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AMERICAS
Microsoft's Activision Blizzard deal is back in the hands of Britain's antitrust regulator after an appeals court granted an adjournment, and the grounds for why the UK should reconsider its block on the US software giant's takeover were published.
The Competition and Markets Authority set out on Friday Microsoft's arguments for the reconsideration, as the US battles to win UK approval to buy "Call of Duty" maker Activision.
Having initially blocked the $69bn deal in April over concerns about its impact on competition in the cloud gaming market, the CMA has since reopened the file, after it was left increasingly isolated amongst world regulators in its opposition. The CMA said it is likely to be able to reach a new provisional view on the restructured deal in the week beginning August 7, Reuters reported.
Evertec, a full-service transaction processing company, agreed to acquire Sinqia, a developer of software and technology services, for $591m.
"Sinqia is a leader in providing software to the financial services industry in Brazil with an impressive history of delivering organic and inorganic growth. This is a highly complementary transaction, and together we plan to bring Evertec payments solutions to Brazil and Sinqia's strategies to our Latin American markets," Mac Schuessler, Evertec President and CEO.
Sinqia is advised by BTG Pactual, Simpson Thacher & Bartlett and Trindade Sociedade de Advogados. Evertec is advised by Evercore, Goldman Sachs, Truist Securities, Latham & Watkins and Mattos Filho Veiga Filho Marrey Jr. e Quiroga Advogados. Debt financing is provided by Truist Securities.
AEON Biopharma, a clinical-stage biopharmaceutical company, went public via a SPAC merger with Priveterra Acquisition, a blank cheque company, in a $475m deal.
"We are grateful to all investors that continue to support Priveterra's investment thesis in combining with AEON, along with their significant contributions of up to $125 million in arranged funding. I look forward to continuing my journey with AEON," Robert Palmisano, Priveterra Acquisition Chairman and CEO.
AEON Biopharma was advised by Latham & Watkins and LifeSci Public Relations. Priveterra Acquisition was advised by Canaccord Genuity, Cohen & Company Capital Markets, HC Wainwright, ROTH Capital Partners and Davis Polk & Wardwell (led by Lee Hochbaum).
KKR agreed to acquire Chase, a global manufacturer of protective materials for high-reliability applications across diverse market sectors, for $1.3bn.
"Over its nearly 80-year history, Chase has established itself as a leader in highly-engineered protective materials and built a portfolio of trusted brands, while delivering outstanding customer service. We look forward to supporting Chase on its next phase of growth through developing exciting new products, executing upon strategic acquisitions, and serving customers in growing end-markets, including critical applications in electronics, fiber optics and electric grid infrastructure," Josh Weisenbeck, KKR Partner.
Chase is advised by Perella Weinberg Partners, Davis Polk & Wardwell (led by Daniel Brass) and Alpha IR (led by Jackie Marcus). KKR is advised by Goldman Sachs and Kirkland & Ellis.
Keurig Dr Pepper, a multinational soft drink company, agreed to acquire a 33% stake in La Colombe, a coffee roaster and retailer, for $300m.
"We are excited to partner with Hamdi and the La Colombe team to drive value for both companies. This partnership will enable KDP to expand its reach into high growth ready-to-drink and super premium coffee segments and will meaningfully increase La Colombe's availability to consumers," Bob Gamgort, KDP Chairman and CEO.
La Colombe is advised by Blank Rome. Keurig Dr Pepper is advised by
Guggenheim Partners and Skadden Arps Slate Meagher & Flom (led by Maxim Mayer-Cesiano and Sean Doyle).
Safran, a jet engine maker, agreed to acquire the actuation and flight control business of Collins Aerospace, a supplier of aerospace and defense products, for $1.8bn.
"The contemplated transaction represents a unique opportunity to develop our position in mission critical actuation and flight control functions. Our highly complementary product offerings would create a global leader in these segments with around $1.8bn of sales. The transaction would enable us to deliver a comprehensive offering to our clients and position us extremely well for next-generation platforms as the segments move toward increased electrification. The business is a perfect fit with both our product portfolio and our DNA with leading technologies, recurring aftermarket sales, and profitable growth," Olivier Andriès, Safran CEO.
