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AMERICAS
Blackstone, a private equity firm, completed the acquisition of Tropical Smoothie Cafe, a franchisor of fast casual restaurants, from Levine Leichtman Capital Partners, a private equity firm. Financial terms were not disclosed.
"The key to this business is delivering an outstanding experience for each guest who walks through our doors. From high-quality products to exceptional guest service, our franchisees make our mission to become a beloved brand a reality day in and day out, and we are thrilled to see how the brand will continue to grow with Blackstone's outstanding global resources behind it," Charles Watson, Tropical Smoothie Cafe CEO.
ONO Pharmaceutical, a pharmaceutical company in Japan, completed the acquisition of Deciphera Pharmaceuticals, a biopharmaceutical company focused on discovering, developing, and commercializing important new medicines to improve the lives of people with cancer, for $2.4bn.
"Deciphera and ONO share a deep commitment to improve the lives of people living with cancer, and the transaction announced today enables us to make even greater impact for patients. Together, we expect to advance and accelerate each organization's important work through combined research and development capabilities and a global commercial footprint. Importantly, this acquisition delivers for all of Deciphera's stakeholders. It provides immediate, compelling value for our shareholders, provides greater opportunities for our world-class team, and ultimately, greater hope for patients. I am excited about the future of the combined organization, and we are honored to contribute to the continued growth of ONO in the US and around the world," Steven L. Hoerter, Deciphera Pharmaceuticals President and CEO.
Bitcoin mining company Bitfarms is adopting a "poison pill" shareholder rights plan as a defense after an unsolicited takeover offer by larger rival Riot Platforms, Bloomberg reported.
Under terms of the plan, if an entity acquires an equity stake of more than 15% by September 10, Bitfarms will issue new stock to prior existing shareholders, diluting the stake of the entity pursuing a hostile takeover, Bitfarms said in a statement Monday.
Bitfarms is advised by Skadden Arps Slate Meagher & Flom (led by Christopher Barlow). Riot Platforms is advised by Citigroup, Davies Ward Phillips & Vineberg, Paul Weiss Rifkind Wharton & Garrison, Longacre Square Partners (led by Dan Zacchei) and Okapi Partners (led by Bruce Goldfarb).
Critical Metals, a mining development company focused on critical metals and minerals, agreed to acquire a 92.5% stake in the Tanbreez Project, a critical minerals mine located in Greenland, from Rimbal, a non-metallic mineral service company, for $211m.
"Tanbreez is a game-changing rare earth mine for the West, and is a key step towards positioning Critical Metals Corp as the preeminent critical minerals supplier with a diversified, multi-asset portfolio that spans multiple geographies. With Tanbreez expected to be under the Critical Metals Corp banner, we will have the ability to further support our commercial network in Europe while simultaneously being able to evaluate additional opportunities to tap into the upside potential of the North American market. Critical Metals continues to capitalize on macro-economic tailwinds and government support which are accelerating the demand for critical minerals as we play an essential role in supporting the green energy transition," Tony Sage, Critical Metals CEO and Chairman.
Critical Metals is advised by Cohen & Company Capital Markets, Jett Capital Advisors, and White & Case.
Yext, a digital presence platform for multi-location brands, agreed to acquire Hearsay Systems, a provider of digital client engagement for financial services, for $220m.
The acquisition will combine Yext's industry-leading digital presence management platform with Hearsay Systems' compliant engagement solutions across social media, websites, text, and voice. This strategic move will leverage the strengths of both companies' technology to provide a single digital marketing platform to power the customer journey and enable brands to convert prospects into loyal customers faster.
Hearsay Systems is advised by Latham & Watkins (led by Jim Morrone). Yext is advised by Wilson Sonsini Goodrich & Rosati.
United Talent Agency, a global talent, sports, entertainment and advisory company, completed the acquisition of Representatives Of Outstanding Footballers, a sports agency. Financial terms were not disclosed.
