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AMERICAS
Teck Resources, a diversified natural resources company, rejected a revised $22.5bn takeover offer from Glencore and said its planned spinoff of coal-mining assets - now on a potentially faster timeline - remains the best option for investors.
It’s the second time in as many weeks that Teck has rejected a takeover offer from the Swiss commodities giant. Glencore stepped up its pursuit of Teck with a new proposal that adds an $8.2bn cash component, an effort to address one of the key objections among some Teck investors — that under Glencore’s deal, they would end up holding shares in a new entity that combines both companies’ coal assets. The revised offer means those shareholders could elect to take the cash instead, Bloomberg reported.
"Glencore has made two opportunistic and unrealistic proposals that would transfer significant value to Glencore at the expense of Teck shareholders. Teck’s proposed separation creates a significantly greater spectrum of opportunities to maximize value for Teck shareholders," Sheila Murray, Teck Chairman.
Teck Resources is advised by Ardea Partners, BMO Capital Markets, Barclays, Goldman Sachs, Origin Merchant Partners, Blake Cassels & Graydon, Paul Weiss Rifkind Wharton & Garrison, Stikeman Elliott and Sullivan & Cromwell.
Sabina Gold & Silver announced that at a special meeting its shareholders voted overwhelmingly in favour of the special resolution approving the previously announced proposed acquisition by B2Gold.
The arrangement resolution was approved by approximately 88.65% of the votes cast by Sabina shareholders at the Meeting, with shareholder turnout of 73.01%.
“I would like to express my sincere appreciation to Sabina’s stakeholders for their support in advancing this incredible project. Following the positive outcome of the shareholder vote today, we look forward to working closely with B2Gold to close this transaction on or about April 19," Bruce McLeod, Sabina Gold President and CEO.
Sabina Gold is advised by BMO Capital Markets, Cormark Securities, Blake Cassels & Graydon and Skadden Arps Slate Meagher & Flom (led by June Dipchand). B2Gold is advised by National Bank Financial, Dorsey & Whitney and Lawson Lundell.
Cinven, an international private equity firm, agreed to acquire Archer Technologies from Clearlake Capital, an investment firm, and Symphony Technology Group, a private equity partner. Financial terms were not disclosed.
"It has been a pleasure partnering with Bill and the entire Archer management team in scaling the business. Since the Dell carveout in 2020, we established Archer as a standalone business and drove investments in both product and sales and marketing, which resulted in product innovation and capital efficient growth at the Company. Archer has evolved to become a leader in the SaaS-based integrated risk compliance and management market delivering significant value to its customers and partners," William Chisholm, STG Managing Partner.
Archer Technologies is advised by Goldman Sachs, Morgan Stanley and Sidley Austin. Clearlake Capital is advised by Lambert & Co (led by Jennifer Hurson).
H.I.G. Capital, a global alternative investment firm, completed the acquisition of Tower Engineering Professionals, a telecommunication engineering and construction services provider. Financial terms were not disclosed.
“We are excited to enter into this new chapter of growth with H.I.G. TEP is one of the most experienced and successful telecom-focused engineering firms, with a turnkey offering that has resulted in strong growth since the Company’s inception. We look forward to partnering with H.I.G., who brings significant experience and resources in both the infrastructure services and telecom sectors, and continuing to provide industry leading customer service,” Andy Haldane, Tower Engineering Professionals CEO.
Tower Engineering Professionals was advised by Houlihan Lokey and Katten Muchin Rosenman. H.I.G. Capital was advised by Harris Williams & Co and Ropes & Gray.
Vista Equity Partners, a private equity firm, led a $125m founding round in Arcadia, a data analytics platform for healthcare.
“Arcadia’s mission is to inform better healthcare decisions by unlocking the power of the vast amount of data that is captured in modern healthcare delivery and operations. Vista Credit Partners is the preferred partner to help us achieve our goals, providing new financing and access to the broader Vista ecosystem which holds deep expertise and resources for scaling HealthTech and enterprise software businesses. We look forward to further investing in our platform, our service delivery and customer relations to solidify our position as the leading data platform for healthcare organizations," Michael Meucci, Arcadia CEO.
