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AMERICAS
EU antitrust regulators have set a March 13 deadline to decide whether to clear Cisco Systems' $30bn bid for cybersecurity firm Splunk, Reuters reported.
The technology deal, which was the biggest of last year, will help to reduce Cisco's reliance on its networking equipment business, which has faced supply chain issues and slowing demand in the post-pandemic period.
Owens Corning, a global building and construction materials company, agreed to acquire Masonite International, an interior and exterior doors and door systems firm, for $3.9bn.
"We are excited by this opportunity to add a scalable new growth platform for our company. Masonite is a market leader that complements our existing residential interior and exterior product offering and has consistently demonstrated top-line growth and margin expansion. The combination of our commercial, operational, and innovation capabilities allows us to accelerate our long-term enterprise growth strategy with a clear line of sight to meaningful synergies and increased cash flow generation," Brian Chambers, Owens Corning Chairman and CEO.
Owens Corning is advised by Lazard, Morgan Stanley, Davis Polk & Wardwell (led by Cheryl Chan, Jennifer S Conway, Vanessa L. Jackson, James P. Dougherty, Marcel Fausten, William A. Curran, Ronan P. Harty and Pritesh P. Shah), Stikeman Elliott and FGS Global (led by Niel Golightly and Jared Levy). Debt financing is provided by Morgan Stanley. Masonite International is advised by Goldman Sachs, Jefferies & Company, Cassels Brock & Blackwell, Wachtell Lipton Rosen & Katz (led by Benjamin M. Roth and Elina Tetelbaum) and Collected Strategies (led by Jude Gorman and Jim Golden).
Myers Industries, a manufacturer and distributor of industrial products, completed the acquisition of Signature Systems, a manufacturer of composite industrial products for $350m.
"We are excited to welcome the Signature team to Myers with the closing of this transaction. This acquisition strengthens our growing portfolio of market leading brands, enhances our profitability profile and demonstrates Myers' capability as a platform for acquisitive growth. With a strong runway of future growth, due to increasing infrastructure investments over the next decade, we believe Signature's sustainable competitive advantage, strong earnings growth, and free cashflow profile will help us accelerate EPS growth and achieve our long-term strategic objectives," Mike McGaugh, Myers Industries CEO.
Signature Systems was advised by William Blair & Co and Honigman Miller Schwartz & Cohn. Myers Industries was advised by Moelis & Co, Davis Polk & Wardwell (led by Evan Rosen) and Vorys Sater Seymour & Pease. Debt financing was provided by JP Morgan, KeyBank, US Bank and Wells Fargo Securities.
Capital Power, a North American independent power generation company, completed the acquisition of La Paloma, a company which owns the 1,062 MW La Paloma natural gas-fired generation facility in Kern County, California, and a stake in Harquahala, a company which owns the 1,092 MW Harquahala natural gas-fired generation facility in Maricopa County, Arizona, from CSG Investments, a global buy-and-hold institution for $1.1bn. BlackRock participated in the acquisition of Harquahala.
"Capital Power's acquisition of La Paloma and the partnership in Harquahala's gas generation assets marks a significant milestone in our strategic growth. These plants are well positioned to bolster our current portfolio and align with our commitment to providing reliable, affordable power solutions that support a balanced approach to the energy transition. This acquisition further unlocks an interesting market opportunity in WECC, where we can play a leading role in supporting the shift to low-carbon energy solutions through offering reliable generation while we grow our own renewables fleet. Lastly, this transaction underscores our dedication to delivering long-term value to our shareholders and advancing our position as a leader in the power generation sector," Avik Dey, Capital Power President and CEO.
Capital Power was advised by JP Morgan, TD Securities, Simpson Thacher & Bartlett and Winston & Strawn. CSG Investments was advised by PEI Global Partners and White & Case.
EIG-backed MidOcean Energy, an LNG company, agreed to acquire a 20% stake in Peru LNG, a natural gas liquefaction company, from SK Earthon, a refining company, for $256m.
"We're excited about this acquisition as it reflects another notable step in MidOcean's strategy to create a global, diversified and resilient LNG portfolio. PLNG is an asset we know and admire, with sound long-term fundamentals, a strong management team and reliable operations. We look forward to joining the PLNG partnership and contributing to the long-term prosperity of that venture and its work toward being a positive role in the Peruvian energy market," De la Rey Venter, MidOcean Energy CEO.
Everside Health, a mental and occupational health solutions provider, agreed to merge with Marathon Health, an advanced primary care company. Financial terms were not disclosed.
