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Top Highlights
Prosus, a Dutch technology company that invests and operates across sectors and markets with long-term growth potential, agreed to acquire Just Eat Takeaway.com, a global online delivery marketplace offering consumers a wide variety of choices from restaurants to retail, for $4.3bn, according to press releases.
Just Eat Takeaway.com is advised by Gleacher Shacklock, Lazard, Morgan Stanley, De Brauw Blackstone Westbroek (led by Gaby Smeenk and Frank Hamming), Freshfields Bruckhaus Deringer and Confidant Partners. Prosus is advised by Goldman Sachs (led by Clif Marriott), A&O Shearman, Davis Polk & Wardwell, Brunswick Group and FGS Global, according to press releases and MergerLinks data.
Apollo, a high-growth, global alternative asset manager, agreed to acquire Bridge Investment Group, a residential and industrial real estate firm, for $1.5bn, according to press releases.
Bridge Investment Group is advised by JP Morgan, Lazard, Cravath Swaine & Moore, Latham & Watkins (led by Craig Garner) and H/Advisors Abernathy (led by Dan Scorpio). Apollo is advised by Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, Newmark Group, Paul Weiss Rifkind Wharton & Garrison and Sidley Austin, according to press releases.
New Mountain Capital, a growth-oriented investment firm, agreed to acquire a US commercial insurance division from Carlyle-backed NSM Insurance, a global specialty insurance provider, according to press releases. Financial terms were not disclosed.
New Mountain Capital is advised by Ardea Partners, Simpson Thacher & Bartlett and H/Advisors Abernathy (led by Dana Gorman). NSM is advised by Houlihan Lokey, Wachtell Lipton Rosen & Katz (led by Nicholas Demmo) and Polsinelli PC, according to press releases and MergerLinks data.
Deal Round up
AMERICAS
Boeing seeks buyers for Insitu drone unit in push to shed assets. ( Bloomberg)
EMEA
Bain Capital proposes £1.1bn takeover of Chemring Group. ( SkyNews)
RRJ-led Group close to buying VistaJet preference shares. ( Bloomberg)
UK's Wood Group re-enters takeover talks with Dubai's Sidara. ( Reuters)
Alpha Data set to price Abu Dhabi IPO at top of range amid strong demand. ( Bloomberg)
APAC
RedBird considers selling stake in IPL team Rajasthan Royals. ( Bloomberg)
Indonesia’s new sovereign wealth fund Danantara to invest $20bn in projects. ( DealStreetAsia)
Chinese AI chipmaker Biren revives $300m Hong Kong IPO plan. ( Bloomberg)
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AMERICAS
GSK, a British multinational pharmaceutical and biotechnology company, completed the acquisition of IDRx, a Boston-based, clinical-stage biopharmaceutical company, for $1.15bn, according to press releases.
Blackstone-backed Stronvar Aerospace, an aero-engine supply chain company, completed the acquisition of Electro Methods, a metal fabricator, according to press releases. Financial terms were not disclosed.
Electro Methods was advised by Reid & Riege. Blackstone was advised by Lazard and Simpson Thacher & Bartlett, according to press releases.
Equitable, an American financial services and insurance company, offered to acquire a 41.7% stake in AllianceBernstein, a global asset management firm providing investment management and research services, for $1.8bn, according to press releases.
CapitalG, a private equity firm under Alphabet, and ICONIQ, a wealth management and investment firm, led a $500m Series C funding round in NinjaOne, the automated endpoint management platform, according to press releases.
MongoDB, an American software company that develops and provides commercial support for the source-available database engine MongoDB, agreed to acquire Voyage AI, a provider of cutting-edge embedding models and rerankers for search and retrieval, for $220m, according to press releases.
Wellington Management led a $200m funding round in Just Salad, a fast-casual restaurant chain, with participation from D1 Capital Partners, Neuberger Berman and Stripes, according to press releases.
JAS Worldwide, a global provider of logistics and supply chain solutions, completed the acquisition of IAA Association, a specialized provider of air, ocean and road freight services, according to press releases. Financial terms were not disclosed.
Boeing seeks buyers for Insitu drone unit in push to shed assets. ( Bloomberg)
Boeing has hired an adviser to sell its defense subsidiary Insitu, which manufactures small, long-range military drones, as part of efforts to streamline its core commercial and defense operations.
Insitu, acquired by Boeing in 2008, has attracted interest from private equity firms and corporate buyers. The business, which supplies drones used by Ukraine’s military, could be valued at around $500m.
EMEA
SALIC, a key player in the global agrifood investment landscape, agreed to acquire an additional 44.58% stake in Olam Agri from Olam Group, a food and agri-business, for $1.78bn, according to press releases.
Olam Group is advised by Citigroup, HSBC and Rothschild & Co. SALIC is advised by JP Morgan, according to press releases and MergerLinks data.
