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AMERICAS
As Rogers Communications ong-delayed takeover of Shaw Communications nears its final hurdle, bankers, lawyers and shareholder advisors are preparing to finally pocket a $75m fee from the bitterly contested deal.
And in a rare twist, the lawyers are expected to pocket more of the total fees than the bankers, who normally benefit the most from outsized transactions. The deal is among the biggest fee events in Canadian M&A history, and it would land banks involved with 5% to 10% of their annual investment banking fees, Reuters reported.
Shaw is advised by CIBC World Markets, TD Securities, Burnet Duckworth & Palmer (led by Grant A. Zawalsky), Davies Ward Phillips & Vineberg (led by Brett Seifred and Vincent A. Mercier), Dentons (led by Bill Gilliland and William Jenkins) and Wachtell Lipton Rosen & Katz (led by Mark Stagliano and Adam Emmerich). Financial advisors are advised by Osler Hoskin & Harcourt. Rogers is advised by Bank of America, Barclays, Cravath Swaine & Moore (led by Joseph D. Zavaglia, Michael S. Goldman, Andrew C. Elken, and Erik Tavzel), Goodmans (led by Dale Lastman), and Torys (led by Richard Willoughby). Financial advisors are advised by Davis Polk & Wardwell, Latham & Watkins, and McCarthy Tetrault (led by Richard Higa).
Microsoft President Brad Smith will seek to convince EU antitrust regulators at a closed hearing that the US software giant's $69bn bid for "Call of Duty" maker Activision Blizzard will boost competition.
Smith will lead a delegation of 18 senior executives, including Microsoft Gaming Chief Executive Officer Phil Spencer, while Activision will be represented by its CEO Robert Kotick, Reuters reported.
Life Storage's board rejected the unsolicited proposal from rival Public Storage, saying the offer "significantly undervalues" the company as well as its prospects for future growth.
"The board believes Life Storage will deliver greater risk-adjusted total shareholder returns as a standalone company than through the proposed transaction. The board is always open to and regularly evaluates opportunities to enhance shareholder value and will consider any proposal that appropriately values the company and its prospects," Mark G. Barberio, Life Storage Non-Executive Chairman.
Hydro-Québec, an electricity generating, transmitting and distributing company, completed the acquisition of Great River Hydro, a hydropower producing company, from ArcLight Capital Partners, a private equity firm, for $2bn.
"As a long-time owner and operator of hydroelectric assets across the United States, ArcLight was pleased to support Great River Hydro's establishment as a premier renewable energy infrastructure platform. We expect the Company to continue playing a leading role in the energy transition in New England, and we look forward to its ongoing success," Dan Revers, ArcLight Founder and Managing Partner.
Flowers Foods, a producer and marketer of packed bakery food, completed the acquisition of Papa Pita Bakery, a manufacturer and distributor of high-quality bagels, tortillas, breads, buns, English muffins, and flat breads. Financial terms were not disclosed.
"Papa Pita began as a family business and is an inspiring example of the American dream. Its leaders have grown the company strategically through product and category expansions. Additionally, its focus on exceptional product quality and operational excellence aligns strongly with the Flowers culture. Papa Pita has been an important co-manufacturer of Flowers products for many years, and I'm thrilled about the opportunity to realize manufacturing and distribution synergies, in addition to expanding our geographic reach and welcoming the passionate Papa Pita team to Flowers," Ryals McMullian, Flowers Foods President and CEO.
Papa Pita was advised by Bank of America and Kirton McConkie. Flowers Foods was advised by Deutsche Bank and Jones Day (led by William Zawrotny).
Platinum Equity, an investment firm, completed the acquisition of HarbisonWalker International, a supplier of refractory products and services in North America. Financial terms were not disclosed.
"This is excellent news for our employees, customers, and communities. Platinum Equity supports our intent to continue driving HWI forward into an unprecedented new era of growth. Over the past several years in North America and throughout our global operations, we've built operational excellence, differentiated ourselves through our supply reliability, and delivered the deepest and widest offerings of refractory products and expertise. Our new owner is wholly aligned with our leadership team's vision to aggressively accelerate investments in our business. We are poised to capitalize on the momentum that our team of employees has built together," Carol Jackson, HarbisonWalker Chairman and CEO.
Platinum was advised by Kirkland & Ellis (led by Jennifer Perkins, Eric Cohen and Karen Flanagan) and Willkie Farr & Gallagher.
HG-backed TrustQuay, an IT services provider, agreed to merge with Viewpoint, a software company. Financial terms are not disclosed.
"Our combined team brings together the exceptional talents of two already very aligned organisations. In doing so, I believe that we will build a stronger and a more sustainable business that, through digitalisation, will deliver even more innovative and client centric solutions that will continue to greatly benefit the operations, productivity and efficiency of our clients," Rolf Heemskerk,Viewpoint Founder and CEO.
TrustQuay is advised by Skadden Arps Slate Meagher & Flom (led by Richard Youle).