ROOF's roster features approximately 130 players, including several high-profile stars in leagues spanning several continents, and roughly 20 coaches and managers guiding some of the most recognizable clubs and national teams in all of football. ROOF currently operates from offices in Munich, London and Madrid, with intentions of further international expansion.
Penske Automotive Group, a diversified international transportation services company, completed the acquisition of River States Truck and Trailer, a truck distributor and full service center. Financial terms were not disclosed.
River States operates five facilities strategically located in western Wisconsin and eastern Minnesota along the key trucking lanes of Interstates 90 and 94, between Chicago and Minneapolis.
Quest Diagnostics, a diagnostic information services company, completed the acquisition of select assets of PathAI Diagnostics, the business of PathAI that provides anatomic and digital pathology laboratory services. Financial terms were not disclosed.
"At Quest Diagnostics, we are committed to maximizing patient impact from every precious sample. The relationship with PathAI and acquisition of PathAI Diagnostics will enable us to rapidly accelerate the adoption of digitization and artificial intelligence for our market leading pathology offering, and will therefore strengthen our capability to serve patients across the entire continuum of oncology care, from diagnosis, to prognosis, to therapy selection and patient monitoring," Mark Gardner, Quest Diagnostics Senior Vice President, Molecular Genomics and Oncology.
GM board approves new $6bn stock buyback.
The board of General Motors has authorized the repurchase of up to $6bn in shares in a new program that builds on other moves in recent months to appease shareholders. The automaker said last November that its board had approved a $10bn accelerated share buyback while still having $1.4bn of capacity from a previous program, WSJ reported.
“We are very focused on the profitability of our [internal combustion engine] business, we’re growing and improving the profitability of our EV business and deploying our capital efficiently. This allows us to continue returning cash to shareholders,” Paul Jacobson, GM CFO.
Edgar Bronfman, Bain weigh deal for Paramount’s parent. (FS)
Media executive Edgar Bronfman Jr. and Bain Capital are interested in buying the parent of Paramount Global. The former Warner Music Group chairman and Boston-based private equity firm are considering offering more than $2bn for National Amusements, Bloomberg reported.
A final decision hasn’t been made and Bronfman and Bain could opt against pursuing a deal. The interest comes as Paramount works through negotiations to merge with Skydance Media, the independent film and TV company led by David Ellison.
StubHub EBITDA is said to be $350m ahead of planned IPO.
StubHub had $350m in earnings before interest, taxes, depreciation and amortization for the year ending in March, as the ticket seller prepares for a planned US IPO, Bloomberg reported.
The operator of ticketing resale platforms StubHub and Viagogo saw $1.4bn in revenue in the period, as well as $505m of unlevered free cash flow. StubHub is in early discussions about its listing with prospective investors and is working with Goldman Sachs, JP Morgan and Bank of America.
InTandem Capital Partners closes Fund III at $715m. (FS)
InTandem Capital Partners, a middle-market private equity firm focused exclusively on healthcare services, announced the final closing of InTandem Capital Partners Fund III, with $715m in total capital commitments. Fund III closed above its original target of $650m.
“We thank our longtime investors for their continued partnership and welcome our new investors joining us in Fund III,” Lauren Mangino, InTandem Principal.
High Alpha raises $125m fund, focused on the future of enterprise SaaS. (FS)
Venture firm High Alpha raised $125m for its fourth and largest fund to date. Creating and investing in over 90 early-stage SaaS companies across North America since 2015, High Alpha IV is a strategic evolution that brings company building and investing into a single entity focused on helping entrepreneurs, and the companies they lead, reach their full potential.
“We’ve never been in a better position to help entrepreneurs reach their full potential and create breakout, enterprise SaaS companies,” Scott Dorsey, High Alpha Managing Partner.
EMEA
Abu Dhabi's Emirates Telecommunications Group €2.2bn ($2.4bn) acquisition of PPF Telecom Group assets faces the first in-depth merger probe under the European Union's tough new foreign-subsidy rules, Bloomberg reported.
