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AMERICAS
Standard General had filed a lawsuit against the US Federal Communications Commission over its decision to hold hearings on the hedge fund's $8.6bn plan to buy television station operator Tegna, Reuters reported.
The third-largest shareholder of Tegna alleged the FCC Media Bureau's decision to hold was "an unprecedented and legally improper maneuver", as in its nearly year-long review it had not expressed any concerns with the transaction.
Standard General is advised by Goldman Sachs, Moelis & Co, RBC Capital Markets, Cooley (led by Michael Basile), Fried Frank Harris Shriver & Jacobson (led by Warren S. de Wied and Roy Tannenbaum), Pillsbury Winthrop Shaw Pittman, and Joele Frank (led by Andrew Brimmer and Jamie Moser). Debt financing is provided by RBC Capital Markets. TEGNA is advised by Evercore, Greenhill & Co, JP Morgan (led by Marco Caggiano), Covington & Burling, Wachtell Lipton Rosen & Katz (led by Viktor Sapezhnikov, Igor Kirman, Victor Goldfeld, and Andrew Brownstein), and FGS Global (led by George Sard). Financial advisors are advised by Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg).
Crescent Point, an exploration and production company that produces oil and gas, agreed to acquire oil and liquids-rich Montney assets in Alberta from Spartan Delta, an energy company, for $1.7bn.
"Over the past five years, we have fundamentally rebuilt and strengthened Crescent Point. As a result of our efforts, and after closing this transaction, our asset base will include significant inventory depth in both the Kaybob Duvernay and the Montney, while also maintaining significant low-decline assets in Saskatchewan that provide additional excess cash flow. The Montney acquisition is immediately accretive to our per share metrics, enhances our return of capital to shareholders, and is aligned with our long-term strategy to focus on high quality, scalable resource plays that meet our defined asset criteria," Craig Bryksa, Crescent Point President and CEO.
Crescent Point is advised by BMO Capital Markets, RBC Capital Markets and Scotiabank.
Actis, a private equity firm, agreed to acquire 11 data centres from Nabiax, a data center operator, for $500m.
“We are delighted to deepen our footprint in the digital infrastructure sector with the acquisition of these anchor assets for our pan-Latam Data Centre platform. We are also excited to partner with Telefonica in the region as a key customer of the platform, while also positioning the data centres as carrier neutral facilities. Data centres are crucial in connecting communities, enabling economic growth, and in providing access to information and education,” Mauricio Giusti, Actis Partner.
Actis is advised by Banco Bilbao Vizcaya Argentaria, Linklaters and Pinheiro Neto.
The new Concentra deal also involves a workforce reduction of about 84% of Jounce's employees, compared to about 57% as part of the Redx deal, Jounce said in a statement, Reuters reported.
Jounce is advised by Cowen & Company (led by Giles Roshier, Erik Schuchard and Tanya Joseph), Longacre Square Partners (led by Dan Zacchei) and Stern IR (led by Julie Seidel).
SunMed, a health care company, agreed to acquire consumable business from Vyaire Medical, a manufacturer and distributor of consumable medical devices for anesthesia and respiratory care. Financial terms were not disclosed.
"This divestiture allows Vyaire to focus on its industry-leading respiratory diagnostics and ventilation businesses and accelerate our strategic growth plans. Uniting the industry-leading Vyaire consumables portfolio with SunMed's compatible suite of products is a win-win for both companies, as well as customers and patients, and will enhance the potential for long-term growth of the combined consumables portfolio," Gaurav Agarwal, Vyaire CEO.
SunMed is advised by Goodwin Procter. Vyaire Medical is advised by Jefferies & Company and Simpson Thacher & Bartlett.
Bluefors, a Finnish manufacturer of cryogenic measurement systems, completed the acquisition of Cryomech, a cryocooler technology and manufacturing company. Financial terms were not disclosed.
