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AMERICAS
Everi, a premier provider of land-based and digital casino gaming content and products, financial technology, player loyalty solutions, and bingo, announced that its stockholders have voted to approve the pending simultaneous acquisition of Everi and the gaming & digital business of International Game Technology.
"We are pleased that our stockholders supported our transaction with the Apollo Funds. We now shift our focus to the important next steps toward completing the transaction and maximizing value for Everi stockholders," Michael Rumbolz, Everi Chairman.
Marsh McLennan, a leader in risk, strategy and people, completed the acquisition of McGriff Insurance Services, a provider of insurance broking and risk management services, from TIH, an insurance company, for $7.75bn.
“We are thrilled to welcome the McGriff team to Marsh McLennan. Their deep specialty and industry capabilities will strengthen Marsh McLennan Agency’s value proposition and expand our reach in the growing middle market. Together, McGriff and MMA will deliver even greater value to clients,” John Doyle, Marsh McLennan President and CEO.
Molex, a global connectivity and electronics solutions provider, agreed to acquire AirBorn, a manufacturer of high reliability electronics and components. Financial terms were not disclosed.
"The acquisition of AirBorn brings strong capabilities to Molex in the aerospace and defense market. Combining Molex's engineering breadth and manufacturing scale with AirBorn's expertise in ruggedized, mission-critical products will enable us to better serve the evolving needs of our customers in this fast-growing global market," Joe Nelligan, Molex CEO.
AirBorn is advised by Wells Fargo Securities and Locke Lord. Molex is advised by Evercore and Jones Day.
Kpler, a data and analytics platform for trade intelligence, agreed to acquire maritime business from Spire Global, a space-to-cloud data and analytics company, for $241m.
“This move further focuses Spire on our core mission: helping humanity tackle climate change and global security challenges — two of the macrotrends driving the space economy. We are now even better equipped with the resources, technology and experience to serve governments and commercial clients to fulfill their missions, whether through our advanced data solutions or empowering them with our sophisticated space services offering," Peter Platzer, Spire CEO.
Tres Energy, a privately held limited liability company that invests in and operates strategic energy assets, completed the acquisition of Adams Resources & Energy, a company engaged in crude oil marketing, transportation, terminalling and storage, tank truck transportation of liquid chemicals, for $139m.
“This transaction marks the successful completion of a profitable journey for our shareholders and fulfills our strategic goal to restructure the Company, unlocking more value from our assets and operations. By returning to our roots as a private company in partnership with Buyer, we will gain efficiencies and create new entrepreneurial opportunities for both the Company and our employees,” Townes G. Pressler, Adams Resources Chairman.
Boston Scientific, a biomedical/biotechnology engineering firm, completed the acquisition of Axonics, a medical technology company, for $3.4bn.
"Over the last decade, it has been impressive to see the meaningful innovations Axonics has delivered for patients with overactive bladder and incontinence. By closing this acquisition, we're pleased to welcome the Axonics team into Boston Scientific. The addition of the Axonics product portfolio enables us to expand into sacral neuromodulation, a high-growth adjacency for our Urology business, while bringing a comprehensive portfolio of products to patients around the world who are seeking tailored treatment options based on their life stage and incontinence severity," Meghan Scanlon, Boston Scientific Senior Vice President.
A frustrated bankruptcy judge said he has concerns over the process in which satirical news site The Onion won an auction for right-wing provocateur Alex Jones’ Infowars website.
Saying he was dissatisfied with the transparency of the sale process, Judge Christopher M. Lopez said November 14 that he would hold a hearing next week to hear concerns and possibly approve the sale of the Infowars assets to the satirical news website owners.
Arctiq, a provider of professional IT solutions and managed services, completed the acquisition of Summit Partners, an IT consulting and value-added reseller firm. Financial terms were not disclosed.
“Together, Arctiq and Summit are combining to expand our collective presence in the US West region and our local capabilities to better serve clients. Led by John Georges, Jon Lankert, and Chris Moon, the Summit Partners team brings a strong reputation for excellence, and I’m excited to build on their success. This partnership also opens the door to broader market opportunities, allowing us to accelerate growth in high-demand areas like Managed Security Services, Data & AI solutions, IT Modernization, and more," Paul Kerr, Arctiq CEO.
