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AMERICAS
Novo, a holding and investment company that is responsible for managing the assets and wealth of the Novo Nordisk Foundation, agreed to acquire Catalent, a global provider of delivery technologies, development, drug manufacturing, biologics, gene therapies and consumer health products, for $16.5bn.
"Over the past several years, Catalent has built a comprehensive end-to-end offering of services and capabilities to drive innovation in the healthcare system and improve patient outcomes. This transaction is a testament to our team's hard work and dedication to this mission, and I am incredibly excited for this next step in our journey. We look forward to benefiting from Novo Holdings' significant resources to accelerate investment in our business and enhance key offerings as we continue to offer premium development and manufacturing solutions for pharma and biotech customers," Alessandro Maselli, Catalent President and CEO.
Catalent is advised by Citigroup, JP Morgan, Jones Day (led by Randi C. Lesnick) and Skadden Arps Slate Meagher & Flom (led by Todd Freed). Novo is advised by Morgan Stanley, Goodwin Procter and FGS Global (led by Charlie Chichester).
Acerinox, a global company in the manufacturing and distribution of stainless steel and high-performance alloys, agreed to acquire Haynes International, a developer, manufacturer, and marketer of technologically advanced high-performance alloys, for $970m.
"Haynes has impressive and complementary business operations, R&D capabilities, and an experienced team. Their addition to Acerinox strengthens our global leadership in high-performance alloys and creates meaningful opportunities in the high-growth aerospace segment and the attractive US market," Bernardo Velázquez Herreros, Acerinox CEO.
CBRE Group, an American commercial real estate services and investment firm, agreed to acquire J&J Worldwide Services, a provider of engineering services, base support operations and facilities maintenance for the US federal government, from Arlington Capital Partners, a private investment firm specializing in government-regulated industries, for $1.05bn.
"Becoming part of CBRE provides J&J a great opportunity to continue building upon and expanding the solutions we provide our military customers at mission-critical facilities around the world. Arlington Capital Partners provided the industry expertise and guidance needed to scale our solutions at an unrivaled pace and prepare us for continued growth. We are excited about combining our capabilities and track record with CBRE's to enhance our commitment to serving those that serve our nation," Steve Kelley, J&J Worldwide Services CEO.
J&J Worldwide Services is advised by JP Morgan and Sheppard Mullin Richter & Hampton. CBRE is advised by Citigroup, ArentFox Schiff and Simpson Thacher & Bartlett.
Thoma Bravo, a software investment firm, agreed to acquire Everbridge, a provider of critical event management and national public warning solutions, for $1.5bn.
"We are pleased to deliver immediate, compelling, and certain value to our shareholders through this transaction. Over the past several years, the Everbridge Board has consistently reviewed the Company's stand-alone opportunity against other strategic opportunities, including dialogue with a range of potential partners. This agreement is the result of those efforts and reflects our commitment to maximizing value and certainty on behalf of our shareholders," David Henshall, Everbridge Chairman and Lead Independent Director.
Everbridge is advised by Qatalyst Partners and Cooley. Thoma Bravo is advised by Kirkland & Ellis and FGS Global (led by Liz Micci).
Merck Animal Health, a provider of animal health services, agreed to acquire the aqua business of Elanco, an American pharmaceutical company which produces medicines and vaccinations for pets and livestock, for $1.3bn.
"A strategic decision resulting from a disciplined process over the last year, the sale of the aqua business allows us to prioritize our investments in larger markets with greater earnings potential over the medium and long term, while creating balance sheet flexibility," Jeff Simmons, Elanco Animal Health President and CEO.
Merck Animal Health is advised by Goldman Sachs and Covington & Burling. Elanco is advised by Bank of America and White & Case.
Deka Immobilien, a real estate investment company, agreed to acquire 402 Dunsmuir St. and 401 West Georgia St. towers from Canada Pension Plan Investment Board and Oxford Properties Group for CAD300m ($223m).
The funds had initially aimed to get around CAD350m ($260m) for the properties. But recently, it's been hard to accurately price office buildings because few sizable properties have traded globally, one reason the sale of the Vancouver towers was so closely watched both in Canada and abroad.
Investcorp, a global investment manager, completed the investment in Banner Ridge Partners, a $7.3bn private markets investment specialist. Financial terms were not disclosed.
"Banner Ridge has established itself as a leader in identifying and partnering with top managers across distressed, special situations and credit. We're excited to be a partner for growth as the team capitalizes on opportunities in these attractive and growing markets," Anthony Maniscalco, ISCG Managing Partner and Head.
