BC Partners-backed Valtech, a global digital services and business transformation agency, completed the acquisition of Kin and Carta, an international digital transformation consultancy company, for £239m ($299m).
“Valtech’s vision has always been to become the world’s most influential Experience Innovation company. This acquisition marks a pivotal moment in achieving that. By bringing Kin + Carta’s extensive expertise and client roster into the fold, we enter a new and exciting era. This means helping brands set new standards with intelligent and personalised experiences, powered by data and AI, that touch lives, grow businesses, and change how people experience the world,” Olivier Padiou, Valtech CEO.
Kin and Carta was advised by Deutsche Numis (led by Nick Westlake), Peel Hunt (led by John Welch), Citigroup (led by Avinash Patel), Herbert Smith Freehills (led by Robert Moore) and Powerscourt (led by Elly Williamson). Valtech and BC Partners were advised by Europa Partners, Linklaters (led by Ben Rodham and Christopher Boycott) and Montfort Communications.
EnTrust Global completed the acquisition of Offshore Merchant Partners from HitecVision. (FS)
EnTrust Global, an alternative asset management firm, completed the acquisition of Offshore Merchant Partners, an alternative investment fund manager in the maritime and energy industries, from HitecVision, a private equity investor. Financial terms were not disclosed.
“We are excited to complete this acquisition and significantly expand Blue Ocean’s presence in Norway, an important energy and maritime hub, as a complement to our other key offices in New York, Amsterdam and London. OMP’s talented team joins Blue Ocean and its proven track record of fundraising, sourcing, structuring, and managing maritime investments through varied cycles," Svein Engh, Blue Ocean Funds Senior Managing Director and Portfolio Manager.
EnTrust Global was advised by Evercore, Watson Farley & Williams, Wiersholm and Hiltzik Strategies. HitecVision was advised by Jefferies & Company and BAHR. Offshore Merchant was advised by Jefferies & Company.
BHP’s bid for Anglo American chips away further at London’s reputation.
BHP’s potential bid for fellow miner Anglo American threatens to put a dent in that hard built reputation. If successful, it would deprive London investors of a £34bn company that has been listed in the city for a quarter of a century, FT reported.
That reputation has already suffered some blows. In 2018, the City lost its biggest gold mining company when Randgold Resources was bought by Canada’s Barrick Gold for $6bn. And BHP itself has already taken a chunk out of London’s status. In 2022 it changed its structure from a dual listing in London and Sydney to a primary listing in Australia. At the time, it said that the move would make the company “more efficient and agile” and would better position it for “continued performance and growth”.
Anglo American is advised by Centerview Partners (led by James Hartop), Goldman Sachs (led by Mark Sorrell), Morgan Stanley (led by Simon Smith) and Linklaters. BHP is advised by Barclays (led by Bruce Hart) and Ubs (led by David Roberts, Campbell Stewart and Sandip Dhillon).
Morphosys said its takeover by Novartis is still expected to close in the first half of this year, after a news report on a possible drug safety risk knocked the German biotechnology company's stock price on April 29, Reuters reported.
Morphosys' statement came after a report by specialist website STAT News of a safety issue with its experimental drug pelabresib, which is being developed to treat myelofibrosis, a rare type of blood cancer affecting the bone marrow.
Novartis is advised by Freshfields Bruckhaus Deringer (led by Jenny Hochenberg, Doug Smith, Jennifer Bethlehem, Rick van Aerssen, Sabrina Kulenkamp, and David N. Brooks) and Brunswick Group. MorphoSys is advised by Centerview Partners and Skadden Arps Slate Meagher & Flom (led by Graham Robinson). Centerview Partners is advised by Latham & Watkins (led by R. Scott Shean).
EU decision on Lufthansa's ITA deal extended to June 13.
EU antitrust regulators have extended the deadline on their decision on Lufthansa's €325m ($349m) bid for a 41% stake in state-owned ITA by a week to June 13, Reuters reported.
The update follows efforts by the German carrier to sweeten a package of remedies offered this month to secure EU antitrust approval for the deal.
The Commission has voiced concern about the proposed deal's impact on competition on short-haul routes between Italy and Central European countries, as well as on long-haul routes between Italy and the United States, Canada and Japan.
ITA Airways is advised by JP Morgan, Mediobanca, and Gianni Origoni Grippo Cappelli & Partners (led by Francesco Gianni). Lufthansa is advised by BonelliErede (led by Vittorio Lupoli) and FGS Global (led by Brigitte von Haacke).
Patria Investments completed the acquisition of private equity solutions business from abrdn for £100m. (FS)
Patria Investments, a global alternative asset manager, completed the acquisition of private equity solutions business from abrdn, a United Kingdom-based global investment company, for £100m.
