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AMERICAS
Blackstone, an alternative asset manager, completed the acquisition of Rover Group, an online marketplace for pet care, for $2.3bn.
“The closing of this transaction is an important milestone in Rover’s history and marks the start of the next chapter in our story. We are excited to officially partner with Blackstone to leverage their resources and deep expertise to further our mission of making it possible for everyone to experience the unconditional love of a pet,” Aaron Easterly, Rover Co-Founder and CEO.
CBRE Group, an American commercial real estate services and investment firm, completed the acquisition of J&J Worldwide Services, a provider of engineering services, base support operations and facilities maintenance for the US federal government, from Arlington Capital Partners, a private investment firm specializing in government regulated industries, for $1.05bn.
“The acquisition is consistent with key elements of our M&A strategy that focus on enhancing our technical services capabilities, increasing revenue resilience and secular growth, and expanding our government client base within our Global Workplace Solutions segment. We are adding a company with deep government contracting experience, long-term customer relationships and a 50-year record of outstanding technical service delivery,” Bob Sulentic, CBRE Chairman & CEO.
Webull, a stock trading mobile application that features commission-free stock and exchange-traded fund trading, agreed to go public via a SPAC merger with SK Growth Opportunities, a special purpose acquisition company, in a $7.3bn deal.
"The business combination with SK Growth marks a significant milestone for Webull. We believe SK Growth's partnership and experience fully aligns with our long-term vision to make Webull the platform of choice for the new generation of investors globally," Anquan Wang, Webull Founder and CEO.
Webull is advised by Kirkland & Ellis, Wilson Sonsini Goodrich & Rosati, and 5W Public Relations (led by Nicholas Koulermos). SK Growth Opportunities is advised by Cohen & Company Capital Markets.
Nordic Capital, a private equity firm that focus on investments primarily in the Nordic region, completed the acquisition of a majority stake in ActiveViam, a global provider of data analytics software that meets the speed and data volume needs of financial services organizations, from Guidepost Growth Equity, an equity firm. Financial terms were not disclosed.
"Nordic Capital's investment is a great opportunity for ActiveViam and great news for our clients, partners and employees. As a large and respected private equity investor, Nordic Capital deploys its significant operational expertise, strategic capabilities and inventive approach to accelerate the growth of the technology leaders it invests in. Nordic Capital recognizes the power, speed and flexibility of the technology our team has created for our financial services clients, and we look forward to their support as we make further advancements and explore acquisition opportunities," Kathy Perrotte, ActiveViam CEO and Co-Founder.
Nordic Capital was advised by Broadhaven Capital Partners and Brunswick Group. ActiveViam was advised by Raymond James.
Exus Management Partners, an independent investment firm focused on the renewable energy sector, completed the acquisition of New Mexico Renewable Development, a portfolio that includes nine operating solar farms and six projects under development, from American Electric Power and PNM Resources for $234m.
"This sale is another step forward on our path to simplify our business and focus on investing in our core regulated operations, and we continue to execute our strategy to de-risk the company. Earlier this year, we completed the $1.5 billion sale of other parts of our contracted renewables business. The proceeds from these sales are strengthening our balance sheet and supporting our continued efforts to create an energy system that benefits customers by providing safe, reliable and affordable electricity," Julie Sloat, AEP Chair, President and CEO.
American Electric Power was advised by KeyBanc Capital Markets and Foley & Lardner.
Hunter Point Capital, an independent investment firm seeking to make minority investments in middle-market alternative asset managers, agreed to acquire a minority stake in Pretium, a specialized investment manager focused on real estate, mortgage finance and corporate debt. Financial terms were not disclosed.
"This milestone is a testament to the accomplishments of our 4.4k-plus person team and the many opportunities that lie ahead for our firm. Avi and Bennett have built a differentiated model of partnership and share Pretium's passion for building businesses. We look forward to drawing upon HPC's strategic expertise, value-added operational capabilities, and global network to propel Pretium's development into our second decade," Don Mullen, Pretium Founder and CEO.
Hunter Point Capital is advised by Prosek Partners (led by Joshua Rosen). Pretium is advised by Joele Frank (led by Erik Carlson).
Cox Enterprises, a communication company, completed the acquisition of a majority stake in OpenGov, a government technology company, for $1.8bn.
“We have been a long-time investor in OpenGov, and we are thrilled to deepen our commitment. This is an important time for our country in many ways. In 1920, when my great-grandfather was Governor of Ohio, he expressed the need for our people to have ‘an abiding confidence’ in their government. Now, all these years later, we are very excited to help OpenGov grow and build for the future. Powering more effective and accountable government is an inspiring mission, and OpenGov delivers a better experience for governments, residents and businesses alike,” Alex Taylor, Cox Enterprises Chairman and CEO.
