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Top Highlights
Qualcomm, an American semiconductor company, agreed to acquire Alphawave IP Group, a semiconductor IP company, for $2.4bn, according to press releases.
Honeywell, an American multinational conglomerate producing commercial and consumer products, completed the acquisition of Sundyne, a designer and manufacturer of mission critical flow control equipment, from Warburg Pincus, a private equity firm, for $2.16bn, according to press releases.
Sundyne was advised by JP Morgan and Morgan Stanley. Honeywell was advised by Kirkland & Ellis (led by Ted M. Frankel). Warburg Pincus was advised by Cleary Gottlieb Steen & Hamilton (led by Matthew P. Salerno), according to press releases and MergerLinks data.
IonQ, a quantum computing company, agreed to acquire Oxford Ionics, a company specializing in trapped-ion quantum computing systems, for $1bn, according to press releases.
Oxford Ionics is advised by Morgan Stanley and Hogan Lovells. IonQ is advised by Paul Weiss Rifkind Wharton & Garrison, according to press releases.
Deal Round up
AMERICAS
Medtech Caris Life Sciences seeks to raise $423.5m in IPO. ( Reuters)
Ken Moelis plans to step down as CEO of his investment bank. ( Press Release)
EMEA
Buyout firm Advent makes £3.7bn takeover bid for Spectris. ( Bloomberg)
Mike Ashley's Frasers conducts due diligence for potential Revolution Beauty bid. ( Reuters)
Lone Star’s Novo Banco attracts bids from BPCE and CaixaBank. ( Bloomberg)
Macquarie nears deal for a minority stake in London City Airport. ( Sky News)
APAC
Singapore's Grab denies reports of talks with Indonesia's GoTo for a potential deal. ( Bloomberg)
Atome to get $75m from Lending Ark as credit demand grows.( Bloomberg)
IFC weighs $55m debt investment in Indian power firm IndiGrid. ( DealStreetAsia)
InnoVision Capital taps China’s nascent carbon market via a new fund. ( DealStreetAsia)
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AMERICAS
Warner Bros. Discovery, an American multinational mass media and entertainment conglomerate, is set to demerge into two companies, separating its studios and streaming business from its cable TV businiess, according to press releases.
Warner Bros. Discovery is advised by JP Morgan and Evercore, according to MergerLinks data.
Crane, an industrial manufacturing company, agreed to acquire a precision sensors and instrumentation product line from Baker Hughes, an energy technology company, for $1.15bn, according to press releases.
Baker Hughes is advised by Evercore, according to press releases.
Hub International, a global insurance brokerage and financial services firm, completed the acquisition of Veripax Wealth Management, an independent, fee-based financial planning and investment advisory firm with offices located in Folsom, California, according to press releases. Financial terms were not disclosed.
Guild Garage, a consolidator and operator of garage door service providers, completed the acquisition of Garage Door Medics, a provider of residential and commercial garage door services, according to press releases. Financial terms were not disclosed.
Medtech Caris Life Sciences seeks to raise $423.5m in IPO. ( Reuters)
Caris Life Sciences, a health-care company that uses technology to help diagnose and treat cancer, is seeking to raise $423.5m in an initial public offering.
The Sixth Street Partners-backed company plans to market 23.5m shares for $16 to $18 each. Neuberger Berman indicated it would be interested in buying as much as $75m of the offering at the IPO price.
Ken Moelis plans to step down as CEO of his investment bank. ( Press Release)
Ken Moelis will step down as CEO of Moelis & Co. in October, transitioning to the role of executive chairman after a four-decade career that made him one of Wall Street’s most prominent dealmakers.
The firm announced, that Co-President Navid Mahmoodzadegan will succeed Moelis as CEO and join the company’s board.
EMEA
L’Oréal, a French multinational personal care corporation registered in Paris, agreed to acquire a majority stake in Medik8, a British skincare brand, from Inflexion, a private equity firm, at a €1bn ($1.14bn) valuation, according to press releases.
Medik8 is advised by JP Morgan and Alantra, according to MergerLinks data.
H.I.G. Capital, a private equity firm, completed the acquisition of ITH Group, a provider of aseptic pharmaceutical compounding services, according to press releases. Financial terms were not disclosed.
