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Top Highlights
Rhône Capital-backed HBC, a Canadian retail business group, completed the acquisition of Neiman Marcus Group, an American integrated luxury retailer, from Sixth Street Partners, a global investment firm, for $2.65bn.
Neiman Marcus was advised by JP Morgan, Lazard, Sullivan & Cromwell (led by Melissa Sawyer and Lauren S. Boehmke) and Joele Frank (led by Ed Trissel and Andrea Rose). Financial advisors were advised by White & Case (led by Denise A. Cerasani). HBC was advised by Elm Street Advisors, Deloitte, Jefferies & Company, M. Klein & Co, Morgan Stanley, RBC Capital Markets, Solomon Partners and Willkie Farr & Gallagher (led by Tej Prakash, Michael E. Brandt and Viktor Okasmaa). Debt financing was provided by Apollo Global Management, Bank of America, Citigroup, Morgan Stanley, RBC Capital Markets and Wells Fargo Securities. Rhône Capital was advised by Gibson Dunn & Crutcher (led by Andrew Herman) and Brunswick Group. G-III was advised by Paul Weiss Rifkind Wharton & Garrison (led by Jeffrey D. Marell and Matthew Benedetto). Amazon was advised by Latham & Watkins (led by Tessa Bernhardt, Andrew C. Elken and Charles Ruck). Sixth Street was advised by Cleary Gottlieb Steen & Hamilton (led by John Kupiec).
Butterfly, a private equity firm specializing in the food and beverage sector, completed the acquisition of The Duckhorn Portfolio, an American wine company, for $1.95bn.
Investment companies Blackstone and CPPIB completed the acquisition of AirTrunk, a hyperscale data centre platform, from Macquarie Group, a global investment banking and financial services group, and PSP Investments, a capital market company, for AUD24bn ($15bn).
AirTrunk was advised by Goldman Sachs (led by Stephan Feldgoise). Blackstone was advised by Citigroup, Morgan Stanley, RBC Capital Markets, Simpson Thacher & Bartlett (led by Anthony King) and MorrisBrown Communications (led by Hayley Morris).
Deal Round up
AMERICAS
TPG Rise Climate in talks to acquire Altus Power. (Reuters)
APAC
KKR and Bain each bid over $5bn for Seven & i assets. ( Reuters)
Sanhua picks CICC and Huatai Securities for Hong Kong IPO. ( Bloomberg)
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AMERICAS
The acquisition of US Steel by Nippon Steel is still under review, following the decision from the Committee on Foreign Investment in the United States on December 23, 2024 to refer the matter to the President of the United States.
The review process of the Antitrust Division of the US Department of Justice is also still pending. As a result, the estimated closing date of the acquisition is extended.
Arcadium Lithium, a global lithium chemicals producer, announced that it has obtained all requisite shareholder approvals in connection with the proposed $6.7bn acquisition by Rio Tinto, a global mining group. The deal is on pace to be completed in mid-2025.
FREYR Battery, a developer of sustainable batteries, completed the acquisition of the US solar manufacturing assets ofTrina Solar, a total solution provider for solar energy, for $380m.
FREYR Battery was advised by Rystad Energy, Clean Energy Associates, Ernst & Young, Santander, Arnold & Porter Kaye Scholer, Skadden Arps Slate Meagher & Flom (led by Denis Klimentchenko and Danny Tricot). Trina Solar was advised by China International Capital, Dorsey & Whitney and Deloitte.
New Enterprise Associates, an American-based venture capital firm, agreed to acquire NeueHealth, the value-driven healthcare company, for $1.3bn.
NeueHealth is advised by Lincoln International, Richards Layton and Finger and Simpson Thacher & Bartlett. NEA is advised by Latham & Watkins (led by Daniel R. Breslin and Max Schleusener) and Sidley Austin.
Builders FirstSource, a supplier of building products, prefabricated components and value-added services, agreed to acquire Alpine Lumber, a wholesale building materials provider. Financial terms were not disclosed.
Alpine Lumber is advised by Class VI Partners and Davis Graham & Stubbs. Builders FirstSource is advised by Centerview Partners, Rothschild & Co and Alston & Bird.