“We are thrilled to bring this transaction to a close and launch this new growth engine for Patria’s investment platform. Merrick and his team have built a great business with complementary strategies and a respected track record, and we believe they can thrive in leveraging Patria’s platform as we grow together," Marco D’Ippolito, GPMS Head.
Patria Investments was advised by Latham & Watkins (led by James McCrory and Simon Tysoe) and Ideal H+K Strategies. abrdn was advised by Rothschild & Co (led by John Brennan) and Macfarlanes.
The French government to acquire advanced computing business from Atos for $1bn.
The French government offered to acquire advanced computing business from Atos, a French multinational information technology service and consulting company, for $1bn.
“The goal is that the strategic activities of Atos stay under exclusive French control,” Bruno Le Maire, French government Finance Minister.
Donaldson Company to acquire a 49% stake in Medica for €54m.
Donaldson Company, a worldwide provider of innovative filtration products and solutions, offered to acquire a 49% stake in Medica, a company specializing in hollow fiber membrane filtration technology for medical device applications and water purification, for €54m ($58m).
“Hollow fiber membrane filtration is a fundamental filtration technology and Medica’s proprietary technology and expertise, along with their world-class manufacturing capabilities has enabled delivery of innovative, high-margin products to customers in several markets,” Tod Carpenter, Donaldson Company Chairman, President and CEO.
Billionaire Geiger nears $7bn L'Occitane buyout. (FS)
L'Occitane International's billionaire owner Reinold Geiger is close to making an offer to take the skin-care company private in a deal that could value the firm at about $7bn, including debt, Bloomberg reported.
Geiger is considering making an offer for the L'Occitane shares he doesn't already own at $4.21 to $4.34 apiece as early as April 29. Blackstone's tactical opportunities fund is poised to provide financing for the buyout deal, along with Goldman Sachs's asset management arm.
Maersk unit worth more than $1bn set to trade in spinoff.
Maersk is spinning off its towage company on April 30 in a move analysts expect to slash the transportation giant's market value by more than 5%, Bloomberg reported.
Svitzer Group is probably worth about $1.6bn in enterprise value. The figures they give range widely, from $1.29bn to $2.28bn. The equity value is estimated to be somewhat lower, at an average of $1.2bn.
Deutsche Bank merger ends Numis dealmakers' boutique freedom.
When Deutsche Bank announced its takeover of the British investment bank Numis last April, some in the City of London wondered whether their cultures would mesh.
A year on, changes are becoming visible. Among the deal's biggest consequences are tighter restrictions on how Numis bankers can interact with their firm's stock analysts, Bloomberg reported.
Namibia's NAMCOR signs deal with Chevron to develop offshore block.
Namibia's national oil company has signed a development deal with Chevron that will see the US oil major take an 80% operating working interest in an offshore block in the Walvis Basin, Reuters reported.
Oil companies are flocking to Namibia, excited by the southern African country's plans to open up a major new frontier basin, with recent offshore finds ranking among the largest this century.
The trio of problems dogging Deutsche Bank's Postbank arm.
Deutsche Bank has warned a protracted lawsuit claiming it underpaid for Postbank could cost Germany's largest lender up to €1.3bn ($1.39bn), Reuters reported.
Deutsche acquired the no-frills Postbank during the financial crisis, seeking to broaden its reach in Germany and create a steady income stream after years of rapid international expansion. Instead, Postbank has become a source of consumer complaints, regulatory scrutiny, labour strife and now, a possibly costly lawsuit.
Turkish grocery delivery company Getir pulls out of Europe and US.
Turkish delivery company Getir will withdraw from its remaining European and US markets to focus on its main home market, marking an abrupt turnaround after expansion and boom in recent years, Reuters reported.
Getir grew rapidly during the Covid-19 pandemic, attracting high-profile investors and reaching a valuation of $12bn two years ago as it established operations across Western Europe and in New York and Chicago.
Norway's wealth fund falls short on climate ambitions, NGO says. (FS)
Norway's $1.6tn sovereign wealth fund, the world's largest, is falling short on its climate ambitions by failing to back multiple shareholder proposals pushing oil companies to cut their greenhouse gas emissions, Reuters reported.
The fund pools the Nordic country's state revenues from oil and gas production. Since 2022 its aim is for the 9k companies it invests in globally to reach net-zero greenhouse gas emissions by 2050, in line with the Paris Agreement.
MM Warburg said to explore a sale after role in a tax scandal.
MM Warburg, one of the banks at the centre of Germany's biggest tax scandal, is considering a sale of itself as it seeks to draw a line under the crisis with a new ownership structure, Bloomberg reported.
