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AMERICAS
Beijing is weighing holding up US chipmaker Broadcom's $69bn purchase of cloud computing company VMware, FT reported.
China's State Administration of Market Regulation has not signed off on the deal and is likely to delay approving the transaction after US President Joe Biden's administration introduced tougher chip controls.
VMware is advised by Goldman Sachs (led by Stephan Feldgoise and Sam Britton), JP Morgan (led by Madhu Namburi), Axinn Veltrop & Harkrider (led by John Harkrider), Gibson Dunn & Crutcher (led by Barbara Becker and Andrew Kaplan), Sullivan & Cromwell (led by Michael Rosenthal) and FGS Global (led by Paul Kranhold). Financial advisors are advised by Debevoise & Plimpton (led by Michael Diz) and Sullivan & Cromwell (led by John L. Savva and Alison S. Ressler). Broadcom is advised by Bank of America (led by Kevin Brunner and Ron Eliasek), Barclays (led by Gary Posternack), Citigroup (led by Tyler Dickson), Credit Suisse (led by David Wah), Morgan Stanley (led by Anthony Armstrong), Santander, Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers (led by Adit Khorana), Wachtell Lipton Rosen & Katz (led by Ronald Chen, Viktor Sapezhnikov and David Karp), Brunswick Group (led by Simon Sporborg) and Joele Frank (led by Arielle Rothstein, Tim Ragones and Joele Frank). Financial advisors are advised by Cooley (led by Ben Beerle). Silver Lake is advised by Simpson Thacher & Bartlett (led by Atif Azher).
California is considering filing a lawsuit to block Kroger's $24.6bn acquisition of Albertsons on concerns the deal could hurt consumers and workers, Bloomberg reported.
"We are moving toward acting. Right now, there's not a lot of reason not to sue," Rob Bonta, California Attorney General.
Albertsons is advised by Credit Suisse, Goldman Sachs (led by Timothy Ingrassia), Debevoise & Plimpton (led by Ted Hassi). Fried Frank Harris Shriver & Jacobson (led by Philip Richter), Jenner & Block, Wachtell Lipton Rosen & Katz (led by Zachary Podolsky and Adam Emmerich), White & Case (led by George Paul), Brunswick Group. Financial advisors are advised by Alston & Bird (led by Stuart Rogers), Cravath Swaine & Moore (led by Sanjay Murti and Robert I. Townsend) and Davis Polk & Wardwell (led by Phillip R. Mills and Cheryl Chan). Kroger is advised by Citigroup (led by Brian Anton and David Finkelstein), Wells Fargo Securities, Arnold & Porter Kaye Scholer, Weil Gotshal and Manges (led by Michael J. Aiello) and Joele Frank (led by Greg Klassen). Cerberus is advised by Dechert (led by Eric Siegel and Mark Thierfelder) and FGS Global (led by Andrew Cole).
Searchlight, a global private investment firm, and BCI, one of the largest institutional investors in Canada, agreed to acquire the remaining stake in Consolidated Communications, an American broadband and business communications provider, for $2bn.
"We believe this transaction provides substantial value for our shareholders while also enhancing our flexibility to continue the execution of our fiber expansion strategy. We have been operating in a shifting economic environment over the course of this past year, resulting in higher operating costs and a challenging market for attractive financing options. While we are pleased with how we have managed the business despite these headwinds, several factors recently necessitated that we delay our estimated fiber build completion beyond 2026. As we navigate this environment, we will have increased flexibility as a private company and Searchlight will continue to be an outstanding partner as we advance our transformation to a leading fiber-first provider. We believe this continued partnership will create an outstanding outcome for the Company, our customers and our employees," Bob Udell, Consolidated Communications President and CEO.
Consolidated Communications is advised by Rothschild & Co, Cravath Swaine & Moore and Latham & Watkins (led by Ryan Maierson, Ryan Lynch, and David Miller). Searchlight is advised by Goldman Sachs, JP Morgan, Mizuho Securities, Morgan Stanley, RBC Capital Markets, TD Securities, Wells Fargo Securities and Wachtell Lipton Rosen & Katz (led by Steven A. Cohen and Victor Goldfeld). BCI is advised by Weil Gotshal and Manges.
J.F. Lehman, a private equity investment firm focused on the aerospace, defense, maritime and environmental sectors, completed the acquisition of Crystal Clean, a provider of parts cleaning, hazardous and non-hazardous waste services, from Heritage, a business managing a diverse portfolio of operating companies, for $1.2bn.
"We are excited to begin our partnership with Crystal Clean's leadership team and build on the Company's strong foundation as a clear category leader and unparalleled provider of environmental and waste disposal services. We have long admired Crystal Clean's reputation of providing high-quality services to its diversified, blue-chip customer base, as well as the financial and operational excellence the team has established. We look forward to working together to best position Crystal Clean for sustainable, long-term success as a private company," Glenn Shor, J.F. Lehman Partner.
KKR, an alternative asset manager focusing on private equity, fixed income, and capital markets, completed the acquisition CIRCOR International, a manufacturer of highly engineered, complex and severe environment products that serve the long-term, for $1.7bn.
“Today marks an exciting new chapter for CIRCOR. KKR’s exceptional track record in the flow control space and commitment to invest in employees makes them a perfect strategic partner for our future. We look forward to working with KKR as we continue to grow, innovate, and improve CIRCOR for the benefit of our customers,” Tony Najjar, CIRCOR President and CEO.