The European Commission said on June 10 that it has "sufficient indications" Emirates Telecom, also known as e&, has received state subsidies that could harm fair competition in the 27-nation bloc. These funds may have allowed it to outbid rivals as part of a deal for PPF's telecoms businesses in Bulgaria, Hungary, Serbia and Slovakia.
General Atlantic, a global growth investor, agreed to invest in Sustainable Development Capital, a developer, investor and fund manager focused on energy efficiency and decarbonization solutions globally. Financial terms were not disclosed.
"SDCL is delighted to partner with General Atlantic's BeyondNetZero team. We believe that resource efficiency is key to sustainability and that energy efficiency is one of the largest, fastest, cheapest, and cleanest source of greenhouse gas emission reductions, energy cost reductions and energy security. The world cannot reach net zero, or beyond, without it. This fact is key to SDCL and BeyondNetZero's strategies," Jonathan Maxwell, Sustainable Development Capital CEO.
Sustainable Development Capital is advised by Jefferies & Company and Herbert Smith Freehills. General Atlantic is advised by Deloitte and Freshfields Bruckhaus Deringer.
EMERAM, a private equity firm, completed the investment in Garderos, a provider of ruggedized router solutions for secure data communication and optimal connectivity in harsh environments. Financial terms were not disclosed.
"We have already achieved great success and high growth rates in recent years and have convinced our customers of the quality and, in particular, the reliability of our products. We are now at the beginning of a new growth phase with the increasing digitalization, especially in the energy industry. We are confident that in EMERAM we have found a partner who will provide us with the best possible support to maximize our additional growth potential and keep our company on track for long-term success. On behalf of the entire company, I would like to take this opportunity to thank our former major shareholder for the excellent cooperation. We are delighted that Dr Hinder will remain on board as a shareholder and member of the Advisory Board," Hermann Knauer, Garderos CEO.
Garderos was advised by Jones Day. EMERAM was advised by Rautenberg & Company, Alvarez & Marsal, Noerr (led by Christoph Thiermann) and Flick Gocke Schaumburg.
Gotlandsbolaget, a Swedish company that provides ferry and transport services between the island of Gotland and mainland Sweden, agreed to acquire the Oslo-Frederikshavn-Copenhagen route from DFDS, a Danish international shipping and logistics company, for DKK400m ($58m).
The decision will ensure that the route receives the future focus and investments needed to further develop, while DFDS strengthens the focus on its core business within freight, passenger transport and logistics.
Eurazeo, a French private equity firm, led a $100m Series C round in Cognigy, a provider of AI-first customer service automation, with participation from Insight Partners, DTCP and DN Capital.
"Delightful customer service is a top priority for enterprises and is one of the pain points pervading every industry that technology has not been able to solve successfully to date. Cognigy's enterprise-grade orchestration layer for AI Agents works alongside human agents to deliver a highly effective, personalized service on any channel," Raluca Ragab, Eurazeo Managing Director, Head of UK and DACH.
Cognigy was advised by Lages & Associates.
Marsh & McLennan-backed Mercer, a provider of investment advisory services, agreed to acquire Cardano, a privately-owned investment management and advisory business with a focus on risk and sustainability. Financial terms were not disclosed.
"Mercer is the ideal long-term home for our business and clients. We share an aligned culture with Mercer, focused on delivering excellent outcomes for clients, and together, we are committed to being the best solutions provider for UK and Dutch pension schemes. I am thrilled our clients and colleagues will have access to everything Mercer offers, including global resources, a deep bench of investment talent, strategic advice, manager research and alternative investment advice. We look forward to being one multi-disciplinary team and helping our clients navigate the evolving pension and investment landscape," Michaël De Lathauwer, Cardano CEO.
Atos picks Onepoint's bailout bid.
