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AMERICAS
RedBird Capital-backed Skydance Media, an American production company based in Santa Monica, California, agreed to merge with Paramount Global, a global media, streaming and entertainment company, in an $8bn deal.
"In 1987, my father, Sumner Redstone, acquired Viacom and began assembling and growing the businesses today known as Paramount Global. He had a vision that "content was king" and was always committed to delivering great content for all audiences around the world. That vision has remained at the core of Paramount's success and our accomplishments are a direct result of the incredibly talented, creative, and dedicated individuals who work at the company. Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king. Our hope is that the Skydance transaction will enable Paramount's continued success in this rapidly changing environment. As a longtime production partner to Paramount, Skydance knows Paramount well and has a clear strategic vision and the resources to take it to its next stage of growth. We believe in Paramount and we always will," Shari Redstone, Paramount Global Chair.
Paramount Global is advised by Centerview Partners, Rothschild & Co, Cravath Swaine & Moore and Simpson Thacher & Bartlett. National Amusements is advised by BDT & MSD Partners, Ropes & Gray and Kekst CNC (led by Molly Morse). Skydance Media is advised by Bank of America, Moelis & Co, RedBird Advisors, The Raine Group, Latham & Watkins (led by Justin Hamill, Bradley Faris, Ian Nussbaum, Max Schleusener, Rick Offsay, and Liliana Paparelli Ranger), Gagnier Communications (led by Dan Gagnier) and Principal Communications Group (led by Melissa Zukerman). RedBird Capital is advised by Sullivan & Cromwell (led by Alison S. Ressler and Eric M. Krautheimer).
Vista Outdoor on July 8 rejected investment firm MNC Capital's final buyout offer of $3.2bn, citing that it undervalued the company, and said it had agreed to an increased bid for its ammunition unit from Czechoslovak Group, Reuters reported.
The latest development adds to the months-long saga for the parent of Federal Ammunition and Remington Ammunition against the backdrop of rising demand for military supplies since the escalation of the Russia-Ukraine conflict in 2022.
Flacks Group, an investment firm, completed the acquisition Artemyn, the paper market serving division of Imerys, a supplier of mineral-based specialty solutions, for $400m.
This strategic move marks Flacks Group's official entry into the mining industry and significantly strengthens its diversified portfolio.
Eli Lilly, an American pharmaceutical company headquartered in Indianapolis, agreed to acquire Morphic, a biopharmaceutical company developing a portfolio of oral integrin therapies for the treatment of serious chronic diseases, for $3.2bn.
"Morphic has always believed that the immense potential of MORF-057 to benefit patients suffering from IBD could be optimized by the ideal strategic partner. Lilly brings unparalleled resources and commitment to the inflammation and immunology field," Praveen Tipirneni, Morphic CEO.
Morphic is advised by Centerview Partners, Evercore and Fenwick & West. Eli Lilly is advised by Citigroup and Kirkland & Ellis.
ARB Midstream, a privately held, growth-oriented energy company, agreed to acquire Elevation Midstream, an energy midstream gathering and processing company based in Denver, Colorado. Financial terms were not disclosed.
"We are extremely pleased to announce this combination with Platte River. ARB has built a highly strategic business with a great track record servicing their producer customers. Our assets are interconnected and complementary, and the combination creates a midstream system of significant scale in the basin. This transaction represents the first step in Elevation's strategy to serve as a consolidator of DJ Basin gathering and processing assets. It has immediate operational synergies and will unlock additional accretive opportunities for continued growth," John Roberts, Elevation Midstream CEO.
Elevation Midstream is advised by Intrepid Advisors and Vinson & Elkins (led by Matt Falcone). ARB is advised by Jefferies & Company and Locke Lord.
Devon Energy, an independent energy company that is involved primarily in oil and gas exploration, agreed to acquire Williston Basin business of Grayson Mill Energy, a Houston-based energy exploration and production company, for $5bn.
