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AMERICAS
Lionsgate, a motion picture and television studio, completed the acquisition of eOne, a Canadian multinational entertainment company, from Hasbro, a toy and game company, for $500m.
"The acquisition of eOne checks off all the boxes in areas that play to our core strengths. It will be immediately and highly accretive, adds a world-class library with thousands of properties, strengthens our scripted and unscripted television business and continues to expand our presence in Canada and the UK. The deal is the culmination of our long-standing relationship with the immensely talented team at eOne, and it continues to build our position as one of the world's leading independent content platforms with a stockpile of great intellectual properties and a unique, non-replicable portfolio of assets," Jon Feltheimer, Lionsgate CEO.
EIG, an institutional investor, agreed to acquire Ocyan, a solutions provider to the offshore oil and gas industry, from Novonor, an engineering and innovative solutions provider, and Brazilian Development Bank, a financing agent for development in Brazil, for $390m.
“I have known and respected Ocyan for decades. The company’s resilience and the strength of its business have helped it overcome significant economic headwinds while maintaining a healthy balance sheet, positioning Ocyan for long-term growth. Brazil is home to over 25% of the global FPSO fleets, and we believe the future market dynamics for oil and gas infrastructure in Brazil are very favorable, underscoring our dual commitment to supporting growth and development in this important region while creating value for our investors. We are also excited to support Ocyan’s ventures in the renewables space to help drive the energy transition forward," R. Blair Thomas, EIG Chairman and CEO.
EIG is advised by Lakeshore Capital, Mattos Filho Veiga Filho Marrey Jr. e Quiroga Advogados, Stocche Forbes, White & Case and FGS Global (led by Kelly Kimberly and Brandon Messina). BNDES is advised by Ernst & Young and Lacaz Advogados. Novonor is advised by VMB Jurídica.
flyExclusive, a provider of private jet transportation services, went public via a SPAC merger with EnTrust Global and GMF Capital-backed EG Acquisition, a special purpose acquisition company, in a $600m deal.
“Today marks another milestone in our company’s mission to elevate the private aviation experience. We built flyExclusive around the value that minutes matter for our customers, and this principle will continue to guide the disciplined approach that has defined our success in the industry," Jim Segrave, flyExclusive CEO.
flyExclusive was advised by Wyrick Robbins Yates & Ponton. EG Acquisition was advised by BTIG, Willkie Farr & Gallagher (led by Sean Ewen) and Vinson & Elkins (led by Ron G. Nardini and Michael E. Bielby). BTIG was advised by Kirkland & Ellis.
Cyclo Therapeutics, a clinical stage biotechnology company, completed the merger with Applied Molecular Transport, a biopharmaceutical company. Financial terms were not disclosed.
“The completion of this merger with Applied Molecular Transport represents a significant milestone and bolsters our confidence and excitement for the future of Cyclo Therapeutics. With the merger now closed and following our recent positive Type C meeting with the FDA, fundamentally the Company has never been stronger. Moving forward, we are focused on completing our Phase 3 study and executing on the regulatory submission process, assuming a successful outcome in our pivotal study. We remain dedicated to providing a much-needed treatment option for NPC patients," N. Scott Fine, Cyclo Therapeutics CEO.
Applied Molecular Transport was advised by MTS Health Partners, Wilson Sonsini Goodrich & Rosati (led by Kenneth Clark and Robert Ishii) and Wheelhouse Life Science Advisors (led by Alexandra Santos). Cyclo Therapeutics was advised by Fox Rothschild and Jenene Thomas Communications (led by Jenene Thomas).
Enpro, an industrial technology company, agreed to acquire Advanced Micro Instruments, a provider of highly-engineered, application-specific analyzers and sensing technologies that monitor critical parameters to maintain infrastructure integrity, for $210m.
“Acquiring AMI, an industry leader, will build on our strategy to invest in products and technologies that safeguard critical environments in key secular growth markets. AMI’s innovative analyzer and sensor solutions will add to our existing portfolio of critical process technologies in the Sealing Technologies segment, and this acquisition will be an important step forward in expanding our capabilities into compositional analysis. We look forward to welcoming the talented AMI team to the Enpro family of companies and capitalizing on our combined capabilities," Eric Vaillancourt, Enpro President and CEO.
Allentown, a provider in life science solutions, agreed to acquire ClorDiSys, a decontamination equipment and services. Financial terms were not disclosed.
"Being acquired by Allentown is exactly what we needed to broaden our reach and make our services available to many more research institutions and adjacent industries. We want to lead the world and be the catalyst of driving a better and healthier process and shift away from Ethylene Oxide for medical device sterilization and into ClorDiSys' chlorine dioxide gas sterilization technology. ClorDiSys is quickly expanding into the medical device sterilization market, tripling the number of locations utilizing our technology in the last year alone. Unlike EtO, our process is more efficient, non-carcinogenic, non-explosive, and greatly reduces the impact on the environment," Paul Lorcheim, ClorDiSys Director and Co-Founder.
