The US Federal Energy Regulatory Commission on September 6 approved BlackRock's $12.5bn deal for Global Infrastructure Partners,
Reuters reported.
Under the deal, which was announced earlier this year, BlackRock said it would pay $3bn in cash and roughly 12m BlackRock shares to acquire the asset management giant.
Dril-Quip, a developer, manufacturer and provider of highly engineered equipment and services for the global offshore and onshore oil and gas industry, completed the merger with Innovex, a global provider of mission-critical technologies and services across the well lifecycle for the oil and gas industry.
"We're thrilled to complete the Innovex and Dril-Quip merger, creating a differentiated business with a curated portfolio of technologies that support our customers throughout the well's lifecycle. I'd like to thank the employees of our combined company for all they have done to bring us to this milestone. Leveraging our talent and 'No Barriers' culture, we will deliver superior growth, cash flow and returns creating value for our employees and our shareholders," Adam Anderson, Innovex CEO.
EPAM Systems, a digital transformation services and product engineering company, agreed to acquire NEORIS, a Miami-headquartered global advanced technology consultancy, from Advent International, a private equity firm, and Cemex, a global construction materials company. Financial terms were not disclosed.
“NEORIS’ commitment to engineering quality, innovation, and strong level of client engagement, combined with their deep expertise across our key industry segments, makes them the best partner for us. This combination will significantly strengthen our presence in LATAM while we continue to enhance our differentiated delivery capabilities across Europe, India and APAC,” Arkadiy Dobkin, EPAM Systems CEO & President.
NEORIS is advised by Canaccord Genuity, Creel Garcia-Cuellar Aiza y Enriquez, DLA Piper, Freshfields Bruckhaus Deringer, Martínez Quintero Mendoza Gonzáles Laguado & De la Rosa, Perez Llorca and Simpson Thacher & Bartlett (led by
Juan Naveira and
Todd Crider). EPAM Systems is advised by Orrick Herrington & Sutcliffe (led by
Matthew Gemello and
Spencer Cohen).
Brightstar-backed Astrion, a mission support and advanced engineering services provider, completed the acquisition of Axient, a specialized engineering solutions provider. Financial terms were not disclosed.
"We are thrilled to welcome Axient's talented team to Astrion. The dedication and expertise of our combined workforce are fundamental to our success and mission to Be the Difference. Together, we will leverage our collective strengths to drive innovation and deliver results with impact for our customers," Dave Zolet, Astrion CEO.
Axient was advised by KippsDeSanto & Co, Stone Key Partners, Morrison & Foerster (led by
Damien Specht and
Locke Bell) and Paul Weiss Rifkind Wharton & Garrison (led by
Edward Ackerman). Astrion was advised by JP Morgan, Jefferies & Company and Kirkland & Ellis.
Comply365, a compliance and safety management solutions provider, agreed to acquire Qualtero, an innovative training and qualification management solutions provider. Financial terms were not disclosed.
"The acquisition of Qualtero by Comply365 marks a significant milestone in Qualtero's journey. We see immense synergy between the companies' solutions and teams, and with the support of Comply365, we are poised to deliver even greater value and more innovative products to our combined customers," Barak Kirmayer, Qualtero CEO.
Comply365 is advised by Gibson Dunn & Crutcher, Goldfarb Seligman & Co and Willkie Farr & Gallagher (led by
Morgan Elwyn and
Thomas Spencer). Qualtero is advised by Barnea Jaffa Lande & Co and DLA Piper.
IDEX, a company that designs and builds engineered products and mission-critical components, completed the acquisition of Mott, an engineering company providing filtration and flow control products, for $1bn.
"The acquisition of Mott brings scale to our growing suite of material science technology capabilities and amplifies our ability to partner with customers to develop innovative solutions. This is an important step in our strategy to deliver long-term, compounding value to our customers, employees, and shareholders. I'm pleased to welcome the Mott team to the IDEX family," Eric D. Ashleman, IDEX CEO and President.
Salesforce, an American cloud-based software company, agreed to acquire Own Company, a data management and protection solutions provider, for $1.9bn.
“We’re excited to join forces with Salesforce, a company that shares our commitment to data resilience and security. As digital transformation accelerates, our mission has expanded from preventing data loss in the cloud to helping customers protect their data, unlock business insights, and accelerate AI-driven innovation. Together with Salesforce, we’ll deliver even greater value for our customers by driving innovation, securing data, and ensuring compliance in the world’s most complex and highly regulated industries,” Sam Gutmann, Own Company CEO.
Amulet Capital Partners, a middle-market private equity investment firm, completed the acquisition of Genetics & IVF Institute, a provider of reproductive tissue banking and related reproductive technology services. Financial terms were not disclosed.
"Over the past 40 years, GIVF has established itself as a critical resource within the fertility space, and we are thrilled to partner with Nadeem and Sean to drive the Company's next phase of growth. As investors in the fertility industry for nearly five years, we have deep respect for all that GIVF has accomplished and, as our second platform investment in the space, we believe we are uniquely positioned to support the company's long-term objectives. We look forward to working closely with the Company to capitalize on its momentum and serve patients across the US and abroad, as well as partner with leading fertility clinics throughout the country," Jay Rose, Amulet Managing Partner.
Amulet Capital was advised by Joele Frank (led by
Erik Carlson).
Troutman Pepper, a national law firm, agreed to merge with Locke Lord, a full-service law firm. Financial terms were not disclosed.
"The reasons for this merger go beyond complementary areas of practice. Our firms' shared dedication to client service and excellence will allow us to offer increased value to our clients. We are enthusiastic about collaboratively building upon our experience with the clients that we already serve and introducing Troutman Pepper Locke to new clients and markets," Tom Cole, Troutman Pepper Chairperson.