Nordic Capital closes in on deal for Astorg's Anaqua. (FS)
Private equity firm Astorg is nearing a sale of its US-based intellectual property software firm Anaqua to Nordic Capital for around $2.5bn, Reuters reported.
The buyout firms are finalising a deal that could be announced in the coming days, provided there are no delays.
Fink pushes BlackRock into high-stakes bet on private markets. (FS)
Larry Fink turned to big deals to get BlackRock out in front of a decade of money gushing into index funds. Now he’s doing the same to make sure his firm isn’t left behind in the stampede into private assets, Bloomberg reported.
The longtime BlackRock boss has plunked down roughly $16bn this year to become the world’s second-biggest infrastructure investor and acquire the data needed to, as he put it, “index the private markets.” Now his firm is in advanced talks to buy HPS Investment Partners — one of the biggest players in private credit — and discussing taking a stake in Izzy Englander’s Millennium Management, one of the world’s preeminent hedge funds.
Franklin to integrate parts of Wamco, cut jobs amid outflows.
Franklin Resources will start taking over parts of its Western Asset Management unit as the bond house grapples with a Securities and Exchange Commission investigation into its star bond manager, Ken Leech.
Wamco’s parent firm will begin incorporating its middle office into the larger firm’s operations, Franklin Chief Executive Officer Jenny Johnson and Wamco CEO Jim Hirschmann said, Bloomberg reported.
Blackstone, Warburg weighing $12bn sale of IntraFi. (FS)
Blackstone and Warburg Pincus are in the early stages of weighing strategic options including a sale of IntraFi, a fintech that helps people secure their bank deposits, Bloomberg reported.
The alternative-asset managers have begun talking to investment banks about soliciting interest in IntraFi — which could fetch $12bn or more in any transaction — in early 2025. The company could appeal to large financial technology firms such as exchanges. IntraFi may also be a candidate for an initial public offering.
Buffett’s Berkshire buys stakes in Domino’s and Pool.
Berkshire Hathaway bought stock in Domino’s Pizza, a food and beverage restaurant chain, and Pool, a distributor of swimming pool supplies, equipment, and related outdoor products, during the third quarter as Chairman Warren Buffett cut back on some long-held investments. Shares of the two new holdings jumped in late New York trading.
The founder of the Omaha, Nebraska-based conglomerate acquired about 1.3m shares in the pizza retailer, giving Berkshire a 3.6% stake valued about $550m, Bloomberg reported.
US private funds ask Trump transition team for SEC reform, pro-growth taxes.
A top US lobbying group for hedge funds and private credit firms on November 14 asked Donald Trump's transition team to review "harmful" private fund regulations and preserve "pro-growth tax policies," Reuters reported.
Wall Street lobby groups, which have chafed under the Biden administration's regulators, are readying their wish lists for the US President-elect's new Republican administration, which has promised to slash rules and cut taxes.
Elon Musk's political rise stirs hopes for banks that financed his X purchase.
Elon Musk's political ascendancy has some Wall Street banks hoping they may soon be able to offload $13bn of debt that backed the billionaire's purchase of the social media platform X, Reuters reported.
Some of the lenders in the consortium, which included Morgan Stanley and Bank of America, think Musk's emergence as a close aide to Republican President-elect Donald Trump could boost the prospects of X, previously known as Twitter. If that were to happen, it would allow them to sell the debt without having to take a massive loss on the deal.
Driverless tech firm Pony.ai seeks up to $195m in IPO.
Pony.ai is looking to raise as much as $195m from its US initial public offering as automotive-related companies lead a modest pickup in Chinese listings.
The autonomous driving startup set a price range of $11 to $13 for its American depositary shares. The top of the price range implies a market value for the company of about $4.5bn.
Startup ServiceTitan aims to file next week for 2024 IPO. (FS)
Home service software business ServiceTitan is planning to file as soon as next week for an initial public offering, Bloomberg reported.
The Glendale, California-based company is aiming to go public before the end of the year. The details and timing of the company’s plans could still change. ServiceTitan is backed by firms including Index Ventures, Bessemer Venture Partners, Battery Ventures and Thoma Bravo. Though valued at as much as $9.5bn during the 2021 boom, the company had a valuation of about $7.6bn after a 2022 funding round.
