Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
US chipmaker Broadcom and cloud software company VMware have delayed the completion of their $69bn merger, which had been scheduled to close on Monday, as they await approval from China, FT reported.
The companies said that they maintained their “expectation that Broadcom’s acquisition of VMware will close soon, but in any event prior to the expiration of their merger agreement”, which set a final deadline of November 26.
Broadcom is advised by Bank of America (led by Kevin Brunner and Ron Eliasek), Barclays (led by Richard Hardegree, Gary Posternack, and Laurence Braham), Citigroup (led by Daniel Mallegni), Credit Suisse (led by David Wah), Morgan Stanley (led by Anthony Armstrong), Santander, Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers (led by Adit Khorana), Wachtell Lipton Rosen & Katz (led by Ronald Chen, Viktor Sapezhnikov, and David Karp), Brunswick Group (led by Simon Sporborg), and Joele Frank (led by Arielle Rothstein and Tim Ragones). Financial advisors are advised by Cooley (led by Ben Beerle). VMWare is advised by Goldman Sachs (led by Stephan Feldgoise and Sam Britton), JP Morgan (led by Madhu Namburi), Axinn Veltrop & Harkrider (led by John Harkrider), Gibson Dunn & Crutcher (led by Barbara Becker and Andrew Kaplan), Sullivan & Cromwell (led by Michael Rosenthal), FGS Global (led by Paul Kranhold). Financial advisors are advised by Debevoise & Plimpton (led by Michael Diz) and Sullivan & Cromwell (led by John L. Savva and Alison S. Ressler). Silver Lake Partners is advised by Simpson Thacher & Bartlett (led by Atif Azher).
Healthpeak Properties, an American real estate investment trust, agreed to merge with Physicians Realty Trust, a self-managed healthcare real estate company, for $2.6bn.
"This combination joins two leading platforms, bringing them to the next level to create a company uniquely focused on healthcare discovery and delivery, a large and attractive playing field with strong secular growth," Scott Brinker, Healthpeak President and CEO.
Physicians Realty Trust is advised by BMO Capital Markets, KeyBanc Capital Markets and Baker MacKenzie. Healthpeak President is advised by Barclays, JP Morgan, Mizuho Securities, Morgan Stanley, RBC Capital Markets, Wells Fargo Securities and Latham & Watkins (led by Charles Ruck, Darren J. Guttenberg, and Andrew C. Elken). Debt financing is provided by Barclays, JP Morgan, KeyBanc Capital Markets, Mizuho Securities, Morgan Stanley, RBC Capital Markets and Wells Fargo Securities.
European Union antitrust regulators will decide by February 14 next year on whether to clear Amazon's $1.4bn acquisition of robot vacuum maker iRobot, Reuters reported.
In August, the EU's competition enforcer temporarily halted its investigation into the deal while it awaited more information. Its previous deadline for its decision on the deal was December 13. The EU's competition watchdog has previously warned Amazon that the deal may reduce competition in robot vacuum cleaners and also reinforce the US company's dominant position as an online marketplace provider.
Clariant, a global provider of specialty chemicals for industrial manufacturing processes including heat transfer fluids and lubricant additives, agreed to acquire Lucas Meyer Cosmetics, a provider of ingredients for the cosmetics and personal care industry from International Flavors & Fragrances, a company that creates, manufactures, and supplies flavors and fragrances for the food, beverage, personal care, and household products industries, for $810m.
“The proposed acquisition of Lucas Meyer Cosmetics marks another major step forward for Clariant’s purpose-led growth strategy. It will strengthen our position as a true specialty chemical company, our exposure towards consumer markets, and our footprint in North America, while supporting our goal to accelerate customer- and sustainability-driven innovation. In addition, Lucas Meyer Cosmetics brings a highly experienced leadership team with an excellent track record. By combining our personal care ingredients portfolio with Lucas Meyer Cosmetics, Clariant will become a leader in the high value cosmetic ingredients space, one of the most attractive, profitable, and fastest-growing specialty chemicals markets. With this step, we will build on our successful track record of pursuing and integrating bolt-on acquisitions to enable value creation and profitable growth,” Conrad Keijzer, Clariant CEO.