"We have a long history of working together with Cryomech, and this agreement is really the next stage in the evolution of collaboration between the Bluefors and Cryomech teams. The acquisition gives our new, combined company an even better opportunity to secure technological leadership, which will help us continue to serve our customers and continue our strong growth in the rapidly developing ultra-low temperature cryogenics market," Rob Blaauwgeers, Bluefors CEO and Founder.
Mastercard, and Visa are among bidders of $1bn Pismo.
Mastercard and Visa are among the firms negotiating to acquire Pismo, which provides cloud-based payment and banking platforms, Bloomberg reported.
The Sao Paulo-based company, which is working with Goldman Sachs on a sale, is being valued in the talks at around $1bn. Those interested include a bank and private equity funds.
Ares considers a new $400m SPAC. (FS)
Ares Management is discussing raising $400m for a new special purpose acquisition company, even as dealmaking by blank-check firms has lagged, Bloomberg reported.
The alternative asset manager is in discussions with underwriters and has held meetings with prospective investors. Terms aren't finalized and Ares could decide against raising a new SPAC.
Berkshire Hathaway stake in Occidental Petroleum rises to 23.6%. (FS)
Warren Buffett's Berkshire Hathaway boosted its ownership stake in Occidental Petroleum to about 23.6% after buying nearly 4m additional shares at about $216m, Reuters reported.
Buffett's company began buying large quantities of Occidental stock just over one year ago, around when Russia invaded Ukraine, and has spent more than $1bn on the stock this month.
Blackstone fund said to acquire a stake in FTV Capital. (FS)
A fund managed by Blackstone is in advanced negotiations to acquire a minority stake in growth-equity investment firm FTV Capital, Bloomberg reported.
FTV raised its seventh and largest fund at $2.3bn in capital commitments with plans to invest in high-growth companies across the enterprise technology, financial services, and payments industries during last year.
Clearlake Capital Co-Founders eye Los Angeles Chargers' stake. (FS)
Clearlake Capital Co-Founders Behdad Eghbali and Jose Feliciano are considering a bid for a minority stake in the National Football League's Los Angeles Chargers, Bloomberg reported.
They are mulling making a personal investment in the team. Dea Spanos Berberian is looking to sell a 24% stake in the team.
JAB to split NVA veterinary business into two units. (FS)
JAB's National Veterinary Associates is splitting into two separately-managed pet hospital businesses, Bloomberg reported.
NVA will separate out its Ethos Veterinary Health business, which operates 145 specialty vet hospitals. That will leave NVA with about 1.4k locations consisting mostly of general practice vet hospitals.
Parthenon lands $4.5bn for 7th fund. (FS)
Parthenon Capital, a growth-oriented private equity firm with offices in Boston, San Francisco and Austin, announced the closing of Parthenon Investors VII with more than $4.5bn in commitments, which exceeded its initial fund target of $3.5bn.
"We appreciate the swift, significant support we received from existing limited partners and are excited to welcome an outstanding group of new investors to the Parthenon family. We feel well positioned for the opportunities ahead," Brian Golson, Parthenon Capital Managing Partner and Co-CEO.
Parthenon was advised by Ropes & Gray and Kirkland & Ellis.
SR One raises $600m for second venture fund. (FS)
SR One, a transatlantic life sciences investment firm, closed its second fund at over $600m, substantially exceeding its target of $500m.
The diverse investor base of existing and new limited partners includes endowments, foundations, pharmaceutical companies, pension funds, sovereign wealth funds, and family offices.
SR One was advised by Kirkland & Ellis.
Tribeca is raising new $200m growth fund. (FS)
Tribeca Venture Partners, a New York-focused early-stage firm, is raising its second growth-stage fund with a target of $200m.
The vehicle is a downcycle modification of a strategy that Tribeca developed for its first Access fund, which launched in 2018 with $45m.
Apollo-backed Sofinnova launches digital medicine venture fund. (FS)
European life sciences venture capital firm Sofinnova Partners has launched a new investment strategy focused on digital medicine, Bloomberg reported.
The strategy follows the minority equity investment by Apollo in May 2022. The alternative asset manager committed to invest as much as €1bn ($1.1bn).
