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AMERICAS
CVS Health, a health solutions company, said it expects to complete its acquisition of healthcare services company Signify Health this week, subject to certain conditions, potentially ending months of antitrust scrutiny on the $8bn deal.
CVS' potential acquisitions of two healthcare service providers Signify and Oak Street Health, along with other such deals, have been facing increasing scrutiny over their impact on cost of healthcare in the United States, Reuters reported.
Regal Rexnord, an engineering and manufacturing company, completed the acquisition of Altra Industrial Motion, a manufacturer and supplier of motion control, power transmission and automation products, for $4.95bn.
"I am thrilled to welcome Altra associates to Regal Rexnord, and incredibly excited about all that we expect to accomplish as one, enhanced Regal Rexnord team. Together, we have clear lines of sight to faster growth, higher margins, stronger free cash flow and improved ROIC," Louis Pinkham, Regal Rexnord CEO.
Arko, one of the largest convenience store operators in the United States, said it made a buyout offer for TravelCenters of America, offering $100m more than BP, but indicated the truck stop operator did not view its proposal favourably.
Arko, which is one of the largest operators of convenience stores and wholesalers of fuel in the United States, also urged TravelCenter's board to consider its offer. The company's per-share offer is $6 higher than that of BP, Reuters reported.
Energy Transfer, a company engaged in natural gas and propane pipeline transport, agreed to acquire Lotus Midstream, an energy company focused on the development of midstream infrastructure and services, from EnCap Flatrock Midstream, a venture capital firm, for $1.45bn.
Energy Transfer's acquisition of Lotus Midstream's Centurion Pipeline assets will increase the Partnership's footprint in the Permian Basin and provide increased connectivity for its crude oil transportation and storage businesses.
Lotus Midstream is adviseed by Jefferies & Company and Vinson & Elkins (led by Matt Falcone). Energy Transfer is advised by JP Morgan, TD Securities and Sidley Austin.
Garnett Station Partners, a principal investment firm, completed the acquisition of Firebirds Wood Fired Grill, a polished-casual dining chain. Financial terms were not disclosed.
"Firebirds has found tremendous success over the past 20 years through the power of its concept, the passion of its team and the loyalty of its guests, contributing to its consistent industry outperformance from both an average unit volume and same store traffic perspective. We look forward to working closely with Steve and the entire management team to support and accelerate the brand's long-term growth," Matt Perelman, Garnett Station Co-Founder and Managing Partner.
Firebirds was advised by NorthPoint Advisors. Garnett was advised by Netrex Capital Markets, TD Cowen, Kirkland & Ellis and Gagnier Communications (led by Dan Gagnier).
Blackbaud rejected a buyout offer from its largest shareholder Clearlake Capital that valued the software firm at $3.8bn, Reuters reported.
"Our Board is committed to driving value for all stockholders and regularly reviews our strategy and evaluates opportunities to achieve that goal. Clearlake's unambiguous statement that the firm itself does not need to be an acquirer is an overt attempt to put the Company in play opportunistically. Most importantly, the proposal disregards the tangible momentum in Blackbaud's business that we are confident will drive enhanced value for stockholders," Andrew M. Leitch, Blackbaud Chairman.
Winnebago Industries, an outdoor lifestyle product manufacturer, agreed to acquire Lithionics Battery, a lithium-ion battery solutions provider to recreational equipment and specialty vehicle markets. Financial terms were not disclosed.
"The addition of Lithionics enhances Winnebago Industries' ability to develop unique and diverse battery solutions across our portfolio, advancing our overall electrical ecosystem, driving organic growth and supply chain security, reinforcing our technological competitive advantage and allowing us to capitalize on consumer preferences for fully immersive, off-the-grid outdoor experiences," Michael Happe, Winnebago Industries President and CEO.
Winnebago Industries is advised by JP Morgan and Faegre Drinker Biddle & Reath.
10Pearls, a digital product innovation and software engineering company, completed the acquisition of Inspirant Group, a boutique healthcare strategy consulting firm. Financial terms were not disclosed.
"We are delighted to welcome Inspirant Group to our team at 10Pearls, as we expand our expertise in healthcare to contribute to improving the quality and accessibility of healthcare for all. The combination of our two teams will allow us to partner with our healthcare clients--- payors, providers, and health tech – together to deliver innovations, process improvements, and automation," Imran Aftab, 10Pearls CEO.