Shareholders of the Hamburg-based bank are working with advisers at Perella Weinberg Partners to review strategic options. They could start gauging interest from potential buyers later this year.
Brookfield adds to Dubai property portfolio with warehouse deal. (FS)
Brookfield Asset Management bought a controlling stake in a Dubai-based firm’s real estate unit, securing a slice of prime warehousing space in one of the world’s hottest commercial property markets, Bloomberg reported.
The Canadian asset manager is buying into Gulf Islamic Investments’ realty platform that owns about 1.5m square feet of warehouse space in the United Arab Emirates.
Spinneys' Dubai IPO set to price at the top, raising $375m.
High-end supermarket chain Spinneys' Dubai initial public offering is expected to price at the top of the range and raise $375m, showing strong demand for a rare private sector listing in the United Arab Emirates, Bloomberg reported.
The share sale is expected to price at $0.42 apiece and books are significantly oversubscribed at that level. The final price is set to be announced on May 1, with the stock expected to start trading a week after.
Spain's Puig sets IPO price guidance at the top of the range.
Spanish beauty and fragrance group Puig Brands and its founding family said the price for the company's initial public offering will be at the top end of the range, in Europe's biggest listing so far this year, Bloomberg reported.
The Barcelona-based firm set the price guidance at €24.5 ($26.2) per share, giving the company an implied market value of €13.9bn ($14.9bn). The price compares with a previous range of €22 ($23.5) to €24.5 ($26.2). The IPO is expected to raise as much as €2.6bn ($2.8bn).
NextPower V ESG reaches $745m to date. (FS)
NextEnergy Capital, a global renewables manager specialized on the solar+ infrastructure sector, is delighted to announce the conclusion of its second close of $265m for its fifth strategy, NextPower V ESG.
NPV ESG is an OECD-focused solar and battery storage strategy targeting $1.5bn with a $2bn hard cap that has secured $745m in total commitments to date. The new capital includes commitments from a UK LGPS investment pool, a Dutch pension fund, and another re-up from an existing NextPower III ESG investor. These new investors join existing NPV ESG investors KLP, a German occupational pension fund, and a large Nordic pension fund.
Digital bank Monzo expands fundraising to £500m in deal with top tech investor. (FS)
Monzo, the fintech company that has become one of Britain's biggest consumer banking groups, is putting the finishing touches on an expanded fundraising event involving one of the world's best-known technology investors.
Monzo has agreed terms with Hedosophia, an early backer of Airbnb and Uber, for it to become a shareholder in the bank. The company could announce as soon as this week that Hedosophia and Singapore's Government Investment Corporation were participating in an overall fundraising worth close to £500m. ($625m)
APAC
Investcorp to acquire NSEIT from National Stock Exchange for $120m. (FS)
Investcorp, an alternative investment firm, agreed to acquire NSEIT, a digital technology business, from National Stock Exchange of India for $120m.
“We are pleased to announce our acquisition of NSEIT. It is a significant step in our expansion efforts in India and it underscores our commitment to investing in high-growth sectors and backing credible founders and management teams. This transaction also highlights our unique ability to bring together our global platform as we look forward to driving international business working closely with our colleagues in the US and the rest of the world," Gaurav Sharma, Investcorp Head of India Investment Business.
Investcorp is advised by Ernst & Young and Anagram Partners. National Stock Exchange is advised by Avendus Capital.
Manipal Hospitals to acquire a 87% stake in Medica Synergie for $168m.
Manipal Hospitals, a multispeciality hospital, agreed to acquire a 87% stake in Medica Synergie, a medical group, for $168m.
With the acquisition of Medica -- which has hospitals in eastern Indian cities like Kolkata, Siliguri and Ranchi -- Manipal Hospitals said it expects to treat 7m patients annually and will operate across 37 hospitals in 14 states, increasing its hospital bed count from over 9.5k to more than 10.5k. Manipal Hospitals aims to expand its footprint in eastern India.
Dreyfus tops Olam with sweetened bid for Australia’s Namoi.
Agricultural commodities trader Louis Dreyfus Company has sweetened its offer for Namoi Cotton with a takeover bid that, excluding an announced dividend, values the Australian processor at AUD123m ($81m), topping a rival proposal from a unit of Olam Group last month, Bloomberg reported.
LDC, which holds a 17% stake in Namoi, had in January announced an agreed deal to buy the shares it didn’t already own for AUD0.50 ($0.33) per share in cash, adjusted for a dividend of AUD0.01 ($0.007) per share to be paid after the takeover. That offer, however, was bested by Olam Agri, which in late March offered AUD$0.59 ($0.39), including a special dividend of AUD0.01 ($0.007) per share.