Massive new IPO to hoist Venture Global into energy elite.
Venture Global, a producer of North American liquified natural gas, is poised to join the upper echelon of US energy companies that includes Occidental Petroleum and PG&E with one of the world’s biggest IPO’s of the year, Bloomberg reported.
The Gulf Coast natural gas exporter’s plan to file for an initial public offering as soon as this week could raise more than $3bn, although details could change. JP Morgan’s research analysts pegged Venture Global’s enterprise value at more than $100bn, a figure that includes an undisclosed amount of debt.
Groupe Dynamite’s ‘canny’ IPO to kick off more Canadian deals.
Groupe Dynamite is poised to awaken Canada’s long-dormant initial public offering market after an 18-month dry spell, in what bankers are calling a cunningly timed offering that is expected to be the country’s biggest debut in nearly three years, Bloomberg reported.
Dynamite, a retailer of women’s clothing, aims to raise C$300m ($214m) in a deal that would value the company — majority owned by Chief Executive Officer Andrew Lutfy — at C$2.3bn ($1.6bn).
Klarna seeking more bank pitches as it prepares for US IPO.
Klarna Group is asking banks to submit pitches in the coming days for junior roles as the Swedish fintech firm presses ahead with its planned initial public offering in the US, Bloomberg reported.
The company, which filed for the IPO this week, is looking to list in New York in the first half of 2025.
Hyundai Motor elevates US chief to co-CEO position as it braces for Trump. (People)
Hyundai Motor has named Jose Munoz, its US chief and global chief operating officer, as co-CEO, the first appointment of a foreign national to that rank at a major South Korean conglomerate, Reuters reported.
The move - along with the appointment of a former US diplomat to oversee global external affairs - is expected to help the automaker navigate potential challenges posed by a second Trump administration.
EMEA
Halozyme Therapeutics, a biopharmaceutical company, offered to acquire Evotec, a drug discovery and development company, for €2bn ($2.1bn).
"The combination of Halozyme and Evotec would diversify and extend Halozyme revenue and EBITDA growth and durability well into the next decade and beyond. I am excited about the potential to bring together best-in-class innovative technologies and both organizations' capabilities to create a pan US / European innovative services company. With increased scale, a deep pipeline, and a diversified offering, we would be a highly attractive strategic partner to the biopharma industry. This in turn would provide a remarkable opportunity to accelerate the discovery and development of medicines that will improve patients' outcomes," Helen Torley, Halozyme President and CEO.
TT Electronics rejected a takeover proposal from an unidentified suitor that was higher than a £249m ($315m) proposal - which it also rebuffed - from Volex. Shares in TT Electronics, which makes electrical components, jumped as much as 54% to 121.5 pence on news of the bid interest, while Volex stock was down about 11%.
Volex, which makes power products and data connectivity cables, had rejected two of its proposals. The second comprised 62.9 pence in cash and 0.223 new Volex shares for each TT Electronics share, and valued TT stock at 135.5 pence apiece based on Volex's closing price on October 31.
Fokus Nordic, an independent full-service real estate investment and asset manager, agreed to acquire DEAS Asset Management, an alternative investment fund manager, from Montagu, a private equity company. Financial terms were not disclosed.
“This acquisition marks a significant strategic advancement for Fokus Nordic. We are excited to enhance the value we provide to our clients and investors, offering greater access to the Nordic real estate markets. Our commitment to exceptional service and local expertise remains unwavering, now strengthened by a stronger organization with a broader reach. This step allows us to diversify our portfolio and deliver an expanded selection of real estate investment options. I warmly welcome the DEAS Asset Management staff, convinced that this will be a great opportunity for us to deliver even more value to our clients," Tonny Nielsen, Fokus Nordic CEO.
Montagu is advised by Rothschild & Co.
NanoXplore, a player in SoC and FPGA semiconductor design, completed the acquisition of ASIC business from Soitec-backed Dolphin Design, a company specializing in integrated circuit design. Fianncial terms were not disclosed.
“This acquisition is a key step in NanoXplore’s development and in our diversification strategy. Together, we’ll be able to offer even more effective solutions," Edouard Lepape, NanoXplore Managing Director.
