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AMERICAS
Rio Tinto, a global mining group, agreed to acquire Arcadium Lithium, a lithium chemicals producer with an asset base of long-life, low-cost operations and growth projects, for $6.7bn.
"Acquiring Arcadium Lithium is a significant step forward in Rio Tinto's long-term strategy, creating a world-class lithium business alongside our leading aluminium and copper operations to supply materials needed for the energy transition. Arcadium Lithium is an outstanding business today and we will bring our scale, development capabilities and financial strength to realise the full potential of its Tier 1 portfolio. This is a counter-cyclical expansion aligned with our disciplined capital allocation framework, increasing our exposure to a high-growth, attractive market at the right point in the cycle," Jakob Stausholm, Rio Tinto CEO.
CC Capital, a private investment firm focused on investing in and operating high-quality businesses for the long term, agreed to merge with Westaim, an investment company specializing in providing long-term capital to financial services businesses, in a $250m deal.
"This is a unique opportunity to create an integrated insurance and asset management platform. Ceres Life will be competitively advantaged by Deanna Mulligan’s leadership and experience, its advanced tech platform and a sizeable, committed capital base. With this foundation, Ceres Life is positioned to scale rapidly and improve how the industry serves policyholders, generating stable insurance assets that will support Arena’s strong growth. We are confident that this transaction will create significant long-term value for Ceres Life policyholders and Westaim shareholders," Chinh Chu, CC Capital Founder and Senior Managing Director.
Westaim is advised by BMO Capital Markets, PJT Partners, Dentons, Stikeman Elliott and Willkie Farr & Gallagher (led by Sean Ewen, Larissa Marcellino, Hugh McLaughlin and Robert Stebbins). CC Capital is advised by GreensLedge, Lazard, Macquarie Group, Rothschild & Co, Blake Cassels & Graydon, Skadden Arps Slate Meagher & Flom (led by Todd Freed), Joele Frank (led by Kate Thompson).
Zeta Global, an American marketing technology company, agreed to acquire LiveIntent, a provider of people-based marketing, with proprietary technology powering mobile-centric experiences and first-party identity solutions to identify, unlock, engage, and monetize audiences across channels, for $300m.
"We are excited to welcome LiveIntent to Team Zeta as we continue to build out our position and sharpen our differentiation in AI-powered marketing," David A. Steinberg, Zeta Global Co-Founder, Chairman, and CEO.
LiveIntent is advised by Houlihan Lokey and Lowenstein Sandler. Zeta Global is advised by Citigroup, ROTH Capital Partners and Latham & Watkins.
Woodside, an Australian petroleum exploration and production company, completed the acquisition of Tellurian, a natural gas company headquartered in Houston, Texas, for $1.2bn.
"The acquisition of Tellurian and its Driftwood LNG development opportunity positions Woodside to be a global LNG powerhouse," Meg O'Neill, Woodside CEO.
Tellurian was advised by Lazard and Akin Gump Strauss Hauer & Feld (led by Jim Wetwiska). Lazard was advised by Gibson Dunn & Crutcher (led by Hillary Holmes). Woodside was advised by PJT Partners and Norton Rose Fulbright.
Cetera, the premier financial advisor Wealth Hub, agreed to acquire Concourse Financial Group Securities, a retail distribution system, dually registered broker-dealer and registered investment advisor, from Protective Life, a financial service holding company in Birmingham, Alabama. Financial terms were not disclosed.
"Cetera has a proven track record of acquiring and successfully integrating independent broker-dealers affiliated with insurance organizations, and Concourse Financial Group Securities represents a tremendous opportunity in today's rapidly consolidating market. This transaction will enable us to strategically align the CFGS team within the existing Cetera Wealth Partners community while increasing Cetera's scale and creating new opportunities for growth for CFGS advisors," Mike Durbin, Cetera Holdings CEO.
Cetera is advised by Dentons. Protective Life is advised by Mitsubishi UFJ Morgan Stanley Securities, Morgan Stanley, Eversheds Sutherland and Maynard Nexsen.
