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AMERICAS
The takeover bid for Yamana Gold, a Canadian-based precious metals producer, received backing from the company's shareholders and shareholders of bidder Pan American Silver, a mining company.
The transaction, which is expected to close by the end of March, still requires approvals from Ontario's superior court and the Mexican Federal Economic Competition Commission.
NUBURU, a company which provides disruptive welding technology for battery manufacturing and 3D metal printing, went public via a merger with Tailwind Acquisition, a special purpose acquisition company, in a $350m deal.
"Becoming a publicly listed company is an important milestone that we expect will provide access to capital and continued momentum for NUBURU. We appreciate the Tailwind team's partnership and look forward to accelerating the development of our high-brightness products to meet the growing demand of our customers globally," Mark Zediker, NUBURU CEO, Co-Founder and President.
NUBURU and Tailwind were advised by Cohen & Company Capital Markets, Loop Capital Markets and Tigress Financial Partners. Financial advisors were advised by Morrison & Foerster. NUBURU was advised by WithumSmith+Brow, Wilson Sonsini Goodrich & Rosati and Blueshirt Group (led by Mark Roberts and Michael Anderson). Tailwind was advised by Willkie Farr & Gallagher (led by Adam M. Turteltaub and Danielle Scalzo) and Moxie Communications Group (led by Sara Zick).
SD Biosensor, a diagnostic reagents provider, and SJL Partners, a private equity investment manager, completed the acquisition of Meridian Bioscience, a provider of diagnostic testing solutions, for $1.53bn.
"This announcement follows an extensive and deliberate review of Meridian's growth and value creation opportunities in the context of the broader macroeconomic and industry environment. In consultation with external financial advisors and following outreach to potential strategic and financial partners, the Board unanimously agreed that this transaction represents the best path forward for Meridian shareholders, providing them with immediate, compelling and certain value, while enabling the Company to benefit from SDB's and SJL's capital support, expertise and experience," John C. McIlwraith, Meridian Chairman.
GI Partners, a private investment firm, agreed to acquire Atlas Technical Consultants, a provider of infrastructure and environmental solutions, from Bernhard Capital Partners, an infrastructure and services-focused private equity management firm, for $1.05bn.
"Using our top-down, thematic Blueprint approach, we identified the growing need for inspection and materials testing services across commercial, state, and local levels. BCP partnered with an exceptional management team to build a market-leading business to meet that specialized demand and achieve an enhanced exit valuation. Since 2017, we worked with the management team to thoughtfully expand the business organically and through strategic acquisitions, and we are confident Atlas will only continue to grow and succeed with this new partnership," Jeff Jenkins, Bernhard Capital Founder and Partner.
Apollo Global Management, an American global private equity firm, and Elliott Investment Management, an American investment management firm, completed a $900m investment in Western Digital, an American computer drive manufacturer and data storage company.
"This investment was the result of a comprehensive outreach and evaluation process to appropriately capitalize the company and retain optionality for future strategic decision-making. We have tremendous respect for Apollo and Elliott. Their partnership and perspectives as experienced capital investors will help us facilitate the next stages of Western Digital's strategic review. We look forward to working together in advancing our goal of creating value and finalizing the best possible strategic outcome for our shareholders," David Goeckeler, Western Digital CEO.
Diamondback Energy, an independent oil and natural gas company, completed the acquisition of the leasehold interest and related assets of Lario Permian, a wholly owned subsidiary of Lario Oil & Gas Company, a provider of oil and gas exploration services, for $1.55bn.
"Lario is an attractive bolt-on to our existing Martin County position, home to some of the best rock in the Permian Basin. This is a deal that checks all the boxes Diamondback looks for in an acquisition, as it brings over 150 gross locations in the core of the Northern Midland Basin and also provides immediate accretion to all relevant financial metrics, enhancing Diamondback's overall value proposition to our stockholders," Travis Stice, Diamondback Chairman and CEO.
Seacoast, a community bank headquartered in Florida, completed the acquisition of Professional Holding, a bank holding company, for $489m.
"Professional Bank will be a strong addition to Seacoast's breadth of offerings, accelerating our growth strategy and expanding our presence in the attractive tri-county South Florida market. With the combined scale, we will bring to market a larger balance sheet, a greater digital product set and the banking team to become South Florida's most competitive community bank. We are excited to welcome Professional's employees and customers to the Seacoast franchise," Charles Shaffer, Seacoast Chairman and CEO.
Professional Holding was advised by Stephens, Gunster Yoakley & Stewart and Edelman. Seacoast was advised by Piper Sandler and Alston & Bird (led by Randy Moore).
Morgan Stanley Capital Partners, a middle-market private equity platform, completed the acquisition of a majority stake in Apex, a consulting and engineering services company, from Sentinel Capital Partners, a private equity firm. Financial terms were not disclosed.
