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Top Highlights
Royal Gold, a company specializing in acquiring and managing precious metal streams and royalties, completed the acquisition of Sandstorm Gold, a precious metals royalty and streaming company, and Horizon Copper, a company that specializes in the exploration and production of copper, for $3.7bn, according to press releases.
Sandstorm Group was advised by BMO Capital Market, National Bank Financial (led by David Skurka), CIBC World Markets, Cassels Brock & Blackwell (led by Jennifer Traub), Crowell & Moring, Fasken (led by Bradley A. Freelan). Royal Gold was advised by Scotiabank, McCarthy Tétrault (led by Roger Taplin, Adam Taylor, Shawn Doyle, and Gerald Gaunt), Skadden, Arps, Slate, Meagher & Flom (led by Blair Thetford), Richards, Layton & Finger, Raymond James, and Alston & Bird (led by Aaron Dixon), according to press releases and MergerLinks data.
Huntington Bancshares, a provider of banking products and services, completed the merger with Veritex Holdings, a bank holding company, in $1.9bn deal, according to press releases.
Evernorth, a digital asset treasury that provides investors with exposure to XRP, agreed to go public via a SPAC merger with Armada Acquisition Corp, a publicly traded special purpose acquisition company, according to press releases. Financial terms were not disclosed.
Evernorth is advised by Citigroup, Davis Polk & Wardwell, and Prosek Partners. Citigroup is advised by Skadden Arps Slate Meagher & Flom (led by Ryan Dzierniejko). Armada is advised by Cohen & Company Capital Markets, Northland Securities and Wilson Sonsini Goodrich & Rosati, according to press releases.
AMERICAS
EMEA
Thyssenkrupp’s submarine unit surges in trading after Frankfurt market debut. ( FT)
APAC
RBL Bank climbs to a five-year peak following Emirates NBD’s $3bn investment. ( Emirates NBD)
Tycoon Geminder reportedly considers selling Asian businesses. ( Bloomberg)
Vietnam’s Masan Group is in discussions with Costco to introduce its noodle products to the US market. ( Bloomberg)
CVC-backed FineToday cancels Tokyo IPO citing market conditions. ( Bloomberg)
Indian e-commerce platform Meesho aims to raise $484m in its upcoming IPO. ( DealStreetAsia)
Sany Heavy Industry aims to raise $1.6bn through Hong Kong listing. ( Bloomberg)
Advantage Partners reportedly aims to raise $1.65bn for its latest Japan private equity fund. ( DealStreetAsia)
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INVESTORS
FINANCIAL ADVISORS
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AMERICAS
Riverside, a global investment firm, completed the investment in B+N Industries, a designer and provider of engineered architectural solutions and design components, according to press releases. Financial terms were not disclosed.
Riverside was advised by Jones Day (led by Kaitlinn Sliter), according to press releases and MergerLinks data.
HBT Financial, a community-based financial holding company, agreed to merge with CNB Bank, a community bank, in a $170m deal, according to press releases.
CNB Bank is advised by D.A. Davidson & Co, Performance Trust Capital Partners and Barack Ferrazzano Kirschbaum & Nagelberg. HBT Financial is advised by Piper Sandler and Vedder Price, according to press releases.
Solve Industrial Motion Group, a provider of engineered bearings and power transmission solutions, completed the acquisition of B&B Manufacturing, a US manufacturer of power transmission and precision mechanical components. Financial terms were not disclosed.
The Jackson Laboratory, a nonprofit biomedical research institution with a National Cancer Institute-designated Cancer Center, completed the acquisition of New York Stem Cell Foundation, a nonprofit dedicated to advancing cures through stem cell research, according to press releases. Financial terms were not disclosed.
Evernorth Holdings, a newly formed Nevada company supporting institutional XRP adoption, announced a business combination with Armada Acquisition Corp II. The combined company will operate as Evernorth and is expected to trade on Nasdaq.
The transaction is expected to raise over $1bn, with investments from SBI, Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen.
Proceeds will mainly fund XRP purchases to build an institutional treasury, with some reserved for working capital and transaction costs.
EMEA
L’Oréal, a global beauty company specializing in cosmetics, skincare, haircare, and fragrances, agreed to acquire the beauty portfolio of Kering, a global luxury group managing fashion, leather goods, jewelry, and eyewear brands, for $4.6bn, according to press releases.
Kering was advised by Evercore and Centerview. L’Oreal was advised by Bank of America, Rothschild and PVC PH Villin Conseil. Kering was advised by Centerview and Evercore.
Holcim, a building material company, agreed to acquire Xella, a European leader in sustainable and innovative walling systems, from Lone Star Funds, an investment firm advising funds that invest globally in private equity, credit and real estate, for €1.85bn ($2.15bn), according to press releases.
Xella is advised by Brunswick Group. Lone Star Funds is advised by Joele Frank (led by Jed Repko), according to press releases.
Harris Computer, a company that provides mission critical software and service solutions for the public sector, agreed to acquire Tecvia, a provider of digital content and software solutions, from Unigestion, an international boutique asset manager, according to press releases. Financial terms were not disclosed.
