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AMERICAS
Nordic Capital, an experienced private equity investor in Technology & Payments globally, agreed to acquire Anaqua, a provider of innovation and intellectual property management technology solutions and services, from Astorg Partners, a private equity firm. Financial terms were not disclosed.
This acquisition would support Anaqua's global expansion and strengthen its market position by continuing to invest in its best-in-class software platform and enhancing its operational capabilities.
Nordic Capital is advised by William Blair & Co and Brunswick Group. Astorg is advised by Arma Partners, Jefferies & Company, Latham & Watkins, Prosek Partners and Steele and Holt.
Investcorp, a Bahrain-based private equity firm, and PSP Investments, one of Canada's largest pension investment managers, agreed to acquire PKF O’Connor Davies, one of the largest privately owned tax and accounting partnerships in the US. Financial terms were not disclosed.
The deal is expected to help the New York-based accountancy firm acquire smaller rivals and invest heavily in its technology.
PKF O'Connor Davies is advised by Capstone Partners and Levenfeld Pearlstein. PSP Investment is advised by Weil Gotshal and Manges (led by Timothy Burns). Investcorp is advised by Gibson Dunn & Crutcher, McDermott Will & Emery and ICR (led by Brian Ruby).
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, completed the acquisition of Fleet Equipment, a regional trailer dealership and leasing company. Financial terms were not disclosed.
“Fleet is a high-quality operator with strong customer relationships. We have full confidence in John Wilbur and Erek Starnes, two industry veterans with whom we are partnering to grow this platform, and are optimistic about Fleet’s ability to continue to grow and deliver for its customers,” Graham Brown, Managing Director at Stonepeak.
Fleet Equipment was advised by Evans Petree. Stonepeak was advised by Jefferies & Company, Paul Weiss Rifkind Wharton & Garrison and Sidley Austin.
Sentinel Capital Partners, an investment firm focusing on leveraged buyouts, mezzanine capital, management buyouts, corporate divestitures, industry consolidations, going-private transactions, and growth capital transactions, completed the acquisition of NSI Industries, a provider of branded electrical and HVAC products, from Oddysey Investment Partners, a middle-market private equity investment firm. Financial terms were not disclosed.
“Odyssey has been an invaluable partner to NSI over the past several years, supporting our shared vision for growth and innovation. Their commitment and deep sector knowledge enabled us to build out a strong, skilled team, enhance our product portfolio with market-leading brands and become a best-in-class partner of scale to the distribution channel. We are excited for the next chapter as we continue our journey to deliver exceptional solutions and service for our customers,” G.R. Schrotenboer, CEO of NSI Industries.
Oddysey Investment Partners was advised by Harris Williams, Latham & Watkins and Gasthalter & Co (led by Mark Semer).
Orla Mining, a gold exploration company, agreed to acquire the Musselwhite mine from Newmont, a gold company and a producer of copper, zinc, lead, and silver, for $850m.
“We are pleased to be selling our Musselwhite operation to Orla and have full confidence that they will continue to operate responsibly, while maintaining strong partnerships with the mine’s workforce and local and Indigenous communities," Tom Palmer, Newmont President and CEO.
Newmont is advised by BMO Capital and Goodmans.
JTC, a professional services business, completed the acquisition of FFP, a provider of specialist fiduciary services to fund, trust and corporate clients, for $110m.
“We are excited to welcome the whole FFP team to the JTC family. FFP has an excellent reputation and significant subject matter expertise with strength in depth across the team. We believe that access to JTC’s global platform will accelerate FFP’s growth prospects with substantial opportunities across the Group as we develop our Governance Services business line. The combination of our businesses will cement our leading position in the Cayman Islands, which is one of the pre-eminent financial jurisdictions globally. As always, cultural alignment is key and, like JTC, FFP consistently invests in its people and capabilities," Nigel Le Quesne, JTC CEO.
General Atlantic-backed BeyondNetZero, a growth equity fund, completed the investment in Ecore, a transformational rubber circularity company. Financial terms were not disclosed.
"We’re excited to partner with General Atlantic’s BeyondNetZero to further scale our vision of a circular economy for rubber materials. This investment will allow us to expand our reach, enhance our technology and drive innovation, all while keeping millions of pounds of waste out of landfills and reducing our environmental footprint. At Ecore, sustainability isn’t just a goal, it’s a core value driving every aspect of our business as we strive to deliver a positive impact on both the environment and the communities we serve," Art Dodge, Ecore CEO and Chairman.
Spirit Air files bankruptcy following failed JetBlue tie-up.
Spirit Airlines has filed for bankruptcy in the wake of greater competition from rival carriers and financial troubles following its scuttled merger with JetBlue Airways, Bloomberg reported.
The airline filed for Chapter 11 in New York listing assets and liabilities of between $1bn and $10bn.