Enel, a multinational power company, agreed to acquire Corporación Acciona Hidráulica, a holding company of a portfolio of hydro plants for a total installed capacity of 626 MW, from Acciona, a multinational conglomerate dedicated to the development and management of infrastructure and renewable energy, for €1bn ($1.05bn).
"The agreement will enable the consolidation of the Enel Group’s leading role in renewables at the global level, further growing the share of its sale portfolio covered by own renewable production in Spain with the aim of maximizing returns generated by its integrated presence along the entire value chain," Enel.
Triton, a private equity firm, agreed to acquire MacGregor, a cargo handler, from Cargotec, an engineering firm, for €480m ($506m).
“MacGregor stands out due to its engineering capabilities; broad and sustainable product offering; high-quality equipment; and strong reputation. Triton looks forward to collaborating with the company and its employees to develop further on this market leading position especially by strengthening the aftermarket platform where we see great potential. MacGregor is at the core of Triton’s investment focus to acquire market leading companies with strong potential and a competitive edge,” Ilkka Tuominen, Triton Investment Advisory Professional.
Brandes builds Grifols stake as investors await Brookfield bid. (FS)
Brandes Investment Partners has built a stake in Grifols as investors wait for Brookfield Asset Management to make an offer for the Spanish drugmaker. The San Diego-based investment firm owned 13.5% of Grifols as of September 30, Bloomberg reported.
Brandes’s stake building comes as Brookfield is evaluating a potential takeover of the firm along with the Grifols family. The Toronto-based asset manager may be seeking to change the company’s bylaws to be allowed to offer a different price for class B shares and take advantage of their discount.
Sunrise shares fall on return to Swiss stock market.
Sunrise shares lost ground on the telecoms company's return to the Swiss stock exchange on November 15 after some American investors decided to unload shares after its split from Liberty Global, Reuters reported.
The stock fell 6% in afternoon trading from its CHF44.75 ($50.4) opening price, reducing its market capitalisation to CHF2.9bn ($3.26bn) from CHF3.2bn ($3.6bn) when trading started.
"Selling pressure is coming the US. This is not unusual given that it is a spin-off," Zurich-based trader.
Rentokil said to weigh €500m sale of French workwear unit.
Rentokil Initial is exploring a sale of its French workwear business as the pest control company seeks to streamline its operations, Bloomberg reported.
The London-listed firm is working with Goldman Sachs to study a possible divestment of the unit, which provides uniforms and personal protective equipment to French clients. The unit could be valued at about €500m ($529m) in a sale.
Scania in talks with EV battery suppliers as partner Northvolt stutters.
Swedish truckmaker Scania is in talks with battery cell makers about potentially supplying its future electric fleet but remains committed to its current partner, beleaguered Swedish firm Northvolt, Reuters reported.
Scania, which is part of the Volkswagen-owned Traton Group, wants half of its vehicle sales to come from electric trucks by 2030. However, they currently make up less than 1% of sales, and their rollout has been hampered by production and delivery problems at cash-strapped Northvolt.
Poland pledges to cut red tape in bid to lure IPOs back from Luxembourg.
Poland’s financial regulator is seeking to speed up approvals for companies planning initial public offerings to help lure back issuers to the country, Bloomberg reported.
The regulator KNF is in touch with the Warsaw bourse and the investment community to introduce a faster and more efficient process of accepting IPO prospectuses, Chairman Jacek Jastrzebski said on November 15. Poland operates the largest stock exchange in eastern Europe but access to it has been marred by lengthy procedures.
Thyssenkrupp plans marine IPO within a year, division head says. (FS)
Thyssenkrupp is planning an initial public offering of its naval shipbuilding unit within a year after plans to sell a majority stake to private equity firm Carlyle Group collapsed, the division’s chief executive officer said, Bloomberg reported.
“We are continuing to pursue the independence of Thyssenkrupp Marine Systems. This means we prefer a spinoff, a separation of TKMS via an IPO,” Oliver Burkhard, Thyssenkrupp naval shipbuilding unit CEO.
Spain’s Cox slides in debut after utility’s $185m IPO.
Shares in Cox fell in their November 15 debut, after the Spanish water and energy firm raised €175m ($185m) in an initial public offering.
The stock closed at €9.50 ($10), 7.1% lower than the IPO price of €10.23 ($11m) per share. Some €10m ($11m) worth of shares changed hands on November 15, or about 6% of the offering size, with the bulk of the trades in the first half hour of trading, Bloomberg reported.
