing needs of our clients and provide exciting opportunities for our team members. Baker Tilly and Talavant share a focus on maximizing client value and providing a personalized client experience," Dave DuVarney, Talavant President.
Ball, a supplier of innovative packaging solutions, is set to acquire Tubex Industria E Comercio de Embalagens, an aluminium aerosol packaging business, for $80m.
"As the demand for sustainable aluminum packaging continues to grow among customers and consumers worldwide, this investment allows us to broaden our geographic reach and serve this expanding market as one of the leading aluminum aerosol suppliers in Brazil," John A. Hayes, Ball Chairman, President and CEO.
Brazil's Eneva to acquire 0.5% stake in AES Tiete amid merger talks.
Brazilian energy company Eneva acquired a 0.5% stake in AES Tiete to enjoy shareholder benefits and take part in general assemblies while it negotiates a merger with the company.
Sinclair Oil considers offers for a company sale.
Sinclair Oil, which operates two Wyoming refineries and has licensed more than 1k branded gasoline stations, is reviewing offers to sell the company, Reuters reported.
A Sinclair sale could fetch between $2bn and $3bn. However, many US refineries are already on the block and have struggled to find buyers. The sharp drop in equity and energy prices also makes prominent mergers and acquisitions deals in the current climate very difficult.
Refiners operating in the Rocky Mountain region, such as Par Pacific, CVR Energy, Delek Energy and HollyFrontier, would be among the most logical buyers for Sinclair.
EMEA
Palatine-backed TTC Group completed the acquisition of Licence Bureau, which provides licence checking and document verification services for SMEs and corporates. Financial terms were not disclosed.
“Licence Bureau has been a business I have admired for many years, and this acquisition could not come at a better time for both companies. Our business models complement each other perfectly, and the deal will enable us to provide a higher quality service to existing clients and give a wider offering of products to new customers. I look forward to working closely alongside our partners at Licence Bureau as we continue to expand,” Jim Kirkwood, TTC Group CEO.
TTC was advised by BDO, Clearwater, RP Advisory and Gateley. Debt financing was provided by Santander and HSBC.
RELX-backed Accuity, a global provider of financial crime screening, payments, and know your customer solutions, agreed to acquire Apply Financial, a specialist provider of automated payment validation solutions. Financial terms were not disclosed.
“The payments industry is in the midst of a drastic transformation, with speed and efficiency at the forefront of its evolution. In the near term, Apply Financial’s advanced technology will enable us to offer clients a cloud-based, real-time payments and account validation solution to dramatically increase customer STP rates and provide payments certainty. In the longer-term, the technology will fuel our innovation and enable us to deliver the next generation of payments intelligence solutions to meet our customers’ requirements,” David White, Accuity EVP Global Payments & KYC.
Accuity is advised by Cognito. Apply Financial is advised by Novitas.
Venture Capital firm AFV Partners, completed the acquisition of RocketRoute, a global aviation services company, from a holding company Alyssum Holdings. Financial terms were not disclosed.
”We are very excited to work with Tony and the AFV Partners team and to benefit from their collective technical expertise, synergies and geographical reach as we strive to become a key contributor to their global mobility platform," Uwe Nitsche, RocketRoute CEO.
AFV Partners was advised by Acceleration Community of Companies.
OMV Group, Austrian oil and gas group, agreed to acquire 39% stake in Borealis, a global polymer producer, from Mubadala, a sovereign investor managing a global portfolio, for $4.7bn.
“This transaction is not just another milestone in the implementation of our strategy, but the biggest transformation in OMV’s history. This turns OMV into a global oil, gas and chemicals group, whose integrated business model extends from the wellhead to high-quality plastic and repositions the Group for a low carbon future,” Rainer Seele, OMV Executive Board Chairman and CEO.
DHI Telecom, a commercial Internet service provider, completed the acquisition of Bienvenue WiFi, a provider of mobile internet services. Financial terms were not disclosed.
"We are really glad to become a part of the DHI family. DHI has a global footprint and significant experience in different markets. We are excited to bring our knowledge of the French tourism market to provide the best solutions for our customers," Jean-Baptiste Queromes, Bienvenue WiFi CEO.
John Wiley and Sons, a publishing company, completed the acquisition of Madgex, a job board software and career center services provider. Financial terms were not disclosed.
"We are excited to now officially combine Madgex’s job board expertise with Wiley’s publishing experience and shared commitment to the recruitment industry. With Wiley, we will continue to partner with the world’s most prestigious organizations across publishing, journalism, associations and recruitment, providing the cutting-edge job board technology, continuous innovation and expert support we are known for,” Dan Meadows, Madgex CEO.
Ericsson, a networking and telecommunications company, is set to acquire Genaker, a provider of mission-critical push-to-talk solution. Financial terms were not disclosed.
"It is an honour that Genaker becomes the base of Ericsson's global MC-PTT offering. Together we will leverage the best of the two companies, and we're excited about this opportunity to offer customers around the world our next-generation MC-PTT solution," Miquel Teixidor, Genaker Co-founder and CEO.
