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AMERICAS
L Squared, a private equity firm, completed the acquisition of Kano Laboratories, a producer of industrial strength penetrating oils and lubricant. Financial terms were not disclosed.
Kano Laboratories was advised by BMO Capital Markets and Kirkland & Ellis. L Squared was advised by Skadden Arps Slate Meagher & Flom. Debt financing was provided by NXT Capital.
Investment managers ART and APG agreed to acquire a stake in Pattern Energy, a renewable energy and transmission infrastructure firm, from Riverstone, a private markets asset management firm. Financial terms were not disclosed.
A consortium led by Soros Fund Management, a privately held American investment management firm, completed the acquisition of First We Feast, an online food-culture magazine and YouTube channel, from BuzzFeed, a cross-platform digital media company delivering news and entertainment content to a global audience, for $83m.
Investment firms AUA Private Equity Partners and Avance Investment Management agreed to invest in Tropical Cheese, a Hispanic food company in the US. Financial terms were not disclosed.
Tropical Cheese is advised by Rothschild & Co. Avance Investment Management is advised by Joele Frank (led by Woomi Yun).
A consortium of investors including Fred Alger Management T. Rowe Price Associates, Mumtalakat, Parkway Venture Capital, Breyer Capital, Rizvi Traverse, S32, US Innovative Technology Fund, Ava Investors, Eric Schmidt, Marc Benioff, David Siegel, Yann LeCun, and IQT led a $300m round in SandboxAQ, an enterprise SaaS company that provides AI and quantum solutions.
SandboxAQ was advised by JP Morgan.
Carlisle Companies, a supplier of innovative building envelope products and solutions, completed the acquisition of Plasti-Fab, a vertically integrated provider of EPS insulation products from, The Riverside Company, a global private equity firm, for $260m.
The Riverside Company was advised by Paul Hastings (led by Amit Mehta).
Corient, a wealth advisory firm, agreed to acquire H.M. Payson, a registered investment advisory firm. Financial terms were not disclosed.
Corient is advised by StreetCred PR (led by Jimmy Moock).
Avenue Sports, a fund of Avenue Capital Group, completed the investment in Mercury/13, a multi-club ownership group focused on acquiring equity interests in European professional women's football teams. Financial terms were not disclosed.
Avenue Sports was advised by Kekst CNC (led by Todd Fogarty).
Thrive Capital, an investment firm, led a $10bn Series J round in Databricks, a data and AI company, with participation from Andreessen Horowitz, DST Global, GIC, Insight Partners, WCM Investment Management, Ontario Teachers’ Pension Plan, ICONIQ, MGX, Sands Capital and Wellington Management.
Grammarly, a writing assistant, agreed to acquire Coda, a document editor, from General Catalyst, a private equity firm. Financial terms were not disclosed.
Macquarie explores strategic options, including sale, for Altafiber. ( Bloomberg)
Macquarie Group is exploring strategic options, including a potential sale, for Altafiber, the telecommunications carrier formerly known as Cincinnati Bell. As demand for broadband internet services grows, Macquarie, which owns Altafiber through its infrastructure fund, is working with advisers on the process.
A sale could value the company at over $5bn. Formal efforts to solicit interest are expected to begin next year.
Historically, Macquarie has worked with Citigroup, Rothschild & Co, Linklaters and Allen & Overy, according to MergerLinks data.
Bain Capital in talks to acquire Sizzling Platter for over $1bn. ( Reuters)
Bain Capital is negotiating the acquisition of Sizzling Platter, a Salt Lake City-based operator of restaurant franchises including Little Caesars, Jersey Mike's, Dunkin', Wingstop, and Jamba.
The deal, valued at over $1bn including debt, has been in progress for several months with Sizzling Platter working alongside UBS and Deutsche Bank on the sale process.
Historically, Bain Capital has worked with Goldman Sachs, Morgan Stanley, Kirkland & Ellis and Ropes & Gray, according to MergerLinks data.