First Citizens agrees to acquire the deposits and loans of failed Silicon Valley Bank.
First Citizens will acquire the deposits and loans of failed Silicon Valley Bank, closing one chapter in the crisis of confidence that has ripped through global financial markets, Reuters reported.
The Federal Deposit Insurance Corporation, which took control of SVB earlier this month, said it has received equity appreciation rights in First Citizens BancShares stock with a potential value of up to $500m as part of the deal.
EMEA
LDC, a private equity firm, completed the investment in Idwal Marine Services, a provider of tech-enabled inspection services for the global commercial shipping sector. Financial terms were not disclosed.
"This is the ideal outcome for both Idwal and Graig, as well as our customers and colleagues. As an independent company with the support of LDC, Idwal is strongly positioned to increase investment in its services and its international presence," Nick Owens, Idwal CEO.
Idwal Marine Services was advised by Lexington Corporate Advisors and Capital Law. LDC was advised by BDO, OC&C Strategy Consultants, KPMG, Blake Morgan and Ernst & Young. Graig Shipping was advised by Stout Capital and Taylor Wessing.
Britain's antitrust regulator said it was looking into whether the anticipated acquisition by electric utility company Électricité de France of the nuclear steam power business owned by multinational conglomerate General Electric could lead to competition concerns, Reuters reported.
The Competition and Markets Authority invited initial feedback from interested parties on the potential impact of the deal in the UK, a preliminary step before a formal investigation.
Z Capital-backed Techniks Tool Group, a manufacturer and supplier of branded highly engineered, consumable, high-cost-of-failure aftermarket and OEM tooling products, agreed to acquire Eppinger, a designer and manufacturer of sophisticated, high precision static and live tools. Financial terms were not disclosed.
"This transaction will enhance our global positioning and provide us with a broader platform, expanded manufacturing and distribution channels, and a wider customer set from which to grow. The combined entity will be renamed Eppinger Technologies, and we will continue to build upon our industry-leading channel presence and diversified suite of products," Dean Glover, TTG CEO.
UK buyout firm Cinven has decided against using borrowed money to purchase a building-materials business. It’s an unusual move in the private equity world that in part reflects the turmoil in the banking industry and leveraged-finance markets, Bloomberg reported.
Cinven will use its own money to buy the chemical admixtures operations of MBCC Group from Sika. Buyout firms typically use high-yield financing for a significant portion of the purchase price when doing deals, saddling the target with debt but also providing much bigger returns than acquisitions that are financed with equity.
Arab Jordan Investment Bank, a Jordanian bank established in Amman, agreed to acquire the Jordan business of Standard Chartered, a British multinational bank with operations in consumer, corporate and institutional banking, and treasury services. Financial terms were not disclosed.
"We are pleased to sign this agreement today and to have been selected by Standard Chartered Bank as the preferred buyer. Standard Chartered Bank is a leading regional and international bank with more than 160 years of experience, the bank has been present in Jordan for more than 98 years. We are also pleased to announce that this agreement has already been approved by the regulatory authorities. We look forward to working closely with Standard Chartered's team over the coming few months towards achieving a successful conclusion to this transaction without impact on clients and employees," Hani Al-Qadi, Arab Jordan Investment Bank Chairman of the Board of Directors.
TA Associates, a global private equity firm, agreed to acquire a minority stake in MRH Trowe, one of the largest owner-managed commercial lines insurance brokers in Germany, from AnaCap, a partner for founders and entrepreneurial management teams.
"Our partnership with AnaCap has already been one of significant support in the development of our business and brand. With the additional expertise of our new growth partner TA Associates and improved capital structure, we will be able to reach a new level of potential, both across DACH and internationally. This is an exciting time for both MRHT customers and employees," Ralph Rockel, MRH Trowe Co-Founder and CEO.
Gamuda, a Malaysian construction firm, and Castleforge Partners, a UK-based real estate private equity investor, agreed to acquire Winchester House London, the eight-story commercial building in London, for £257m ($314m).
