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AMERICAS
Oravel Stays, the parent company of the global travel technology company OYO, agreed to acquire G6 Hospitality, an economy lodging franchisor, from Blackstone Real Estate, a real estate investor, for $525m.
"This acquisition is a significant milestone for a startup company like us to strengthen our international presence. Motel 6's strong brand recognition, financial profile and network in the US, combined with OYO's entrepreneurial spirit will be instrumental in charting a sustainable path forward for the company which will continue to operate as a separate entity," Gautam Swaroop, OYO CEO.
Blackstone is advised by Goldman Sachs, JLL Corporate Finance, PJT Partners and Simpson Thacher & Bartlett.
Perceptive Advisors, a health care investment firm, completed the acquisition of Vapotherm, a medical device manufacturer, for $150m.
"Vapotherm has done a significant amount of work to date to ensure it is able to deliver its technology to patients in respiratory distress. We believe the company has a clear vision to expand the use of high-velocity therapy in patients in need and look forward to supporting them in their next stages of growth," Konstantin Poukalov, Perceptive Managing Director and Discovery Co-Head.
Vapotherm was advised by Scalar and Ropes & Gray. Perceptive was advised by Cooley (led by Jean Park and Kevin Cooper). SLR was advised by Latham & Watkins (led by Daniel Mun).
Cerity Partners, an independent wealth management firm, completed the acquisition of Touchdown Ventures, a provider of advisory services for corporate venture programs. Financial terms were not disclosed.
"Our partnership with Touchdown Ventures comes during a period of significant growth for Cerity Partners and will be instrumental in deepening our offering to corporate partners. Touchdown's best-in-industry VC professionals, coupled with our shared fiduciary commitment to deliver exceptional service in our clients' best interest, make them an ideal partner. We couldn't be more excited to welcome the Touchdown team," Kurt Miscinski, Cerity Partners CEO.
Touchdown was advised by Park Sutton Advisors and Nelson Mullins Riley & Scarborough. Cerity Partners was advised by Lowenstein Sandler and Prosek Partners.
Cydecor, a mission-enabling technology solutions provider, completed the acquisition of Artel, a mission-critical communications services firm, from TPG, an American private equity firm. Financial terms were not disclosed.
“The acquisition of Artel broadens and deepens our offerings while enhancing our ability to serve as an end-to-end solution provider for national security technology. Artel has a wonderful reputation for delivering excellence to the customer,” Nader Elguindi, Cydecor President and CEO.
Agilent Technologies, an analytical and clinical laboratory technologies firm, completed the acquisition of BIOVECTRA, a global biotech and pharmaceutical company, for $925m.
“We are delighted to officially welcome the BIOVECTRA team to Agilent. This acquisition demonstrates our commitment to providing customers the most advanced capabilities to accelerate their therapeutics programs, including best-in-class cGMP pharmaceutical manufacturing,” Padraig McDonnell, Agilent President and CEO.
MOL, an international shipping company, completed the investment in HIF Global, an international electrofuel company. Financial terms were not disclosed.
“As one of the largest shipping companies, MOL is pivotal to the global accessibility of e-Methanol. We welcome MOL to the HIF partnership as we build a strategic value chain delivery capability that supplies decarbonization and a greener future from low cost production areas to market centers worldwide. Together we develop the capability to produce e-Fuels and deliver them to our customers on MOL’s fleet of carriers,” Cesar Norton, HIF Global President and CEO.
Bain Capital Life Sciences, an investment company, agreed to invest $200m in Vivo Capital-backed Seran Bioscience, a contract development and manufacturing organization.
"This transaction is a significant milestone in Serán’s evolution, which will enable us to rapidly scale our clinical manufacturing capability to support launches of new medicines, as well as serve new clients seeking state-of-the-art commercial capacity. We are proud to have the additional support and resources of a preeminent life sciences investor in Bain Capital who shares our vision for expanding Serán’s science-based drug development capabilities to enable commercial manufacturing of complex medicines,” Dan Smithey, Seran Bioscience Co-Founder and CEO.
CORSAIR, a gaming gear and technology company, agreed to acquire Fanatec, a sim racing brand from Endor, a German electronics company. Financial terms were not disclosed.
“We have been a fan of the Fanatec brand for years, and I am thrilled that we were finally chosen to be the next home for Fanatec products. We intend to use our extensive supply chain and logistics network to reduce operating costs, enhance users’ customer service experience, increase sales opportunities, and help the business return to profitability,” Andy Paul, Corsair CEO.