IPO hopeful NOBA Bank targets expansion within Nordic region.
Swedish financial services group NOBA Bank Group has identified “several exciting opportunities for expansion” in the Nordic region, according to Chief Executive Officer Jacob Lundblad.
The Stockholm-based bank, which in the summer said it was evaluating an initial public offering, sees “great potential” to grow its secured product offering and launch products aimed at small and medium-sized companies, Bloomberg reported.
Second-hand marketplace Vinted rules out IPO for now, CEO says. (FS)
Vinted, Europe’s largest online marketplace for second-hand clothes, is ruling out an initial public offering for now as it focuses on expanding beyond fashion, Bloomberg reported.
It’s easier to deal with five or six investors than to have to appease a large shareholder base, Chief Executive Officer Thomas Plantenga said on November 14. The Vilnius, Lithuania-based company reached a valuation of €5bn ($5.29bn) after completing a secondary share sale last month led by the private equity firm TPG.
“We’re expanding into new countries and we’re expanding our categories. We’re taking a ton of risk. I want to play these bets out," Thomas Plantenga, Vinted CEO.
South Africa’s Barloworld in talks with Saudi Arabia’s Zahid Group.
Barloworld is in talks with a group of investors that includes a unit of Saudi Arabia’s Zahid Group about the acquisition of the African distributor of Caterpillar equipment, Bloomberg reported.
The Johannesburg-based company, valued at about $876m, said the discussions are with a consortium that includes Gulf Falcon — a wholly owned subsidiary of Zahid — and Entsha.
Saudi Fund’s $1bn deal boosts Middle East selldowns. (FS)
A $1bn stake sale in Saudi Arabia’s largest mobile phone operator is the latest sign that the market for follow-on equity offerings is picking up in the Middle East, Bloomberg reported.
The Public Investment Fund’s sale of a 2% stake in Saudi Telecom follows secondary share sales in Saudi Aramco and Adnoc Drilling to the tune of roughly $12bn and $900m respectively earlier this year.
APAC
Reliance Industries, an Indian multinational conglomerate, Viacom18, an Indian media company, and The Walt Disney Company, an American multinational mass media and entertainment conglomerate, formed a $8.5bn joint venture.
“India is the world’s most populous market, and we are excited for the opportunities that this joint venture will provide to create long-term value for the company. Reliance has a deep understanding of the Indian market and consumer, and together we will create one of the country’s leading media companies, allowing us to better serve consumers with a broad portfolio of digital services and entertainment and sports content,” Bob Iger, The Walt Disney Company CEO.
Disney was advised by Citigroup, The Raine Group, AZB & Partners (led by Ashwath Rau and Kashish Bhatia), Cleary Gottlieb Steen & Hamilton (led by Nallini Puri) and Covington & Burling. Reliance Industries was advised by Ernst & Young, Goldman Sachs, Khaitan & Co (led by Deepak Jodhani, Tanu Banerjee, Haigreve Khaitan, Kartick Maheshwari and Mehul Shah), Shardul Amarchand Mangaldas & Co (led by Pallavi Shroff) and Skadden Arps Slate Meagher & Flom (led by Howard Ellin). Viacom18 was advised by BDO (led by Lata More), Ernst & Young, Goldman Sachs, HSBC, Khaitan & Co and Shardul Amarchand Mangaldas & Co. Paramount Global was advised by J. Sagar Associates (led by Bharati Joshi and Lalit Kumar).
Singapore’s competition regulator cleared South Korean conglomerate Hanwha Group’s $599m takeover offer for oil contractor Dyna-Mac on November 15, DealStreetAsia reported.
The acquisition will provide Hanwha access to Dyna-Mac’s two oil and gas manufacturing facilities in Singapore, along with its floating production storage and offloading vessels.
Samsung Electronics plans $7.2 billion buyback after share price plunges.
Samsung Electronics decided to buy back shares worth $7.17bn over a one-year period to boost shareholder value, after shares plunged to more than four-year lows earlier in the week, Reuters reported.
It is the first time Samsung Electronics has decided to buy back shares since 2017. Of the total, $2.2bn worth of shares, or 50.14m common shares and 6.91m preferred shares, will be repurchased in the next three months and cancelled.