Britain approved TransDigm's acquisition of units owned by US-based Communications & Power Industries (CPI), on the condition that CPI's UK research and manufacturing capabilities in relation to atomic clocks remain in the country, Reuters reported.
Britain invoked its National Security and Investment Act to make the provision, issuing a final order in relation to the deal, saying the condition was "necessary and proportionate to mitigate the risk to national security".
TransDigm is advised by Evercore.
Modine, a thermal management company, agreed to acquire Scott Springfield Manufacturing, an air handling units manufacturer, for $190m.
"We are excited to welcome the Scott Springfield team to the Modine family and continue to advance our complete suite of products in the data center area, as well as expand our indoor air quality offerings. The acquisition is right in line with our transformation and will bring Modine a product line and customer base in high-growth markets that fully complement and expand our current reach, including to hyperscale data center operators," Neil D. Brinker, Modine President and CEO.
Modine is advised by Barclays.
Veradigm, a management and electronic health record technology provider, agreed to acquire ScienceIO, a healthcare AI solutions provider, for $140m.
“Together with Veradigm, we will provide new features and capabilities for providers and partners, accelerated by ScienceIO’s differentiated AI platform. Joining Veradigm aligns with ScienceIO’s mission to better serve patients and healthcare professionals with the help of responsible AI. We are thankful for our partners who made this moment possible and we look forward to bringing together our combined strengths to drive innovation and value in the healthcare ecosystem,” Will Manidis, ScienceIO CEO.
ScienceIO is advised by Barclays.
Koppers, a global chemical and materials company, agreed to acquire Brown Wood Preserving, a pressure-treated wood utility poles manufacturer, for $100m.
"The acquisition of Brown Wood is the logical next step to our announced intentions to focus on growing our utility pole treatment business through both organic and inorganic means. While this likely will not add materially to 2024 results due to timing and integration costs, all things equal, it should enable Koppers to achieve 2025 adjusted earnings before interest, taxes, depreciation and amortization of between $315m and $325m," Leroy Ball, Koppers CEO.
MasVida Health, a provider of medical equipment rental and facility hygiene solutions, agreed to acquire the rental service network from Joerns Healthcare, a manufacturer and distributor of patient handling and wound care products. Financial terms were not disclosed.
"Our partnership with Joerns Healthcare reflects a common mission that better products and better service produce better outcomes. Joerns is well-known for products that are effective, reliable, and safe. Both companies continue to be committed to ensuring the smoothest transition for customers and uninterrupted resident care," Joshua Robertson, MasVida Health President and CEO.
Warner Bros Discovery halts merger talks with Paramount Global.
Warner Bros Discovery is no longer pursuing a merger with Paramount Global, halting talks after several months of kicking the tires on merging the media companies, Reuters reported.
Skydance Media, the film and TV studio run by David Ellison, is still performing due diligence on a potential transaction.
EMEA
KKCG, a European investment and innovation group, completed the acquisition of Avenga, an end-to-end software engineering and consulting platform, from private equity firms Oaktree Capital and Cornerstone. Financial terms were not disclosed.
“Avenga bolsters KKCG’s presence internationally and seamlessly complements KKCG’s custom software development company Qinshift, making KKCG Technologies one of Europe’s largest digital transformation architects, catering to a diverse global client base,” Michal Tománek, KKCG Investment Director.
Oaktree Capital was advised by Citigroup and White & Case (led by Will Summers). KKCG was advised by Clifford Chance (led by Michal Jasek). Debt financing was provided by UniCredit and Komerční banka. Debt providers were advised by Dentons (led by Daniel Hurych).
British Airways owner IAG has offered concessions in an attempt to secure EU antitrust approval for its €400m ($434m) bid to buy out Air Europa, Reuters reported.
IAG, which also owns Spanish carrier Iberia, submitted its proposal on February 23. The EU competition enforcer, which is due to decide on the deal by June 7, is expected to seek feedback from rivals and customers before deciding whether to clear the deal or demand more concessions.
NVM, an independent private equity investor, completed the £15m ($19m) investment in Bridges-backed Vegetarian Express, a plant-based food producer.
“The management team and I are incredibly proud of what we’ve delivered in the last seven years, which has seen the professionalisation of Vegetarian Express into the UK’s leading plant-based category specialist to the foodservice sector. For the next stage of our growth journey, we’re excited to be partnering with private equity firm NVM. NVM’s backing will enable us to scale faster and help even more customers get brilliant-plant-based food on their menus,” Dave Webster, Vegetarian Express, Managing Director.