Publicis Groupe, a French multinational advertising and public relations company, agreed to acquire Mars United Commerce, a commerce marketing agency. Financial terms were not disclosed.
“Joining Publicis Groupe will help Mars realize our vision of being the preeminent global commerce company faster and more completely. We’re excited to have the support of Publicis to bring new opportunities to our existing clients and also to share our connected commerce solution with new clients around the globe. We look forward to writing the next chapter of commerce together,” Rob Rivenburgh, Mars United Commerce CEO.
Publicis Groupe is advised by Citigroup.
Keysight, a company that manufactures electronics test and measurement equipment and software, agreed to acquire Optical Solutions Group, a developer of optical design and analysis software tools, from Synopsys, an electronic design automation company. Financial terms were not disclosed.
"Given the increasing complexity of electronics design, Keysight is excited to expand its software simulation portfolio with the acquisition of Synopsys' Optical Solutions Group. This acquisition will give us the capabilities to enable high-performance system use cases beyond electronics, including optics and photonics. We look forward to welcoming the business' employees to Keysight when the transaction closes and working with them to address customers' critical design challenges requiring multi-physics simulations to predict product performance," Niels Faché, Keysight Vice President and General Manager, Design Engineering Software.
Synopsys is advised by Cleary Gottlieb Steen & Hamilton.
Stryker, a medical technologies company, completed the acquisition of NICO, a privately held company providing a systematic approach to minimally invasive surgery for tumor and intracerebral hemorrhage procedures. Financial terms were not disclosed.
"The acquisition of NICO Corporation expands Stryker's portfolio of solutions for tumor resection and the treatment of intracerebral hemorrhage, the deadliest form of stroke. As a global leader in neurosurgical access and removal tools, this strategic addition enables us to deliver differentiated, minimally invasive approaches that will drive meaningful outcomes and improve the lives of patients worldwide," Andy Pierce, Stryker President, MedSurg and Neurotechnology.
NICO was advised by JP Morgan.
Cardinal Health, a multinational health care services company, agreed to acquire Integrated Oncology Network, a physician-led independent community oncology network, for $1.1bn.
"Driving growth in specialty continues to be a top priority, and we've made investments to expand our offerings through both Navista and our acquisition of Specialty Networks. With their proven model providing extensive support of community oncology across the cancer care continuum and healthcare ecosystem, we're confident Integrated Oncology Network will further accelerate our oncology strategy and enable us to create value for providers and patients," Jason Hollar, Cardinal Health CEO.
Qualcomm approached Intel about a takeover in recent days.
Qualcomm has in recent days approached Intel to explore a potential acquisition of the troubled chipmaker in what could be a transformational deal in the sector but faces many hurdles, Reuters reported.
Qualcomm CEO Cristiano Amon is personally involved in the negotiations to acquire five-decade-old Intel. Amon has been actively examining various options for a deal for the company.
Wells Fargo launches $1.6bn loan for Tempur Sealy deal.
A lender call will be held September 23 at 2 p.m. New York time. Commitments are due October 3 at 5 p.m., and price talk has yet to be announced, Bloomberg reported.
Ontario Teachers’ Pension Plan to sell Brazil mall stake after two decades. (FS)
Ontario Teachers’ Pension Plan, one of Canada’s largest institutional investors, is set to unload its entire stake in Multiplan Empreendimentos Imobiliarios, the Brazilian mall operator in which it first invested in 2006, Bloomberg reported.
The Rio de Janeiro-based company agreed to buy back about 90m shares from the Canadian fund in a deal that still needs shareholder approval. The remaining 21.2m shares will be acquired by the controlling and founding Peres family. Ontario Teachers’ is likely to rake in about $450m.
EMEA
KKR, a global investment firm, completed the acquisition of a stake in Immedica, a pharmaceutical company, from Impilo, a Nordic healthcare investment firm. Financial terms were not disclosed.
“This collaboration with KKR and Impilo marks an exciting step forward in our mission to deliver innovative treatments to more patients with rare diseases. With their support, we are well-positioned to enhance our growth and continue addressing critical unmet medical needs across the globe,” Anders Edvell, Immedica CEO.
Immedica was advised by Morgan Stanley and Davis Polk & Wardwell. KKR was advised by Clearview Healthcare Partners, Alvarez & Marsal, Bank of America, PricewaterhouseCoopers, Cooley, Gibson Dunn & Crutcher (led by Wim De Vlieger), Kirkland & Ellis (led by Ian Barratt and Jia Meng), Setterwalls Advokatbyra, FGS Global (led by Alastair Elwen), Fogel & Partners, Alvarez & Marsal and PricewaterhouseCoopers. Impilo was advised by Boston Consulting Group, Morgan Stanley (led by David Kitterick, Erik Tregaard and Alberto Bertani), PricewaterhouseCoopers, Latham & Watkins (led by Robbie Mclaren), Mannheimer Swartling and PricewaterhouseCoopers.