L Catterton, a private equity firm that invests in all major consumer segments, completed the acquisition of Thorne HealthTech, a science-driven wellness company, for $680m.
"As consumer investors, we closely follow enduring secular trends, including the consumer's increasing prioritization of health and wellness. As we begin this partnership with Thorne, returning this leading clinical brand to the private market, we look forward to focusing our resources and strategic planning on executing on Thorne's vision of delivering clinically backed outcomes utilizing specialized health tests and personalized supplement and wellness programs to patients around the globe," Marc Magliacano, L Catterton Co-Managing Partner of the Flagship Fund.
Platinum Equity, a private equity firm, agreed to acquire a 50% stake in US LBM, a distributor of specialty building materials in the United States, from Bain Capital, a private investment firm. Financial terms were not disclosed.
"US LBM has built an impressive, diversified business with scale while preserving a vibrant, entrepreneurial spirit. In the near term, we think the company's footprint, financial profile, and operating model will allow it to continue growing and strengthening its operations as it navigates the complexities of the current environment. We are optimistic about the outlook for new housing over the long term given the nationwide shortage stemming from years of underbuilding that has created an imbalance in supply and demand. We look forward to working with the company's leadership group and our partners at Bain Capital to put our financial and operational resources to work," Jacob Kotzubei, Platinum Equity Co-President.
Blue Wolf, a private equity firm, and Stonepeak, an investment firm, agreed to acquire LOGISTEC, a container cargo handling company, for $1.2bn.
"Since my father started this business more than 70 years ago, we have grown into industry leaders," Madeleine Paquin, LOGISTEC President and Chief Executive Officer.
Blue Wolf is advised by Rothschild & Co, McCarthy Tetrault, and Willkie Farr & Gallagher. LOGISTEC is advised by TD Securities, Fasken, and K&L Gates.
American Pacific Group, a San Francisco Bay Area-based private equity firm, agreed to acquire Spark Power, an end-to-end electrical services provider, for $140m.
“Andrew, Eric and I have enjoyed this journey and are very proud of the Company that has been built. We are appreciative of all the employees, customers, vendors, lenders, shareholders, board members and other stakeholders who have helped to build it along the way. With this in mind, at this time we believe that the Transaction is best for the Company and have agreed to support it,” Jason Sparaga, Spark Power Director and Co-Founder.
American Pacific Group is advised by Jones Day (led by Joseph Hatina) and Stikeman Elliott. Spark Power is advised by MPA and Bennett Jones.
Consello Capital, a private equity firm, completed the acquisition of a majority stake in ProSearch Strategies, a provider of tech-enabled legal services to enterprise customers. Financial terms were not disclosed.
"More than ever, business leaders are looking for actionable ways to use technology and AI to improve their business processes and thereby create shareholder value. ProSearch is a great example of a B2B company that helps its clients do just that, with a relentless focus on using technology to drive efficiency. We look forward to working closely with the ProSearch team to help them continue to deliver industry-leading products and services, expand their technology offerings and further add to their blue-chip roster of customers," Peter Morrow, Consello Capital Managing Partner.
ProSearch was advised by Guggenheim Partners and Buchalter. Consello Capital was advised by Kirkland & Ellis.
Arcline Investment Management, a private equity firm, agreed to acquire Hartzell Aviation, an aerospace company, from Tailwind Technologies, a transportation company. Financial terms were not disclosed.
"Our family has been blessed to be the stewards of Hartzell Aviation for 37 years. As we look to the future, we believe Arcline fully embraces our core value – Built on Honor – and will bring the skills and resources to build on over a century of excellence and innovation," Jim Brown, Hartzell Aviation President.
Arcline Investment Management is advised by BMO Capital Markets and Joele Frank (led by Tim Ragones). Hartzell Aviation is advised by RBC Capital Markets.
KKR, a global investment firm, agreed to invest in Catalio Capital Management, a venture capital firm. Financial terms were not disclosed.
“The life sciences sector represents a growing market opportunity and has been an important area of focus for our health care growth strategy, which will be further accelerated through our partnership with Catalio. We are impressed not only by Catalio’s entrepreneurial leadership team but also by its vast network of leading scientists who serve as venture partners. We look forward to supporting Catalio in taking the platform to the next level and unlocking the next generation of biomedical technology,” Ali Satvat, KKR Partner.
KKR is advised by Kirkland & Ellis and Rubenstein Associates. Catalio Capital Management is advised by Paul Weiss Rifkind Wharton & Garrison (led by Michael Vogel and Udi Grofman).
Prysm Capital, a private equity firm, led a $75m Series C round in Pair Eyewear, a customizable eyewear brand, with participation from New Enterprise Associates, Javelin Venture Partners and Christian McCaffrey.
"Nathan and I developed Pair with a unique premise of providing people globally with eyewear as dynamic as you are. We are beyond humbled by the love and support we've received from both Pair's incredible customers and investors. We plan to capitalize on Pair's brand power and innovations to continue growing with a goal of achieving household name status not only in the United States but around the world," Sophia Edelstein, Pair Eyewear Co-CEO and Co-Founder.
Prysm Capital was advised by Joele Frank.
Vista Credit Partners, the credit investing arm of Vista Equity Partners, completed the investment in aPriori, a provider of a digital manufacturing simulation software. Financial terms were not disclosed.
"Vista Credit Partners is proud to support innovative enterprise software companies like aPriori with flexible capital solutions and operational support to further establish market leadership," David Flannery, Vista Credit President.