Industrial Growth Partners, a private investment partnership, completed the acquisition of Process Insights, an online process analytics and measurement instrumentation holding company, from Union Park Capital, a private equity investment firm. Financial terms were not disclosed.
"We are excited to partner with IGP and leverage their resources for strategic and operational support as we embark on our next phase of growth. IGP's decades of industrial sector expertise, and specifically its track record with test & measurement businesses, stood out to the full management team as a true differentiator. We are confident that with IGP's support, we will continue to grow Process Insights into a global leader of process instrumentation," Monte Hammouri, Process Insights CEO.
Rio Tinto, a global mining group, agreed to acquire a 50% stake in Matalco, a producer of high-quality recycled aluminium billet and slab products, from Giampaolo Group, a fully integrated metal management company, for $700m.
"Investing in recycling is part of our drive to find better ways to deliver the low-carbon materials the world needs and provides a natural extension of our industry leading primary aluminium business. We look forward to providing customers with aluminium solutions that meet their needs for low-carbon primary and recycled materials in partnership with Giampaolo Group a leader in providing recycled material in North America," Jakob Stausholm, Rio Tinto CEO.
Rio Tinto is advised by Morgan Stanley.
Lowe, a real estate investment firm, and Real Capital Solutions, a commercial real estate agency, completed the acquisition of Westfield Mission Valley, a 1.1m sq. foot open air retail center. Financial terms were not disclosed.
"We are well acquainted with this property and have long had an interest in its potential both as a thriving, ongoing retail destination and as an opportunity to bring much needed housing to this community. Lowe has a deep history as an owner and developer in San Diego and we have specific insight into the Mission Valley area as the owner of the Town and Country resort where we completed a comprehensive renovation to the resort and developed the plan to add apartments to several acres at its periphery," Mike McNerney, Lowe Executive Vice President.
Lowe was advised by Diehl Communications (led by Karen Diehl).
Catalyst Clinical Research, a provider of specialized clinical development solutions, completed the acquisition of Genpro Research, a clinical research organization. Financial terms were not disclosed.
"We are hugely enthusiastic about the addition of Genpro to our family. We share the opportunity to expand our global footprint, broaden and deepen our services, and to use the AI platform to create value for ourselves and customers in a range of labor-intensive document creation processes. In addition, our approach to prioritizing culture and treating our teams like family are similar and will act as a critical foundation for our combined company as we move forward," Nick Dyer, Catalyst CEO.
Tietoevry, a Finnish IT software and service company, completed the acquisition of MentorMate, a software developer, from Taylor, a communication and technology products and services company. Financial terms were not disclosed.
"The acquisition of MentorMate advances our specialization strategy with a high focus on software and digital engineering - a concrete step to accelerate our strategy execution and value creation," Kimmo Alkio, Tietoevry CEO.
Investor group nears $125m deal for CoinDesk.
A group led by blockchain investors Matthew Roszak and Peter Vessenes are nearing a $125m deal for cryptocurrency-focused media firm CoinDesk.
CoinDesk is currently owned by crypto conglomerate Digital Currency Group, which bought it in 2016. Any sale would likely bolster DCG's financial strength as the company looks to pull its Genesis unit out of bankruptcy, Reuters reported.
Brazil's audit court is likely to put Braskem sale on hold.
Brazil's audit court is likely to put the sale of Braskem on hold because of an environmental crisis involving the company in the northeastern state of Alagoas.
Before being sold, the petrochemical producer will have to determine damage costs related to a salt extraction project that caused the soil to collapse in Maceio, the state's capital, forcing roughly 50k people to move out of their homes in 2018, Bloomberg reported.
Bracket Capital raises $150m for its third flagship fund. (FS)
Bracket Capital, a global multi-asset investment manager focused on growth and later-stage, technology-enabled companies, has closed its third flagship funds, Bracket Capital Fund III and Bracket Capital Fund III-A and related vehicles totaling $150m.
Bracket also raised an additional $300m in co-investment and evergreen funds to invest alongside Fund III for a total of $450m in equity to deploy. The fund will target later-stage, private, technology-enabled companies primarily through secondary market purchases from employees and early investors in these businesses, as well as through special-situation primary investment rounds.