Bridgepoint, a British private investment company, and General Atlantic, an American growth equity firm, agreed to acquire ESKER, a software development company, for $1.8bn.
“We are delighted to announce this next strategic step with Bridgepoint and General Atlantic. Their deep understanding of our ‘Office of the CFO’ market and their focus on growth were key factors in our choice. Working with French teams who share our values of profitable growth, employee motivation and technological innovation will enable us to strengthen our position and accelerate our development,” Jean-Michel Bérard, Esker Founder and CEO.
IN Groupe, a secure identity solutions firm, agreed to acquire IDEMIA Smart Identity, a french multinational technology company, from Advent International, an American global private equity firm. Financial terms were not disclosed.
"IDEMIA Group continues its solid development trajectory while implementing its ambitious strategy. We are reaching a decisive milestone with this project to sell IDEMIA Smart Identity, one of the leading providers of secure identity solutions, to create a market leading player. With €2.5bn in revenue, 12.5k employees, and 4k customers with its Secure Transactions and Public Security divisions, IDEMIA Group would embark on a new chapter in its history and remain focused on delivering mission critical solutions powered by biometrics and cryptography addressing specific market segments, and accelerating its future growth," Pierre Barrial, IDEMIA Group CEO.
IN Groupe is advised by Lazard, Bredin Prat and Brunswick Group (led by Nicolas Grange). IDEMIA is advised by Goldman Sachs, Rothschild & Co, Weil Gotshal and Manges and Havas (led by Estelle Bleuze).
Stellex Capital, a middle-market private equity firm, agreed to acquire a majority stake in Fox Brothers, a service provider to the construction and infrastructure industry. Financial terms were not disclosed.
"We see strong potential in the company's capabilities and resources and look forward to working together with management and our operators to deliver on our value creation plan. This acquisition aligns with our strategy to identify companies where we believe we can introduce operational expertise in an effort to drive growth and better leverage companies' assets and resources," Mark Redman, Stellex Managing Partner.
Fox Brothers is advised by Grant Thornton and Hill Dickinson. Stellex is advised by A&O Shearman, Davis Polk & Wardwell and Marketcom PR (led by Rosalia Scampoli).
Australia's REA Group has made a second takeover proposal for Britain's largest property listings company Rightmove, valuing the business at close to £5.9bn ($7.8bn), FT reported.
REA's bid valued the FTSE 100 group at nearly 750p ($9.9) per share, marking a roughly 7% increase from its previous offer.
Rightmove said it had rejected the initial cash-and-shares bid last week from REA as being "wholly opportunistic", and that it fundamentally undervalued Rightmove and its future prospects.
Rightmove is advised by Morgan Stanley. REA is advised by Deutsche Bank (led by Gavin Deane) and Brunswick Group (led by Simon Sporborg).
Viavi considers reviving rival bid for Spirent.
US IT communications specialist Viavi Solutions is considering whether it could make another bid for telecoms testing group Spirent Communications if a takeover by its rival Keysight Technologies fails, Reuters reported.
Platinum Equity in talks to buy packaging maker Trivium. (FS)
Platinum Equity is in talks to buy Trivium Packaging for more than $3.5bn, Bloomberg reported.
The Los Angeles-based buyout firm, which has outlasted other suitors, is trying to finalize a deal with owners Ontario Teachers’ Pension Plan Board and Ardagh Group in the coming weeks.
NY Pension buying Vista stake tied to late Billionaire Brockman. (FS)
New York State Common Retirement Fund agreed to pay as much as $350m for Vista Equity Partners fund stakes tied to late billionaire Robert Brockman, an original investor in the private equity firm, Bloomberg reported.
The pension fund for New York state workers is buying part of the $1.46bn portfolio held by Point Investments, while Ardian is considering buying a stake that could be worth hundreds of millions of dollars. The pension has previously committed $5bn to Vista funds, and it would pay a 35% discount to the value of the Point stake.
Germany to hold onto Commerzbank stake as lender aims for independence.
Germany will not sell any more shares in Commerzbank for now and the bank's strategy is "geared towards independence," the country's Finance Agency said, in the clearest sign yet that the government doesn't currently favour a takeover of the nation's No. 2 lender, Reuters reported.