Flack Global Metals, a metals distribution company, agreed to acquire Fabral, a supplier of metal building envelope solutions, from OmniMax International, a producer of aluminum, steel, copper and vinyl products. Financial terms are not disclosed.
"We have had great success working with progressive steel-buying OEMs who embrace our approach to separating metals supply from price using proven risk management strategies, including hedging. Fabral gets us one step closer to end-consumers of metal building products, making FGM a more informed partner no matter if you use our distribution services, our financial services, our manufacturing capabilities, or any combination of the three," Jeremy Flack, Flack Global Metals Founder and CEO.
Flack Global is advised by ODEA Marketing (led by Patty Rioux).
Exencial Wealth Advisors, an independent wealth management firm, completed the acquisition of Shoreline Financial Advisors, a wealth management firm. Financial terms were not disclosed.
“We were looking for a strategic partner with strong cultural alignment, and Shoreline fit that bill perfectly. Brendan and Patrick are driven by the same values we have held dear since our founding: integrity above all else and a dedication to providing enduring value to those they serve,” John Burns, Exencial CEO.
Exencial Wealth Advisors was advised by Gregory FCA.
Mutual of Omaha, a financial services company, completed the acquisition of Keller Mortgage, a real estate franchise, from Keller Williams, a technology and international real estate franchise. Financial terms were not disclosed.
“This transaction brings together two leaders in the mortgage industry, leveraging the strengths of each to provide outstanding products and services to homebuyers from coast to coast. With shared values that emphasize integrity, teamwork, customer focus, innovation and accountability, Keller Mortgage is a strong cultural fit with Mutual of Omaha Mortgage,” Terry Connealy, Mutual of Omaha President.
Corporate Visions, a revenue growth consulting and training company, completed the acquisition of Primary Intelligence, a provider of automated customer feedback. Financial terms were not disclosed.
"The future of sales enablement is providing custom rep-specific coaching in the flow of work. Ideally those recommendations are based on actual performance feedback from real customers. The acquisition of Primary Intelligence will enable us to make invisible problems visible and then provide personalized coaching to reps based on how buyers respond to them in sales cycles," Erik Peterson, Corporate Visions Chief Executive Officer.
Opus Inspection, a vehicle inspection company, completed the acquisition of Applus Technologies, a software company. Financial terms were not disclosed.
"ATI is a respected organization, and we look forward to combining our talented teams to provide industry-leading inspection services and innovative technology solutions. Our two organizations complement each other very well and the combined group will provide significant operational and technical expertise," Andy McIntosh, Opus Inspection CEO.
Teck Resources will spin off the steelmaking coal business to attract investment.
Teck Resources will spin off its steelmaking coal business and simplify its share structure in a sweeping overhaul that is likely to make the Canadian miner an attractive target for larger rivals, Bloomberg reported.
Teck will split into two independent, publicly listed companies: Teck Metals will focus on metals needed in the clean-energy transition while Elk Valley Resources will operate the coal assets. The coal business has an implied enterprise value of about $8.6bn. Teck also plans to wind down the dual-class share structure under which Canada's Keevil family controls the company, though the change will be over six years.
EMEA
Shell, an oil and chemical group, completed the acquisition of Nature Energy, an operator of biogas plants, from Davidson Kempner, an investment firm, Pioneer Point, a private equity firm, and Sampension, an insurance company, for $2bn.
“Shell’s competitiveness in low carbon fuels derives from capabilities across the value chain, combining a world-class Trading and Supply organisation with access to differentiated technology and production assets. Acquiring Nature Energy will add a European production platform and growth pipeline to Shell’s existing RNG projects in the United States. We will use this acquisition to build an integrated RNG value chain at global scale, at a time when energy transition policies and customer preferences are signalling strong growth in demand in the years ahead," Huibert Vigeveno, Shell Downstream Director.
Davidson Kempner was advised by JP Morgan and Greenbrook (led by Andrew Honnor). Shell was advised by Citigroup. Nature Energy was advised by FGS Global (led by Jared Levy).
TA Associates, Vista and Charlesbank-backed Aptean, an application software developer, completed the acquisition of Drink-IT, a beverage management software company, from NORRIQ, a company that offers IT solutions to businesses to improve their CRM. Financial terms were not disclosed.
“We’re delighted by the opportunity to join forces with Aptean and provide our deep beverage knowledge with Aptean’s food and beverage expertise to deliver an exceptional level of service and support to our customers and partners. As part of Aptean, we will be better positioned to live up to the full potential of Drink-IT and deliver the benefits of digital transformation to the beverage industry,” Sarah Broux, Drink-IT Managing Director.
Noventiq, a digital transformation and cybersecurity solutions and services provider, completed the acquisition of Saga New Frontier Group, a Serbian software and digital solutions company. Financial terms were not disclosed.
"The closing of this deal will strengthen Noventiq's footprint in the Eastern European region, which is a key strategic approach for our company in 2023. Saga's solutions offerings and sophisticated own IP will help Noventiq to grow our portfolio capabilities in the region and beyond," Herve Tessler, Noventiq President and COO.