“The acquisition of Grayson Mill is an excellent strategic fit for Devon that allows us to efficiently expand our oil production and operating scale while capturing a meaningful runway of highly economic drilling inventory. This transaction also creates immediate value within our financial framework by delivering sustainable accretion to earnings and free cash flow that will result in higher distributions to shareholders over time,” Rick Muncrief, Devon Energy President and CEO.
Devon Energy is advised by Citigroup and Kirkland & Ellis. Grayson Mill Energy is advised by Jefferies & Company.
B. Riley Financial, an American financial services company headquartered in Los Angeles, completed the acquisition of Interface Consulting International, an engineering and construction consulting and expert services firm. Financial terms were not disclosed.
"Interface Consulting is a highly regarded expert services and dispute resolution firm with a decades-long track record of delivering exceptional service to its clients across the construction and engineering space. We are thrilled to welcome our newest colleagues to B. Riley. This team is an exciting addition with which to further enhance our Forensic Accounting and Litigation Support practice as we expand our professional services platform to address our clients' most critical objectives," Ian Ratner, B. Riley Advisory Services co-CEO.
Slim's Grupo Carso inks deal to partner with Pemex on Lakach natural gas project.
Grupo Carso, the Mexican holding company controlled by the family of Mexican mogul Carlos Slim, signed an exploration and extraction services contract with state oil firm Pemex for the stalled Lakach natural gas project, Reuters reported.
With the contract, Grupo Carso becomes Pemex's partner to develop the project after its prior partner, US liquefied natural gas company New Fortress Energy, pulled out last year.
BlackRock unveils climate policies for $150bn in funds. (FS)
BlackRock is singling out funds with combined assets of $150bn for an extra screen designed to ensure the investments are aligned with strict climate goals. The world’s largest money manager said the decision affects 83 funds domiciled in Europe, Bloomberg reported.
The strategy, which will be applied to portfolios with stated climate and decarbonization objectives, also may be extended to funds in the US and Asia-Pacific region, as well as separate accounts managed for clients.
EMEA
The UK Competition and Markets Authority unconditionally approved the $3.1bn acquisition of Olink, a company dedicated to accelerating proteomics together with the scientific community, by Thermo Fisher Scientific, a supplier of analytical instruments, life sciences solutions, specialty diagnostics, laboratory, pharmaceutical and biotechnology services.
"The acquisition of Olink underscores the profound impact that proteomics is having as our customers continue to advance life science research and precision medicine. Olink's proven and transformative innovation is highly complementary to our leading mass spectrometry and life sciences platforms. Our company is uniquely positioned to bring this technology to customers enabling them to meaningfully accelerate discovery and scientific breakthroughs. We look forward to welcoming Olink's colleagues to Thermo Fisher," Marc N. Casper, Thermo Fisher Chairman, President and CEO.
KKR-backed Ocean Yield, a shipping company in Fornebu, Norway, agreed to acquire a 34% stake in Geogas LNG, an operator of long-haul LPG on large and mid-size gas carriers, from CVC DIF, a global mid-market infrastructure equity fund manager. Financial terms were not disclosed.
"We are pleased to partner with NYK, Geogas Maritime and Access Capital Partners for our first transaction in the LNG segment. FLS controls a fleet of modern LNG carriers with a low carbon footprint and long-term charters to investment grade-rated counterparties," Andreas Røde, Ocean Yield CEO.
Ocean Yield is advised by BAHR and Stephenson Harwood. CVC DIF is advised by Eight Advisory, Marsh, Watson Farley & Williams, Rothschild & Co, Orrick Herrington & Sutcliffe, FTI Consulting, KPMG and DNV.
Carlsberg, a Danish multinational brewer, agreed to acquire Britvic, a British producer of soft drinks, for £4.1bn ($5.3bn).
"With this transaction, we are combining Britvic's high-quality soft drinks portfolio with Carlsberg's strong beer portfolio and route-to-market capabilities, creating an enhanced proposition across the UK and markets in Western Europe. The proposed transaction is attractive for shareholders of Carlsberg, supporting our growth ambitions and being immediately earnings accretive and value accretive in year three. We are excited about expanding our global partnership with PepsiCo and believe that the longer-term opportunities will be very beneficial for both companies," Jacob Aarup-Andersen, Carlsberg CEO.