KKR, a global investment firm, completed the acquisition of The Parking Spot, an owner and operator of near-airport parking properties, from Green Courte Partners, a private equity real estate investment firm. Financial terms were not disclosed.
"The Parking Spot has demonstrated a compelling track record of growth and delivery of a high-quality offering to travelers that aligns well with our investment philosophy. With its strong and established platform, well-known industry brand, and superior customer service, TPS is recognized as an industry leader. Above all, we are strong believers in the TPS management team and their vision, along with the employees who have contributed meaningfully to the Company's success. We are eager to work with them to further build on their impressive performance and capitalize on the numerous growth opportunities that lie ahead," Dash Lane, KKR Partner.
KKR was advised by Latham & Watkins and Simpson Thacher & Bartlett (led by Breen Haire and Shamus Crosby). Green Courte Partners was advised by Evercore and DLA Piper.
Hub Group, a transportation and logistics management company, and EASO, a family-led, premier intermodal and trucking logistics provider in Mexico, agreed to form a joint venture. Financial terms were not disclosed.
EASO is the largest intermodal carrier in Mexico and will add significant scale to Hub Group's intermodal and transportation solutions business. EASO serves a diverse base of blue-chip customers across a variety of modes. With a substantial increase in cross-border trade activity from nearshoring, this partnership maximizes Hub Group's cross-border service offering and provides increased intermodal conversion opportunities. The family will continue leading and managing the joint venture, with support from their existing management team and Hub Group.
EASO is advised by Bluejay Advisors and Perez Llorca. Hub Group is advised by Raymond James and Jones Day (led by Faisal Delawalla).
TA Associates, a global private equity firm, completed the investment in Solifi, a global fintech software partner for secured finance. Financial terms were not disclosed.
"TA’s expertise scaling companies will be a significant value-add for Solifi as we look to expand our business and reach our full potential as a leading provider of end-to-end solutions for the secured finance market. For over 50 years, we have been committed to helping our customers strengthen their market position with our scalable, secure, and best-in-class software solutions. We are incredibly proud of our growth thus far, and are grateful to have Thoma Bravo’s continued support as we begin this exciting next chapter in partnership with TA," David Hamilton, Solifi CEO.
Solifi was advised by Jefferies & Company and Kirkland & Ellis. TA Associates was advised by Goodwin Procter.
HIG Capital, a global alternative investment firm, completed the acquisition of STS Aviation Group, a global aviation services company, from Greenbriar, a middle market private equity firm. Financial terms were not disclosed.
"We are very excited to partner with P.J. and the STS team, and are highly impressed with the global business they have built. STS has established itself as a leader in the industry through its dedication to providing high-quality and reliable service through a highly skilled technical workforce and best-in-class leadership team. We look forward to working with the Company to build upon their success and support the many growth initiatives ahead," Matt Gullen, HIG Managing Director.
STS Aviation Group was advised by BMO Capital Markets and Jefferies & Company.
Stephens and Pritzker-backed Circumference Group, an operationally focused investment firm, completed the investment in Visionary Integration Professionals, a premier digital transformation consultancy. Financial terms were not disclosed.
"We are excited to partner with VIP, a company that has demonstrated exceptional leadership and a clear value proposition in the marketplace. VIP's ability to serve both state and local government and commercial clients with agility and innovation makes them an ideal partner for us. We look forward to supporting their continued success and expansion," Jeff Fox, Circumference Group CEO.
Visionary Integration Professionals was advised by Oak Hills Securities. Debt financing was provided by Deerpath Capital Management.
Holcim, a Swiss-based global building materials and aggregates firm, agreed to acquire OX Engineered Products, a provider of advanced insulation systems for residential and commercial applications. Financial terms were not disclosed.
"OX Engineered Products is the ideal addition to Holcim's business in North America, with its complementary range of proprietary technologies and trusted brands. Its premium solutions enable us to offer the full suite of building envelope systems to our North America customers, from residential to commercial applications. I warmly welcome all 210 employees of OX Engineered Products to the Holcim family and look forward to unleashing our next chapter of growth together," Miljan Gutovic, Holcim CEO.