EQT Partners, a global private equity firm, agreed to invest $331m in Waga Energy, a France-based, publicly listed natural gas company, according to press releases.
Advent, a private equity firm, agreed to acquire a majority stake in Felix Pharmaceuticals, an animal drug producer, for $175m, according to press releases.
Buyout firm Advent makes £3.7bn takeover bid for Spectris. ( Bloomberg)
Advent has submitted a £3.7bn ($5bn) takeover proposal for Spectris, a UK-based maker of precision measurement and testing equipment.
The private equity firm offered £37.63 ($51.06) per share in a conditional bid, representing an 85% premium to Spectris’ closing price on June 6.
Mike Ashley's Frasers conducts due diligence for potential Revolution Beauty bid. ( Reuters)
Revolution Beauty confirmed that Mike Ashley’s Frasers Group is among several parties conducting due diligence for a potential takeover of the struggling British cosmetics company.
The firm put itself up for sale in May following a prolonged slump in sales and a settlement with co-founder and former CEO Adam Minto, which erased more than 70% of its market value. Revolution Beauty currently holds a market capitalization of £23.1m ($31.3m).
Lone Star’s Novo Banco attracts bids from BPCE and CaixaBank. ( Bloomberg)
Novo Banco, the Portuguese lender owned by Lone Star, has drawn takeover interest from France’s BPCE and Spain’s CaixaBank, as strategic options for the bank’s future continue to be explored.
In addition to a potential sale to one of the two bidders, an initial public offering remains under consideration. A preliminary decision on whether to proceed with a sale or pursue a listing could be made as early as this week.
Macquarie nears deal for a minority stake in London City Airport. ( Sky News)
Macquarie Asset Management is close to acquiring a minority stake in London City Airport, the capital’s fifth-largest airport, as part of an ongoing reshuffle in its ownership structure.
The Australian financial group is in advanced talks to purchase the stake from at least one of the airport’s Canadian shareholders. While City Airport is expected to announce broader changes to its shareholder base, the Macquarie transaction may take longer to finalize.
APAC
BCI, one of the largest institutional investors in Canada, agreed to acquire a minority stake in Pinnacle Towers, an Asia-based digital infrastructure platform with a focus on the Philippines, from KKR, a global investment firm, according to press releases. Financial terms were not disclosed.
Mizuho, a Japanese banking holding company, agreed to acquire a majority stake in Avendus, a financial advisory firm headquartered in Mumbai, from KKR, a global private equity firm, at a $700m valuation.
KKR-backed IVI, a fertility group, agreed to acquire ART Fertility Clinics, an institution of reproductive medicine with clinics in UAE & India, for $450m.
Singapore's Grab denies reports of talks with Indonesia's GoTo for a potential deal. ( Bloomberg)
Grab clarified that it is not currently in discussions to acquire GoTo, signaling a pause or halt in the anticipated $7bn transaction.
In its announcement, Grab noted that the parties are not engaged in talks and no definitive agreements have been made. The company also underscored Indonesia’s importance as a core market, reaffirming its dedication to serving local customers, drivers and merchant partners.
Atome to get $75m from Lending Ark as credit demand grows. ( Bloomberg)
Atome, Southeast Asia’s largest buy now, pay later provider, has secured a $75m asset-backed financing facility from Lending Ark to support the growing demand for affordable credit in the Philippines.
The funding will enable Atome to expand its credit offerings and improve financial access in the country. The company is owned by Singapore-based Advance Intelligence Group, whose backers include SoftBank Vision Fund 2, Warburg Pincus and Northstar.
IFC weighs $55m debt investment in Indian power firm IndiGrid. ( DealStreetAsia)
The International Finance Corporation, a member of the World Bank Group, is evaluating a debt investment of up to $55m in IndiGrid InVIT to support the development of a standalone battery energy storage system in Gujarat, India.
The proposed funding would help advance clean energy infrastructure and enhance grid stability in one of India’s key industrial states.
InnoVision Capital taps China’s nascent carbon market via a new fund. ( DealStreetAsia)
InnoVision Capital has become the first private equity firm to enter China’s carbon market with the launch of a dedicated carbon asset investment fund.
The mid-market PE firm’s move marks a milestone in accessing the world’s largest greenhouse gas emissions market, as investors increasingly seek exposure to climate-focused financial instruments.
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