Canadian funds weigh $3bn stake sale in Transelec.
Canadian pension funds including the Canada Pension Plan Investment Board are considering selling their stakes in Chile's biggest power-transmission company Transelec, seeking a combined $3bn.
CPPIB, British Columbia Investment Management and Public Sector Pension Investment Board are in the early stages of evaluating a potential sale of their roughly 72% stake in the Santiago-based utility.
Potential suitors could include China Southern Power Grid, which already owns almost 28% of Transelec as the single biggest shareholder. Other companies in the industry and investment funds may also be interested. Considerations are preliminary and the pension funds could still decide against pursuing any deal, Bloomberg reported.
EQT picks Evercore for sale of data management firm Rimes.
EQT has chosen Evercore to help with a potential sale of data management company Rimes Technologies, Bloomberg reported.
The Swedish investment firm and its adviser are working to gauge interest in Rimes, which could be valued at as much as €2bn ($2.1bn). A formal sale process could kick off early next year. Deliberations are at an early stage, and there's no certainty they'll lead to a transaction.
Tillman Infrastructure is seeking a $500m capital injection.
Tillman Infrastructure, which counts UBS Asset Management among its investors, is in talks to raise around $500m in preferred equity to support its growth, Bloomberg reported.
The company, which builds, owns, and operates cell towers, is working with advisers to solicit interest from potential investors. If an agreement is reached, a transaction could occur before the end of the year. Terms aren't finalized, and it's possible the size or structure of the preferred equity injection could change.
Brooks Macdonald lines up defence adviser amid takeover interest.
Brooks Macdonald is working with a defence adviser on its strategy amid takeover interest.
The British wealth manager, which oversees close to £17bn ($20bn) in client assets, has lined up investment bank Raymond James. Raymond James has had a longer-term mandate for financial advice which recently developed into defence strategy, Reuters reported.
PGA Tour says it has proposals from other interested investors.
The PGA Tour, which has a pending deal with Saudi Arabia's Public Investment Fund, has fielded unsolicited investor proposals, Commissioner Jay Monahan said in an email to players.
Monahan said in the email that the PGA Tour's negotiations with PIF and the process the organization has put in place are "working well." Any new investors may provide an alternative to the PIF transaction, though they could wind up partnering with the Saudi fund, Bloomberg reported.
"We remain focused on reaching a definitive agreement with PIF and the DP World Tour, but not surprisingly, these negotiations have resulted in unsolicited outreach and proposals from a number of other interested investors. All of this activity reinforces the Tour's strong position and our potential for growth," Jay Monahan.
Hipgnosis shareholder plans to derail music catalogue sale.
A shareholder of Hipgnosis Songs Fund is looking to scuttle the company's $465m deal to sell some of its music catalogues to a group backed by private equity firm Blackstone, Reuters reported.
Asset Value Investors said it would vote against the deal and asked fellow investors to do the same, citing "uncompetitive nature" of the process and lack of an "up-to-date valuation" that made it unlikely to be the best deal for them.
KKR closes third global technology fund at nearly $3bn.
New York-headquartered private equity firm KKR has closed its third global technology fund at approximately $3bn, DealStreetAsia reported.
KKR Next Generation Technology Growth Fund III has received commitments from both new and existing investors globally, including public pension plans, sovereign wealth funds, insurance companies, financial institutions, endowments, private wealth and fintech platforms, family offices, and high-net-worth individual investors. The investment firm said it will also put some $435m in the fund.
NexPhase closes oversubscribed Fund V with over $795m in capital commitments.
NexPhase Capital, a thematically driven and operationally focused private equity firm, has closed its NexPhase Capital Fund with over $795m of capital commitments, exceeding the fund’s target of $750m and representing a more than 45% increase in size from its predecessor fund.
Fund V was oversubscribed and saw backing from both existing and a diverse base of new investors. Consistent with its previous funds, NPC V will target control positions in lower middle-market, growth-oriented companies in North America across the healthcare, software, and consumer industry verticals.
Tech-focused Astira Capital closes initial fund at $675m.
Private equity firm Astira Capital Partners announced the final closing of its debut fund with $675m of institutional capital commitments, exceeding its original target of $500m.
The Boston-based firm focuses on buyouts of North American software businesses and technology enabled services companies, Bloomberg reported.
The firm seeks to invest $50m to $200m in total equity per investment in companies generating $10m to $30m of earnings before interest, taxes, depreciation and amortization.
Graycliff Partners holds single closing for $600m buyout fund.
Graycliff Partners has held the first and final closing of the firm’s fifth lower middle market private equity fund, Graycliff Private Equity Partners V, which was oversubscribed, at its hard cap of $600m, in limited partner commitments.
The fundraise, which was completed in less than four months with support from both existing and new investors, also included significant additional commitments from Graycliff’s partners and employees.
Hamilton Lane raises $290m for small business credit funds.
Hamilton Lane has raised a combined $290m from institutional investors actress the United States for two small business credit funds – the Hamilton Lane National Small Business Credit Fund, and the Hamilton Lane New York SBIC Fund II.
Hamilton Lane launched New York SBIC Fund I in 2015, with the goal of identifying opportunities to strategically deploy capital to help drive development and advance small businesses in New York State. Building on the success of the firm’s first SBIC offering, the new funds were launched in 2022, and seek to follow a consistent strategy and structure, focusing on providing loans to lower middle market businesses with EBITDA ranging from $3m to $25m.
ABS Capital closes first continuation fund.