"The merger of Marathon Health and Everside Health will create a stronger combined organization even better equipped to build a primary care model designed with patient experience and outcomes in mind. With projected annual healthcare costs for a family of four soaring to over $31k in 2023, much-needed primary, occupational and mental health care services are out of reach for most Americans," Jeff Wells, Marathon Health CEO.
Marathon Health is advised by Paul Weiss Rifkind Wharton & Garrison (led by Ellen Ching and Matthew Abbott) and Edelman Smithfield. Debt financing is provided by Hercules Capital. Hercules Capital is advised by Latham & Watkins (led by Josh Holt and Haim Zaltzman).
BBH Capital Partners, a middle-market private equity, completed the investment in Wolter, a material handling equipment company. Financial terms were not disclosed.
"The partnership with BBHCP has empowered us with the capital necessary to broaden our acquisition strategy and enhance our facilities. BBHCP's involvement will also bring additional expertise to our board, further assisting us in our growth endeavors," Jerry Weidmann, Wolter President.
Wolter was advised by Robert W Baird.
TouchTunes, an in-venue interactive music and entertainment platform, completed the acquisition of Arachnid 360, a soft-tip electronic darts platform. Financial terms were not disclosed.
"We are ecstatic to join forces with the Arachnid team. This acquisition is a huge leap forward in our mission to spark joy and human connection through unforgettable entertainment experiences. Both companies are pioneers in pushing the boundaries of interactive, out-of-home amusement. Together, we will make the in-venue consumer experience even more connected, engaging, and personalized," Ross Honey, TouchTunes CEO.
TouchTunes was advised by SourceCode Communications.
Goldman sued by Hollywood managers over $7bn private equity deal.
Goldman Sachs Group was sued by a Hollywood business management firm that claims it was strung along as a mergers and acquisitions client while the bank pursued a much larger $7bn deal with a private equity firm, Bloomberg reported.
In a suit filed Thursday in New York state court, KSFB Management said it was deceived by Goldman when it was seeking to sell itself in 2022. KSFB says it gave Goldman confidential information that helped the bank arrange Focus Financial Partners' February 2023 acquisition by Clayton Dubilier & Rice.
Warburg Pincus targets $2.5bn for financial-sector fund. (FS)
Warburg Pincus is planning to raise about $2.5bn for its third fund dedicated to deals in the financial sector, Bloomberg reported.
The firm has begun preliminary discussions with potential investors about the vehicle, known as WP Financial Sector III, which will invest alongside its flagship private equity fund.
EMEA
DC, a pure media company, completed the acquisition of Konbini, a media outlet. Financial terms were not disclosed.
The group now claims 40m monthly users (including 30m for Konbini, site visitors and subscribers to its social networks included) and 4bn videos viewed per year (including 3.5bn for Konbini).
Barclays, a British multinational universal bank, agreed to acquire the retail banking business of Tesco Bank, a British retail bank, for £600m ($746m).
"Tesco Bank is a strong business that has helped millions of loyal customers to manage their money for more than 25 years. As we look to the future, our aim is to be the best provider of financial services in the UK, with this strategic transaction and partnership with Barclays unlocking greater value for customers and for our business. By working with one of the UK's leading banks, we can bring customers new and innovative propositions, which will continue to benefit from Tesco Clubcard's unique insight and digital capabilities," Ken Murphy, Tesco CEO.
Tesco Bank is advised by Citigroup.
CVC Capital Partners, a Luxembourg-based private equity and investment advisory firm, and Haveli Investments, a technology-focused private equity firm, agreed to acquire Jagex, a British video game developer and publisher, from Carlyle, a multinational private equity firm. Financial terms were not disclosed.
"I'm delighted to welcome CVC Capital Partners and Haveli Investments as strategic partners for Jagex. CVC and Haveli will help Jagex build on our portfolio of forever games, furthering our aims of supporting and growing our community of forever fans. Together we'll create more of the experiences our fans love, innovate to empower our players further, and build new forever games that capture imaginations," Phil Mansell, Jagex CEO.
Carlyle is advised by Morgan Stanley and Aream & Co. CVC is advised by Goldman Sachs.
Italy's Terna mulls bid for €1.5bn of power assets.
Italy's electricity grid operator Terna is studying a bid for high-voltage assets worth as much as €1.5bn ($1.6bn) to tap incentives which are part of a new regulatory framework, Bloomberg reported.
The company carried preliminary studies to purchase more than 500km of high-voltage power-lines and about 2.2k electricity substations.
Saudi Telecom, Iliad, Warburg advance in bidding for Altice's Portuguese assets. (FS)
Saudi Telecom and French telecom billionaire Xavier Niel's Iliad are among suitors that have progressed in the bidding for telecommunications and mass media company Altice's Portuguese assets, Bloomberg reported.