Realty Income, a real estate investment trust that invests in free-standing, single-tenant commercial properties in the United States, Spain and the United Kingdom, agreed to acquire Spirit Realty Capital, a net-lease REIT, investing primarily in single-tenant, operationally essential real estate assets, for $9.3bn.
"The merger with Spirit is yet another example of how our size, scale, and unique platform value continue to create substantial value for our shareholders," Sumit Roy, Realty Income President and CEO.
Western Digital, an American computer drive manufacturer and data storage company, is set to spin-off its HDD and flash businesses. Financial terms were not disclosed.
"Our HDD and Flash businesses are both well positioned to capitalize on the data storage industry's significant market dynamics, and as separate companies, each will have the strategic focus and resources to pursue opportunities in their respective markets. Importantly, separating these franchises will unlock significant value for Western Digital shareholders, allowing them to participate in the upside of two industry leaders with distinct growth and investment profiles," David Goeckeler, Western Digital CEO.
Western Digital is advised by JP Morgan, Lazard, Qatalyst Partners and Skadden Arps Slate Meagher & Flom.
Bernhard Capital Partners, a services and infrastructure-focused private equity management firm, agreed to acquire the gas distribution business of Entergy, a Fortune 500 integrated energy company, for $484m.
"We are pleased to partner with Bernhard Capital, who shares our values around employee engagement, safety and reliability performance, quality customer service and local community investment. This agreement allows us to continue our strategy of simplifying operations and focusing on our regulated electric utility business for the benefit of our customers. Our gas utilities and dedicated gas employees have been and continue to be an integral part of Entergy, which is why it was imperative to approach this decision with thoughtful and deliberate consideration. I want to thank our employees for their hard work and accomplishments," Drew Marsh, Entergy Chairman and CEO.
United Therapeutics, an American publicly traded biotechnology company, agreed to acquire Miromatrix Medical, a life sciences company focused on the development of bioengineered organs composed of human cells, for $91m.
“At United Therapeutics, we are determined to rectify the severe shortage of transplantable organs,” Martine Rothblatt, Ph.D., United Therapeutics Chairperson and Chief Executive Officer.
United Therapeutics is advised by Gibson Dunn & Crutcher. Miromatrix Medical is advised by Craig-Hallum Capital Group, Piper Sandler, and Faegre Drinker Biddle & Reath.
Omnicom, a global marketing and corporate communications company, agreed to acquire Flywheel, a cloud-based digital commerce platform, for $835m.
"E-commerce sales worldwide are set to increase by 50%, reaching about $7tn by 2025. The acquisition of Flywheel significantly broadens our reach and influence in the rapidly expanding digital commerce and retail media sectors, two of the fastest-growing parts of the industry. Together, we will seamlessly integrate our offerings across retail and brand media, digital and in-store commerce, and CRM, ultimately delivering superior results for our clients," John Wren, Omnicom Chairman and CEO.
Omnicom is advised by Moelis & Co and Latham & Watkins.
Blue Owl Capital, an alternative asset management firm, agreed to acquire Cowen Healthcare Investments, a venture capital investment firm, from Cowen Investment Management, an American multinational investment bank and financial services firm. Financial terms were not disclosed.
"CHI is a well-respected team within Life Sciences whom I've had the privilege of getting to know over the years," Sandip Agarwala, Blue Owl Capital Managing Director.
Blue Owl Capital is advised by SMBC Nikko Securities.
abrdn, an investment company, completed the acquisition of the healthcare fund management capabilities of Tekla Capital Management, a registered investment adviser. Financial terms were not disclosed.
"We have been clear that we will continue to invest in opportunities where we see capabilities that we need and that offer compelling value, and this acquisition strongly meets our criteria. Tekla is a leader in a field that offers compelling long term growth prospects, supported by demographic trends and the growing role of technology in healthcare. With £2.6bn ($3.1bn) AUM, resilient revenue dynamics, and deep expertise in a market with attractive structural drivers, this deal represents another important step forward for our Investments business," Stephen Bird, abrdn CEO.
Carlyle to explore sale of men's grooming brand Every Man Jack. (FS)
Carlyle Group is preparing to explore a sale of Every Man Jack, a men's personal-care company that could be worth around $400m, Reuters reported.
Carlyle, a private equity firm, has been interviewing investment banks to hire a financial advisor that will run a sale process for Every Man Jack.