ABS Capital, a growth equity firm with over 30 years of experience scaling software and tech-enabled B2B businesses, has completed a GP-led secondary continuation fund transaction for portfolio companies, LabConnect and Viventium Software.
The transaction supports the significant continued growth opportunity for both companies, providing additional time and capital for growth initiatives, while offering liquidity to existing limited partners. ABS fund investors were provided a choice to receive liquidity or continue their investment.
The transaction is capitalised by a consortium of new and existing ABS investors, who subscribed to a new partnership managed and controlled by ABS. The transaction was led by Kline Hill Partners and Five Arrows.
Executives leave BlackRock, ISS to lead governance at Longacre Square. (People)
Two executives who helped make recommendations in some of America's biggest proxy contests and contested mergers left BlackRock and Institutional Shareholder Services to lead a new governance unit at Longacre Square Partners, Reuters reported.
Jessica McDougall, a former director in asset management firm BlackRock's stewardship group, and Heath Winter, a former vice president in proxy advisory firm ISS' special situations research team, will head the corporate governance and shareholder engagement practice at Longacre.
EMEA
Permira, a private equity firm, completed the acquisition of a majority stake in Gruppo Florence, a luxury goods manufacturer. Financial terms were not disclosed.
"Gruppo Florence is an outstanding project. We very proudly contributed to its launch and development, thus creating in just few years a leading player of textile manufacturing with exceptional development opportunities that the new shareholder will undoubtedly be able to grasp," Carlo Pesenti, Italmobiliare CEO.
Gruppo Florence was advised by Bain & Co, Bank of America, Citigroup, KPMG, BonelliErede, DWF (led by Luca Cuomo), Dentons (led by Antonio Legrottaglie) and Gianni Origoni Grippo Cappelli & Partners. Permira was advised by Boston Consulting Group, Ernst & Young, JP Morgan, Latham & Watkins, Legance (led by Filippo Troisi) and Maisto e Associati. VAM Investments was advised by Societe Generale and UniCredit.
Apax Partners, an independent global partnership focused solely on long-term investment in growth companies, agreed to acquire Kin and Carta, a global digital transformation business that advises, creates, and connects marketing and customer experience, for £203m ($247m).
"We are impressed by Kin and Carta's unique culture, talented team, and focus on customer impact as evidenced by their B Corp status. We have followed the company closely for several years and we have witnessed firsthand how their focus on innovation and strong platform in the Digital Transformation sector has made Kin and Carta a partner of choice for clients grappling with complex technology problems. We believe there is significant opportunity to enhance Kin and Carta's prospects as a private company, including by pursuing acquisitions that would enhance further its competitive position. As significant investors in the space, we hope to draw on our network, experience and operational expertise to support management and the wider team by investing in the business to enhance the value for customers, employees and other stakeholders, building on the firm's success to date," Rohan Haldea, Apax Partner.
Kin and Carta are advised by Numis Securities (led by Nick Westlake), Peel Hunt (led by Paul Gillam), Citigroup (led by Avinash Patel), Herbert Smith Freehills, and Powerscourt (led by Elly Williamson). Apax Partners is advised by Bank of America (led by James Robertson), Equiteq (led by Jerome Glynn-Smith), Kirkland & Ellis (led by Stuart Boyd, Jacob Traff, Monica Gemes, and Andrew McAlpine), and Headland Consultancy (led by Emma Nyman).
Thermo Fisher Scientific, a supplier of analytical instruments, life sciences solutions, specialty diagnostics, laboratory, pharmaceutical and biotechnology services, agreed to acquire Olink, a company dedicated to accelerating proteomics together with the scientific community, from Summa Equity, a private equity firm, for $3.1bn.
“The acquisition of Olink underscores the profound impact that proteomics is having as our customers continue to advance life science research and precision medicine. Olink’s proven and transformative innovation is highly complementary to our leading mass spectrometry and life sciences platforms. Our company is uniquely positioned to bring this technology to customers enabling them to meaningfully accelerate discovery and scientific breakthroughs. We look forward to welcoming Olink’s colleagues to Thermo Fisher,” Marc N. Casper, Thermo Fisher Chairman, President and CEO.
Thermo Fisher is advised by Cravath Swaine & Moore and Vinge. Olink is advised by Goldman Sachs, JP Morgan, UBS and Baker McKenzie. Summa Equity is advised by Ropes & Gray (led by Suni Sreepada).
Kering, a global luxury group, completed the acquisition of Creed, a multi-national niche perfume house, from BlackRock, an asset management firm, for €3.5bn ($3.7bn).
“The acquisition of Creed represents Kering Beauté’s first strategic initiative, and demonstrates our commitment to developing a strong position in the luxury beauty segment. I am thrilled that today our stories and values come together around this spirit of family entrepreneurship and excellence to accelerate our journey in beauty, and I am delighted that the brand is joining Kering’s collection of luxury Houses,” François-Henri Pinault, Kering Chairman and CEO.
Wendel, an investment firm, agreed to acquire a 51% stake in IK Partners, a private equity firm, for €383m ($404m).
"We are very proud to embark on this new entrepreneurial stage in Wendel's development with a high-quality company like IK, sharing the same values and investment philosophy. Wendel and IK are strongly committed to creating value in their portfolio companies, with a strong focus on establishing solid governance and supporting their operational and external growth. We look forward to working with the IK teams to ensure the success of this value-creating partnership. I am convinced that, in the years to come, we will find new opportunities for external growth and direct investments that will create value for Wendel's shareholders." Laurent Mignon, Wendel Group CEO.