Warburg Pincus which has teamed up with buyout firm Zeno Partners and former Credit Suisse Group Chairman António Horta-Osório has also been invited to the second round of bidding. Several private equity firms that had initially looked at the business, including Apollo Global Management and CVC Capital Partners, are no longer in the running.
KKR, Macquarie compete for Drahi's French Fiber Company. (FS)
KKR and Macquarie Group are among suitors that have been shortlisted in the bidding for billionaire Patrick Drahi's French fiber company as the tycoon seeks to cut debt at his sprawling telecom empire, Bloomberg reported.
Pension fund Caisse de Depot et Placement du Quebec and Global Infrastructure Partners have also been pursuing a deal for XpFibre, which is an arm of Drahi's Altice France.
Saudi Arabia poised for new Aramco share sale.
Saudi Arabia is poised to sell more shares of energy giant Aramco which could boost the country's funding and its aim to wean the economy away from oil, Reuters reported.
The government has lined up Citigroup, Goldman Sachs and HSBC for the sale which could take place in the second or third quarter of this year. The share sale could raise about $20bn.
Saudi Arabia needs hundreds of billions of dollars to achieve the objectives of its economic transition plan known as Vision 2030, which puts an expanded private sector and non-oil growth at the center of its future development agenda.
Golden Goose and Puig ready IPOs in European deal revival.
European bourses could welcome a string of new companies in the coming months, with at least five major listings pencilled in for launch before the summer, Reuters reported.
German perfume retailer Douglas, Swiss skincare giant Galderma, Italian clothing brand Golden Goose, Spanish travel technology firm Hotelbeds, and Spanish fashion group Puig are all considering going public as soon as the first half of the year if market conditions allow.
APAC
Grab, GoTo are said to revive talks for ride-hailing mega merger.
Southeast Asia's biggest ride-hailing companies, Grab and GoTo Group, have restarted talks for a merger, a potential blockbuster combination aimed at staunching years of losses at both companies resulting from tough competition between the two, Bloomberg reported.
The companies, also the food-delivery leaders in the region of more than 650m people, are in preliminary discussions about a variety of scenarios. One potential option is for Singapore-based Grab to acquire GoTo using cash, stock, or a combination of the two. The Indonesian company is more open to a deal after Patrick Walujo took over as chief executive officer last year.
BASF to speed up exit from two Chinese joint ventures over Xinjiang human-rights concerns.
German chemicals giant BASF is accelerating the process to sell its interest in two joint ventures in China's north-western Xinjiang region, citing allegations that its partner is involved in the repression of ethnic Uyghurs, WSJ reported.
The move follows an investigation which claimed to have found employees of BASF's partner, Xinjiang Markor Chemical Industry, accompanying Chinese officials on visits to surveil and indoctrinate Uyghurs to benefit the Chinese government.
Hyundai Motor is set to line up Citi, JPMorgan for India unit IPO.
Hyundai Motor is set to hire banks including Citigroup and JP Morgan for an initial public offering of its Indian unit that may raise about $2.5bn and rank among the country's biggest listings ever, Bloomberg reported.
India's second-largest carmaker also is in talks with other banks as it pulls together a roster of advisers for the offer that may come this year. If the South Korean company does proceed with an IPO, it will use the cash raised to expand operations. India accounted for 13% of Hyundai's global sales last year.
Oman state energy firm OQ is considering two IPOs this year.
Oman's state energy company OQ is considering selling shares in two units this year as the country seeks to raise funds and deepen capital markets by listing government-owned businesses across the economy, Bloomberg reported.
OQ is evaluating plans to list its exploration and production business, as well as a methanol and liquefied petroleum gas fuels unit.
Oman, the biggest Persian Gulf oil producer that's not a member of OPEC, is hoping an influx of capital from state asset sales will boost industries such as energy, transport and tourism. That's part of a broader trend of divestments in the energy-rich region as larger neighbors Saudi Arabia and the United Arab Emirates also look to diversify their economies to prepare for a post-oil age.
Ares raises $1.7bn for Australia private credit fund. (FS)
Ares Management has raised $1.7bn for a credit fund for Australia and New Zealand, as it seeks to capitalize on opportunities created by banks retreating from leveraged lending, Bloomberg reported.
The Ares Asia Direct Lending fund, the company's first leveraged buyout vehicle for the region, has deployed over $677m of first lien, senior secured loans. Recipients include: Australian funeral home operator InvoCare as it was delisted by private equity firm TPG; Allegro Funds as it acquired fuel retailer Gull New Zealand; and BGH Capital's payments platform Pushpay.
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