Carlyle gets $318m private loan for stake in waste firm. ( Bloomberg)
The private equity firm secured a unitranche loan of over AUD500m ($318m) from Ares Management, KKR Credit Advisors, and UBS Group to finance the purchase from Livingbridge.
Honeywell eyes aerospace spin-off amid Elliott push. ( Reuters)
Honeywell announced it is considering a spin-off of its high-margin aerospace unit, a move supported by activist investor Elliott Investment Management, which has been advocating for the company's breakup.
Under CEO Vimal Kapur, the US conglomerate has been streamlining operations this year, focusing on automation, aviation, and energy, while divesting non-core segments.
Historically, Honeywell has worked with JP Morgan, Centerview Partners, Hogan Lovells and Skadden Arps Slate Meagher & Flom, according to MergerLinks data.
Warburg Pincus announces $2.2bn multi-asset continuation fund. ( Press Release)
Warburg Pincus announced the first close of its multi-asset continuation fund, raising over $2.2bn in commitments. The fully capitalized transaction was co-led by HarbourVest Partners, Ardian, and CPP Investments, with no need for syndication.
The fund includes a diversified portfolio of Warburg Pincus companies across geographies and sectors. Limited Partners had the option to cash out or roll their investments into the fund for future growth potential. The deal provides portfolio companies with additional time and capital to pursue value creation under Warburg Pincus's continued oversight.
EMEA
Goldman Sachs Asset Management, a provider of investment management solutions, agreed to acquire Synthon International, an international pharmaceutical company, from BC Partners, a private equity firm, for $2.1bn.
Synthon International is advised by PricewaterhouseCoopers, Barclays, Rothschild & Co and Latham & Watkins. Goldman Sachs Asset Management is advised by Deloitte, Goldman Sachs, Jefferies & Company, A&O Shearman, Sullivan & Cromwell and White & Case.
Stone Point Capital, an alternative investment management firm, agreed to invest in The Ardonagh Group, an independent insurance distribution platform. Financial terms were not disclosed.
Igneo Infrastructure Partners, an autonomous investment company, agreed to acquire a 50% stake in Höegh Evi, a provider of floating energy infrastructure, from Morgan Stanley Infrastructure Partners, a global private infrastructure investment platform. Financial terms were not disclosed.
Höegh Evi is advised by DNB Bank, Morgan Stanley, Kirkland & Ellis and Watson Farley & Williams. Igneo is advised by Citigroup, Schjodt and Weil Gotshal and Manges. Morgan Stanley is advised by White & Case.
IK Partners, a European private equity firm, agreed to acquire a majority stake in Dains Accountants, a provider of accountancy and business advisory services in the UK, from Horizon Capital, a private equity firm. Financial terms were not disclosed.
Horizon Capital is advised by OC&C Strategy Consultants, Alvarez & Marsal, Rothschild & Co, CMS, McDermott Will & Emery, Deloitte and JMAN Group.
The UK’s Competition and Markets Authority announced on December 13 that it has launched an investigation into BlackRock's £2.55bn ($3.22bn) acquisition of UK data firm Preqin.
The regulator has set February 12 as the deadline for its Phase 1 decision regarding the deal, which was first announced in June.
Stonepeak, an alternative investment firm, agreed to acquire Forgital, a manufacturer of advanced forged and machine-finished components for aerospace and industrial end markets, from Carlyle, a global investment firm, for €2bn ($2.1bn).
Stonepeak is advised by Hogan Lovells, Legance, Paul Weiss Rifkind Wharton & Garrison and Simpson Thacher & Bartlett. Carlyle is advised by JP Morgan and Latham & Watkins.
General Atlantic, a private equity firm, led a $365m round in Hostaway, a vacation rental software and management system, with participation from PSG Equity.
Platinum Equity, a private equity investment firm, completed the acquisition of a majority stake in Fratelli Polli, a producer of pasta condiments and vegetable preserves. Financial terms were not disclosed.