The acquisition is part of its property development arm Gamuda Land's quick-turnaround-project strategy, which aims to build a regional portfolio of real estate projects with high internal rates of return with investment time frames of five years or less, Gamuda's filing showed.
Invest Plus, a special purpose vehicle, completed the acquisition of a factory in Veliky Novgorod of IKEA, a functional home furnishing products manufacturer. Financial terms were not disclosed.
"Our goal is to return the highly popular and quality production of the Novgorod factory to Russia's furniture market as quickly as possible," Vadim Osipov, Invest Plus CEO.
CVC Capital Partners plans bid for parts of embattled Cineworld. (FS)
Private equity firm CVC Capital Partners has proposed a takeover of parts of British cinema operator Cineworld Group, within days of a similar offer from activist investor Elliott Management, Reuters reported.
Cineworld, which has so far failed to find a buyer for the whole of the world's second biggest cinema chain, had proposed an April 10 deadline for final bids, with an auction, if necessary, to follow on April 17.
Presight AI soars 176% in Abu Dhabi debut after $496m IPO.
Shares in Abu Dhabi big data analytics company Presight AI climbed as much as 176% on their stock market debut after raising $496m in an initial public offering for almost a third of the business, Reuters reported.
Presight's shares rose as high as $1 on the Abu Dhabi Securities Exchange before retreating a little to $0.92. The shares were priced at $0.36 dirhams for the IPO.
Al Ansari owners raise $210m in Dubai’s first IPO of 2023. (FS)
The owners of remittance and money exchange firm Al Ansari Financial Services raised $210m after pricing shares at the top of the range, Bloomberg reported.
Al Ansari Holding sold 750m shares for $0.28 each, valuing the company at $2.1bn. Its shares will start trading on April 6.
Northvolt in talks to secure over $5bn in funding.
Northvolt is in talks with banks to secure more than $5bn in funding to help to become Europe’s largest battery maker, Bloomberg reported.
The debt financing agreement could be reached later this year. The company plans to construct a second large factory jointly with Volvo Car in Sweden and will decide in April whether to pursue a third plant in Germany or in the US.
CBC Group seeks Mubadala and PIF backing for Middle East health fund. (FS)
CBC Group is setting up a fund to target healthcare assets in the Middle East, with potential backing from two of the region’s biggest wealth funds, Bloomberg reported.
The Singapore-based money manager is seeking to get commitments from entities including Abu Dhabi’s Mubadala Investment and Saudi Arabia’s Public Investment Fund. Discussions are ongoing and may not result in funding from the sovereign funds.
Saudi National Bank chair resigns after Credit Suisse remark. (People)
Ammar Al Khudairy, the chairman of Credit Suisse’s largest shareholder, has resigned just days after his comments helped trigger a slump in the stock and bonds that prompted the Swiss government to step in and arrange its takeover, Bloomberg reported.
Shares of Credit Suisse sank over 30% after al-Khudairy announced March 15 that its biggest shareholder — the Saudi National Bank — would not provide more money to the Swiss lender. Hours later, Switzerland’s central bank agreed to lend Credit Suisse up to $54bn to shore up its finances.
Citigroup appoints Robert Way as head of UK investment banking. (People)
Citigroup has appointed Robert Way as head of its investment banking business in the UK. Way will also join the executive committee of Citigroup’s banking, capital markets and advisory business in the UK and Ireland, Bloomberg reported.
He succeeds Andrew Truscott, who is standing down to become chief executive officer of John Laing Group, the infrastructure investor owned by KKR & Co. Truscott, a former JP Morgan banker who joined Citigroup in 2018, will take up his new role in the early summer.
APAC
Bestpath IoT, a hydrogen fuel cell powered vehicle company, agreed to go public via a SPAC merger with Aquaron Acquisition, a publicly traded special purpose acquisition company, in a $1.2bn deal.
"We are excited to announce this important milestone for Bestpath. This transaction will enable us to accelerate our growth strategy, expand our market presence, and enhance our ability to deliver comprehensive solutions to customers in the hydrogen fuel cell powered vehicle market. With our core expertise in research and development, manufacturing, and sales of hydrogen fuel cell powered vehicles, as well as the construction of hydrogen refueling stations for the provision of hydrogen supply services, we are well positioned to capitalize on the growing demand for environmentally-friendly transportation solutions. We look forward to working closely with our new partners and investors to achieve our long-term goals," Kecheng Liu, Bestpath Founder and CEO.