"We are grateful for the support we received for Fund III from our new and existing investor partners. Bracket Capital has worked hard to distinguish itself as a premier provider of capital to businesses and a trusted liquidity partner to early employees and investors. Further, our flexible investment mandate enables us to creatively structure investments to create win-win solutions that benefit employees and management teams over the long-term, while providing our LPs with downside protection and high-quality risk adjusted returns," Jihan Bowes-Little, Bracket Capital Co-Founder and Managing Partner.
EMEA
British car dealership Lookers said that shareholders representing about 25% of its voting rights intended to oppose a proposed acquisition by Global Auto and the deal was unlikely to succeed.
"In the event that the resolutions (related to the proposed deal) do not pass, as the Lookers directors now expect, the scheme of arrangement will lapse and Lookers will remain an independent listed company," Lookers.
Lookers is advised by Numis Securities, Peel Hunt (led by Michael Nicholson), Eversheds Sutherland (led by Alistair Cree and Stephen Nash), MHP Communications and Datasite. Global Auto is advised by BMO Capital Markets (led by Gary Mattan), Desjardins, Greenhill & Co, Jefferies & Company (led by Philip Noblet), National Bank Financial, Skadden Arps Slate Meagher & Flom (led by Simon Toms) and Hudson Sandler.
British asset manager Liontrust said that it had made its final offer for Swiss rival GAM Holding, after a backlash from some investors against the planned takeover.
Liontrust conditionally agreed to acquire GAM in May in a deal that valued the company at $124m. Liontrust said in a statement that it had engaged with shareholders of GAM but decided its offer was full and final and would not be increased, Reuters reported.
Egeria, an investment company, agreed to acquire Sonic Equipment, a specialist in professional hand tools, filled toolboxes and premium storage solutions, from Torqx Capital, a private equity firm. Financial terms were not disclosed.
"We are impressed by Sonic's entrepreneurship, growth track record and unique value proposition in the tools market. We strongly believe in the further international growth potential of the Sonic brand and product offering in the years to come and very much look forward to collaborate with Remko and the team to develop Sonic further," Sander Van Keken, Egeria Partner.
Egeria is advised by Boston Consulting Group, DC Advisory (led by Paul de Hek and Edward Godfrey), Ernst & Young and Allen & Overy. Torqx Capital is advised by Roland Berger, Deloitte, Lincoln International and Houthoff.
HICL Infrastructure, an infrastructure investment company, completed the acquisition of a 75% stake in Hornsea II Windfarm. Financial terms were not disclosed.
The consideration for HICL's 75% share is expected to represent approximately 3% of the trust's portfolio by value.
Nuveen-backed Glennmont Partners, a clean energy investment fund manager, agreed to acquire a 30 MW Finland onshore wind portfolio from clearvise, an independent power producer. Financial terms were not disclosed.
"This agreement with clearvise marks another positive investment in Finland and the Nordics, after successful recent activity in the onshore wind and battery storage sector. It has been excellent working with the team at clearvise on this deal, and we now look forward to realizing further investment opportunities in this region and across Europe – accelerating the rollout of low-cost clean energy and helping our investors to further decarbonize their portfolios," Joost Bergsma, Glennmont Partners CEO.
Glennmont is advised by Dittmar & Indrenius (led by Mikko Eerola).
ProductLife Group, a provider of regulatory, scientific, vigilance and quality services for the life sciences industries, completed the acquisition of RNI Consulting, a consultancy providing support in regulatory, medical and scientific affairs for nutrition and health products. Financial terms were not disclosed.
"Since our foundation, we have set out to bring expert knowledge to support product development, registration and compliance and help manufacturers and brand-owners to navigate through all regulations applicable to selfcare products. By joining PLG, we will add the resources, international profile and expanded client base we need to take our business to the next level," Violaine Chaumont, RNI Founder and CEO.
Seraya Partners-backed Cyan Renewables, an offshore wind services platform, completed the acquisition of Groenewind, an offshore wind farm in Belgium. Financial terms were not disclosed.