Polli was advised by Mediobanca. Platinum Equity was advised by Clearwater, Deloitte, Latham & Watkins (led by Cataldo Piccarreta and Giorgia Lugli) and Ernst & Young.
The Blackstone Group, an American alternative investment management company, completed a €250m ($262m) investment in Sia Partners, a strategy consulting firm.
Sia Partners is advised by JP Morgan and A&O Shearman. Blackstone is advised by Eight Advisory and Freshfields Bruckhaus Deringer.
Investment firms Proteus Enterprises and Gladstone Investment agreed to acquire the defense business of Ricardo, a global strategic, environmental and engineering consultancy, for $85m.
Rethmann France, a family-owned holding company, offered to acquire an additional 32% stake in Transdev, an operator and independent private mobility group, from Caisse des Dépôts, a French public financial institution. Financial terms were not disclosed.
Rethmann is advised by Elabe. Caisse des Dépôts is advised by Credit Agricole.
GIC, a global investor, and MEAG, the asset manager of Munich Re Group, agreed to invest €1.4bn ($1.47bn) in the EMEA business of Vantage Data Centers, a global provider of hyperscale data center campuses.
Vantage is advised by REQ.
FTV Capital, a sector-focused growth equity investment firm, agreed to invest in SilverTree Equity-backed Orbus Software, a provider of SaaS enterprise transformation software. Financial terms were not disclosed.
Orbus Software is advised by Jefferies & Company.
Landsec, a real estate company, completed the acquisition of a 92% stake in Liverpool ONE, a shopping centre, from ADIA, a globally-diversified investor, and Grosvenor, a diversified property group, for £490m ($620m).
France’s Meridiam buys into Greek power link with Cyprus, Israel. ( Bloomberg)
Meridiam has agreed to acquire a stake in Greece’s €1.9bn ($1.98bn) Great Sea Interconnector project, which aims to connect the power grids of Greece, Cyprus, and Israel via undersea cables across the eastern Mediterranean.
Under the agreement, the French infrastructure investment firm will hold a 49.9% stake in the project, while Greek grid operator IPTO will maintain a 50.1% majority share.
Historically, Meridiam has worked with Clifford Chance, Rothschild & Co, Weil Gotshal & Manges and Ernst & Young, according to MergerLinks data.
CVC considers buying Vivendi's stake in Telecom Italia. ( Bloomberg)
CVC Capital Partners is reportedly exploring the purchase of Vivendi’s stake in Telecom Italia, potentially setting the stage for a takeover of Italy’s largest telecommunications company.
The private equity firm is in early discussions with Vivendi to acquire its 24% stake in the Italian carrier's common shares, which is valued at approximately €1bn ($1.05bn)
Historically, Vivendi has worked with BNP Paribas, Banque Hottinguer, Cleary Gottlieb Steen & Hamilton and Loyens & Loeff, according to MergerLinks data.
Italy's F2i ready to raise funds to buy into state railway's high-speed company. ( Reuters)
Italy's infrastructure fund F2i is prepared to raise capital to invest in the high-speed rail network company that state-controlled railway group Ferrovie dello Stato plans to establish.
FS announced its intention to spin off its high-speed rail network into a dedicated company, creating an opportunity for external investors to acquire a stake. "F2i is always ready to mobilize financial resources to develop strategic infrastructure networks for the country, and the rail network is one of them," Renato Ravanelli.
Grant Thornton partners back stake sale to buyout firm Cinven. ( Sky News)
Partners at UK-based accountancy firm Grant Thornton have voted in favor of selling a majority stake to Cinven, a private equity firm.
GTUK's partnership unanimously backed the deal.
APAC
EQT, a private equity firm, completed the acquisition of TPG and KKR-backed PropertyGuru, a property technology company, in a $1.1bn deal.