Akhona Group, a black-women owned and managed investment firm, agreed to acquire a 27.5% stake in the logistics business of Bidvest Group, an international investment holding, from Bidfreight, a port operations provider. Financial terms were not disclosed.
“The deal forms part of our strategy to invest in sectors like logistics that form the backbone of our economy and backing management teams with the ability to weather economic cycles. With some of the current logistics challenges in South Africa, we have seen a decline in revenues from major sectors like mining that rely on logistics to move their product from pit to port – emphasizing how important investing in the sector is,” Noluthando Gosa, Akhona Director.
Debt financing is provided by African Bank and Greenpoint Capital.
Verallia, a glass packaging producer, agreed to acquire the Italian glass business from Vidrala, a glass container manufacturing company, for €230m ($250m).
"This transaction is in line with our strategic plan and reflects our willingness to continue on our profitable growth path, including through targeted acquisitions, allowing us to complement our footprint in strategic geographies and improve our commercial and industrial presence in Italy. We continue to move forward with determination on any value creation opportunity, also for the benefit of our customers, whether through organic or external growth," Patrice Lucas, Verallia CEO.
Verallia is advised by Wellcom PR.
Accenture, an Irish-American professional services company, agreed to acquire Mindcurv, a cloud-native digital experience and data analytics company. Financial terms were not disclosed.
"With the acquisition of Mindcurv, Accenture Song continues to fortify its global offerings, blending creative thinking, technology and industry expertise. This strategic move will enhance our ability to provide innovative, tailor-made cloud solutions, empowering clients with an unparalleled end-to-end digital experience in commerce transformation. Together, with Accenture’s broader suite of services, our investment in AI and our ecosystem partners, we are increasing our ability to meet client’s customers’ needs," Max Morielli, Accenture President.
Swisscom in advanced talks to buy Vodafone’s Italy unit for $8.7bn.
Swisscom said it is in advanced talks to buy Vodafone Group’s Italy business for €8bn ($8.68bn), weeks after the UK group turned down a bid from Xavier Niel’s Iliad Group, WSJ reported.
The Swiss telecommunications company said on February 28 that it plans to merge Vodafone Italia with its Italian subsidiary Fastweb, potentially shaking up one of Europe’s largest telecoms markets.
Ageas considers Direct Line acquisition.
Belgian insurer Ageas is in the preliminary stages of considering a possible offer to acquire Direct Line’s UK business.
The proposed cash-and-stock offer values the UK company at approximately £3.1bn ($3.9bn). If the deal goes through, it would be at a premium of 42.8% to the current stock price.
Endesa in advanced talks for renewable assets stake sale.
Spanish power utility Endesa is in advanced negoatiations to sell stakes in renewable assets and may have some news on the process in the first half of this year, its Chief Financial Officer Marco Palermo said on February 28, Reuters reported.
Like its peers such as Repsol and Iberdrola, Endesa, which is controlled by Italy's Enel is seeking to raise cash to invest in new renewable projects by selling more developed ones.
Saudi Arabia’s Modern Mills gets $40bn in orders for IPO.
Investors put in about $40bn of orders for Saudi Arabia’s Modern Mills for Food Products’s initial public offering, as demand for share sales in the Middle East shows no signs of abating, Bloomberg reported.
The demand for the institutional tranche of the SAR1.2bn ($320m) IPO amounted to a coverage of almost 127 times. The price was set at SAR48 ($13) per share, the top end of a marketed range and implying a market capitalization of SAR3.9bn ($1bn).
Verdane closes Edda III above target at €1.1bn. (FS)
European growth investment firm Verdane has held final close of Verdane Edda III (Edda III) at €1.1bn ($1.2bn), in excess of its original fundraising target. Verdane has now closed two funds above target in the past six months for a combined €2.2bn ($2.4bn).
Edda III attracted commitments from private and public pension funds, leading global university endowments, foundations, insurance companies and family offices. Some 40% of Edda III commitments came from non-profit organisations, while 68% of LPs from Verdane’s first fund established in 2003 have continued to back current Verdane funds.
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, agreed to form 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.
Reliance Industries and Viacom18 are advised by Ernst & Young, Goldman Sachs, Khaitan & Co, Shardul Amarchand Mangaldas & Co, Skadden Arps Slate Meagher & Flom (led by Howard Ellin, Thad Hartmann, and Glen G. Mastroberte) and HSBC. The Walt Disney Company is advised by Citigroup, The Raine Group, AZB & Partners, Cleary Gottlieb Steen & Hamilton and Covington & Burling.