"We have been in the offshore wind services industry for over 20 years and serviced more than 50 offshore wind farms. We are a trusted partner for wind farm developers and owners. Combining our track record with Seraya resources, we plan to operate a $1bn fleet over the next 3 years in Asia and Europe," Keng Lin Lee, Cyan Renewables CEO.
SBB narrows financing gap with $228m sale.
SBB, the landlord at the center of Sweden's property crunch, is selling $228m of shares in a new subsidiary to Morgan Stanley, taking a step toward narrowing a financing gap.
SBB is racing to plug a cash shortfall of $804m over the next 12 months after amassing an unsustainable debt pile during the cheap-money era. With bond markets and bank lending all but closed, the company is seeking to raise fresh funds from asset sales and new investors. In the wake of a downgrade to a junk credit rating in May, a sale of the entire company is also up for consideration.
The latest capital raise will see the landlord issue preference shares via a newly created subsidiary called SBB Residential Property to a fund managed by Morgan Stanley Real Estate Investing, Bloomberg reported.
SBB, Brookfield end talks on EduCo stake sale. (FS)
SBB and Brookfield have ended talks on the sale of SBB's remaining 51% stake in its education subsidiary EduCo, the Swedish property group said.
The breakdown in the talks is a big blow to Stockholm-based SBB which has been fighting for survival since its shares plunged in May on concerns over its financial position and a refinancing of billions of crowns in debt. Its shares are down more than 90% from their peak in 2021, Reuters reported.
Barclay family seeks buyers for Yodel.
The Barclay family, which previously owned the UK's Daily Telegraph newspaper, hired bankers to handle the potential sale of the parcel delivery group Yodel.
Clearwater International will oversee talks with potential bidders and partners. The prospective valuation of Yodel, which is part of a Barclay-owned entity called Logistics Group Holdings.
An outright sale of Yodel is one of the options being considered, while a partnership or joint venture with a big Chinese e-commerce player such as Alibaba Group or JD is also possible, Bloomberg reported.
European Union agrees post-Brexit rules for hedge funds.
The European Union said it has reached a deal on revising its rules for managers of hedge funds and other alternative investments, easing industry fears of a post-Brexit crackdown on managers in London.
Representatives of EU states and the European Parliament reached the deal overnight to update the bloc's Alternative Investment Fund Managers Directive rules that cover investments in hedge funds, private equity, private debt funds and real estate funds.
The agreement, which seeks to make it easier to invest in a broader range of assets to boost the EU economy, needs formal rubber-stamping by parliament and member states. Under the agreement, European asset managers will have to disclose more details to regulators about their investments with private funds in the United States, Britain and other non-EU countries, Reuters reported.
APAC
Sosei Heptares, a biopharmaceutical company, agreed to acquire the Asia Pacific business of Idorsia, a Swiss pharmaceutical research company, for $462m.
"We have patiently and diligently been searching for the right opportunity to accelerate our mission to deliver life-changing new medicines to patients. This transaction with Idorsia is truly transformational and achieves one of our key strategic objectives, establishing Sosei Heptares as a fully integrated Japan-focused pharmaceutical business, with growing commercial sales and an expected new product launch next year. The addition of a highly experienced clinical development and entrepreneurial commercial team in Japan led by Dr Satoshi Tanaka, one of the country's most successful drug developers in recent times, fast-tracks our vision to become one of Japan's global biopharmaceutical champions," Chris Cargill, Sosei Heptares President and CEO.
Sosei Heptares is advised by Centerview Partners, Orrick Herrington & Sutcliffe and MEDiSTRAVA Consulting.
Saudi Aramco, an integrated energy and chemicals companies, completed the acquisition of a 10% stake in Rongsheng Petrochemical, a China-based company principally engaged in the research, development, manufacturing and distribution of refining products, petrochemicals and chemical fibers, for $3.6bn.
"Our strategic partnership with Rongsheng advances Aramco's liquids to chemicals strategy while growing our presence in China and showcases our importance as a reliable supplier of crude oil. This key acquisition is an important part of Aramco's long-term growth strategy, expanding our presence in a vital market," Mohammed Y. Al Qahtani, Aramco President of Downstream.