Unigestion is advised by DC Advisory (led by Philipp Sebbesse), according to MergerLinks data.
AURELIUS, a global private equity investor, distinguished and widely recognized for its operational approach, agreed to acquire Cromwell business from Grainger, a broad line supplier of maintenance, repair and operating products, according to press releases. Financial terms were not disclosed.
Grainger is advised by Joele Frank (led by Adam Pollack), according to press releases.
Intas Pharmaceuticals Capital-backed Accord, a generic pharmaceutical company that engages in the development, manufacture, and distribution of pharmaceutical products worldwide, completed the acquisition of Prothya Biosolutions, a plasma-derived medicinal products company, according to press releases. Financial terms were not disclosed.
Accord was advised by Bank of America. Prothya was advised by Evercore, according to press releases.
Thyssenkrupp’s submarine unit surges in trading after Frankfurt market debut. ( FT)
Thyssenkrupp’s submarine manufacturing arm jumped on its market debut as the German conglomerate advanced its restructuring plan amid a rally in defence stocks.
Thyssenkrupp Marine Systems shares rose to €87 ($101) after the listing of a minority stake at €60 ($70), valuing the company at about €5.5bn ($6.4bn).
APAC
Arcadea Group, an investment firm that invests in founder-controlled software startups with long-term growth potential, completed the investment in FreightTracker, a transportation management software provider headquartered in Australia, according to press releases. Financial terms are not disclosed.
RBL Bank climbs to a five-year peak following Emirates NBD’s $3bn investment. ( Emirates NBD)
India’s RBL Bank climbed to a five-year peak after Dubai-based Emirates NBD announced plans to acquire a $3bn stake in the private lender, marking the largest cross-border deal in India’s financial sector.
The UAE bank will purchase a 60% stake through a preferential share issue at INR280 ($3.13) per share, a 6.5% discount to the stock’s previous close, and will merge its local operations with RBL Bank.
Tycoon Geminder reportedly considers selling Asian businesses. ( Bloomberg)
Australian billionaire Raphael Geminder is reportedly exploring the sale of the Asian divisions of his packaging businesses.
Dynapack Asia and Pact Group are working with a financial adviser and have contacted potential buyers, including private equity firms and other packaging companies. The combined Asian operations could be valued at around $1bn.
Vietnam’s Masan Group is in discussions with Costco to introduce its noodle products to the US market. ( Bloomberg)
Masan Group is negotiating with Costco Wholesale to bring its branded noodles, fish sauce, and coffee to the retailer’s US outlets as the Vietnamese conglomerate pushes its global growth.
“Our top products, including fish sauce, chili sauce, and noodles, are already sold in Costco stores in South Korea and will soon be available in the US,” said Le Thi Nga, deputy CEO of Masan Consumer, the group’s consumer division.
CVC-backed FineToday cancels Tokyo IPO citing market conditions. ( Bloomberg)
The CVC Capital Partners Plc-backed firm, which had aimed to list on the Tokyo Stock Exchange’s Standard Market on November 5, announced the withdrawal in a filing on Monday. It had initially planned to set its IPO price on October 27, following an indicative price of JPY1,470 ($9.75) per share.
The company said in a separate statement that any future decision to resume the listing process will depend on market trends.
Indian e-commerce platform Meesho aims to raise $484m in its upcoming IPO. ( DealStreetAsia)
Indian e-commerce platform Meesho plans to raise IRN42.5bn ($484m) through a fresh issue in its initial public offering, according to its updated prospectus, months after Reuters reported the company had confidentially filed draft papers.
The IPO comes as the Indian market is set to exceed last year’s record $20.5bn, with up to $8bn in offerings expected in the final quarter of 2025.
Meesho has outpaced the overall Indian e-commerce sector in gross merchandise value growth over the past two years, the prospectus noted, citing Redseer Research. The company competes with Amazon and Walmart-backed Flipkart in India.
Sany Heavy Industry aims to raise $1.6bn through Hong Kong listing. ( Bloomberg)
Sany Heavy Industry has begun taking investor orders to raise up to HKD12.4bn ($1.6bn) in a Hong Kong listing, tapping into the surge of Chinese companies leveraging the city’s strong market.
The excavator manufacturer is offering 580.4m shares at HKD20.30 to HKD21.30 each, according to a October 20 filing. Proceeds could rise by up to 32% if options to expand the deal are exercised, with the stock set to debut on October 28.
Advantage Partners reportedly aims to raise $1.65bn for its latest Japan private equity fund. ( DealStreetAsia)
Tokyo-based mid-market private equity firm Advantage Partners is reportedly looking to raise JPY250bn ($1.65bn) for its latest Japan buyout fund.
According to Mergermarket, the firm kicked off fundraising for its eighth Japan buyout fund this week, aiming for a first close by the end of February next year. The target surpasses the JPY215bn ($1.43bn) raised for Fund IV in 2007, while Fund VII reached its hard cap of JPY130bn ($863m) in April 2023.
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