KKR-backed BMC Software, an information technology services company, is set to demerge its helix and mainframe and automation business unit.
BMC has expanded into new areas but it never abandoned mainframe computers, technology that first entered the marketplace in the 1960s and is still used by banks and other corporations.
Vizgen, a life science company dedicated to improving human health by visualizing single-cell spatial genomics information, agreed to merge with Ultivue, a provider of multiplex proteomic biomarker detection and advanced AI-driven spatial tissue profiling. Financial terms were not disclosed.
The companies are combining to establish a single organization uniquely positioned to drive future technology breakthroughs and respond to researchers’ desire for unified solutions in spatial multi-omics.
Startup ID.me to let shareholders sell at $1.8bn valuation.
Online verification company ID.me is letting employees and early investors sell shares in a deal that values the startup at $1.8bn, Bloomberg reported.
The tender offer represents a step up from the $1.73bn valuation awarded to ID.me by investors in a funding round two years ago.
Partners Group-backed KinderCare raises $576m in IPO. (FS)
KinderCare Learning raised $576m in an initial public offering, priced toward the bottom of a marketed range, Bloomberg reported.
The Partners Group-backed childhood education company sold 24m shares for $24 each. The company had offered the shares for $23 to $27 each.
EMEA
Astorg Partners, a pan-European private equity firm, agreed to invest in Lebronze alloys, a manufacturer of copper and nickel alloys. Financial terms were not disclosed.
Through this investment, Astorg would closely collaborate with the management team as they continue to deliver on their strategy and support the acceleration of LBA's growth.
Lebronze alloys is advised by PricewaterhouseCoopers, Rothschild & Co and Bredin Prat. Astorg is advised by Alvarez & Marsal, Boston Consulting Group, Willis Towers Watson, ERM Group, Kirkland & Ellis, Squire Patton Boggs, White & Case, Prosek Partners, Steele and Holt, PricewaterhouseCoopers and S-RM.
Zijin Mining Group, a multi-national mining company headquartered in mainland China, agreed to acquire the Akyem operation of Newmont, a gold company and a producer of copper, zinc, lead, and silver, for $1bn.
"The sale of Akyem represents continued progress on the non-core asset divestiture program announced in February, supporting our focus on the Tier 1 assets in Newmont's portfolio that will drive sustainable growth and the return of capital to shareholders," Tom Palmer, Newmont President and CEO.
Newmont is advised by Citigroup, Treadstone Resource Partners, Davis Graham & Stubbs and Reindorf Chambers.
Johnson & Johnson, an American multinational pharmaceutical, biotechnology, and medical technologies corporation, completed the acquisition of V-Wave, a privately-held company focused on developing innovative treatment options for patients with heart failure, for $1.7bn.
“At V-Wave, we are dedicated to achieving our vision to help patients around the world – and we know Johnson & Johnson MedTech shares this mission. We are confident that Johnson & Johnson MedTech is well-positioned to ensure V-Wave’s breakthrough ideas and technology reach patients in need as quickly and effectively as possible. I couldn’t be prouder of the V-Wave team, and the commitment it has taken to achieve this milestone. We look forward to continuing to build a world where cardiovascular disease is prevented, treated, and cured,” Dr. Neal Eigler, V-Wave CEO.
V-Wave was advised by Perella Weinberg Partners. Johnson & Johnson was advised by Joele Frank (led by Leigh Parrish).
Mondi, a provider of sustainable packaging and paper, agreed to acquire Western Europe packaging assets of Schumacher Packaging, a provider of sustainable packaging made from corrugated and solid board, for €634m ($696m).
"Our focus is on investing to meet the growing market demand for sustainable packaging while driving value for our stakeholders. This acquisition significantly increases our corrugated converting capacity, extends our reach across Western Europe, and offers strong downstream integration opportunities, while broadening our customer offering with a complementary fibre-based product range," Andrew King, Mondi Group CEO.