CareMax files for Chapter 11 restructuring.
CareMax, which operates 56 medical centers in Florida, Texas, Tennessee and New York catering largely to older patients, filed for Chapter 11 bankruptcy in Texas, Reuters reported.
The Miami-based firm listed debts of $693m and assets of $390m. In August, CareMax posted a second-quarter loss of $171m and issued a going-concern warning. This month it disclosed it would not be able to file its third-quarter report with the US Securities and Exchange Commission due to a lack of funds.
Bain Capital raises $5.7bn for global special situations. (FS)
Bain Capital raised $5.7bn for global special situations that will be deployed alongside the $3.3bn it previously raised for funds and affiliated vehicles in Asia and Europe, Bloomberg reported.
The latest fundraising includes capital for a new vehicle, Global Special Situations Fund II, as well as co-investments and separately managed accounts from investors including the New Mexico State Investment Council.
EMEA
Segro, a British property investment and development company based in London, announced that its £1.1bn ($1.4bn) all-share takeover offer for Tritax EuroBox, a property company investing in distribution centres across Europe, has lapsed.
Segro was outbid by Canadian investment firm Brookfield, which offered £1.1bn ($1.4bn) in cash.
SpringHill, an entertainment development and production company, agreed to merge with Fulwell 73, a British television, film and music production company. Financial terms were not disclosed.
“I looked at SpringHill and the impact they have in the branding world. I looked at their commercials agency. I looked at Robot. And I also looked at the shows that they’ve done, like ‘The Shop,” which is a show that starts on Max, and then moves to YouTube, where they control the rights. They control the IP. There are brands involved in that show in a meaningful way, and now it has ended up in a load of products that you can buy in Walmart. If we’d had that mentality back in the ‘Carpool Karaoke’ days, it would have been a very, very different outlook for us," Ben Winston, Fulwell 73 Partner.
Fulwell 73 is advised by NewShore Partners and Frankfurt Kurnit Klein & Selz. SpringHill is advised by Main Street Advisors and Gibson Dunn & Crutcher.
Nordea, a financial services group, completed the acquisition of the personal customer and private banking business in Norway of Danske Bank, a Nordic universal bank offering a full range of banking services. Financial terms were not disclosed.
“We are very pleased to announce this acquisition, which is an important step in executing our Nordic strategy, and which expands our presence in Norway in a complementary manner. It will add significant scale to our Personal Banking business in Norway and offers value creation opportunities through clear revenue and cost synergies. Most importantly, this will serve our new customers, who will benefit from our broad financial offering, expertise and leading digital services,” Frank Vang-Jensen, Nordea President and CEO.
Halma, a global group of life-saving technology companies, completed the acquisition of Lamidey Noury Medical, a provider of advanced electrosurgical and associated energy devices which are used in minimally invasive urology, gynaecology, and general surgery, for €50m ($53m).
"Lamidey Noury is an exciting acquisition which will bring new minimally invasive surgical product capabilities to our Healthcare Sector. Its advanced products improve patient outcomes and the efficiency of healthcare providers in treating the increasing incidence of urological and gynaecological disease. It is adjacent to our existing presence in diagnosis and biopsy devices for these diseases through Rovers Medical Devices and IZI Medical. We are delighted to welcome Lamidey Noury to Halma and look forward to supporting its development as it continues to scale its business globally," Marc Ronchetti, Halma CEO.
Amundi, a French asset management company, agreed to acquire aixigo, a software company in Aachen, Germany, for €149m ($157m).
"Institutions that are distributing saving products are increasingly looking for solutions and external partners that enable them to improve their operational efficiency, and enhance the quality, the speed and the personalization of the advice, services and products they offer," Valérie Baudson, Amundi CEO.
Grangemouth oil refinery owners reject US-led approach.
The owners of Grangemouth, Scotland's only oil refinery, rejected a US-led approach about a possible bid for it months before its scheduled closure, Sky News reported.
A consortium said to be led by Robert McKee, an American energy industry veteran, wrote to Petroineos, the owner of the Grangemouth site, to express an interest in buying it. The approach, which is understood to have been made earlier this month, was rejected by Petroineos, which is 50%-owned by the petrochemicals empire founded by the Manchester United FC shareholder Sir Jim Ratcliffe.
Cineworld owners consider US listing for cinema chain.
Cineworld’s owners are considering listing the movie theater chain — which left the London Stock Exchange in 2023 — in New York in 2026, Bloomberg reported
The deal would likely be for operations outside of the UK, with the group expected to look at a sale of its British business later, though no decisions have been reached yet.
Angola expects listings to double by 2027.
Listings on Angola’s stock exchange are expected to more than double by 2027 as some of the oil producing country’s biggest companies prepare to sell shares on the market, Bloomberg reported.