Atos, a French multinational information technology service and consulting company, chose a bailout proposal from a group led by David Layani's Onepoint, its top shareholder, beating out a rival bid from Czech billionaire Daniel Kretinsky for the troubled French IT company, Bloomberg reported.
Onepoint's rescue plan for the troubled French IT company, which includes new equity and reduced debt, has the support of the board and the company will now seek to reach a final agreement with its creditors by July, Atos said in a statement on Tuesday.
Abu Dhabi’s Taqa, Criteria drop talks to buy $26bn Spanish utility.
Shareholder tensions at Naturgy Energy Group are poised to resume after two key investors abruptly ceased talks to take over the Spanish utility, Bloomberg reported.
Abu Dhabi National Energy and Criteria Caixa ended discussions “without any agreement.” Details on the collapse of the negotiations weren’t immediately clear. Naturgy shares declined as much as 13% on June 11. The end of discussions underscores tensions between Naturgy’s four largest shareholders, who for years have battled to squeeze more value from the natural gas and renewable energy company.
Golden Goose boosts Europe IPOs in €558m shoe listing.
Golden Goose Group and its shareholders are seeking to raise about €558m ($600m) in the luxury sneaker brand’s IPO, in a further boost to Europe’s listings resurgence, Bloomberg reported.
The company and its owner, private equity firm Permira, plan to sell about 30% of its share capital for €9.50 ($10.22) to €10.50 ($11.29) each. The IPO will be Milan’s biggest since at least the €599m ($644m) sale by gambling company Lottomatica in May last year and will give Golden Goose an implied market value of €1.7bn ($1.8bn) to €1.9bn ($2bn).
Dutch government suggests IPO or private sale for De Volksbank.
The Dutch government said a private sale or IPO are the preferred options state-owned De Volksbank. Selling the bank to a new owner has the advantage of fewer operational complexities, while an IPO would retain the independence of the bank but requires an improvement in financial results, Bloomberg reported.
NLFI, the government body that owns the bank, recommended against keeping De Volksbank as a state bank permanently, making it a cooperative bank or placing it under foundation management.
SocGen struggles to strike deal for custody unit.
Societe Generale is struggling to agree a deal for its securities services unit, with potential bidders baulking at the price the French bank wants for the business, Reuters reported.
France's third-biggest listed lender has been trying to offload Societe Generale Securities Services since last year, as part of wider efforts by CEO Slawomir Krupa to dispose of assets and streamline the bank.
Prague fund plans €300m property acquisitions in Europe. (FS, RE)
Real estate fund Investika plans to buy more properties across Europe, taking advantage of compressed valuations as high interest rates are forcing over-leveraged owners to sell, Bloomberg reported.
The Czech company managing more than €1bn ($1.1bn) of assets will spend as much as €300m ($323m) on real estate over the next 12 months. Investika, which already owns 50 commercial properties in the Czech Republic, Poland, Croatia and Spain, plans to also make acquisitions in Germany and Austria.
APAC
Bain Capital, an American private investment firm, offered to acquire Bapcor, a provider of automotive aftermarket parts, accessories, automotive equipment and services, for AUD1.83bn ($1.21bn).
Analysts said it could draw attention of more suitors to the struggling auto parts retailer. The shares had declined almost 50% from their high in mid-2021 after a series of profit downgrades stemming from struggles with inventory and the preemptive departure of CEO-elect Paul Dumbrell.
Bapcor is advised by Macquarie Group, Allens, and Cato & Clive (led by Sue Cato).
Daiwa Securities, a Japanese investment bank, agreed to acquire an additional 9.1% stake in Aozora Bank, a commercial bank, from CITY INDEX ELEVENTH, a fund backed by veteran activist investor Yoshiaki Murakami, for JPY27.9bn ($178m).