EMEA
EQT, an investment organization, agreed to acquire a 82.1% stake in Tion Renewables, a renewable energy producer, from Pelion Green Future, a clean energy company, for $133m.
“Tion Renewables plays an important role in Europe’s energy market by producing over 300 GWh of green electricity every year. This acquisition, which is EQT Active Infrastructure’s second investment, is a prime example of the Fund’s purpose-driven and active investment strategy directly contributing to the energy transition and decarbonization targets. We believe it offers a distinct risk-return proposition with strong downside protection, stable cash yield generation and low volatility. We are convinced that Tion Renewables is on track to becoming a key contributor to the energy transition and look forward to supporting the Company on its next phase of growth," Fabian Gröne, EQT Partner.
EQT is advised by BNP Paribas and Milbank. Tion Renewables is advised by Linklaters. Sullivan & Cromwell (led by Carsten Berrar).
Bluestar Alliance, a brand management company, completed the acquisition of Scotch & Soda, a Dutch fashion brand. Financial terms were not disclosed.
"Bluestar continues to strategically build its portfolio and we see Scotch & Soda as a unique fit, widely known for its roots in Amsterdam and celebrating self-expression with a modern twist on timeless fashion pieces," Joseph Gabbay, Bluestar Alliance CEO.
Scotch & Soda was advised by Jones Day (led by Jasper Berkenbosch) and Hill+Knowlton Strategies (led by Ingo Heijnen).
Halma, a global group of safety equipment companies, completed the acquisition of FirePro, a designer and manufacturer of aerosol fire suppression systems, for €150m ($162m).
“Fire safety technology plays a key role in protecting people and their environment. By joining Halma, we gain access to new capabilities and collaborative opportunities with a global group of businesses which is aligned with FirePro’s purpose of protecting human life," Avgoustinos Avgousti, FirePro Managing Director.
Italy’s state-backed lender is working on a higher bid for Telecom Italia landline network, in a move aimed at winning control of an asset considered to be of national interest, Bloomberg reported.
The lender, Cassa Depositi e Prestiti, is planning to increase its offer by about €2bn ($2.2bn), for a total value exceeding €20bn ($21.5bn). No final decision has been made and terms could still change.
Botswana, an African state, agreed to acquire a 24% stake in HB Antwerp, a gem trader. Financial terms were not disclosed.
“It’s a strategic partnership, it will add more value to Botswana not just in terms of price or money, but empowering the people of Botswana,” Rafael Papismedov, HB Antwerp Co-Founder.
BP, Adnoc plan to buy 50% of Israel's NewMed for $2bn.
Gas giant BP and Abu Dhabi's state oil giant Adnoc offered to acquire 50% of Israeli offshore natural gas producer NewMed Energy for around $2bn, making their entry into Israel's growing energy sector.
The offer would involve acquiring NewMed's free floating shares and taking the company private, Reuters reported.
Asda offers to sell petrol stations to appease the UK in $738m Co-op deal.
Asda Group offered to sell 13 filling stations with grocery stores attached to get its $738m Co-operative Group gas station deal across the line and allay concerns voiced by the UK antitrust watchdog, Bloomberg reported.
The Competition and Markets Authority said there was reasonable grounds for believing that the undertakings offered may be accepted, paving the way for the tie-up to be cleared.
Oxbotica, Google Cloud partner to scale up autonomous software.
Oxbotica and Alphabet's Google Cloud are partnering up to speed up the deployment of the British self-driving software startup's autonomous software platform to customers around the world.
Oxbotica will use Google Cloud infrastructure to create "scalable, safe, and reliable" autonomous driving solutions for its customers in last-mile logistics, agriculture, light industry, and public transport, Reuters reported.
APAC
Poseidon Acquisition, an entity formed by Fairfax Financial, a financial holding company, the Washington Family, David Sokol, Atlas Chairman, and Ocean Network Express, a Japanese container transportation and shipping company, completed the acquisition of the remaining 32% stake in Atlas, a global asset manager that owns and operates the businesses in which it invests, for $3.5bn.