“Bodiva’s growth potential is enormous. By 2027 we will have 10 companies listed on the stock market” from four currently," Walter Pacheco, Bodiva CEO.
Delivery Hero eyes about $1.5bn from Talabat IPO.
Delivery Hero is considering seeking about $1.5bn from the initial public offering of its Middle Eastern unit in Dubai, Bloomberg reported.
The German food delivery firm is eying a valuation of about $10bn for Talabat. It plans to sell a 15% stake in the business, retaining a majority interest.
Oman’s OQ seeks to raise $490m from methanol unit IPO.
Oman’s state energy company is seeking to raise as much as $490m from the initial public offering of its methanol and liquefied petroleum gas unit, the latest in a flurry of deals from the region, Bloomberg reported.
OQ will offer a 49% stake in OQ Base Industries at $0.28 to $0.29 per share. At the top end of that price range, the firm would be valued at $1bn.
French veteran banker Maris to join Perella. (People)
French dealmaker Erik Maris has agreed to join boutique advisory firm Perella Weinberg Partners to strengthen its coverage of French and European clients across sectors, Bloomberg reported.
Maris, 60, is taking on a senior role and will be working closely with Perella’s partners including David Azema in Paris and Dietrich Becker in London.
APAC
Elders, an Australian agribusiness that provides agricultural goods and services to primary producers in Australia, agreed to acquire Delta Agribusiness, a provider of rural inputs and advisory services in Regional Australia, for AUD475m ($307m).
"The acquisition of Delta continues Elders’ successful track record of growing our business through disciplined acquisitions. Delta provides us with greater exposure to key local retail markets as well as a leading agronomy and farm advisory team to complement and extend our products and services range for rural and regional Australia. Elders has a proven track record of synergy generation through backward integration and expects that the Acquisition will create meaningful value for Elders’ shareholders. The culture and strengths of Delta will be preserved through our light touch integration strategy, and we look forward to welcoming the Delta management and employees to Elders," Mark Allison, Elders Managing Director and CEO.
Elders is advised by Macquarie Group and MinterEllison. Delta Agribusiness is advised by UBS.
Australia's competition regulator said it is seeking views on the Macquarie-backed telecommunications group Vocus' AUD5.25bn ($3.4bn) takeover of local telecom operator TPG Telecom's enterprise, government, and wholesale fixed business and fibre network assets, Reuters reported.
Macquarie and Aware Super-backed Vocus, an international telecommunications company headquartered in North Sydney, Australia, agreed to acquire the Enterprise, Government and Wholesale fixed business of TPG Telecom, an Australian telecommunications company, for AUD5.25bn ($3.4bn).
Vocus Group was advised by UBS and GRACosway (led by Ben Wilson).
KKR, a global investment firm, obtained Fuji Soft's recommendation for its takeover offer for the software developer.
"We are grateful to have FUJI SOFT’s continued trust and recommendation for KKR’s Second Tender Offer. We aim to complete the privatization swiftly so that we can turn our focus to working closely with the company and its employees to enhance its corporate value and long-term success," Hiro Hirano, KKR Deputy Executive Chairman of KKR Asia Pacific and Japan CEO.
China Mobile is said to explore deal for HKBN. (FS)
China Mobile, the world’s largest wireless carrier by subscribers, is exploring a potential deal for Hong Kong broadband provider HKBN. as it looks to expand its footprint in the city, Bloomberg reported.
State-backed China Mobile has been holding discussions about a deal with HKBN’s major shareholders, buyout firms MBK Partners and TPG. It has indicated it’s willing to pay at least HKD5 ($0.64) per share for their holdings, which would value the company at more than HKD6.5Bbn ($835m).
WH Group seeks shareholder nod for US unit spin-off, listing.
Hong Kong-based WH Group, the world’s largest pork producer, is seeking shareholder approval for the proposed spin-off of its US unit Smithfield Foods and plans to list the business in the US, DealStreetAsia reported.
WH Group said the underlying pre-money valuation of Smithfield Foods, the world’s largest pork processor, for the offering will be no less than the net asset value of the unit, which is around $5.38bn as of the end of September.
Xiaomi unit said to invest in SF’s Hong Kong share sale.
A Xiaomi unit is among cornerstone investors in Chinese courier SF Holding’s Hong Kong listing, showing appetite for one of the biggest share sales in the city this year, Bloomberg reported.
SF, China’s biggest express-delivery company, is planning to start taking investor orders for the share sale as early as Tuesday to raise up to about $800m before the overallotment option.
Boman Group to launch $1b fund to back firms based in China, Australia. (FS)
Melbourne-headquartered asset management firm Boman Group is launching a new $1bn venture fund as part of its plan to facilitate both investment and business expansion opportunities across China and Australia, DealStreetAsia reported.
The venture fund is currently amid its first close. The fund targets to invest in companies based in China and Australia focused on healthcare, technology and renewable energy.
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