Brookfield Asset Management, a global investment firm, agreed to acquire the renewables business of National Grid, an electricity, natural gas, and clean energy delivery company, for $1.735bn, according to press releases.
National Grid is advised by Brunswick Group (led by Dan Roberts), according to press releases.
Lone Star, a private equity firm, agreed to acquire a specialty chemicals and high performance polymers business from Radici Group, a chemicals manufacturer, according to press releases. Financial terms were not disclosed.
Bain Capital proposes £1.1bn takeover of Chemring Group. ( SkyNews)
Bain Capital has submitted a £1.1bn ($1.39bn) bid to acquire Chemring Group, driving shares of the London-listed defense contractor up more than 16%.
The offer reportedly represents a nearly 9% premium to the stock’s closing price on Friday.
Historically, Bain Capital has worked with Kirkland & Ellis, Goldman Sachs, Stanton PRM and Ropes & Gray, according to MergerLinks data.
RRJ-led Group close to buying VistaJet preference shares. ( Bloomberg)
A consortium led by RRJ Capital is close to finalizing a deal to acquire over $600m in convertible preference shares of VistaJet Group, aiming to capitalize on the growing demand for private jet chartering.
Members of the consortium would have the option to convert their holdings into ordinary shares when VistaJet goes public, which is expected within the next three years. A deal could be reached in the coming weeks.
UK's Wood Group re-enters takeover talks with Dubai's Sidara. ( Reuters)
Shares in the London-listed oilfield services and engineering firm surged more than 34% after the announcement. Sidara’s fresh approach follows a recent decline in Wood Group’s share price, with discussions ongoing.
Historically, Sidara has worked with Ashurst, London Bridge Capital, Rothschild & Co and Brunswick, according to MergerLinks data.
Alpha Data set to price Abu Dhabi IPO at top of range amid strong demand. ( Bloomberg)
Alpha Data is expected to price its Abu Dhabi IPO at AED1.50 ($0.41) per share, the upper end of its planned range, as strong investor interest drives demand. The IT services firm, benefiting from the surge in AI-related investments, is set to raise AED600m ($163m), valuing the company at AED1.5bn ($408m).
The listing reflects growing appetite for technology and digital transformation stocks in the region, positioning Alpha Data for further expansion.
APAC
Indorama Netherlands, a chemical company, agreed to acquire 25% stake in Essel Propack, a global tube-packaging company, from Blackstone, an American multinational private equity, alternative asset management, and financial services firm, for $220m, according to press releases.
Indorama is advised by Goldman Sachs, Khaitan & Co and Chandhiok & Mahajan. Blackstone is advised by Morgan Stanley, Simpson Thacher & Bartlett and Trilegal, according to press releases.
KKR, an American global investment company, failed to acquire the wealth management and corporate trust businesses of Perpetual, a global financial services firm, for $1.43bn, according to press releases.
KKR, a global investment firm, agreed to acquire the majority stake in Healthcare Global Enterprises, a healthcare organization in India, from CVC, a private equity and investment advisory firm, for $400m, according to press releases.
CVC Capital is advised by Adfactors PR, according to press releases.
Orion Capital, a real estate investment firm specializing in commercial real estate investment management, completed the $150m investment in Gaolu Group, a logistics investment and fund management platform.
RedBird considers selling stake in IPL team Rajasthan Royals. ( Bloomberg)
RedBird Capital Partners is exploring the sale of its minority stake in Indian Premier League team Rajasthan Royals, aiming to capitalize on the growing popularity of cricket’s most lucrative competition.
The private equity firm, founded by former Goldman Sachs executive Gerry Cardinale, reportedly acquired a 15% stake in Rajasthan Royals for $37.5m four years ago, valuing the franchise at $250m.
Indonesia’s new sovereign wealth fund Danantara to invest $20bn in projects. ( DealStreetAsia)
Danantara Indonesia will invest $20bn in a wide range of projects from metal processing to artificial intelligence, President Prabowo Subianto said on Monday, as he launched the country’s new sovereign wealth fund.
At a lavish ceremony, Prabowo formally launched the Daya Anagata Nusantara Indonesia fund, or Danantara Indonesia, which is expected to manage more than $900bn worth of assets to help drive development in Southeast Asia’s largest economy and fulfil his promise of boosting growth to 8%, from about 5% now.
Chinese AI chipmaker Biren revives $300m Hong Kong IPO plan. ( Bloomberg)
Shanghai Biren Intelligent Technology is considering an initial public offering in Hong Kong, revisiting its listing plans after also exploring Shanghai.
The AI chipmaker could seek to raise about $300m in the IPO and is working with China International Capital, BOC International Holdings and Ping An Securities on the potential share sale, which could take place this year.
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