Oman Insurance weighs bid for Axa’s Middle East unit.
Oman Insurance is considering making a bid for the Middle Eastern operations of French insurer Axa, Bloomberg reported.
The company that’s backed by Dubai-based bank Mashreq is working with Barclays as it weighs a potential offer for the business, which provides life, property and health insurance. No final decisions have been made and other suitors may also bid for the unit.
Astarte Capital Partners closed fundraise and allocated a percentage of profits to Beyond Capital. (FS)
Astarte Capital Partners, a specialist co-investment platform focusing on the real assets space, closed its current fundraise and is contributing a percentage of its profits to Beyond Capital's impact investment efforts.
Beyond Capital Fund is a nonprofit fund that invests in companies to help improve the lives of people living below the poverty line in East Africa and India,
"When we launched Beyond Capital 11 years ago, we envisioned this exact arrangement with an aligned stakeholder. Astarte Capital Partners is that most ideal collaborator — an institutional donor that believes in and extends our partnership beyond established parameters and exceeds expectations in new and exciting ways," Eva Yazhari, Beyond Capital Co-Founder and CEO.
Zenith confident in acquisitions amid oil price volatility.
Zenith Energy updated the market on its acquisitions, in view of the recent crude price plunge and general volatility in the oil markets.
The London-listed firm said it was in the process of finalising a number of publicly-announced acquisitions, including an 80% interest in Anglo African Oil & Gas, which operates the "potentially transformational" Tilapia oilfield in the Republic of the Congo with a 56% interest. Completion of that acquisition remained conditional on certain regulatory requirements, which Zenith said it was expecting to achieve "imminently".
Premier Oil creditor ask to abandon North Sea acquisitions. (FS)
ARCM, a Hong Kong-based hedge fund battling Premier Oil over its $2.9bn refinancing, is calling for the UK company to abandon $871m of North Sea acquisitions and focus on cash flow as oil prices remain under strain.
Oil prices suffered one of their biggest one-day falls in history on Monday, with crude dropping as much as 30% to nearly $30 a barrel, after Saudi Arabia launched an aggressive price war, adding to existing pressures fuelled by fears over the global spread of coronavirus.
"We believe Premier Oil should be focusing on its cash flow position and protecting the balance sheet as a matter of priority. We encourage the company to engage with its creditors to find a long-term solution which would significantly reduce leverage and provide a stable balance sheet, from which the company could then prudently pursue growth opportunities," ARCM.
RPMI Railpen to acquire a Scottish windfarm.
RPMI Railpen agreed to acquire 90% of the Carraig Gheal Wind Farm from GreenPower International. Financial terms were not disclosed, but the purchase is RPMI Railpen's second direct investment in the UK renewable energy sector.
"We are delighted to welcome Railpen as partners at Carraig Gheal, a project which is a significant part of our portfolio. We look forward to working with them on this and other opportunities in the future, as we help to deliver a zero-carbon economy," Rob Forrest, Greenpower CEO.
Railpen was advised by Pinsent Masons, EY, Everoze, and Willis Towers Watson through the transaction, while GreenPower was supported by Gneiss Energy, Wood, CMS, and RSM.
APAC
Hotel chain operator Unizo is at risk of a regulatory probe over allegation it lied to the marked, in connection to the $1.8bn takeover deal by private equity funds.
The prospect of an investigation by Japan's Securities and Exchange Surveillance Commission follows eight months of turmoil at Tokyo-based property company Unizo. Its management has been attempting to pull off a rare employee buyout with financing from US private equity firm Lone Star, FT reported.
Unizo is advised by Benedi Consulting, KPMG, ZECOO Partners, Daiwa Securities, Mitsubishi UFJ Financial Group, Davis Polk & Wardwell, Nishimura & Asahi, TMI Associates, Horwath HTL Asia Pacific, Hospitality Capital Management, and Ernst & Young. Fortress is advised by Kekst CNC.
Ascential, a British B2B media business specialising in exhibitions & festivals and information services, completed the acquisition of Yimian Data, an AI-powered digital commerce data solutions provider. Financial terms were not disclosed.
"The newly integrated business generates an exciting new proposition for companies looking to grow their digital commerce business, whether they are looking to tap into the growth of China, across APAC or all global markets. We are privileged to add the strength of China's excellent homegrown innovation to our arsenal," Duncan Painter, Ascential CEO.
Ascential was advised by CTP Boston.
Nestle mandates JP Morgan to manage Yinlu sale. (FS)
Food giant Nestle mandated JP Morgan to handle the sale of its struggling Chinese peanut milk business Yinlu that could be valued at about $1bn.
Nestle plans to sell a majority stake in Yinlu, whose sales declined last year, but could retain a small holding to oversee the production of Nescafe ready-to-drink coffee that Yinlu co-manufactures in China.
Fullerton Health considers options, including a sale. (FS)
Fullerton Healthcare is exploring options including a sale of the company or a spinoff of its digital unit, Bloomberg reported.
The two new options come on top of plans from a few months ago to conduct a private funding round of about $400m. Deliberations are ongoing, and plans could change.
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