Cordiant Digital Infrastructure, an operationally focused specialist digital infrastructure investor, completed the acquisition of Speed Fibre, an open access fibre infrastructure provider, for €191m ($207m).
"We are delighted to welcome Speed Fibre into CORD's portfolio, which is now further diversified by asset class and geography. Fibre remains an integral part of digital infrastructure, supporting economic growth and social connectivity. As we remain committed to our "Buy, Build, and Grow" model, the plan is to invest further in Speed Fibre's network and work closely with the Irish government and local partners to extend high-speed digital access. This will nurture domestic innovation and provide a thriving ecosystem for both multi nationals and homegrown tech companies to flourish," Steven Marshall, Cordiant Capital Chairman of Digital Infrastructure.
I Squared Capital, a global infrastructure manager, agreed to acquire Arriva Group, a provider of passenger transport, from Deutsche Bahn, a provider in the mobility and logistics sector. Financial terms were not disclosed.
"Transport accounts for around one-fifth of global CO₂ emissions. Three-quarters of this is from road transport, and a greener public transport sector is critical to the shift to lower-carbon infrastructure. Arriva's strategy for net-zero operations and the decarbonisation of its fleet aligns with our strategy to develop and scale assets with technologies that accelerate the energy transition, as well as providing cleaner air in cities and towns by investing in green public transport. We are excited to work with Arriva and we will invest to support its future growth as a major European bus and rail operator," Gautam Bhandari, I Squared Global CIO and Managing Partner.
Patria Investments, a global alternative asset manager, agreed to acquire the private equity solutions business of abrdn, a United Kingdom-based global investment company, for £100m ($122m).
"We are joining forces with a talented team that reflects Patria's entrepreneurial investment culture, and acquiring an established solutions platform that brings differentiated investment capabilities to serve our clients. I am excited to work with Merrick and his team to fully leverage Patria's platform as we grow together," Marco D'Ippolito, Patria Chief Corporate Development Officer.
abrdn is advised by Rothschild & Co and Macfarlanes. Patria is advised by Latham & Watkins and Ideal H+K Strategies (led by Fábio Martins).
Uncertainty over the prospects for a multibillion euro approach filed by US fund KKR for Telecom Italia's prized landline grid sent shares in the former phone monopoly down by 6%. The long-delayed binding offer from KKR came in with a different structure compared with the preliminary approach, wrongfooting investors, Reuters reported.
Heightening uncertainty, Economy Minister Giancarlo Giorgetti said Rome, which has effectively backed KKR's bid, would consider other options if the offer was rejected.
Glennmont Partners, a fund manager, agreed to acquire a 50% stake in Gode Wind 3 offshore wind farm from Ørsted, a Danish multinational energy company, for €473m ($500m).
”This third investment in German offshore wind with Ørsted continues and strengthens our successful partnership. Ørsted is a recognized leader in the offshore wind sector, and this acquisition underscores Glennmont’s strategy of investing in superior quality projects and developing long-term strategic partnerships with industry leaders,” Francesco Cacciabue, Glennmont Partners CFO and Partner.
The sale of struggling Premier League club Everton to 777 Partners has stalled as the US investment fund has yet to provide audited financial statements to a British regulator, Reuters reported.
Britain's Financial Conduct Authority delivered its request to 777 Partners this month, and if the company doesn't provide the required financials or an acceptable explanation, the takeover could fall apart. Last month, Everton was sold to 777 Partners in a deal reported to be worth more than $660m.
FIVE Holdings, a real estate development and hospitality group, completed the acquisition of Pacha Group, a nightlife conglomerate, from Trilantic Capital, a private equity firm, for €320m ($336m).
This acquisition represents a strategic investment in an iconic brand and aligns with FIVE Holding's visionary approach to expanding its presence in the global hospitality and entertainment sectors. The Pacha Group, under its parent company Universo Pacha, has been a trailblazer in the industry, and FIVE will leverage its remarkable success for future developments over the global entertainment landscape.
Trilantic Capital was advised by Rothschild & Co.
Spire Healthcare, a healthcare group, completed the acquisition of Vita Health, a provider of mental and physical health services, from ARCHIMED, an investment firm, for £74m ($90m).
"Vita addresses two of the main reasons for long-term illness and absence from work in the UK: mental health issues and back and joint pain. This acquisition complements our existing business and aligns well with our strategy of developing new services and moving into adjacent markets. The addition of Vita means that we are now able to meet people's physical and mental health needs. Vita fits closely with the services we offer to corporate customers and gives us a good springboard for future growth. With its outstanding patient feedback, strong track record in winning contracts and proven management team, Vita is an excellent addition to our business and I look forward to welcoming our new colleagues to Spire," Justin Ash, Spire Healthcare CEO.
Spire Healthcare was advised by Instinctif Partners (led by Damian Reece).
KKR and Flerie, an investment firm, agreed to invest in Coriolis Pharma, a biotechnology company. Financial terms were not disclosed.
“This investment presents a pivotal growth opportunity for Coriolis to realize our strategy and vision. The ability to leverage Frontier’s collective skills and expertise will be invaluable as we revolutionize the development process of biopharmaceutical drugs. Together with a strong suite of industry advisors and KKR's global network and market knowledge, we will be able to position Coriolis for the future and move one step closer to our goal of making future therapies available to humankind efficiently and on time,” Michael Wiggenhorn, Coriolis Pharma Co-Founder.