DXP Enterprises, an industrial supplies company, completed the acquisition of Kappe Associates, a distributor and manufacturers representative of pumps, controls and process equipment focused on serving the water and wastewater industry. Financial terms were not disclosed.
"We are pleased to announce the acquisition of Kappe and start the year with great additions to our water and wastewater growth efforts. We are excited to have Kappe and Hennesy join our DXP family. Each company provides DXP with exceptional sales expertise that will enhance our efforts and ability to collaborate and serve our customers and grow our DXP Water platform. These acquisitions are consistent with our growth strategy and demonstrate our commitment to expanding DXP into the water and wastewater treatment markets as well as maintaining our leading position as the largest distributor of rotating equipment in North America," David Little, DXP Chairman and CEO.
Inovalon, a technology company combining data analytics and targeted interventions to achieve meaningful impact across the healthcare landscape, agreed to acquire VigiLanz, a provider of SaaS-based clinical surveillance and patient safety technology. Financial terms were not disclosed.
“For more than 20 years, VigiLanz has put patient safety and well-being at the heart of everything we do, and we are proud to join Inovalon to continue to improve the care clinicians can provide, the overall safety of healthcare, and the lives of the millions of patients for whom they care. It is truly exciting to be joining with an organization that is as focused as we are on bringing to bear the power of data for the improvement of healthcare,” David Goldsteen, VigiLanz Founder and CEO.
Harvard names ex-Merck CEO Frazier, KKR’s Bae to its board. (FS, People)
Harvard University named two top business executives to its governing board at a time of intense scrutiny and criticism of the institution from alumni, lawmakers and faculty, Bloomberg reported.
Kenneth Frazier, the former CEO of Merck, and KKR Co-CEO Joseph Bae, were elected Sunday by Harvard with the consent of the board of overseers, said Alan M. Garber, Harvard University Interim President.
EMEA
Investindustrial-backed Sammontana, an Italian Ice cream manufacturer based in Empoli, agreed to acquire Forno d'Asolo, an Italian frozen pastry and bakery products maker, from BC Partners, a private equity firm, for $1.2bn.
"We are very pleased to be partnering with the Bagnoli family. Both Sammontana and Forno d'Asolo are highly successful companies with excellent management teams and a good track record in sustainability. Both businesses have completed several add-on acquisitions in recent years, providing a strong platform for the Bagnoli family and Investindustrial to pursue a buy and build strategy to further internationalise the combined group, especially in the US market," Andrea C. Bonomi, Investindustrial Chairman.
Investindustrial is advised by BonelliErede, Paul Weiss Rifkind Wharton & Garrison and H/Advisors Maitland (led by David Stürken). BC Partners is advised by Rothschild & Co. Sammontana is advised by Assieta Corporate Finance and Bird & Bird.
Novo Nordisk, a global healthcare company, agreed to acquire three fill-finish sites from Novo Holdings, a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation, for $11bn.
"We are very pleased with the agreement to acquire the three Catalent manufacturing sites which will enable us to serve significantly more people living with diabetes and obesity in the future. The acquisition complements the significant investments we are already doing in active pharmaceutical ingredients facilities, and the sites will provide strategic flexibility to our existing supply network," Lars Fruergaard Jørgensen, Novo Nordisk President and CEO.
Novo Nordisk is advised by Evercore. Novo Holdings is advised by FGS Global (led by Charlie Chichester).
Consortium.First, a newly formed closed-end mutual investment combined fund managed by Solid Management, agreed to acquire Russia-based businesses of Yandex, a technological company, for $5.2bn.
"Since February 2022, the Yandex group and our team have faced exceptional challenges. We believe that we have found the best possible solution for our shareholders, our teams and our users in these extraordinary circumstances. The proposed transaction will allow shareholders to recover some value for the businesses that we are divesting, while unlocking new growth potential for the international businesses we will retain and enabling the divested businesses to operate under new ownership. Yandex is a unique story. I am proud to have been a part of that story since the very beginning, and I am proud to be part of the next chapter. We believe that the proposed sale will position both parts of the current group to develop and grow for the benefit of their stakeholders," John Boynton, Yandex Chairman of the Board of Directors.
Canal+, a French media and telecommunications conglomerate, failed to acquire the remaining 68.3% stake in MultiChoice, a South African pay-TV company, for ZAR31.6bn ($1.8bn).
The MultiChoice Board has concluded that the proposed offer price of ZAR105 ($5.6) in cash significantly undervalues the Group and its future prospects.
Banks spoil private credit’s record Ardonagh deal with $2bn bond. (FS)
A group of Wall Street lenders led by Morgan Stanley and Goldman Sachs swooped in to manage a roughly $2bn bond sale for Ardonagh, a key win for banks over private credit firms that had offered a record-breaking loan to the UK insurance broker, Bloomberg reported.