Every Man Jack generates more than $100m in annual revenue.
Ares Management closes $6.6bn Pathfinder II Alternative Credit Fund. (FS)
Ares Management, a global alternative investment manager, closed the Ares Pathfinder Fund II at $6.6bn in commitments. The fund was oversubscribed and closed at its hard cap, which exceeded its $5bn target and was approximately 80% larger than the predecessor fund which had total commitments of $3.7bn. The fund held its final closing only seven months following its first closing in March 2023.
"We are deeply grateful for the continued support from our investors. In our view, their trust and confidence in Ares Alternative Credit is a testament to the team's success in executing on their behalf and creating value across a range of market and economic environments," Keith Ashton, Ares Alternative Credit Partner and Co-Head.
Wells Fargo hires telecom banker David Kase from Barclays. (People)
Wells Fargo & Co. has hired telecommunications banker David Kase from Barclays as the San Francisco-based lender continues building out its investment banking franchise, Bloomberg reports.
Kase has joined Wells Fargo in New York as a managing director in the firm’s technology, media and telecommunications group focused on telecom. He reports to Jeff Gignac, head of media and telecom within Wells Fargo’s TMT business, which is led by Brian Gudofsky.
EMEA
Omnicom Group, an American global media, marketing and corporate communications holding company, agreed to acquire the digital commerce business of Ascential, a British business-to-business media business specializing in exhibitions & festivals and information services, for $900m.
"The Board firmly believes that the proposed sales of Digital Commerce and WGSN represent excellent value for shareholders, including the return of a significant portion of the combined proceeds. Furthermore, these actions are compelling in that they will enable us to achieve the objectives of the strategic review, addressing the distinct investment propositions of Ascential's three businesses, while also better positioning each business to achieve their growth ambitions," Scott Forbes, Ascential Chairman.
Ascential is advised by JP Morgan, Numis Securities, Rothschild & Co, Slaughter & May, Travers Smith and FTI Consulting (led by Matt Dixon). Debt financing is provided by JP Morgan and Numis Securities. Debt providers are advised by Latham & Watkins.
Apax Partners, a British private equity firm, agreed to acquire WGSN, a trend forecasting company, from Ascential, a British business-to-business media business specializing in exhibitions & festivals and information services, for $848m.
"The Board firmly believes that the proposed sales of Digital Commerce and WGSN represent excellent value for shareholders, including the return of a significant portion of the combined proceeds. Furthermore, these actions are compelling in that they will enable us to achieve the objectives of the strategic review, addressing the distinct investment propositions of Ascential's three businesses, while also better positioning each business to achieve their growth ambitions," Scott Forbes, Ascential Chairman.
Ascential is advised by JP Morgan, Numis Securities, Rothschild & Co, Slaughter & May, Travers Smith and FTI Consulting (led by Matt Dixon). Debt financing is provided by JP Morgan and Numis Securities. Debt providers are advised by Latham & Watkins.
Ahold Delhaize, a Dutch-Belgian multinational retail and wholesale holding company, agreed to acquire Profi Rom Food, a Romanian grocery retailer, from Mid Europa Partners, a private equity firm, for €1.3bn ($1.37bn)
The acquisition will more than double the size of Ahold Delhaize's existing Romanian business, which operates under the Mega Image brand and has 969 stores, predominantly in urban areas. The combination will complement and expand Ahold Delhaize's existing Romanian footprint to better serve both urban and rural areas.
Ahold Delhaize is advised by Bank of America, Goldman Sachs, CMS and Guia Naghi & Partners. Mid Europa is advised by Ernst & Young, Beragua, Citigroup, Radu Taracila Padurari Retevoescu and White & Case.
Rolex-backed Marconi Investment, a company that specialises in renting, buying, selling and appraising real estate, completed the acquisition of a building located at Rue du Rhone for $133m.
Swatch Group, the parent entity of Omega, has its biggest boutique listed as a tenant in the property that has now been bought by the Rolex subsidiary.
Private equity firms Inflexion and Endicott Capital agreed to invest in the legal tech business of Allen & Overy, a British multinational law firm headquartered in London. Financial terms were not disclosed.