Ligand, a biopharmaceutical company located in San Diego, agreed to acquire APEIRON Biologics, a biotechnology company in Vienna, Austria, for $128m.
"The addition of QARZIBA to our commercial royalty portfolio further supports our growth strategy to invest in high-value medicines that deliver significant clinical value and generate predictable and long-term revenue streams for our investors. QARZIBA is the only immunotherapy for high-risk neuroblastoma marketed across Europe and in other parts of the world. We believe this drug will be a meaningful contributor to our royalty revenue, which is now driven by a diversified portfolio of 12 key commercial-stage products," Todd Davis, Ligand CEO.
APEIRON Biologics is advised by Baker McKenzie and Dorda Rechtsanwalte. Ligand is advised by E+H Rechtsanwälte, McDermott Will & Emery, KWM Communications (led by Kellie Walsh) and LifeSci PR (led by Bob Yedid).
Carlsberg, a Danish multinational brewer, agreed to acquire the remaining 40% stake in CMBC, one of the UK's largest brewers and the leading UK brewer of cask ale, from Marston's, a British brewing company, for £206m ($263m).
"Today's announcement represents a significant milestone for Marston's as we realise our stake in CMBC. In my first six months with the business, it has become very clear to me that our core capability and key opportunity to unlock value for shareholders is in driving a focused and successful pub business," Justin Platt, Marston's CEO.
ChampionX, a pumps and pumping equipment company, completed the acquisition of RMSpumptools, a company focused on ESP, artificial lift and subsea connector technologies, from James Fisher and Sons, a provider of specialist services to the marine, oil and gas and other global, high assurance industries, for £90m ($115m).
"The sale of RMS marks a significant step in simplifying our portfolio to further strengthen our financial position and create a platform for sustained recovery. We believe the transaction represents good value for our shareholders, reflecting RMS's strong performance in recent years. The disposal allows James Fisher to continue its strategy of focusing and simplifying the Group, investing in the core portfolio and innovative new technologies that will deliver future growth," Jean Vernet, James Fisher CEO.
Iktos, a company specializing in AI and robotics for new drug design, agreed to acquire Synsight, a biotech company applying AI and high-content cell imaging to the discovery of novel drug candidates. Financial terms were not disclosed.
"I'm very happy to become part of the Iktos team and at the perspective of adding our platform to build a one-of-its-kind drug discovery engine. Iktos superior generative AI and retrosynthesis AI technology combined with our expertise in high content cellular screening and detection of molecular interactions within the cell will provide us with a competitive advantage in targeting PPIs and RPIs. I, as well as the whole Synsight team, look forward to a successful collaboration with our new colleagues," Cyril Bauvais, Synsight Co-Founder and President.
Abu Dhabi investment firm Lunate takes on AI firm G42’s China fund. (FS)
A new investment vehicle in Abu Dhabi has taken over the management of artificial intelligence firm G42’s China-focused fund, keeping the assets in the hands of a powerful member of the emirate’s royal family, Bloomberg reported.
The fund, Lunate, plans to hire a small team to help manage what was G42’s 42XFund, an entity with stakes in units of Chinese technology companies including ByteDance and JD.com.
Grifols says founding family and Brookfield weigh takeover bid. (FS)
Grifols said that its founding family and asset manager Brookfield have made an approach to buy and delist it, after the pharmaceutical producer lost billions in market value amid a short-seller attack, Bloomberg reported.
Brookfield and the Grifols family “have reached an agreement to evaluate a possible joint takeover bid to acquire all” the shares of the company and take it private. The company has a market value of €5.5bn ($6bn).
Smurfit Westrock makes its debut in New York and London.
Smurfit Westrock, a sustainable packaging company, announced its primary listing on the New York Stock Exchange, under the ticker ‘SW,’ following the completion of the previously announced combination of Smurfit Kappa and WestRock on July 5, 2024.