The statement comes days after Italian bank UniCredit announced it had swooped in to buy a 9% stake in Commerzbank to become its second largest shareholder, and its CEO Andrea Orcel signalled his merger ambitions.
Clean-energy firm Masdar nears deal to buy Brookfield’s Saeta Yield. (FS)
Masdar is nearing an acquisition of Spanish renewable energy firm Saeta Yield from Brookfield Asset Management, Bloomberg reported.
The Abu Dhabi clean-energy firm is putting the final touches on a deal that could be announced this month.
Cellnex explores sale of French data centre unit.
Spain's Cellnex is exploring a sale of its data centre unit in France, in a deal that could value the business at a few hundred million euros, Reuters reported.
The largest European mobile phone tower company is talking with advisers regarding a potential sale, the people said, as part of its strategy to focus on its core business as it shifts strategy from acquisitions to bolstering its finances.
Egypt nears first major stake sale since devaluation.
Egypt is in advanced talks to sell the government’s remaining stake in Alex Bank to Intesa Sanpaolo, in what would be the North African nation’s first major asset sale since devaluing its currency in March, Bloomberg reported.
An agreement would see the Italian lender, which already owns 80% of the Egypt-based bank, buy the remaining 20% and take complete ownership.
Austria's RBI sells Belarus bank at a loss to UAE investor.
Raiffeisen Bank International said it is selling its Belarus business at a loss to an investor from the United Arab Emirates, as the Austrian lender faces mounting pressure to also pare back its Russian arm, Reuters reported.
RBI has vowed to spin off its Russian business, which has provided a payment lifeline to hundreds of companies there, after pressure from international regulators on the biggest Western bank in remaining in the country.
Landlord SBB is said to kick off residential unit IPO.
Swedish landlord SBB is preparing to kick off an initial public offering for its residential unit next week in Stockholm, Bloomberg reported.
Samhallsbyggnadsbolaget i Norden is planning to formally start the marketing of the unit’s IPO as soon as September 24. SBB CEO Leiv Synnes said last month that any intention to float will only cover up to 49% of the shares in the residential division, with SBB retaining the remainder.
APAC
Volution Group, an energy efficient indoor air quality solutions provider, agreedto acquire Fantech Group, a ventilation equipment company, for £144m ($191m).
"This acquisition, our largest to date, gives Volution a great platform to continue our growth in Australasia. We are excited by the opportunities available to us through owning such a well-respected and successful group of brands. Fantech is a leading provider of commercial ventilation solutions in Australia and New Zealand, and complements our existing local market positions in Ventair, Simx and DVS Proven Systems very well," Ronnie George, Volution Group CEO.
EQT, a global investment organization, agreed to acquire Indostar Home Finance, a housing finance loan company offering affordable home loans, from Indostar Capital Finance, a structured term financing solutions provider, for $210m.
"Retail lending is a key investment theme for EQT within financial services in India. Building on our investment in the education finance sector through HDFC Credila last year, we are thrilled to welcome Indostar Home Finance to our portfolio. India's affordable housing finance sector represents a long-term growth opportunity supported by secular demand drivers, favorable government policies and resilient asset quality across economic cycle," Ashish Agrawal, EQT Partner, Private Capital Asia advisory team.
Hornbill Capital, a hedge fund, led a $210m Series B round in Physics Wallah, an Indian edtech startup, with participation from Lightspeed Ventures, WestBridge and GSV.
"The current fundraising process and the private market landscape have changed significantly compared to 2021 and early 2022. Back then, private markets were much more liberal, particularly regarding valuations. However, in the current environment, there is still considerable interest in high-quality assets, especially for businesses with strong core fundamentals in place," Prateek Maheshwari, Physics Wallah Co-Founder.
Tokyo Metro’s IPO seeks to raise more than $2bn.
The initial public offering of Tokyo Metro, one of two subway operators based in Japan’s capital, is seeking to raise around $2.24bn, giving a big boost to the country’s market for new listings, Bloomberg reported.
The company’s IPO would be the biggest in Japan since SoftBank’s $21bn listing in December 2018. Tokyo Metro, whose IPO could value it at about $4.45bn, plans to list on the Tokyo Stock Exchange on October 23.
Beijing halts bubble tea offshore IPO approvals over soured Hong Kong listings.
Offshore share offering plans of at least three Chinese bubble tea makers have been put on hold by the securities regulator due to the dour market performance of peers in Hong Kong amid weaker consumer sentiment at home, Reuters reported.
Mixue Bingcheng, Guming and Auntea Jenny are among those whose offshore floating plans have been delayed by the China Securities Regulatory Commission this year.
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