"The sector is one we've tracked for some time as heightened regulatory scrutiny and complexity have led to growing demand for efficiency and thus outsourcing in legal spend. We have been very impressed by what Marc-Henri and his team, with the support of A&O, have built. The quality of aosphere's offering and its reputation in the market are truly unique. We see incredible potential in continuing to expand the platform and are excited to partner with Marc-Henri and A&O to continue this journey together," David Whileman, Inflexion Partner and Head of Partnership Capital.
Allen & Overy is advised by Lazard.
NFP, a property and casualty broker, benefits consultant, wealth manager, HR services consultant, and retirement plan advisor, completed the acquisition of Resolute Insurance Services, an independent insurance broker. Financial terms were not disclosed.
"We're always open to engaging with like-minded insurance brokers and expanding our business operations by integrating firms, such as Resolute, that share our culture and values. Resolute will be a great asset to NFP as we invest in the team and their growth," John Paul Allcock, NFP Group Managing Director.
Calibre Scientific, a diversified global provider of life science reagents, completed the acquisition of CPS Analitica, an Italian provider of chromatography consumables. Financial terms were not disclosed.
"We are delighted to join Calibre Scientific. I am confident that the synergies between our organization and the rest of Calibre Scientific, as well as the union of our enthusiastic and skilled teams, will be the cornerstone of a prosperous new era of achievement for the Company," Roberto Miglio, CPS Managing Director.
Fast-fashion group Shein buys UK brand Missguided.
Fast-fashion group Shein has acquired the Missguided brand in its first acquisition of a British label, as the Chinese-founded group faces a growing threat from a well-funded new rival. Shein bought the brand from Frasers Group for an undisclosed amount, FT reported.
Shein, which is headquartered in Singapore, is doubling down on the UK market as it battles competition from Pinduoduo’s Temu, an ecommerce platform that has replicated Shein’s model of shipping cheap goods from manufacturers in China to consumers in the west.
Aurelius in talks to buy The Body Shop. (FS)
Private equity investor Aurelius Group is in talks to buy beauty products chain The Body Shop, which has been put up for sale by its Brazilian owner Natura & Co, Reuters reported.
If completed, the deal is expected to value The Body Shop at a lower price than the £400m-£500m ($485m-$606m).
Santander readies sale of bad assets worth €5bn.
Spain's Santander is planning to sell toxic real estate assets with a nominal value of up to €5bn ($5.28bn), Reuters reported.
The asset portfolio, dubbed Talos II, comprises bad loans, backed by mortgage collateral such as homes and commercial properties, that the lender could end up repossessing as a consequence of defaults.
HSBC plans $3bn buyback, CEO touts capital strength.
HSBC Holdings announced a fresh buyback program and hinted at the potential for further returns to investors despite announcing profits for the third-quarter that missed market expectations, Bloomberg reported.
The London-headquartered bank said that it would shortly begin buying back an additional $3bn of its shares, taking total stock repurchases for the year to $7bn. HSBC Chief Executive Officer Noel Quinn signaled there may be more to come.
Dubai’s RTA seeks about $300m from taxi IPO.
Dubai Taxi, a unit of the emirate’s transport authority, is seeking to raise about $300m from a share sale next month in what’s set to be city’s first privatization of the year, Bloomberg reported.
As part of the initial public offering, the taxi operator plans to pay a fourth-quarter dividend of at least AED71m ($19m) in April. After that, Dubai Taxi will pay at least 85% of its annual net profit in two dividend payments from the 2024 fiscal year, the presentation shows.
Abingworth raises $356m for its Clinical Co-Development Co-Investment Fund. (FS)
Abingworth, an international life sciences investment group and part of global investment firm Carlyle, announced the final closing of its new Clinical Co-Development Co-Investment Fund at $356m.
Abingworth Clinical Co-Development Co-Investment Fund was significantly oversubscribed, exceeding its target of $300m. Alongside the Abingworth Clinical Co-Development Fund 2, a fund of $583m, Abingworth has raised over $930m in new funds since 2021 to invest in the development of late-stage clinical programs from pharmaceutical and biotechnology companies in the US, UK, Europe, and Asia-Pacific, and create innovative therapeutics with potential to significantly improve human health.
APAC
Lumentum, a designer and manufacturer of innovative optical and photonic products, agreed to acquire Cloud Light Technology, a designer and manufacturer of advanced optical modules and optical sensors, for $750m.