Arcadia was advised by Sloane & Company.
Citi, an American multinational investment bank and financial services corporation, completed the investment in Built Technologies, a construction and real estate software provider. Financial terms were not disclosed.
“The investment from Citi SPRINT opens a new market opportunity for Built to gain traction with one of the largest US financial institutions in the real estate industry. Citi SPRINT's investment is a testament to Built's vision and the value Built delivers to its customers. The investment presents a unique opportunity, and one that will further accelerate our market reach,” Chase Gilbert, Built Technologies CEO and Co-Founder.
Built Technologies was advised by REQ.
Enhanced Healthcare Partners-backed Vytalize Health, a value-based care platform, completed the acquisition of Independent Physician Association of New York, an independent, experienced, board-certified physicians association. Financial terms were not disclosed.
“One year into our partnership, Vytalize has seen exceptional growth in its care delivery infrastructure and geographical presence. EHP recognizes that additional capital and strategic M&A will further Vytalize’s momentum and drive sustainable relationships for its care delivery network — ultimately bettering the healthcare experience and empowering patients with their health outcomes,” Samarth Chandra, EHP General Partner.
Enhanced Healthcare Partners was advised by MiddleM Creative (led by Allie Gamble).
Thoma Bravo’s Qualtrics bid scuppered by antitrust concerns. (FS)
Private equity giant Thoma Bravo’s plan to buy software company Qualtrics and merge it with rival company Medallia was thwarted by antitrust concerns.
IBM is considering a $1bn sale of Weather Underground.
International Business Machines is considering selling its weather business as the company continues to focus on software and cloud services.
Big Blue is having early stage conversations about selling the weather unit with no deal imminent, Bloomberg reported. Should there be one, private-equity is most likely the buyer in a deal that could be valued at more than $1bn.
Merck seeking to revive the $1bn sale of Surface Solutions.
Merck is seeking to revive the sale of its pigments division. Previous attempts to sell the business had fallen through during the pandemic, Reuters reported.
The business, known as Surface Solutions, makes pigments for a pearlescent or metallic shine in coatings, plastics and cosmetics and could be valued at about €1bn ($1.03bn).
EMEA
Hunter Point Capital, a private equity firm, completed the acquisition of a minority stake in Coller Capital, an independent investor dedicated to the private capital secondaries market. Financial terms were not disclosed.
“We are delighted to welcome HPC as a shareholder as we continue to innovate in the secondaries market. We look forward to collaborating with Bennett Goodman, Avi Kalichstein and the entire HPC team," Jeremy Coller, Coller Capital Managing Partner and Chief Investment Officer.
Coller Capital was advised by Evercore, Morgan Stanley, Kirkland & Ellis and Montfort Communications. Hunter Point Capital was advised by Fried Frank Harris Shriver & Jacobson and Prosek Partners.
Francisco and Blackstone-backed Renaissance, an educational technology company, completed the acquisition of GL Education, a provider of educational assessment solutions, from Levine Leichtman, a private equity firm. Financial terms are not disclosed.
“GL Education’s formative assessments, paired with Renaissance’s interconnected solutions, further empower our educators and help leaders leverage data to make meaningful change based on each individual students’ needs. We look forward to joining GL Education in driving growth for our students both in the US and abroad," Chris Bauleke, Renaissance CEO.
Renaissance was advised by RBC Capital Markets. Levine Leichtman was advised by Robert W Baird, Willkie Farr & Gallagher and Gasthalter & Co.
Jordanes, a Scandinavian FMCG company, agreed to acquire Fehmab, a restaurant chain operator. Financial terms were not disclosed.