Macquarie is said to weigh Philippine telco tower firm sale. (FS)
Macquarie Capital is considering selling its stake in one of the largest independent telecommunication tower companies in the Philippines, Bloomberg reported.
The advisory, capital markets and investing arm of Australia’s Macquarie Group is working with a financial adviser on the potential divestment. A deal could value the Philippine entity, created from the recent combination of PhilTower Consortium and Miescor Infrastructure Development, at $700m to $800m.
JV of green arms of India's NTPC-ONGC is highest bidder for Ayana Renewable at $650m. (FS)
A joint venture between India's NTPC Green Energy and ONGC Green Energy is the highest bidder for Ayana Renewable Power having bid about $650m, Reuters reported.
The venture outbid JSW Energy for the renewable energy firm backed by quasi-sovereign wealth fund National Investment and Infrastructure Fund. Ayana Renewable Power, owned by NIIF, British International Investment Fund and Green Growth Equity Fund, operates solar and wind plants that produce 1.6k megawatts in India and has another 2.5k megawatts in such projects under construction.
IFC mulls a $150m invetsment in Golomt Bank. (FS)
The World Bank Group member IFC - International Finance Corporation is considering an investment of up to $150m in Golomt Bank, DealStreetAsia reported.
Golomt Bank is publicly traded financial services company based in Mongolia. As of 2023, the company employs 2.3k workers, serving 1m customers primarily in Mongolia. Golomt Bank is one of Mongolia's largest commercial banks after Khan Bank, Trade Development Bank of Mongolia.
China Mobile in talks to buy Hong Kong tower seized from tycoon.
China Mobile Hong Kong is in talks to buy commercial property in Hong Kong once owned by struggling tycoon Chen Hongtian, Bloomberg reported.
The state-owned telecommunications operator’s Hong Kong unit made an offer in recent weeks for Cheung Kei Center, which has been on the market since 2023.
LOGOS's Indonesian warehouses attract interest from JD Logistics, Hillhouse. (FS)
JD Logistics, part of Chinese e-commerce giant JD.com; and private equity firm Hillhouse Capital are said to be in advanced talks to acquire local logistics assets in Indonesia from the LOGOS Group, DealStreetAsia reported.
LOGOS is a logistics property specialist that delivers cutting-edge property solutions in the Asia-Pacific region.
Nissan pressure grows with second activist reported to buy stake. (FS)
Speculation over a second activist hedge fund holding shares in Nissan Motor added to the Japanese carmaker’s headaches, a little over a week after sinking profits and sales forced it to launch a last-ditch recovery plan.
Nissan’s financial woes were quick to draw the attention of Effissimo Capital Management, a Singapore-based group that’s one of Japan’s most influential activist investors. Nissan lowered its full-year operating income outlook by 70% and announced plans to cut jobs and slash production capacity.
Australia-based Findi hits over 2-decade high on buying Tata Communications unit.
Shares of Australia-based Findi jumped to a more than two-decade high on November 15, after the fintech services provider said it would acquire Tata Communications' payment solutions unit for A$76m ($49m), Reuters reported.
The stock gained as much as 12.2% to A$7.65 ($4.9), its highest level since September 13, 2002, while the benchmark ASX 200 index was up 0.53%, as of 0050 GMT. It has risen 14% in value so far this week and is poised for its best week since mid-October.
Chinese data center firm Zdata is said to consider Hong Kong IPO.
Chinese data center firm Zdata Technologies is considering a potential initial public offering in Hong Kong, Bloomberg reported.
The company, whose clients include JD.com, TikTok-owner ByteDance and Tencent, has held early talks with prospective advisers as it evaluates the merits of a share sale. Zdata could be valued at more than $5bn in a potential listing.
Casinos may lead Philippines IPO revival in 2025.
Two Philippine casinos may revive initial public offering plans next year along with infrastructure and food companies, executives at the nation’s biggest bank said, offering hopes for a sluggish stock market that’s been hit by a dearth of listings, Bloomberg reported.
The companies behind Okada Manila in the capital’s bayside gaming district and Hann Casino Resort in Clark Freeport Zone, the former US airbase north of Manila, may benefit from a growing economy that could improve equity valuations.
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