FedEx, a conglomerate holding company focused on transportation, e-commerce and business services, completed the investment in Nimble, an AI robotics and autonomous e-commerce fulfillment technology company. Financial terms were not disclosed.
"Our strategic alliance and financial investment with Nimble expands our footprint in the e-commerce space, helping to further scale our FedEx Fulfillment offering across North America. Nimble's cutting-edge AI robotics and autonomous fulfillment systems will help FedEx streamline operations and unlock new opportunities for our customers," Scott Temple, FedEx President, Supply Chain.
Texas Capital agrees to $400m health-care deal.
Texas Capital Bancshares agreed to buy a $400m portfolio of exposure to health-care companies as it presses ahead with a strategic plan to expand offerings and boost efficiencies — which also resulted in some layoffs in the third quarter,
Bloomberg reported.
The healthcare deal is part of efforts to build a corporate banking health-care business and should close this month. The layoffs should help it curb costs by $30m next year and will primarily affect middle- and back-office employees.
EQT considers sale of US-headquartered AGS Health. (FS)
EQT is considering options for AGS Health, including selling the company, which provides revenue cycle management services to the health sector,
Bloomberg reported.
While still early days, the private equity firm has held meetings with bankers to evaluate a sale.
Elis says it made early approach to Vestis on potential deal.
Elis, a provider of uniform and linen cleaning services and workplace supplies, said it made a preliminary approach to Vestis of the US about a potential acquisition,
Bloomberg reported.
Elis regularly considers strategic opportunities and there’s no certainty that the discussions will lead to a deal. Financial terms were not disclosed.
Intel is exploring sale of part of stake in Mobileye.
Intel is considering options for its stake in its struggling automated driving systems provider Mobileye Global as part of a major strategy overhaul,
Bloomberg reported.
The chipmaker could offload some of its 88% holding in Mobileye on the public market or via a sale to a third party. Mobileye has a board meeting later this month in New York, where Intel’s plans will be considered.
Goldman backs Almaviva’s buyout of Iteris with €350m debt.
Goldman Sachs Group has lined up around €350m ($389m) of debt financing to back Italian IT group Almaviva’s purchase of US tech firm Iteris,
Bloomberg reported.
The debt is in the form of a bridge loan that will ultimately be taken out by high-yield bonds. Almaviva agreed
to acquire Iteris last month in a transaction which valued the company at around $335m.
Carlyle-backed aviation service provider StandardAero files for US IPO. (FS)
StandardAero, an aircraft maintenance services provider backed by private equity firm Carlyle Group and Singapore's sovereign wealth fund GIC, filed for an initial public offering in the United States on September 6,
Reuters reported.
The aftermarket services industry is heating up with several aircraft equipment manufacturers also expanding into the space in recent years, as the business can fetch strong margins with lighter capital investment.
Partners Group-backed KinderCare Learning files again for IPO. (FS)
KinderCare Learning is making a second run at a US initial public offering after withdrawing a previous registration,
Bloomberg reported.
The company’s largest owners include affiliates of Partners Group, as well as Chairman Tom Wyatt and CEO Paul Thompson.
PJT hires market infrastructure veteran capstick from JP Morgan. (People)
PJT Partners has hired veteran market infrastructure banker Jeremy Capstick from JP Morgan, as the advisory firm looks to gear up for a revival in dealmaking,
Bloomberg reported.
Capstick will join PJT in the coming months in a senior role in London. He most recently served as JP Morgan’s global co-head of market infrastructure.
EMEA
Apollo Global Management, an alternative asset management firm, agreed to acquire Beequip, an independent equipment lease company, from NIBC, a commercial bank. Financial terms were not disclosed.
“We are proud to see that Beequip has shown remarkable progress over the last several years. Because of their strong growth, evidenced by multiple FD Gazelle Awards for fast-growing businesses, we believe this transaction comes at the right time to position them for the next phase. Apollo will be a perfect fit for Beequip, offering great opportunities for their further development. On behalf of the Executive Committee, I wish all Beequip colleagues every success with Apollo as they continue their journey,” Paulus de Wilt, NIBC CEO.
NIBC is advised by Citigroup. Apollo is advised by Paul Hastings (led by
Brian Maher).
Eurazeo, a French private equity firm, agreed to acquire a minority stake in Naxicap Partners-backed Moria, an ophthalmic surgery instruments manufacturer. Financial terms were not disclosed.
“We acquired the majority stake in Moria in 2019 with its management team in a rather challenging context where we were counting on the brand’s value, including internationally, to assure good organic development but its industrial organization needed to be reworked and its R&D strategy deeply re-designed. Bruno Chermette and his team demonstrated good management of these complex projects, and we were able to begin an external growth strategy which is proving to be very fruitful. As such, we have chosen to remain the majority shareholder and to continue the strategy of reinforcing our specialties that bring high value, and our international presence,” Angèle Faugier, Naxicap Partners Partner.
Naxicap Partners is advised by Rothschild & Co.
EQT, CPPIB weigh $5bn capital injection for Nord Anglia. (FS)
Nord Anglia’s owners are speaking to investors about jointly putting in at least $5bn of capital into the international school operator,
Bloomberg reported.
The company’s major shareholders — EQT and Canada Pension Plan Investment Board — are looking to reinvest in Nord Anglia and have been in talks with investors including Neuberger Berman for part of the additional funds.
Formula 1 now seeks $2.55bn as loan refinancing unveiled.
The refinancing plan, unveiled September 6, has resulted in lender commitments now being due September 10. They were due September 6 for the $850m deal. Price talk is unchanged, at 200 basis points over the Secured Overnight Financing Rate and offered at 99.5 cents to 99.75 cents on the dollar.