HIG Capital, a global alternative investment firm, completed the investment in The Grounds Real Estate Development, a real estate investment company. Financial terms were not disclosed.
"We believe that the German residential market is at an inflection point and should offer numerous investment opportunities and are excited to partner with The Grounds and its strong management team to invest in value-add opportunities with a focus on the Berlin residential market," Riccardo Dallolio, HIG Realty Managing Director and Head of Europe.
US-based AutoNation said on October 17 that it will not make an offer for Pendragon, just weeks after the British automotive retailer's top shareholder, Hedin Mobility, and PAG International also dropped their joint bid, Reuters reported.
"These assets presented AutoNation with a potential opportunity to expand into a new market. However, after further considering the opportunity, we decided not to make a formal offer. AutoNation will continue to leverage M&A, which may include opportunities within and outside the US, to expand our business portfolio in a meaningful and synergistic way, and to create value for our shareholders," Mike Manley, AutoNation CEO.
Brookfield and Antin eye bids for Germany's Techem.
Brookfield Infrastructure Partners and Antin Infrastructure Partners are among several bidders vying for a stake in German metering firm Techem. Private equity fund Partners Group wants to sell its majority stake for as much as €9bn ($9.5bn), but offers may be closer to €7bn ($7.4bn), Reuters reported.
A decision on an alternative IPO track will be taken next year once bids have been evaluated. European companies are confronting IPO risks as macroeconomic conditions worsen, with defense contractor Renk recently pulling its IPO.
European payments giant Nexi Soars as CVC said to weigh bid.
Nexi jumped as much as 19% after CVC Capital Partners is in the early stages of considering a potential bid for European payments firm, Bloomberg reported.
The buyout group has been evaluating Nexi for some time. Shares in Nexi hit an intraday record in early trading. The stock was up 10% in Milan, giving the company a market value of €8.3bn ($8.8bn). Other investment firms have also been studying Nexi. Buyout funds could end up partnering on a joint bid for the company given the size of the potential deal.
Australia's IFM eyes expansion in Spanish renewables, telecoms.
Australian fund IFM Investors is looking at businesses in the Spanish renewables and telecom industries as it seeks to expand its presence in the country, Reuters reported.
The fund has already invested around €8bn ($8.4bn) in Spain, including a 14.5% stake in power utility Naturgy, its flagship investment in the country.
"Our teams analyse all the infrastructure assets in the world in search of investment opportunities, and Spain will receive investments from IFM," David Neal, Chief Executive.
Jim Ratcliffe leads a $6.1bn race to invest in Manchester United.
Jim Ratcliffe is emerging as the frontrunner to buy into English football giants Manchester United, with the British billionaire's recently revised offer giving him the edge over a rival proposal from Qatari investors.
The chairman of chemicals company Ineos Group is in talks with the club's US owners, the Glazer family, and their advisers over the structure of a deal. Under terms being discussed, Ratcliffe could make an offer for some of the shares held by both the Glazers and minority investors in Manchester United. Ratcliffe may end up with an initial stake of roughly 25% in Manchester United in a deal that could value the club at more than $6.1bn.
The Glazer family currently views Ratcliffe's bid for a minority stake as more attractive than an alternative Qatari offer for the whole club. Manchester United's board is set to discuss the latest proposal at a meeting as soon as the next few days. Deliberations are ongoing and there's no certainty they'll result in a transaction, Bloomberg reported.
Top Abcam investor HBK voices support for $5.7bn sale.
The US hedge fund has amassed a 7.5% stake in Abcam. That surpasses the roughly 6.2% holding owned by company founder Jonathan Milner, who’s been trying to persuade investors to reject the Danaher bid.
Greece said to ready 20% stake sale in the National Bank next month.
Greece is preparing to sell a 20% stake in the National Bank of Greece as part of its divestment plan for the country's lenders. The move is expected to take place in mid-November, Bloomberg reported.
The aim is to attract as many long-term investors as possible. The Hellenic Financial Stability Fund, a bank recapitalization tool established at the start of Greece's bailout programs, holds about 40% of the National Bank, whose market value was almost €5bn ($5.3bn) on October 18. But it has decided against divesting it all at once.
Cinven considering £400m Kurt Geiger sale.
Global private equity investment firm Cinven is considering a sale of portfolio company Kurt Geiger, with the luxury retail brand expected to come to market with a price tag of around £400m ($487m).
Cinven has appointed advisors at Bank of America to handle a potential auction for the business. A sale of Kurt Geiger is expected to attract interest from other buyout firms as well as luxury retail groups.
PATRIZIA plugs in to ultrafast EV charging sector.
PATRIZIA, a private investment firm focused on real assets investments has entered into a binding agreement for a transaction of over €140m ($147m) in an EV charging rollout programme in Germany, through its flagship European Infrastructure Fund series.
The deal significantly diversifies PATRIZIA’s infrastructure platform by sector and country, marking the company’s entry into EV charging as well as the first investment in Germany for its European Infrastructure Fund series.
Antares Capital mulls bid for private credit rival Hayfin.
Antares Capital is considering making a bid to acquire European private credit rival Hayfin Capital Management, a combination that would create a major new operation in the space.
Antares, backed by CPP Investments and Northleaf Capital Partners, is interested in acquiring Hayfin as a way to quickly expand its European footprint. Formal negotiations between the parties haven't commenced, and it's possible another buyer emerges for Hayfin, Bloomberg reported.
Shareholders in Electricity North West mull selling stakes.