Altaris, a US-based investment firm, agreed to acquire US and UK cell therapy business from WuXi AppTec, a global pharmaceutical, biopharmaceutical, and medical device company. Financial terms were not disclosed.
Altaris is advised by Kirkland & Ellis and Joele Frank (led by Barrett Golden). WuXi AppTec is advised by JP Morgan and Wilson Sonsini Goodrich & Rosati.
Fairfax, a financial holding company, completed the acquisition of Peak Achievement Athletics, a provider of athletic sports and hockey services, from Sagard, an alternative asset management firm. Financial terms were not disclosed.
Peak Achievement Athletics was advised by Morgan Stanley.
TPG Rise Climate in talks to acquire Altus Power. ( Reuters)
TPG Rise Climate, the climate-focused investment division of private equity firm TPG, is reportedly in talks to acquire Altus Power, a US-based developer of solar energy projects. The deal could be formalized in the coming weeks.
Altus Power, whose portfolio generates approximately 1GW of solar energy, counts CBRE Group as its largest shareholder, with a 15.38% stake. Blackstone’s energy division also holds a significant 13.2% stake, having supported Altus Power during its SPAC merger.
EMEA
FTV Capital, a growth equity firm, agreed to acquire Windward, a maritime artificial intelligence company, for £216m ($225m).
The Carlyle Group, a global investment firm, agreed to acquire SNP Schneider-Neureither & Partner, a provider of software for managing complex digital transformation processes, for €444m ($462m).
SNP is advised by Luther. The Carlyle Group is advised by Kirkland & Ellis and FTI Consulting (led by Lutz Golsch). Wolfgang Marguerre is advised by ParkView Partners (led by Cai Berg).
DoubleU Games, a developer of social casino games, agreed to acquire Paxie Games, a Turkish gaming studio, for $67m.
DoubleU Games is advised by Arma Capital and BASEAK.
Safe Life, a provider of life-saving solutions with operations, completed the acquisition of D-Sécurité Groupe, a supplier of AEDs and medical equipment. Financial terms were not disclosed.
APAC
Taiwan's Fair Trade Commission blocked Uber's $950m acquisition of foodpanda delivery business from Delivery Hero, saying the merger's negative impact would outweigh the overall economic benefits.
Uber may appeal the decision by TFTC or terminate the Transaction. The parties are subject to appropriate deal protections including break fee arrangements subject to certain conditions.
Uber is advised by Goldman Sachs and Freshfields Bruckhaus Deringer (led by John Fisher). Delivery Hero is advised by UniCredit and White & Case (led by Stefan Bressler).
Alibaba, a Chinese multinational technology company specializing in e-commerce, retail, Internet, and technology, and E-Mart, the largest retailer in South Korea, agreed to form a joint venture in a $4bn deal.
KKR and Bain each bid over $5bn for Seven & i assets. ( Reuters)
Private equity firms KKR & Co and Bain Capital have each submitted first-round bids exceeding $5bn for non-core assets of Japan's Seven & i Holdings, a diversified retail holdings company.
KKR reportedly offered approximately JPY800bn ($5.1bn) for York Holdings, a spin-off entity of the Japanese retailer, while Bain Capital submitted a higher bid of around JPY1.2tn ($7.6bn). Local firm Japan Industrial Partners also participated, offering roughly JPY750bn ($4.76bn).
CDH Investments-backed Yovole, a Chinese data center operator, is exploring an initial public offering in the United States. This marks a renewed effort after the company’s earlier attempt to list in mainland China was unsuccessful.
Yovole is reportedly collaborating with an adviser on a potential IPO that could raise over $100m. The company may file confidentially with US regulators as early as January.
Sanhua picks CICC and Huatai Securities for Hong Kong IPO. ( Bloomberg)
Zhejiang Sanhua Intelligent Controls, a China-based company mainly engaged in the business of refrigeration and air conditioning electrical components, selected banks for its second listing in Hong Kong.
China International Capital and Huatai Securities have been selected as arrangers for the potential listing. The IPO could occur as early as next year, potentially raising as much as $500m.
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