Insignia Financial decided not to engage with Bain Capital regarding the preliminary acquisition proposal received on December 13, saying that it does not adequately reflect the fundamental value of the company.
After thorough consideration, the Insignia Financial Board determined that the transaction does not represent fair value for IFL shareholders in the context of a change of control and is not in their best interests.
Insignia Financial is advised by Citigroup, Gresham Advisory Partners, King & Wood Mallesons.
The founding family of Japanese IT company Fuji Soft on December 18 reiterated its support for a takeover bid by private equity firm Bain Capital that is opposed by Fuji Soft's board.
KKR, a global investment firm, and Bain Capital, a private investment firm, are bidding to acquire FUJI SOFT, an independent software developer, specializing in communications and machine control software, business application software for bank and insurance companies, and operating system software, for up to $4bn.
KKR is advised by Mitsubishi UFJ Morgan Stanley Securities and Simpson Thacher & Bartlett (led by Noritaka Kumamoto).
KKR, a global investment firm, completed the investment in Rebel Foods, an Indian online restaurant company. Financial terms were not disclosed.
Rebel Foods was advised by Avendus Capital.
Australia's Insignia Financial has declined Bain Capital's $1.69bn acquisition proposal, citing that the offer does not adequately value its shareholders' interests. The rejection poses a challenge to Bain Capital's plans for expanding its presence in Asia.
Changan Automobile, a Chinese automobile manufacturer, led a CNY11.1bn ($1.5bn) investment in Avatr Technology, a Chinese electric automotive manufacturing company, with participation from Southern Asset Management and CCB International.
Nubank, a digital financial services platform, led a $250m Series D round in Tyme Groupa multi-country digital banking group, with participation from M&G Catalyst.
GIC, a sovereign wealth fund, agreed to invest $150m in GIC and TPG-backed Asia Healthcare, a single specialty hospitals focused healthcare platform.
Schroders seeks buyers for Indonesian unit with $4bn in assets. (Reuters)
Schroders is looking to sell its Indonesian business, as the UK-headquartered global asset manager weighs exiting some sub-scale markets under its new chief executive.
The plan is fuelled by Schroders' CEO Richard Oldfield, who took charge last month, looking to trim underperforming units, in a bid to reboot performance after a string of disappointing earnings.
Historically, Schroders has worked with PwC, Deloitte, Allen & Overy and Clifford Chance, according to MergerLinks data.
Blackstone emerges as the leading bidder for the Haldiram deal. ( Bloomberg)
A consortium led by Blackstone has reportedly become the preferred bidder for a minority stake in Haldiram Snacks, following prolonged negotiations. Blackstone is said to be in discussions to partner with Singapore state investor GIC and the Abu Dhabi Investment Authority.
The consortium is expected to invest approximately $1.6bn for a 20% stake in Haldiram, valuing India’s leading snacks manufacturer at around $8bn.
Tax hike makes Perpetual-KKR deal unfavorable. ( Reuters)
Australia's Perpetual announced that an independent expert concluded its plan to sell its wealth management and corporate trust divisions to KKR is not in investors' best interests following a surge in tax liabilities.
The AUD2.2bn ($1.4bn) deal now faces uncertainty due to a larger-than-expected tax bill, increased liabilities, and reduced shareholder returns.
Historically, Perpetual has worked with Goldman Sachs, Bank of America, Herbert Smith Freehills and Vedder Price, according to MergerLinks data.
GLP Capital Partners bags $383m for latest China income fund. (Press Release)
GLP Capital Partners, the investment and asset management arm of Asian warehouse giant GLP, has completed the closing of its China Income Fund XIII, raising approximately CNY2.8bn ($383m) in capital.
The fund, launched in partnership with an unnamed leading global institutional investor, is seeded with logistics and business park assets from GLP’s balance sheet. These assets are strategically located in key logistics and R&D clusters across the Greater Bay Area, the Yangtze River Delta, and the Mid-Western Region.
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