"We believe this transaction with Poseidon is an exciting culmination of those efforts for our shareholders. As we look at the industry's trajectory, we believe the financial, operational and strategic flexibility we will gain as a privately held company with this group of owners and investors will position Atlas, our employees and customers for greater opportunity. This transaction is a testament to our team's unwavering commitment to customers and consistent execution. I look forward to continuing to work with David and the rest of the Atlas team as we continue our progress, including preparing for the launch of our new vessel fleet, which we expect to be fully delivered by 2024," Bing Chen, Atlas President and CEO.
Atlas was advised by Morgan Stanley, Gibson Dunn & Crutcher (led by Hillary Holmes), Morris Nichols and Joele Frank (led by Jim Golden and Nicholas Lamplough). Morgan Stanley was advised by Cravath Swaine & Moore (led by Daniel Cerqueira and Keith Hallam). Poseidon was advised by Honigman Miller Schwartz & Cohn. Ocean Network was advised by Citigroup and Latham & Watkins (led by David Kurzweil). The Washington was advised by K&L Gates. Fairfax was advised by Torys (led by Michael Horwitz). David Sokol was advised by Honigman Miller Schwartz & Cohn.
Albemarle, a specialty chemicals manufacturing company, offered to acquire Liontown Resources, a battery metals exploration and development company, for $3.4bn.
The Liontown Board and its advisers carefully considered the offer and unanimously determined that it substantially undervalues Liontown, and therefore is not in the best interests of shareholders.
Liontown is advised by Greenhill & Co, Allens and GRA Partners (led by Luke Forrestal). Albemarle is advised by JP Morgan and Corrs Chambers Westgarth.
KKR and Gaw Capital, two private equity fims, agreed to acquire Hyatt Regency Tokyo, a luxury hotel, from Odakyu Electric, a railway company. Financial terms were not disclosed.
"This investment is a rare opportunity to acquire an iconic hotel in one of the most energetic districts in the world. As Japan emerges strongly from the pandemic as a leading travel destination, and domestic and international business travel bounce back, we see great potential to refurbish and to enhance the Hotel’s offerings to both corporate and leisure guests while retaining its unique heritage. We are pleased to welcome Gaw Capital, with their hospitality expertise, as strategic partners here, which will enable us to tap into our collective strengths for the Hotel’s transformation,” Kensuke Kudo, KKR Director.
Gaw Capital is advised by Citigate Dewe Rogerson (led by Yas Fukuda). KKR is advised by FGS Global (led by Samuel Brustad).
Shandong Weiqiao Pioneering Group, a company active in the textiles industry, and SBCVC, a venture capital and private equity firm, led a $111m Series A+ round in DeepWay, a smart commercial vehicle developer and manufacturer, with participation from Qiming Venture Partners.
"DeepWay, the first smart electric logistics vehicle developer and manufacturer in China to take a distinctly forward-looking approach to vehicle design and development, offers strong competence in resource integration by combining truck logistics, the manufacturing of heavy-duty trucks and autonomous driving technologies. The two companies both have multiple advantages in the R&D capacity of intelligent electric heavy-duty trucks, as well as in premium lightweight aluminum material and components," Zhang Bo, Weiqiao Pioneering Chairman.
Jindal Stainless, a stainless steel provider, agreed to acquire a 49% stake in New Yaking, a nickel supplier, for $157m.
“This path breaking collaboration will enhance value for stakeholders with JSL acquiring a stake in nickel supply to create raw material security for its SS operations. This acquisition will usher a sharper competitive advantage to JSL in Indian and international markets,” Abhyuday Jindal, Jindal Stainless Managing Director.
Brookfield favors wind in $13bn Australian renewables plan. (FS)
Brookfield Asset Management will prioritize wind power projects over solar farms as it begins a $13.4bn renewables investment blitz in Australia following the takeover of utility Origin Energy, Bloomberg reported.