Bestpath IoT is advised by Ogier, Paul Hastings and Zhong Lun Law Firm. Aquaron is advised by Arbor Lake Capital, Jingtian & Gongcheng and Wilson Sonsini Goodrich & Rosati.
Australian electricity and natural gas retailer Origin Energy agreed the $10.2bn takeover offer from renewable power platform Brookfield Renewable and EIG-backed LNG company MidOcean Energy.
"The Board is unanimous in its view that this transaction is in the best interests of shareholders. The transaction represents a significant premium to the share price prior to the original indicative proposal, and reflects the strategic nature of Origin's platform, its growth prospects and anticipated earnings recovery. We believe the Consortium will be responsible owners of Origin's businesses. Our discussions with the Consortium confirm a high degree of alignment with Origin's strategy and a desire to accelerate initiatives consistent with Origin's critical role in Australia's energy transition. This alignment validates the vision and hard work of Origin's management team and employees," Scott Perkins, Origin Chairman.
InvoCare, a funeral homes and funeral services company, said it had rejected a $1.22bn offer from private equity fund TPG Global, but noted it would be willing to provide the bidder with due diligence access if approached with a revised offer.
The board of InvoCare has carefully considered the indicative proposal and taken advice from its financial and legal advisers. The board has unanimously concluded that the offer does not provide compelling value for InvoCare shareholders.
InvoCare is advised by Gresham, Clayton Utz and Cato & Clive (led by Clive Mathieson).
Saudi Aramco, one of the world's largest integrated energy and chemicals companies, agreed to acquire a 10% stake in Rongsheng Petrochemical, a China-based company principally engaged in the research, development, manufacturing and distribution of refining products, petrochemicals and chemical fibers, for $3.6bn.
"This announcement demonstrates Aramco's long-term commitment to China and belief in the fundamentals of the Chinese petrochemicals sector. It is an important acquisition for Aramco in a key market, supporting our growth ambitions and advancing our liquids to chemicals strategy. It also promises to secure a reliable supply of essential crude to one of China's most important refiners," Mohammed Y. Al Qahtani, Aramco Executive Vice President of Downstream.
SMFG, a financial holding company that offers banking, financing, and asset management solutions, agreed to acquire a 15% stake in VPBank, a joint-stock commercial bank, for $1.5bn.
Through the Investment, SMBC will leverage VPBank's nationwide branch network and expand business collaborations in various fields, including retail and SME financial services, which will enable SMBC Group to further strengthen our growth strategy in Vietnam and ultimately contribute to the further development of Vietnam's financial industry.
TPG weighs sale of Singapore healthcare firm at $1bn valuation. (FS)
Private equity firm TPG is exploring selling its Singapore-based health-care company, Bloomberg reported.
The buyout firm is seeking a valuation of nearly $1bn for TE Asia Healthcare Partners. Investment funds and other hospital operators have shown preliminary interest in the assets.
China developer Shimao seeks to sell a Hong Kong hotel for $828m.
Chinese property developer Shimao Group is seeking to sell its hotel in Hong Kong close to the international airport for $828m, in a move that could help the company repay debt.
Shanghai-based Shimao, in the process of restructuring $11.8bn of offshore debt, is among the many Chinese developers that defaulted last year, DealStreetAsia reported.
Credit Agricole launches China M&A and investment banking business.
Credit Agricole, France's second-biggest listed bank, has become the latest foreign lender to boost its China investment banking operations with the launch of a new unit, Reuters reported.
The new unit, Credit Agricole (Beijing) Advisory Services, focuses on cross-border merger and acquisition, encompassing purchases, disposals and capital raising.
Indian skincare firm Mamaearth's parent freezes IPO plans due to weak market.
Indian skincare startup Mamaearth has put its initial public offering on hold because of weak market conditions, a month after two other Indian companies also scrapped their share sales, DealStreetAsia reported.
Mamaearth parent Honasa Consumer filed its documents for an IPO in December, planning to raise about $200m to $300m, through the issuing of new equity and an offer for sale of some existing shares, which could have valued the company at up to $3bn.
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