“With Cloud Light, we are making a strategic investment to significantly expand our opportunities in the cloud data center and networking infrastructure space,” Alan Lowe, Lumentum President and CEO.
Lumentum is advised by Bank of America, Wilson Sonsini Goodrich & Rosati, and Hotwire Global. Cloud Light Technology is advised by Morgan Lewis & Bockius.
KKR, a global investment firm, agreed to invest $400m in OMS Group, a Malaysian subsea telecommunications cable service provider.
"KKR’s investment in OMS Group underscores the value of OMS Group’s capabilities, which provides immense economic value to communities, corporations, and countries around the world by constructing and maintaining critical subsea data infrastructure. Together with KKR’s strong track record in supporting and investing in data infrastructure assets and its platform-building expertise, OMS Group is in a stronger position to support its clients to build and maintain greater global connectivity.” Ronnie Lim, OMS Group CEO.
KKR is advised by Citigroup.
Blackstone, an American private equity firm, agreed to acquire a majority stake in Care Hospitals, a chain of hospitals in India, from TPG, a private equity investment firm, for $1bn.
"Life sciences is a key investment theme for Blackstone and we plan to bring in our global scale and operating expertise," Ganesh Mani, Blackstone Managing Director.
Merck widens work on 'DNA damage' drugs in deal with China's Hengrui.
Germany's Merck on Monday said it struck a collaboration deal with Chinese drugmaker Jiangsu Hengrui Pharmaceuticals to widen Merck's work in an area known as "DNA damage response" drugs, Reuters reported.
In a statement on Monday, diversified group Merck said it agreed to pay Hengrui €160m ($169m) upfront. The deal could be worth up to €1.4bn ($1.47bn) when including payments contingent on development and commercial achievement as well as royalties on sales.
Ex-Carlyle executive to start Japan Corporate Engagement Fund. (FS)
Hiroyuki Otsuka, a former deputy head of Carlyle Group Japan business, is starting an engagement fund to support the growth of companies listed in the nation, Bloomberg reported.
Otsuka is seeking to raise several hundred billion yen for the fund, mainly from domestic investors including major financial institutions.
Chinese online insurer Shouhui considers Hong Kong IPO in 2024.
Shenzhen Shouhui Technology Group, a Chinese online insurance platform, is considering an initial public offering in Hong Kong as soon as next year.
China International Capital and Shenzhen Shouhui Technology Group, a Chinese online insurance platform, is considering an initial public offering in Hong Kong as soon as next year, Bloomberg reported.
China International Capital and Huatai Securities are working with the company on the listing preparations. The company could raise $200m to $300m in its first-time share sale depending on the market condition.
Citigroup clinches $260m asset-backed financing for WeLab. (FS)
Citigroup led a $260m asset-backed financing for WeLab, Hong Kong’s biggest online lending platform, Bloomberg reported.
Citigroup is the sole senior underwriter on the deal.
Everstone hires BDA to sell $1bn Singapore healthcare services firm Everlife. (FS)
Singapore-headquartered private equity firm Everstone Capital has hired BDA Partners to run a sale of Everlife Holdings that could value the healthcare services company at up to $1bn, Reuters reported.
Non-binding offers for Everlife, which offers products and solutions to clinical and scientific laboratories in South and Southeast Asia, are due mid-November, with a deal expected to be wrapped up by the first half of 2024.
China buyout firm Ascendent resumes pursuit of Hollysys. (FS)
China-focused private equity firm Ascendent Capital Partners is considering reviving a potential offer to take Hollysys Automation Technologies, Bloomberg reported.
Ascendent Capital is working with financial advisers and exploring financing options as it evaluates a fresh bid for US-listed Hollysys.
Gentari and GIC tie up with Greenko founders. (FS)
Gentari, the clean energy division of Malaysia's Petronas, and AM Green, set up by the founders of Greenko, announced the signing of definitive agreements together with an affiliate of GIC to produce 5m tons per annum of green ammonia by 2030 – equivalent to about 1 MTPA of green hydrogen.
The partnership will focus on the production of green ammonia across multiple locations in India, which is expected to accelerate efforts to achieve net zero targets in India as well as in OECD markets. Exports of green ammonia to key OECD markets, such as Germany, Japan, South Korea, as well as Singapore from this platform is expected to begin in late 2025.
|