Probo Medical, a provider of medical imaging equipment, parts, repair and service, agreed to acquire Alpha Source, a medical equipment manufacturer. Financial terms were not disclosed.
"This acquisition is transformational in nature for both Probo Medical and Alpha Source. Probo has built a scalable platform in the ultrasound market in North America, capable of supporting customers with ultrasound system sales, repairs, service, applications training, and spare parts at a quality and value level that leads the market. Alpha Source's capabilities, team and relationships provide us with the ability to extend that platform wider and deeper into new imaging modalities like nuclear medicine, CT and PET/CT. For Alpha Source, there are multiple commercial and growth opportunities that will come as being a part of the Probo platform. Probo is a global leader in system procurement across the aforementioned modalities. Integrating that proficiency with Alpha Source's technical capabilities will quickly allow us to expand parts harvest and distribution, scale system refurbishment and resale, and optimize our ability to deliver best-in-class field service with a global team of over 350 field service engineers. Combining all of that with Probo's capabilities around the logistics, storage and installation of diagnostic imaging systems makes this a combination that we are tremendously excited about," Michael Asmer, Probo CEO.
Constellation Software-backed Modaxo, a software development company, agreed to acquire curbside management and public safety solutions businesses from Conduent, a business services provider company. Financial terms were not disclosed.
“This divestiture demonstrates continued progress in streamlining our portfolio to drive increased focus on our core capabilities and enable synergistic growth to create shareholder and client value. The proceeds from this transaction and that of our previously announced BenefitWallet transaction, will be used principally to reduce debt. We will continue to be open-minded regarding the use of capital associated with future portfolio rationalization efforts. We are committed to ensuring a seamless transition for our associates and clients while continuing to drive innovation in our road usage charging and transit businesses to enable streamlined, high-volume mobility services,” Cliff Skelton, Conduent President and CEO.
First Solar to sell up to $700m in IRA tax credits to Fiserv.
Solar panel manufacturer First Solar said on December 27 that it plans to sell up to $700m in tax credits it accumulated through the sale of photovoltaic solar modules this year to payments firm Fiserv, Reuters reported.
First Solar is one of the companies eligible for the tax credits for producing clean energy components under the new guidelines for the Inflation Reduction Act (IRA). 45X credits, also known as Advanced Manufacturing Production tax credits, are offered for each product manufactured domestically in the US to incentivize the transition to cleaner energy and reduce the reliance on Chinese-made components.
Brazil's Azul, Gol secure credit lines for engine maintenance.
Brazilian airlines Azul and Gol have secured access to around $200m each in financing to fund engine maintenance plans as carriers try to maintain capacity to meet strong demand for air travel, Reuters reported.
Planemakers and airlines around the world are facing major engine supply hurdles, limiting aircraft deliveries and capacity growth while pressuring maintenance teams and increasing costs. Azul said late on December 26 that it had received approval to access a $200m government-backed credit facility to finance engine maintenance for its Embraer and Airbus fleet, with services provided by GE Celma.
NY Times sues OpenAI, Microsoft for infringing copyrighted works.
The New York Times sued OpenAI and Microsoft on December 27, accusing them of using millions of the newspaper's articles without permission to help train chatbots to provide information to readers, Reuters reported.
The Times said it is the first major US media organization to sue OpenAI, creator of the popular artificial-intelligence platform ChatGPT, and Microsoft, an OpenAI investor and creator of the AI platform now known as Copilot, over copyright issues associated with its works.
Vietnamese EV maker VinFast launches first dealership in the US.
Vietnamese electric vehicle maker VinFast has launched its first partnership with a US-based dealer, North Carolina-based Leith Automotive Group, its latest effort to ramp up sales in the United States market, DealStreetAsia reported.
VinFast's global chief executive said the company was changing its distribution model, which had been based on Tesla's direct-to-consumer approach, to a "hybrid" one that included dealers. North Carolina is home to a $4bn VinFast manufacturing plant that is expected to start commissioning from 2026.
Morgan Stanley's straight-talking new CEO, Ted Pick, is taking charge. (People)
When Ted Pick takes over as the new CEO of Morgan Stanley next week, the three-decade bank veteran's frank manner and steady hand will help him steer the firm through a dealmaking slump, Reuters reported.
"The great sin that gets people into super trouble at banks is the trader's instinct to hold on (to losing positions)... Ted has that ability to be disciplined and take action. Pick's cool head in difficult situations is an asset," Tom Glocer, Morgan Stanley Independent Lead Director.