The Canadian firm plans to construct about 10 to 11 gigawatts of wind generation plus 4 gigawatts of batteries to replace the coal plants Origin currently relies on. Brookfield inked a deal alongside energy investor EIG Global Energy Partners worth $12.4bn, including debt, to acquire the utility after months of talks.
Suntory Beverage targets over $5bn M&A deal in the coming five years.
Suntory Beverage and Food's new CEO Makiko Ono, who spent much of her career driving foreign acquisitions as one of the few women working abroad at the company, now seeks to deliver growth via a similar strategy to take advantage of changes in consumer behavior after Covid, Bloomberg reported.
The company is seeking M&A opportunities totaling as much as $5.4bn over the next few years. While Suntory's acquisition strategy is yet to be finalized, the company sees potential in health-related drinks in the US, Asia and regions where Suntory currently has little presence.
Tycoon Piramal, TPG weighing exit from Shriram General. (FS)
Billionaire Ajay Piramal and TPG are considering selling their stakes in Shriram General Insurance, Bloomberg reported.
Piramal and TPG are jointly working with an adviser on divesting a combined 30% stake in the holding company of Shriram General Insurance. Shriram General Insurance could be valued at more than $2bn in a transaction.
Sime Darby plan to revive sale of Asia healthcare venture.
Australia's private hospital operator Ramsay Health Care and Malaysian conglomerate Sime Darby plan to revive the sale of their Asia-focused healthcare joint venture in a deal that could value the business at $1.36bn, Reuters reported.
The companies are in talks with financial advisors to explore a sale of Selangor, Malaysia-based Ramsay Sime Darby Health Care to strategic investors.
Falcon House picks Deutsche Bank for Brawijaya Hospital & Clinic sale. (FS)
Private equity firm Falcon House Partners chose Deutsche Bank to work on the sale of a majority stake in an Indonesian healthcare group, Bloomberg reported.
The buyout firm has started a process to gauge interest in the Brawijaya Hospital & Clinic stake. A deal could value the hospital at about $150m to $200m and has attracted interest from financial firms as well as other companies in the industry.
Allianz applies to set up new fund management unit in China.
Allianz Global Investors has become the latest foreign asset manager to seek Beijing's approval to expand in the world's second-largest economy, Reuters reported.
AllianzGI filed its application to enter China's $3.95tn fund management market, according to a filing with the China Securities Regulatory Commission.
Alibaba splits into six, plans new IPOs in historic overhaul.
Alibaba Group plans to split its $220bn empire into six units that will individually raise funds and explore initial public offerings, the biggest overhaul of China's online commerce leader since its inception more than two decades ago, Bloomberg reported.
The move frees up the Chinese company's main divisions from e-commerce and media to the cloud to operate with far more autonomy, laying the foundation for future spinoffs and market debuts. Its shares climbed 8% in pre-market trading in New York.
Shanghai cancels planned hearing for mega Syngenta IPO.
The Shanghai stock exchange called off a hearing about Syngenta Group's proposed $9.4bn initial public offering, adding another hurdle on the road to the biggest planned listing of the year, Bloomberg reported.
The exchange didn't give a reason for the move, which came just a day before the meeting was scheduled, saying only that "the situation warrants a cancellation." Official approval is key for the seed and fertilizer giant to kick off its long-awaited IPO.
Temasek's Advanced MedTech mulls US IPO. (FS)
Singapore's state-owned investment firm Temasek is considering a US initial public offering of medical device company Advanced MedTech after a planned sale of the medical device maker stalled, Bloomberg reported.
The firm is working with advisers to explore a potential share sale that could raise $200m to $300m. A listing may take place as soon as next year.
Kotak Investment first closes at $1.25bn. (FS)
Kotak Investment Advisors, the alternative assets arm of Kotak Mahindra Group backed by one of Asia's richest bankers Uday Kotak, said its Strategic Situations Fund II has raised $1.25bn in its first close, DealStreetAsia reported.
With a target of $1.6bn, the sector-agnostic fund comes a month after the $1bn Kotak Special Situations Fund completely deployed its corpus.
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