AirAsia, a Malaysian multinational low-cost airline, agreed to go public via a SPAC merger with Aetherium Acquisition, a blank cheque company, in a $1.15bn deal.
"Over more than two decades, AirAsia has become a prestigious brand synonymous with value, innovation and inclusivity. AirAsia has transformed from a small Malaysian airline into a leading global aviation and travel brand valued by Brand Finance at over $1bn, and enabled Capital A to build a diversified portfolio spanning aviation, aviation services, logistics, and digital companies in fintech, travel and hospitality. The evolution of the AirAsia brand has created a loyal global consumer base, positioning us favorably to expand our brand internationally through CAPI. This listing grants us access to the world's most extensive and liquid capital markets, enhancing the company's international credibility and presence while creating value for our shareholders," Tony Fernandes, AirAsia CEO.
AirAsia is advised by Foong & Partners, Greenberg Traurig, and Edelman (led by John Kiely). Aetherium Acquisition is advised by Rimon Law.
The Siam Commercial Bank, a provider of a full range of banking and financial services, agreed to acquire the consumer finance business in Vietnam of Home Credit, an international consumer finance provider, for $851m.
"Home Credit Vietnam has grown rapidly to a market leadership position since the business launched fifteen years ago. I wish to congratulate my colleagues on building a successful and respected business that has served over 15m Vietnamese customers as they look ahead to this exciting new chapter. We are passing the baton to new owners and I am confident the business has an even brighter future," Radek Pluhar, Home Credit Group CEO.
China's CDH in talks to buy minority stake in $1.7bn Vietnam grocery chain. (FS)
China's CDH Investments is in advanced talks to buy a minority stake in Bach Hoa Xanh (BHX) from Vietnam retailer Mobile World in a deal that could value the grocery chain at up to $1.7bn, Reuters reported.
CDH, one of China's biggest alternative investment firms and also a former Mobile World investor, has emerged as the frontrunner to buy a stake of up to 10% after outbidding rivals.
KKR considers selling stake in India’s $3bn JB pharma. (FS)
KKR is exploring options including selling its controlling stake in India’s JB Chemicals & Pharmaceuticals amid interest from potential buyers, Bloomberg reported.
The US private equity firm is looking to hire financial advisers to help evaluate a sale of its 53.8% stake in the Mumbai-based company. Other buyout firms and industry players have shown preliminary interest in buying KKR’s stake.
Vietnam seeks more IPOs, share sales to boost its stock market.
Vietnam will encourage more initial public offerings and shares sales to boost its stock market, including allowing foreign-owned businesses to list, Bloomberg reported.
The Ministry of Planning and Investment has asked the finance ministry and Stock Securities Commission to work on steps to facilitate the trading of foreign companies on the stock exchange under certain conditions, Deputy Minister Nguyen Thi Bich Ngoc was quoted as saying at a Hanoi conference on February 28.
Kedaara set to raise $1.7bn for India's biggest PE fund. (FS)
Kedaara Capital is set to raise $1.7bn for what would be India’s biggest-ever private equity fund, highlighting huge interest in the country’s fast-growing economy amid a shift away from China, DealStreetAsia reported.
The latest fund will be Kedaara’s fourth and will be 54% larger than its previous one in 2021.
Tikehau Capital partners with UOB-Kay Hian to launch first private credit fund in Asia. (FS)
Tikehau Capital, a €43.2bn ($46bn) French alternative asset management group with a €17bn ($18bn) private debt strategy, will launch its first private credit fund in Asia in partnership with Singapore-based brokerage firm UOB-Kay Hian.
Tikehau and UOB-Kay Hian will each invest €50m ($54m) to go towards financing mid-sized corporates with a focus on growth, working capital, and refinancing lending to borrowers in “resilient and defensive industries”.
India's Tata Capital plans to raise $750m in first foreign fundraising. (FS)
India’s Tata Capital is looking at overseas fundraising for the very first time and hopes to raise around $750m via offshore bonds or loans in the next fiscal year starting in April, DealStreetAsia reported.
“The company, as a part of diversifying its liability base, may evaluate raising up to $750m through overseas loans or bonds in FY25,” Rakesh Bhatia, Tata Capital CFO.
SBICAP Ventures launches $120m fund in partnership with MEA. (FS)
SBICAP Ventures, a subsidiary of India’s largest lender State Bank of India, has launched a Rs 1,000-crore ($120.5m) Trilateral Development Cooperation (TDC) Fund, DealStreetAsia reported.
The fund has been launched in partnership with India’s Ministry of External Affairs (MEA), with a corpus of Rs 700 crore ($84m) and a greenshoe option of Rs 300 crore ($36m).
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