" People eat more on the go, a trend that will drive the market and growth forward. Backstube is also a hit with younger consumers, and we are impressed by the high quality combined with very competitive prices. Backstube provides a very attractive exposure to the Norwegian consumer. We will add to them insights from our work in building and growing existing dining concepts and brands, while they add Jordan's new thinking. The work the founders have done is impressive and we look forward to having them on the team," Dag Teigland, Jordanes Managing Director.
Fehmab is advised by Carnegie Investment Bank.
Jeito Capital, a global investment company, led a $105m Series C funding in Alentis Therapeutics, a clinical-stage biopharmaceutical company, with participation from Novo Holdings, RA Capital Management, Pureos Bioventures, Bpifrance and Schroders.
“We are absolutely delighted with this support from our investors. There are huge unmet needs in organ fibrosis and cancer, and this funding enables us to continue with the important work we’re doing in the CLDN1 space and generate clinical data from both our programs. We can now aggressively develop CLDN1 biology in oncology and continue with the recruitment of our organ fibrosis trials while advancing our ADC and bi-specific antibodies,” Roberto Iacone, Alentis Therapeutics CEO.
Alentis Therapeutics was advised by O Public Relations.
Momentum ITSMA, a marketing consultant, agreed to acquire Grist, a content marketing agency. Financial terms were not disclosed.
"Thought leadership is a critical to gaining market share - our recent CBX* research shows that nearly 7 in 10 C-level executives say they are more likely to do business with a provider if they are impressed with their thought leadership. With the expertise of the team at Grist, we can continue to ensure our clients raise the bar and outperform their competitors," Alisha Lyndon, Momentum ITSMA CEO.
Metric Capital Partners, a pan-European private capital fund, agreed to invest in Maileg, a toys designer. Financial terms were not disclosed.
“We are excited to support them in executing their ambitious growth plans by accelerating the firm’s organic growth through both digital and geographic expansion,” John Sinik, Metric Capital Partners Managing Partner.
Total weighs bid for $5bn oil explorer Neptune. (FS)
TotalEnergies is considering a bid for private equity-backed oil and gas explorer Neptune Energy Group. The French company is among suitors that have held early-stage talks with Neptune about a possible takeover.
Neptune, which is backed by Carlyle Group and CVC Capital Partners, could be valued at more than $5bn in a sale. The company had earlier attracted interest from Italian energy group Eni, but this cooled over price expectations, Bloomberg reported.
CVC consortium eyes takeover of $2bn payments firm Network. (FS)
A private equity consortium backed by CVC Capital Partners is in talks about a potential acquisition of Middle Eastern credit card processor Network International.
The investor group, which also includes tech-focused buyout firm Francisco Partners, has made a preliminary proposal to take Network private, Bloomberg reported.
Generali close to selling Pensionskasse unit to Fosun’s German unit.
Assicurazioni Generali is close to selling its Deutschland Pensionskasse unit to a German firm controlled by Chinese conglomerate Fosun International, as the Italian insurer reviews its life operations in a bid to improve profitability.
Generali is preparing to sell the unit to Frankfurter Leben-Gruppe for a token price to free up capital and improve its solvency ratio. The sale of the unit, which has about $2.5bn of assets under management, is expected to be announced as soon as this month, Bloomberg reported.
Apollo-backed Lottomatica to raise $467m in Milan IPO. (FS)
Lottomatica, the Italian gambling company backed by Apollo Global Management, is looking to raise €425m ($467m) of fresh capital in a Milan initial public offering this year, injecting life into Europe’s moribund equity capital market , Bloomberg reported.
The offering will also include an as-yet undisclosed sell-down by existing shareholders. The company is seeking a valuation of around $5bn including debt.
UBS hires strategy consultants Oliver Wyman to help with Credit Suisse integration. (People)
UBS hired strategy consultant Oliver Wyman for advice on the takeover of Credit Suisse Group as it braces for job cuts and winding down unwanted businesses.
The project will run for several years and likely result in steady and very substantial fee income for the firm. Firms that had also pitched included Bain, Boston Consulting Group and McKinsey, Bloomberg reported.