"Apex's solutions serve clients and communities across a broad range of environmental and infrastructure needs, and seek to ensure that corporations, government agencies and municipalities achieve and maintain regulatory compliance. In addition to being a highly respected provider of environmental services, Apex is also a leader in the attractive and high-growth stormwater compliance industry. We believe the company's record of expansion, both organically and through accretive M&A, has generated substantial momentum for continued growth. We are excited to partner with Dave and the Apex leadership team to drive continued success in Apex's core service offerings and to pursue strategic M&A that adds additional geographic presence, service capabilities and customer diversity," Eric Kanter, MSCP Managing Director and Head of Industrials.
MSCP was advised by Harris Williams & Co, Raymond James and Latham & Watkins (led by David Beller). Debt financing was provided by Carlyle Invesment Management and Churchill Asset Management.
KKR & Co agreed to invest in Groundworks, a foundation repair and water management services company. Financial terms were not disclosed.
"In 2016, Groundworks embarked on a bold vision of building the nation's leading foundation repair and water management services company by investing and rewarding our incredibly talented tradesmen and tradeswomen," Matt Malone, Groundworks Founder and CEO.
Groundworks is advised by Harris Williams & Co and Paul Hastings. KKR is advised by Deutsche Bank, William Blair & Co and Simpson Thacher & Bartlett.
Roth Capital Partners, an investment bank, completed the acquisition of MKM Partners, an institutional equity trading, sales and research firm. Financial terms were not disclosed.
"I am confident that the combination will provide a stronger and more expanded offering for ROTH MKM clients. We are excited about our foundation for growth," Byron Roth, Roth Capital Executive Chairman.
MKM was advised by Houlihan Lokey and Hunton Andrews Kurth. Roth Capital was advised by Oppenheimer & Co and DLA Piper.
VSE, a provider of aftermarket distribution and maintenance, repair and overhaul services, completed the acquisition of Precision Fuel Components, a provider of MRO services for engine accessory and fuel systems supporting the business and general aviation market. Financial terms were not disclosed.
"We are pleased to welcome the Precision Fuel team to the VSE Aviation family. This transaction represents an important strategic investment for our Aviation segment, one that expands our repair capabilities across a diverse base of global rotorcraft, fixed wing, and B&GA customers. Precision Fuel's value-added, high-margin MRO solutions will complement our existing service capabilities, while positioning us to further enhance our unique value proposition," John Cuomo, VSE President and CEO.
Precision Fuel Components was advised by Janes Capital Partners and Karr Tuttle Campbell. VSE was advised by Jones Day (led by Lorne Cantor).
IFM Investors, a provider of investment services, agreed to acquire a majority stake in GreenGasUSA, a renewable natural gas developer, owner and operator. Financial terms were not disclosed.
"We are excited to welcome GreenGas into the IFM NZIF portfolio and support its next phase of growth. RNG projects operated by GreenGas can deliver significant emissions reductions, which is well aligned with IFM's net zero commitments and our purpose to protect & grow the long-term retirement savings of working people," Kyle Mangini, IFM Investors Global Head of Infrastructure.
GreenGasUSA is advised by Marathon Capital. IFM Investors is advised by FTI Consulting.
Meta Platforms won court approval to buy virtual reality startup Within, defeating an effort to block the deal by the US Federal Trade Commission, Bloomberg reported.
In a sealed decision early Wednesday morning, US District Judge Edward Davila in San Jose, California, denied the FTC's request for a preliminary injunction to block the proposed transaction while the agency pursues a separate case in its in-house court. He separately issued a temporary restraining order pausing Meta from closing the transaction for a week while the FTC decides whether to appeal his ruling.
USIT, an investment firm, led a $150m Series B round in Colossal Biosciences, the world's first de-extinction company, with participation from Breyer Capital, WestRiver Group, Bob Nelsen, Animal Capital, Victor Vescovo, In-Q-Tel, Animoca Brands, Peak 6, BOLD Capital, and Jazz Ventures.
"Dr. George Church and Colossal's deep work in genomics is creating some of the most cutting-edge advancements in biotech. Their innovative technology has important applications for scientific discoveries, including biomedicine, and we look forward to supporting this crucial work," Thomas Tull, USIT Chairman.
The Shaw Group, a global pipe and module fabrication company, completed the acquisition of KP Engineering, a specialist in the design and execution of customized EPC solutions for the refining, syngas, hydrogen, and renewable fuels industries. Financial terms were not disclosed.
"The completion of this transaction is another significant step for Shaw in growing our capabilities to service throughout the entire project lifecycle. KPE's unique expertise in the energy transition markets is an excellent complement to our existing portfolio in the oil and gas, pulp and paper, pharmaceuticals, food and beverage and wastewater industries. I am happy to welcome the KPE team to join Shaw's operations," Mike Childers, The Shaw Group President and CEO.
HostPapa, a web hosting and cloud services provider, agreed to acquire the web hosting and logo design businesses of Deluxe, a payments and business technology company. Financial terms were not disclosed.