Saudi Aramco was advised by Morgan Stanley and White & Case (led by Vivian Tsoi).
Bandhan Financial, a financial institution, agreed to acquire a 56% stake in Aegon Life Insurance, a joint venture with Bennett, Coleman & Co, from Aegon, a life insurance, pensions and asset management company. Financial terms were not disclosed.
"I would like to thank our Aegon Life colleagues for their commitment and professionalism in meeting the needs of our customers in India. I believe that Bandhan will be a good home for the employees and policyholders of Aegon Life and I wish them all the success in the future," Marco Keim, Aegon CEO.
GIC, a private equity firm, agreed to invest in Japanese real estate developer Daiwa House Industry-backed Aichi Logistics Facility, a logistics facility in Yatomi city. Financial terms were not disclosed.
The warehouse was developed and completed in 2022 by Daiwa House Industry. The asset is well‐located in a logistics hub near a major expressway and provides convenient access to the Nagoya central business district and other surrounding regions. As a young and modern asset, the facility is attractive to a wide range of tenants serving both the regional local and regional areas.
Ramsay, Sime Darby kick off a $1.5bn hospital unit sale.
Ramsay Health Care, Australia's biggest private hospital operator, and Sime Darby, one of Malaysia's oldest conglomerates, have kicked off the sale of their hospital unit and are seeking a valuation of as much as $1.5bn.
The sellers have invited some health-care companies and private equity firms to submit non-binding bids for Ramsay Sime Darby Health Care. The revival comes nearly a year after discussions with Kuala Lumpur-listed IHH Healthcare. The parties couldn't reach a binding agreement for the sale of the hospital unit.
Ramsay Health and Sime Darby are keen to divest the hospital unit as Malaysia is weighing a capital gains tax on the disposal of unlisted shares by companies. Ramsay Health in late June said it and Sime Darby are again exploring a sale of the joint venture, Bloomberg reported.
JERA to invest $300m in greentech-focused startups. (FS)
Japan's top liquefied natural gas buyer JERA will invest $300m in green technology-focused startups through a newly created in-house unit, as part of the country's efforts to reach carbon neutrality by 2050.
JERA, also Japan's biggest utility, would target startups which develop decarbonisation technologies including hydrogen, ammonia and other renewables, digital technologies as well as those focusing on women's health. Venture capital funds which are linked to such startups would also be investment targets for JERA Ventures, DealStreetAsia reported.
Malaysia finally closes DNB stake deals.
Major Malaysian operators agreed to take stakes in state-run wholesale provider Digital Nasional, following talks with authorities on equity and 5G network access.
In a translated statement, the Ministry of Communications and Digital revealed Maxis, CelcomDigi, Telekom Malaysia, U-Mobile and YTL Communications will take shares.
The government did not disclose financial details or the eventual division of ownership, but stated the operators would take the appropriate actions to complete the process.
China issues draft to ease rules on foreign investment in asset management firms.
China's National Financial Regulatory Administration issued a draft on easing rules on foreign investment in asset management businesses as part of efforts to attract overseas investors.
Among rules the NFRA is soliciting public opinion on until August 21 is the proposed removal of restrictions barring overseas non-financial institutions from investing in financial asset management firms.
The draft rules also call for abolishing the total asset requirement for overseas financial institutions wanting to invest in financial asset management firms. Multinationals would also be allowed to directly initiate the establishment of foreign-funded financial companies under the draft rules, DealStreetAsia reported.
Sequoia China said to be in the market for its new $2.8bn fund. (FS)
Sequoia Capital's Chinese affiliate is reportedly in the market to raise $2.8bn for a new Chinese currency fund and is banking on domestic investors as backers.
Sequoia Capital China, which is preparing to split from the main venture capital firm, is looking at approaching domestic backers for the new fund, including the government city of Hangzhou. The launch of the new China fund comes as Sequoia China was reported to have established a new branch in Singapore, with plans to use it as a primary investment platform in Southeast Asia.
The move will see Sequoia China competing with Peak XV Partners. Sequoia Southeast Asia already operates an office in Singapore. However, sources said Peak XV sees Sequoia China as a partner rather than a competitor, DealStreetAsia reported.
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