Shareholders in British power distribution company Electricity North West are exploring a potential sale of their stakes in the network operator.
The power network operator is owned by a consortium of investors led by Japan's Kansai Electric Power and investment fund Equitix, which both own 40% stakes.
Investment bank Jefferies has been tasked with sounding out buyers for the business. The process is still in its early stages, Reuters reported.
Multiply Group considers buying stake in Biotrend.
Multiply Group, the Abu Dhabi holding company with investments ranging from Getty Images to Rihanna's lingerie firm, is in talks to buy a stake in Turkish waste management firm Biotrend, Bloomberg reported.
Discussions between Multiply and Biotrend Cevre ve Enerji Yatirimlari are at an advanced stage, although details of the potential deal such as its size and value are still being finalized.
IFM holds investor meeting in Spain as it seeks to expand.
Australian fund IFM Investors will bring major international investors to Madrid next week as it hopes to expand its presence in the country in sectors tied to the green energy transition, Reuters reported.
IFM will hold the event from Monday to Wednesday in Madrid "due to the growing strategic importance of Spain for its portfolio of infrastructure assets," IFM.
CVC backers plan to sell shares in over $1bn IPO.
CVC Capital Partners' institutional backers plan to sell shares in the buyout group as part of its upcoming initial public offering. The company is preparing to raise more than €1bn euros ($1.05bn) in what is set to be one of Europe's largest stock market listings this year, Reuters reported.
The IPO, which could be launched in Amsterdam before the end of the month, will include a mix of new and existing shares. CVC targets an IPO that would value the company at more than €10bn ($10.5bn), with the company placing around 10% of its share capital.
Abu Dhabi wealth fund to merge life sciences assets ahead of IPO.
Abu Dhabi sovereign wealth fund ADQ is consolidating its pharmaceutical assets to create what would be one of the region's largest life sciences firms ahead of a potential initial public offering, Bloomberg reported.
The fund will merge Egypt's Amoun Pharmaceutical, Switzerland's Acino, United Arab Emirates Pharmax Pharmaceuticals, and Turkey's Birgi Mefar Group, which it recently acquired.
EQT raises nearly €20bn for latest flagship fund.
Stockholm-listed European private equity giant EQT is nearing the close of the EQT X buyout fund having raised almost €20bn ($21bn) for its latest flagship vehicle.
EQT originally expected the fund to close by the end of 2023, but having so far secured fee-generating commitments of €19.8bn ($20bn) is now expecting a final close at or near its €21.5bn ($22bn) hard cap in Q1 2024.
Apollo, Goldman eye record €4.5bn direct loan for Adevinta.
Private credit funds at Apollo Global Management and Goldman Sachs Asset Management are among firms working on a plan to provide a €4.5bn ($4.8bn) loan to back a take-private bid for classifieds company Adevinta.
If it goes ahead, the loan would be the largest direct lending deal ever in Europe, topping the £3.5bn ($4.3bn) provided to Access Group last year, Bloomberg reported.
APAC
An independent expert's report into a Brookfield-led consortium's $9.7bn bid for Australia's Origin Energy has deemed the offer fair value, but the takeover is facing growing resistance from investors, Reuters reported.
Origin Energy said an independent evaluation by corporate advisory firm Grant Samuel of Australia's largest energy retailer's equity valued it at $5.4 - $6 per share. The range covers the offer price of about $5.6 apiece from the consortium's March bid, which consists of Australia dollars, US dollars and dividend components.
Mirvac Group and Pacific Equity Partners agreed to acquire Serenitas, a pure-play land lease operator, with an established and proven national platform, from GIC, a private equity firm, for $643m.
"We are excited at the opportunity to join with Mirvac and PEP, and we are thrilled to be able to grow and elevate the Serenitas portfolio of brands and lifestyle experiences for our customers. There is certainly a growing awareness of modern land lease communities across Australia and the benefits available to customers, which will no doubt drive future demand," Rob Nichols, Serenitas CEO.
Mirvac Group is advised by Rothschild & Co. Serenitas is advised by Baker McKenzie (led by Lance Sacks).
Cognex, an industrial machine vision company, completed the acquisition of Moritex, a provider of optics components, from Trustar Capital, a private equity firm, for $275m.
"At Cognex, we provide manufacturers with the most advanced machine vision solutions. We have long admired, and sold, Moritex optics components as an important element of what we do. We often note that machine vision functions like the eye and brain of a human: Cognex vision systems are akin to the brain, and Moritex optics, the eye. Bringing these complementary technologies together will streamline the solution we provide our customers, enabling a more advanced and integrated offering. Expanding into the optics components segment with this acquisition will increase our served market and deepen our penetration of the Japanese machine vision market," Robert Willett, Cognex President and CEO.
Cognex was advised by Evercore. Trustar Capital was advised by Morgan Stanley.
TCV, an investment firm, led a $167m Series F round in Employment Hero, an end-to-end HR, payroll and recruitment solution, with participation from Insight Partners, AirTree, Seek and OneVentures.
"We want to be recognised as an Australian business that's gone global, with ambitions to be the largest startup that's ever come out of Australia," Ben Thompson, Employment Hero Co-Founder and CEO.
GIP considers a $15bn stake sale in Vena Energy.
Global Infrastructure Partners is exploring selling a stake in Vena Energy and seeking a valuation of about $15bn for one of the largest renewable energy companies in Asia-Pacific.