Aozora has agreed to the share acquisition as it believes that the share acquisition will further strengthen the capital and business alliance between the Aozora Group and Daiwa Securities Group and will contribute to enhancement of the Aozora Group's corporate value. In addition, while Daiwa Securities Group's shareholding ratio of the Bank's shares will increase, the basic concept of the capital and business alliance remains unchanged, and the Aozora Group and Daiwa Securities Group have mutually confirmed that the collaboration will be promoted by respecting autonomy in management of both parties.
Rio Tinto, a global mining group that focuses on finding, mining and processing mineral resources, agreed to acquire an additional 11.65% stake in Boyne Smelters, Australia's second largest aluminium smelter, from Mitsubishi, a global integrated business enterprise. Financial terms were not disclosed.
Rio Tinto looks forward to continuing to work with its remaining BSL joint venture partners and other stakeholders on securing a competitive low-carbon future for its Gladstone operations. After completion of the two transactions, the BSL joint venture partners will be: Rio Tinto (73.5%), YKK Aluminium (9.50%), UACJ Australia (9.29%) and Southern Cross Aluminium (7.71%).
NTT DATA, a global IT service provider, completed the acquisition of a majority stake in in ProvenTech, a software company in Hyderabad, India. Financial terms were not disclosed.
"Joining the forces with NTT DATA provides us with an exceptional opportunity to scale our operations and extend our global reach. I am very much looking forward to working together as one team and to the new opportunities that lie ahead of us," P. Raju Venkata, ProvenTech CEO.
Textainer in talks to buy HNA’s Seaco in $5bn deal. (FS)
Stonepeak-owned Textainer is in advanced talks to acquire container leasing firm Seaco from an arm of failed Chinese conglomerate HNA Group, Bloomberg reported.
Textainer has pulled ahead of rival bidders for Seaco, which is owned by Shenzhen-listed Bohai Leasing. A transaction could value Seaco at around $5bn including debt. A sale of Seaco would extend a push by Chinese companies to shed assets they snapped up during a wave of foreign acquisitions several years ago.
Indian airline IndiGo's top shareholder to sell 2% stake worth $394m.
IndiGo airline's biggest shareholder will sell a 2% stake worth $394m in the low-cost Indian carrier on June 11, marking its first such sale in at least four years during which the company's stock has soared, Reuters reported.
Interglobe Enterprises, which had a 37.75% stake in Interglobe Aviation, the operator of IndiGo, will sell the shares at a base price of $51 each.
Hyundai plans to file for India unit IPO in June.
Hyundai Motor is planning to file for an IPO for its India unit as soon as this month with a potential listing planned by the end of the year, Bloomberg reported.
The automaker is seeking to raise about $2.5bn in an IPO, which would make it one of the biggest on record in India, following Life Insurance of India’s $2.5bn offering in 2022. Hyundai is potentially seeking a valuation of as much as $25bn.
Carlyle sets sights on 300 Japanese businesses as PE deals boom. (FS)
Carlyle Group is studying around 300 Japanese businesses as part of its pipeline, a sign of the continuing boom in private equity deals in the country, Bloomberg reported.
“We look at a lot of deals every day,” Kazuhiro Yamada, Carlyle co-head of the Japan buyout advisory team said. “Even though competition is increasing, if you look at the number of potential deals, there are actually not enough general partners to do them.”
L Catterton resets Asia fund series amid triple fundraise. (FS)
L Catterton has reset its Asia-Pacific fund series as the firm looks to raise three new vehicles targeting the region.
L Catterton is seeking $800m for what is ostensibly its fourth pan-Asia fund. This is being accompanied by two local country-focused vehicles targeting India and Japan respectively.
Citigroup names markets veteran Robert Nakamura to head Japan. (People)
Citigroup appointed Robert Nakamura as its new Japan country officer, putting the markets veteran in charge of local operations as trading booms, Bloomberg reported.
Nakamura, 59, who joined the bank’s rates derivatives group in Tokyo in 1993, will also double as banking head for the country. The appointment will take effect July 1, subject to regulatory approvals.
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