Germany said to discuss a $21bn power grid deal with TenneT.
Germany's government is in talks to pay more than $21bn for the local unit of power grid operator TenneT in a deal that could mark the starting point for a consolidation of the country's power grids, Bloomberg reported.
Officials are hashing out the structure of a potential deal with Dutch state-controlled TenneT, and negotiations could take several months. The deal would come on top of an equity need of about $16bn to upgrade the net.
East Money Information picks banks for $1bn Swiss sales.
East Money Information selected Bank of America and China International Capital to arrange its planned global depository receipt sale in Switzerland, Bloomberg reported.
The Shenzhen-listed internet financial services provider could raise about $1bn through the issuance in Zurich. A listing can happen as soon as this year.
Airbus urged by fund manager to drop 'zero value' asset pursuit.
Airbus should refrain from buying a stake in a division of French software company Atos because the purchase would represent an "extremely inefficient" use of funds and distract management at a time when it needs to focus on meeting delivery targets, according to activist investor Chris Hohn.
Owning a stake in the Evidian business would expose Airbus to what Hohn called a "low-quality, highly levered company," alongside the business's operating losses that could turn out to be material, Bloomberg reported.
Wall Street banks rose interest in European football deals.
Wall Street banks are profiting from the billions of dollars shaking up the world's most popular sport, Bloomberg reported.
From advising on takeovers of historic clubs, to providing funding for top leagues, the likes of Goldman Sachs and JP Morgan are discovering European football to be a lucrative source of revenue at a time when broader mergers and acquisitions activity is slowing.
Fenway Sports said Liverpool FC is only looking for investment.
The US owners of Liverpool FC aren't trying to sell the team but are holding talks with potential investors about another kind of transaction, Bloomberg reported.
"Will something happen there? I believe so, but it won't be a sale," John Henry, Fenway Sports Group Principal Owner.
NextEnergy solar fund held the third close at £595m. (FS)
NextPower UK ESG, a solar infrastructure fund, which is backed by the UK government's new national infrastructure bank, has held its third close with £595m ($716m) in capital commitments.
The fund's manager NextEnergy Capital said the amount raised exceeded its target of £500m ($602m). The fund will focus on investments in unsubsidized new-build solar plants in the UK.
Ex-Binance M&A head eyes $100m for crypto VC fund. (FS)
Bill Qian, who oversaw venture capital investments and acquisitions at Binance Holdings, is seeking more than $100m for a crypto VC fund, Bloomberg reported.
Qian, who left Binance last June to become chairman of Dubai-based Cypher Capital, plans to invest in startups focused on web3, the loosely defined next iteration of the internet that proponents say will be more decentralized and reliant on blockchain technology.
APAC
Japan Post considers selling $9bn worth stake in banking arm.
Japan Post is considering cutting its stake in its Japan Post Bank business by around a third by the end of next month, in a share sale potentially worth nearly $9bn, DealStreetAsia reported.
The postal giant is considering selling the shares by the end of the current financial year that ends in March and is expected to take a decision shortly, based on market conditions.
Bridgetown weighs merger with Hyphen Group.
Bridgetown Holdings, the US-listed blank-check company backed by billionaires Peter Thiel and Richard Li, is considering a merger with financial technology firm Hyphen Group, Bloomberg reported.
A transaction could value the combined company at several hundred million dollars. Li is already among the Hong Kong-based Hyphen’s investors.
Amman considers $1bn Indonesia IPO.
PT Amman Mineral Internasional, which owns the second-largest copper and gold mine in Indonesia, is considering an initial public offering in Jakarta that could raise as much as $1bn, Bloomberg reported.
The company is working with financial advisers to prepare for a listing, which could happen as soon as in the first half of the year. Deliberations are ongoing and details including size and timing of the IPO could change.
Joyalukkas withdraws $278m IPO.
Joyalukkas, one of India's biggest jewelry retailers, shelved plans for a public listing, a document on the market regulator's website showed, making it the first major company this year to pull its plans for an initial public offering, DealStreetAsia reported.
Joyalukkas did not give a reason for withdrawing its $278m IPO, the most likely reason was macro-economic concerns such as market volatility and stubbornly high inflation.
Genecast refiles Hong Kong IPO.
Genecast Group, which provides innovative oncology molecular diagnostics and testing services in China, has recently revived its initial public offering plan in Hong Kong, DealStreetAsia reported.
The application, which comes almost six months after the firm’s first attempt, was filed with the Hong Kong stock exchange on February 17, 2023. However, the heavily-redacted application did not divulge the details of the fundraising size and timeline.
Warburg Pincus is raising a $439m maiden yuan fund in China. (FS)
Warburg Pincus is raising $439m in its maiden yuan-denominated fund, joining a growing list of private equity investors eyeing local currency investment opportunities in China, Reuters reported.
Warburg has approached a number of Chinese investors including local government-backed entities and state-backed financial institutions for the new yuan fund. The US private equity firm plans to primarily focus on the healthcare and industrial technology sectors in China with the yuan fund.
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