The infrastructure fund has sounded out a group of financial advisers on a potential sale of as much as a 51% stake in Vena Energy. The asset could attract companies in the industry and conglomerates with an interest in boosting their green investments.
A stake sale could add to a wave of energy deals as global investors and companies seek to meet their emission-reduction targets. Considerations are at an early stage and GIP could ultimately decide against a deal, Bloomberg reported.
Pulp producer RGE considers bid for $3bn China tissue maker Vinda.
Singapore-based RGE is considering an offer for Vinda International, potentially setting up a bidding war for the Hong Kong-listed tissue maker, Bloomberg reported.
The pulp producer is working with advisers on a potential buyout offer for the Chinese firm. Deliberations are ongoing, and RGE could still decide against a deal. A move by RGE could add a new dimension to the bidding for Essity's 52% stake in Vinda, which has drawn bidders such as Suzano, the world's largest producer of hardwood pulp from Brazil. Buyout firms Bain Capital, CVC Capital Partners, and DCP Capital also advanced in the process.
Keppel raises $218m for China-focused sustainable urban renewal strategy.
Singapore's Keppel on October 19 announced that it has secured about $218m in initial commitments for its China-focused sustainable urban renewal strategy, DealStreetAsia reported.
Keppel is committing about $22m to the SUR strategy, which was launched in response to growing global demand for more environmentally efficient urban renewal solutions in gateway cities. The SUR strategy will have assets under management of about $533m when fully leveraged and invested. Its two partners have the option to upsize their stake.
Private equity firm integral aims for fund of $3bn after Tokyo IPO.
Integral looks to accelerate growth by leveraging funds raised in its initial public offering last month, a rare public listing for a Japanese private equity firm. It aims to launch a fund of about $3.3bn in four or five years, Bloomberg reported.
Tokyo-based Integral plans to plow the IPO proceeds directly into its own funds, which it hopes in turn will help attract more outside investors and also provide portfolio companies a better sense of security, according to Reijiro Yamamoto, the firm’s representative director.
Japan chip tool maker Kokusai Electric raises JPY108bn in IPO.
Chip equipment maker Kokusai Electric has raised JPY108bn ($724m) after pricing its shares at the top end of their marketed range in Japan's largest initial public offering in five years, Reuters reported.
Kokusai, owned by US private equity firm KKR, set its IPO price at JPY1.8k ($12) per share, according to a filing on Monday, valuing the company at JPY424bn ($2.8bn).
The portion of the IPO available to foreign investors was more than 10 times oversubscribed.
Cherami considers Hong Kong IPO in 2024.
Chinese private equity firm Cherami is considering an initial public offering in Hong Kong as soon as next year, potentially joining peers such as Tian Tu Capital in going public in the city, Bloomberg reported.
The Guangzhou-based firm is working with an adviser on preparations of the share sale. Its IPO size could be smaller than Tian Tu, which raised about $141m in its listing earlier this month.
Macquarie seeks $11bn for Asia infrastructure and green funds.
Macquarie Asset Management is in talks with investors to raise as much as $11.5bn in total for a trio of funds dedicated to Asia Pacific infrastructure, global renewables and energy transition.
The Macquarie Group unit is in discussions with prospective limited partners for a new $4bn Asia-Pacific infrastructure fund.
The asset manager is also pursuing two new global energy transition funds. One is a vehicle for established renewables such as wind and solar projects and could reach as much as $5bn in size. The other focuses on more nascent energy ventures such as batteries and hydroelectric generation, which could raise as much as $2.5bn, Bloomberg reported.
Keppel secures $575m for infra fund.
Keppel, a Singaporean conglomerate, said that it had secured $575m in funding for its flagship infrastructure fund, Keppel Core Infrastructure Fund.
KCIF, which targets to achieve funding of $2.5bn, will focus on infrastructure assets across the Asia Pacific developed markets. These would include assets with proven operating track records, long concessions with strong counterparties and those that are regulated, DealStreetAsia reported.
Quadria Capital hits first close of Asia healthcare fund at $500m, secures 60% of target.
Quadria Capital, one of Asia's largest healthcare-focused private equity firms, has secured approximately $500m in the first close of its third fund, DealStreetAsia reported.
The capital raised represents over 60% of the vehicle's target size of $800m, and the focus remains on providing growth capital to promising companies to address the need for quality, accessible, and equitable healthcare across Asia.
Vivriti raises over $200m in India private credit push.
Vivriti Asset Management raised INR17bn ($204m) from its three private credit funds, joining a growing number of its Indian peers in tapping the booming market for direct lending, Bloomberg reported.
The Chennai-based manager has deployed INR14bn ($168m) in sectors including airports, clean energy, roads, financial services and logistic. The funds, which lured more than 570 investors, are targeting a pre-tax, annual INR return of 11% to 14%.
Indian asset managers are following their global peers in stepping up direct lending to businesses struggling to raise funds amid high borrowing costs. The private debt market is also expanding in part because of rules that forbid local bank to disburse loans for mergers and acquisitions.
Nomura plans private buyout fund for rich investors in Japan.
Nomura plans to offer a private buyout fund to rich investors in Japan as part of Chief Executive Officer Kentaro Okuda’s strategy to expand beyond traditional asset markets, Bloomberg reported.
The firm’s flagship Nomura Securities will make the fund available from Monday for so-called specified investors, including wealthy individuals who are deemed to be more sophisticated than regular retail investors, Japan’s largest brokerage said. A third-party asset management firm will operate the fund that will place bets mainly on local unlisted firms.
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