The company also has a standard listing on the London Stock Exchange under the ticker ‘SWR’. Smurfit Westrock, operating in 40 countries and tapping into the expertise of over 100k people, has an ability to provide its customers with diverse, innovative and sustainable range of renewable and recyclable packaging solutions.
Brookfield creating UK insurer to join corporate pensions deal bonanza. (FS)
Brookfield has applied to set up an insurance company in the UK, a move that would allow one of the world’s largest private capital groups to cash in on the wave of British companies offloading their pension plans, FT reported.
Higher interest rates have radically improved the health of corporate pension plans, paving the way for companies to offload the liabilities and assets of the schemes to insurers.
KHK & Partners launches Ayala Capital spin-off to focus on MENA capital raising. (FS)
KHK & Partners has launched spin-off business Ayala Capital, a newly formed entity that will provide capital-raising solutions and services to global asset managers interested in the MENA region. Against a backdrop of falling distribution and rising capital-raising challenges in the US and European markets, the MENA regions remains a net exporter of capital, and is poised to maintain this role due to its sustained economic surplus and strategic financial reserves.
Ayala Capital’s team has previously raised capital from sovereigns, institutional investors, banks and family offices in the region. The business already works with global asset managers including Tikehau Capital, Montana Capital Partners, NewSpace Capital and ShoreVest Partners.
APAC
GIC, a sovereign wealth fund established by the Government of Singapore, completed the acquisition of an additional 48% stake in Shanghai Xingxinman Enterprise Management, a holding company that owns Shanghai Nanxiang Incity MEGA shopping mall, from China Vanke, a company that operates real estate development businesses, for $316m.
The mall will likely still be operated by Vanke after the share sale, as GIC lacks property management capacity. GIC, whose partnerships with Vanke go back to 2004, has in recent years acquired shares in several joint projects from Vanke, with the Chinese developer retaining minor stakes for operational control. Stakes in Nanxiang Incity MEGA and Qibao Vanke Plaza are among the assets that Vanke has sold this year in order to raise money to repay debts.
BYD, a company engaged in the research, development, manufacture, and distribution of automobiles, agreed to acquire a 20% stake in Rever Automotive, a company that specializes in the distribution of cars. Financial terms were not disclosed.
"We are thrilled to deepen our partnership to accelerate the adoption of electric vehicles and contribute to Thailand's transition towards a more sustainable future," Liu Xueliang, BYD Asia-Pacific Auto Sales General Manager.
KKR considers reviving multibillion-dollar sale of Goodpack. (FS)
KKR is looking to revive the process to sell Goodpack, a Singapore-based global supply chain and logistics company, in a potentially multibillion-dollar deal, WSJ reported.
The private-equity firm is in early talks with advisers to sell Goodpack. A formal sales process could begin late in the third quarter or early in the fourth if there is market interest.
Isola Fullerton Global Private Alpha Fund secures anchor investors for first close. (FS)
Isola Capital and Mantis Funds announced that the Isola Fullerton Global Private Alpha has secured its anchor investors for a first close. The Fund, which is sub-advised by Fullerton Fund Management, provides a diversified portfolio of leading global private equity, venture capital and private credit strategies with the objective to generate consistent and repeatable returns.
The anchor investors include Sun Hung Kai, a leading Australian single family office, and QuarterFive which is an Australian multi-family office advisory firm. All the anchor investors are highly experienced in private alternatives with exposure across Asia Pacific and globally.
Deutsche Bank hires former CICC top Asia TMT banker Victor Jiang. (People)
Deutsche Bank has hired Victor Jiang as co-head of technology, media and telecommunications for Asia Pacific, another high-profile appointment by the German lender, Bloomberg reported.
Jiang previously worked at China International Capital, most recently as Asia co-head of TMT and head of Southeast Asia investment banking. At CICC, Jiang led $80bn of transactions across mergers and acquisitions and capital markets.
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