Carmaker Stellantis is on course to secure Italian government backing for its planned sale of a majority stake in robotics business Comau to One Equity Partners, Reuters reported.
“Comau has positioned itself as a recognized player in the field of automation solutions over the past 50 years. This planned transaction is designed to help Comau achieve autonomy and further strengthen its success in support of all its stakeholders, specifically for their employees and customers," Carlos Tavares, Stellantis CEO.
One Equity Partners is advised by Stanton PRM (led by Tom Faust).
Arbitration rules in favour of BP as sole buyer of Kosmos Energy's Senegal LNG project.
Kosmos Energy said a Paris-based arbitrator has ruled in favour of BP, prohibiting Kosmos from selling to third parties liquefied natural gas from the Greater Tortue project offshore Senegal and Mauritania, Reuters reported.
LNG is key to BP's strategy and broader energy transition plan. The energy major has managed to establish a significant LNG portfolio across the world including Sub-Saharan Africa, which is set to become a significant source of LNG exports with Nigeria, Angola, Cameroon and Equatorial Guinea already shipping large volumes.
£12bn Thames Water creditor group pitches rescue deal to Ofwat.
Lenders holding £12bn ($15.7bn) of Thames Water's debt have held face-to-face talks with Ofwat this week to pitch a rescue deal that they believe would avert the nationalisation of Britain's biggest water utility, Sky News reported.
A creditor group advised by Jefferies met officials from the industry regulator on October 8 to present the outline principles of a business plan that could buy the company vital breathing space.
Spain’s Europastry delays IPO again due to market instability.
Spanish family-owned business Europastry decided to postpone its initial public offering again, citing instability in the markets due to the current geopolitical situation, WSJ reported.
The company—specialized in frozen bakery products—said that it will continue to evaluate the possibility of listing its shares once the situation improves.
APAC
Japan's Seven & i Holdings said on October 9 it had received a revised takeover bid from Canada's Alimentation Couche-Tard, which was raised to around $47bn from $38.5bn, Reuters reported.
Seven & i said that the new proposal was private and non-binding and it planned to keep the negotiations confidential as requested by Couche-Tard.
Seven and i is advised by Nomura.
Shin Kong Financial secured shareholder approval for its merger with Taishin Financial, creating the fourth-biggest financial conglomerate in Taiwan. The results were announced on October 9 after both companies held extraordinary shareholder meetings, Bloomberg reported.
The deal involves a share swap ratio of 0.6022 Taishin Financial common shares for one Shin Kong Financial common share, and one Taishin Financial preferred share for each Shin Kong Financial preferred share.
Taishin Financial is advised by UBS.
Public Bank is said to consider buying late founder’s family stake in LPI.
Public Bank is considering buying its late founder Teh Hong Piow’s family stake in the owner of Lonpac Insurance. Malaysia’s second-biggest lender by market value is expected to pay in cash and shares for Consolidated Teh Holdings’s nearly 43% stake in LPI Capital, Bloomberg reported.
Founded in 1962 as London & Pacific Insurance Co, LPI is an investment holding company.
Carlyle-backed Rigaku looking to raise up to $870m in Tokyo IPO. (FS)
Japan X-ray testing tool maker Rigaku set a tentative initial public offering price range of JPY1.23k ($8.30) to JPY1.26k ($8.48) per share against an initial estimate of JPY1.23k ($8.30), DealStreetAsia reported.
At the top of the range, Rigaku, which is backed by buyout firm Carlyle Group, would raise up to JPY129bn ($870m), including an overallotment.
MMC Port is said to weigh biggest Malaysia IPO in over a decade.
MMC Port is considering an initial public offering in Kuala Lumpur that could raise as much as MYR7bn ($1.6bn), which would make it the biggest in Malaysia in more than a decade, Bloomberg reported.
The port operator, owned by Malaysian tycoon Syed Mokhtar Al-Bukhary, is working with financial advisers on plans for a first-time share sale that may take place as soon as the second half of 2025. MMC could be valued at MYR24bn ($5.6bn) to MYR27bn ($6.3bn).
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