The offering includes a mix of secured and unsecured bonds denominated in US dollars and euros. Private credit firms will still provide a loan package of over $3bn.
Poland's Orlen sold Lotos assets for at least $1.24bn below value - audit office.
Polish oil company Orlen, sold assets of peer Lotos for at least $1.24bn below their estimated value, the Polish audit office said on February 5, adding that it would call for a probe of the two companies' 2022 merger, Reuters reported.
Fosun considers sale of $800m stake in Ageas.
Fosun International is considering a sale of its minority stake in Belgium’s largest insurer Ageas, as the Chinese conglomerate accelerates its asset sales to pare debt, Bloomberg reported.
The company is working with advisers to explore a potential partial or full divestment of its 10% stake in Ageas. It could sell the shares through one or more block trades. The holding was worth about $792m at the February 2 closing price.
Stellantis denies speculation of merger plan with Renault.
Stellantis Chairman John Elkann said that the automaker had no M&A plans in response to press speculation about a possible French-led merger with rival Renault, Reuters reported.
"There are no plans being studied regarding mergers of Stellantis with other manufacturers," said John Elkann, adding the group was focused on the execution of its long term business plan.
Silence Therapeutics announces oversubscribed $120m private placement.
Silence Therapeutics, a drug development company with a proprietary genetic medicine platform, announced an oversubscribed private placement of 5.7m of the Company’s American Depositary Shares 1 at a purchase price of $21.00 per ADS, representing a premium of approximately 11%.
“The financing provided by this blue-chip syndicate of investors, both new and existing, with whom we’ve had longstanding relationships, allows us to advance our divesiran (SLN124) PV program through Phase 2 and into the next phase of development. The extended cash runway also positions us well as we continue Phase 3 readiness activities for zerlasiran (SLN360), and progress partnering discussions for this program,” Rhonda Hellums, Silence Therapeutics CFO.
EQT revives $20bn IPO plans for Swiss skincare brand Galderma. (FS)
Swedish private equity giant EQT is reviving plans for an initial public offering of Swiss skincare group Galderma. Galderma is preparing for an IPO in Switzerland as soon as the first half of this year. The unit could be valued at roughly $20bn, DealStreetAsia reported.
Last year that owners of Galderma had postponed plans for an IPO due to a crisis of confidence in the banking sector.
Triton Partners-backed Renk re-attempts Frankfurt IPO. (FS)
German tank gearbox manufacturer Renk is expected to make its debut on the Frankfurt bourse this week, four months after poor market conditions forced it to postpone its plans to go public, Reuters reported.
Its owner, private equity group Triton Partners, is looking to sell up to €450m ($485m) of shares in a private placement to institutional investors at €15 ($16) apiece, valuing Renk at €1.5bn ($1.62bn).
Oman state energy firm asks banks to pitch for IPOs of two units.
Oman’s state energy firm OQ has asked banks to pitch for roles on the initial public offerings of two of its units, as the sultanate pushes ahead with an ambitious privatization strategy, Bloomberg reported.
OQ plans to list its exploration and production business, as well as its methanol and liquefied petroleum gas unit. OQ Exploration & Production could raise around $1bn in the IPO.
Nomura hires Moelis’ Muldoon to lead equity advisory and private placements in Europe. (People)
Nomura has hired a senior banker from Moelis & Company to lead its equity advisory and private placements business in Europe.
Daniel Muldoon has joined as head of equity advisory and private placements for Europe, the Middle East and Africa. He will report into Guy Haywood-Cole, who co-heads Nomura's investment bank in the region.
Goldman Sachs European healthcare head Thorpe exits for Guggenheim Securities. (People)
A Goldman Sachs partner who leads its healthcare dealmaking team in Europe is set to leave the Wall Street bank in another senior exit.
Ben Thorpe, who has led Goldman’s healthcare investment banking team in Europe, the Middle East and Africa for the past decade, is set to join US-headquartered investment bank Guggenheim Securities in a senior role.
APAC
A consortium led by China's Dazheng Group Acquisition has set out financing for its $29.50-per-share bid for Hollysys Automation Technologies as it battles a rival offer from Hong Kong-based private equity firm Ascendent Capital, DealStreetAsia reported.
The Dazheng consortium - which also includes TFI Asset Management
- said it had secured a debt commitment letter for $1.5bn from an unnamed China headquartered bank's Hong Kong branch. It had also secured equity commitments totalling $800m from Dazheng Group and TI Asset Management.