APAC
Top global miner BHP Group has won over Oz Minerals' shareholders as expected to go ahead with a $6.4bn takeover of the Australian copper producer.
Some 98.33% of votes cast by Oz Minerals were in favour of an offer of $17.7 cash and a $1.1 special dividend paid to Oz Minerals investors for each share they owned, after a shareholder meeting, Reuters reported.
"This is a strong endorsement from OZ Minerals shareholders on the value they will receive under the scheme," Mike Henry, BHP CEO.
Oz Minerals is advised by Greenhill & Co, Macquarie Group and Gilbert + Tobin. BHP Group is advised by Citigroup and Linklaters.
SoftBank’s decision to sell its South Korea-based venture capital arm to a company recently founded by the brother of its chief executive Masayoshi Son has drawn criticism from analysts over governance standards at the tech conglomerate. SoftBank said The Edgeof, a company established last month by entrepreneur Taizo Son, would buy SoftBank Ventures Asia for an undisclosed sum.
The Japanese group said it had taken appropriate governance measures over the deal, but sellside analysts and governance experts have taken issue with the fact that the latest sale, despite its small size, is just one of several transactions at SoftBank involving its founder and his family, FT reported.
Bill Gosling Outsourcing, a provider of omni-channel customer experience and accounts receivable management solutions, completed the acquisition of MattsenKumar, a business/knowledge process outsourcing, data analytics, and innovation and strategy services provider. Financial terms were not disclosed.
"We are thrilled to welcome the MattsenKumar team to the Bill Gosling flock. Our partnership will allow us to expand our capabilities in key areas of strategic focus to provide our clients with a broader array of value-add services," Dave Rae, Bill Gosling CEO.
SoftBank moves to slash Alibaba stake, fueling $13bn slump.
SoftBank Group is moving to sell the majority of its stake in Chinese internet giant Alibaba Group, the latest sign of long-time China investors lowering their exposure there.
The Japanese technology investor has sold more than $7bn in Alibaba shares this year through prepaid forward contracts, after selling $29bn last year. The contracts give SoftBank the option to buy the shares back, but the group has settled previous deals by handing over the stock, Bloomberg reported.
India's NTPC likely to divest 25% of green energy arm via public offer.
India's power producer NTPC is likely to divest 25% of its green energy arm through a public offering this year after shelving a plan to sell the stake to Malaysia's Petronas.
Petronas had offered $460m for a 20% stake in NTPC Green Energy, outbidding local Indian firms with an offer of $0.34 per share, Reuters reported.
CVC mulls stake sale in Malaysia's QSR Brands following delay in IPO. (FS)
Private equity firm CVC Capital Partners is considering selling its 21% stake in QSR Brands after multiple attempts by the regional fast food franchise operator for a domestic listing.
QSR Brands, the Malaysian operator of KFC and Pizza Hut restaurants in Southeast Asia, has tried to hold an initial public offering on the local stock exchange since 2017, DealStreetAsia reported.
Rakuten bank prices shares at JPY1.4k in IPO, top of range.
Rakuten Bank and its main shareholder priced shares at $10.5 each in Japan’s largest initial public offering in five years, marking the top of a target range that had been lowered earlier this month.
About JPY83.3bn ($625m) was raised in the sale of shares in the banking unit of billionaire Hiroshi Mikitani’s Rakuten Group. Even with the lower than originally expected price, the listing is the largest in Japan since since the $20bn-plus IPO of SoftBank in December 2018, Bloomberg reported.
HK-based PACM eyes up to $300m special situations fund for developed markets. (FS)
Pacific Aegis Capital Management Group, a Hong Kong-based real estate private credit investment management firm, is in the process of raising its second special situations fund to invest up to $300m in opportunities across developed markets.
PACM, which started operations in 2018, has already secured $150m in capital commitments for the new fund, Francis Ng, Managing Director and Chief Investment Officer said. The fund is on track to reaching the first close at $200m by the end of H1 2023, DealStreetAsia reported.
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