EMEA
Palo Alto Networks, a provider of network security solutions, completed the acquisition of Talon Cyber Security, a cybersecurity solution for the distributed workforce, for $630m.
"We are thrilled to welcome Talon to Palo Alto Networks. Most work today occurs via web browsers, often on unmanaged devices, which poses enormous security risks. Through the seamless integration of Talon's Enterprise Browser with Prisma SASE, we will be elevating our best-in-class solution that helps provide ironclad security and data protection for all users across all applications and from any device or location. Additionally, we plan to extend Talon's cutting-edge Enterprise Browser technology to our qualified SASE AI customers at no additional cost," Nikesh Arora, Palo Alto Networks Chairman and CEO.
Stonepeak, an alternative investment firm, agreed to invest £450m ($572m) in TowerBrook and Warburg Pincus-backed AA, a provider of roadside assistance.
“We are delighted to welcome Stonepeak as a new shareholder in the AA, as they bring a wealth of skills and expertise in transportation and critical infrastructure. We look forward to working with them and our current owners, TowerBrook and Warburg Pincus, as we embark on the next stage of our strategy. We have strong momentum, having recently reported positive revenue, profit, and customer growth, and we are excited about the future prospects of the business. This investment allows us to further deleverage whilst continuing to invest in our customers and people as we build a more digitised service offer to create long-term value for all our stakeholders," Jakob Pfaudler, AA CEO.
Indra considers buying stake in satellite operator Hispasat.
Spain's defence systems maker Indra mulls buying a stake in satellite operator Hispasat, which is partly owned by state-controlled grid operator Redeia, Reuters reported.
Indra is evaluating raising €800m ($889m) from the disposal of its technology unit Minsait's assets to finance the operation.
Qatar to supply crude oil to Shell in five-year deal.
Qatar has agreed to supply Shell in Singapore with up to 18m barrels of oil a year for five years in what the Gulf state's energy company said was its first-ever five-year crude sales deal, Reuters reported.
QatarEnergy said it had agreed with Shell International Eastern Trading Company to supply up to 18m barrels each year of Qatar Land and Qatar Marine crude oils starting in January. "We are delighted to sign our first-ever five-year crude sales agreement. This agreement further strengthens QatarEnergy's relationship with Shell," Saad Sherida Al-Kaabi, QatarEnergy Chief Executive.
Norwegian fund KLP excludes Aramco, Gulf real estate, and telcos. (FS)
Norway's largest pension fund, KLP, said on December 28 that it would refrain from investing in Saudi Aramco and 11 other companies in the Gulf region and had sold assets worth $15m following a review of its holdings, Reuters reported.
Six telecom firms and five real estate groups were blocked from its portfolio over "unacceptably high" risk of human rights abuses, while Aramco was excluded due to a "lack of climate mitigation and energy transition plans".
APAC
Hillhouse, a private equity firm, completed the acquisition of SK Eco Prime, a biodiesel manufacturer, from Hahn, a private equity firm. Financial terms were not disclosed.
Hahn was advised by Prain Global.
Ambani wants Reliance to emerge as a pioneer AI developer for India.
Reliance Industries Chairman Mukesh Ambani wants the group to pioneer artificial intelligence solutions for India's urgent priorities, including healthcare, education, agriculture and employment, DealStreetAsia reported.
The 66-year-old said as Reliance reinvents itself to become a new-age technology company, it needs "to be at forefront of using data, with AI as an enabler for achieving a quantum jump in productivity and efficiency." Mukesh has led the transformation of Reliance from a traditional energy and material business company into a technology company over the last decade with the launch of its telecom and digital services. Reliance, started by Mukesh's father, Dhirubhai Ambani, in 1957, now operates in telecoms, digital services, retail, oil and gas and new energy, with a market value of more than $200bn.
China Vanke to sell shares in Banyan Tree units for $67m. (RE)
Real estate giant China Vanke is selling its stake in luxury hotel chain Banyan Tree's China units, a deal that will generate $67m for the developer seeking to weather the country's property downturn, Bloomberg reported.
Vanke will sell its equity in the hotel management joint ventures including Banyan Tree Services and Banyan Tree Hotel Management.
Indian baby products retailer FirstCry files for $218m IPO. (FS)
SoftBank-backed FirstCry filed for an initial public offering on December 28, making the baby products retailer the latest among a string of Indian firms to go public in recent months, DealStreetAsia reported.
FirstCry's parent, Brainbees Solutions, will sell fresh shares worth $218m. The company was valued at $3bn in April. FirstCry's biggest shareholder, SoftBank, holds a 25.5% stake in the firm. Existing investors, including tech-to-tractors firm Mahindra & Mahindra and US private equity fund TPG, will sell up to 54m shares.
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