Dazheng Group is advised by UBS, DLA Piper and Sullivan & Cromwell. Hollysys Automation is advised by Deutsche Bank, Davis Polk & Wardwell, Haiwen & Partners, Mourant Ozannes, White & Case (led by Denise A. Cerasani, Steven Sha and Daniel Yeh) and Brunswick Group (led by Daniel Del Re). Ascendent Capital is advised by Appleby, Morrison & Foerster and Zhong Lun Law Firm. Recco Control is advised by Conyers Dill & Pearman, FTI Consulting and Okapi Partners.
Zee Entertainment can ask an Indian tribunal to enforce a $10bn merger with Sony's Indian unit after a Singapore arbitration centre rejected an emergency petition by the Japanese company for a stay of proceedings, DealStreetAsia reported.
The deal was terminated by Sony as the merger did not close by the end date as, among other things, the closing conditions to the merger were not satisfied by then.
"Although we engaged in good faith discussions to extend the end date under the merger cooperation agreement, we were unable to agree upon an extension by the January 21 deadline. After more than two years of negotiations, we are extremely disappointed that closing conditions to the merger were not satisfied by the end date," Sony.
Keppel Infrastructure Trust, a diversified Business Trust listed on the Singapore Exchange, agreed to acquire a 98.6% stake in Ventura, a provider of bus transportation services, for AUD592m ($385m).
"This is an exciting new direction for our family business that has been providing bus services for 100 years to Victorian commuters. We are happy to join KIT, which shares our customer-centric and service-first values. Our new journey with KIT will provide our executives, staff and stakeholders with confidence in aspiring to a new level of sustainability, in our growing community. I am delighted to continue my leadership role with the support of our new investors," Andrew Cornwall, Ventura Managing Director.
Metcash, an Australian wholesaler and conglomerate company that distributes food, liquor and hardware, agreed to acquire Superior Food Services, a provider of food services, from Quadrant, an Australian private equity investment firm, for AUD412m ($268m).
"Superior Food has achieved significant growth, evolving into a national foodservice provider of scale with the loyal support of our staff, customers and suppliers. Metcash's capabilities and focus on supporting independents uniquely places them to continue our growth. We are proud of our past and excited about the bright future with Metcash," Craig Phillips, Superior Food Founder and CEO.
SentinelOne, a provider of AI-powered security, completed the acquisition of PingSafe, a cloud-native application protection platform. Financial terms were not disclosed.
"Most of today's cyber attacks start with endpoints and identities, and security teams can't stop them without comprehensive visibility across all vectors. CNAPP alone can't provide this," Ric Smith, SentinelOne Chief Product and Technology Officer.
CVC weighs sale of hotel booking app Good Choice. (FS)
CVC Capital Partners is exploring a sale of South Korean hotel and travel booking app Good Choice, Bloomberg reported.
The private equity firm is working with a financial adviser and a potential sale process could kick off later this year. The asset could be valued at $1bn to $1.5bn in a transaction.
Fosun explores sale of minority stake in luxury resort Club Med.
Chinese conglomerate Fosun International is exploring the sale of a minority stake in its luxury resort chain Club Med, targeting a valuation of $800m for the whole business, DealStreetAsia reported.
Fosun has been in informal discussions with potential buyers and advisers about the sale in recent months, but no firm bid has emerged.
JSR says US lawsuit will not impact buyout deal with JIC. (FS)
Japan chip materials maker JSR said that a lawsuit brought against the company by a research foundation in the United States would not impact its plan to be bought by a state-backed fund, DealStreetAsia reported.
"We have no reason to believe this is going to impact the TOB," Eric Johnson, JSR CEO, told an earnings briefing, referring to a takeover bid from Japan Investment Corporation.
Samsung billionaire Jay Y. Lee acquitted in succession suit.
Samsung Electronics Executive Chairman Jay Y. Lee scored an important victory after a Seoul court acquitted him of stock manipulation charges, allowing the billionaire to keep leading a conglomerate under threat from rivals old and new, Bloomberg reported.
The acquittal lifts a weight off the world’s largest maker of memory chips and displays, which is struggling with a global downturn and a stiff challenge from Apple in smartphones and SK Hynix in the nascent field of AI. The surprise decision finally removes the threat of jail time that’s dogged one of Korea’s most prominent businesspeople for years.
NIO Capital raises $417m CNY-denominated fund to invest in NEVS. (FS)
NIO Capital raised a CNY-denominated fund of more than CNY3bn ($417m) to invest in technologies in new energy vehicles, energy transition and smart manufacturing industries, DealStreetAsia reported.
NIO Capital, whose managing partners including Chinese electric vehicle maker NIO founder Li Bin, said local Chinese government-backed funds, national funds, family offices and public companies have invested in the new yuan fund.
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