"HostPapa is committed to further building on our expertise in providing exceptional solutions to small businesses and this transaction is a large step forward in our growth. Deluxe has built premiere web hosting and logo design services, and we are excited to add these offerings to our mix to continue to help our customers meet their digital and branding needs. We look forward to working with the Deluxe team to transition their processes, clients and people to the HostPapa family," Jamie Opalchuk, HostPapa Founder and CEO.
Hoosier Investments-backed JobSquad Staffing Solutions, a national staffing group, completed the acquisition of Task Management, a full-service staffing firm. Financial terms were not disclosed.
"The need for experienced, high-quality talent has not changed, with increasing pressure for flexibility in hiring and retaining staff. JobSquad meets the need by delivering some of the industry's most streamlined and flexible recruiting and staffing solutions. We know the businesses we serve and deliver high-value solutions that help our clients thrive in every economic climate. The JobSquad approach combines strategic tech with our industry-specialized, expert teams and recruiters across the United States. We can save our clients more while providing more value at the same time," Jay Wilkinson, JobSquad CEO.
JP Morgan adds a $500m timberland portfolio. (FS)
JP Morgan Asset Management's timber-investing arm has acquired about 250k acres in the Southern pine belt for more than $500m, WSJ reported.
The wealth manager said its Campbell Global unit, which invests on behalf of pension funds, foundations and other institutional investors, will manage the commercial forests in Mississippi, Oklahoma and Arkansas for wood production as well as carbon capture.
KKR commits $250m to invest in TIC companies. (FS)
KKR, a global investment firm, announced a strategic partnership with Amit Agarwal, a former senior executive of Thermo Fisher and Omega Engineering, and Andy Silvernail, KKR Executive Advisor and the former Chairman and CEO of IDEX, to acquire and build businesses in the Testing, Inspection, and Certification industry.
KKR's Ascendant strategy is committing up to $250m in funding for the new executive-led platform, which will have a flexible mandate to invest in leading TIC outsourced services and instrumentation manufacturing and distribution capabilities for attractive end-markets. Mr. Agarwal will lead the platform as Chief Executive Officer, working closely with Mr. Silvernail, who will serve as Chairman.
Cybersecurity firm Rapid7 explores sale. (FS)
Rapid7, the cybersecurity firm that hired Twitter whistleblower Peiter Zatko last month, is exploring options that include a possible sale after attracting acquisition interest, Reuters reported.
The Boston-based company is working with investment bank Goldman Sachs as it considers approaches from parties that include private equity firms.
Advent-backed Cobham studies takeover of US defense peer Mercury. (FS)
Advent International-backed UK defense firm Cobham said it's weighing an acquisition of Mercury Systems, a US peer that announced it's exploring strategic alternatives, Bloomberg reported.
Shonnel Malani, an Advent managing partner and Cobham's chairman, said in an interview that the company is looking seriously at Andover, Massachusetts-based Mercury as defense spending increases around the world.
Patient Square beats target to raise $3.9bn for first fund. (FS)
Healthcare-focused Patient Square Capital, founded by former KKR dealmaker Jim Momtazee, raised $3.9bn for its debut fund, surpassing a $3bn target.
The Menlo Park, California-based firm, launched in 2020, benefited from heightened investor demand for exposure to the healthcare sector, driven by demographics and innovation, Bloomberg reported.
North Hudson launches $275m energy credit fund. (FS)
North Hudson Resource Partners, a Houston-based energy investment firm, announced the launch of its inaugural credit fund, North Hudson Energy Credit Partners. The fund seeks to deploy $275m of capital to support middle-market, North American onshore oil and gas production companies with senior secured loans to refinance existing debt, finance acquisitions, and fund development.
"With the continued pullback by many capital providers in the oil and gas sector - in particular, commercial banks - we are pleased to be able to provide solutions for companies seeking to achieve their strategic objectives. The lack of capital available in the oil patch is even more acute for small and mid-sized operators, which is a serious impediment to responsible resource development," Mark Bisso, North Hudson Managing Partner.
EMEA
Platinum Equity, a private equity firm, completed the acquisition of the High-Temperature Solutions business of Imerys, an industrial company, for $944m.
"We have great respect for the Imerys team, which has been an excellent steward of the HTS business for many years. We appreciate their confidence in our ability to deliver a transaction that is opportune for everyone involved. Platinum's carveout expertise and ability to manage through complex situations once again differentiated us. We are excited to add HTS to our growing pan-European portfolio and to support its new chapter of growth," Louis Samson, Platinum Equity Partner.
EU antitrust regulators will decide by April 11 whether to clear Orange's bid for a majority stake in Belgian peer VOO after the French telecoms provider signed a deal with Liberty Global's Telenet to address EU competition concerns, Reuters reported.
The European Commission temporarily halted its investigation into the deal in October while waiting for Orange to reach an agreement allowing Telenet to expand into Wallonia in the south of Belgium that would make it a national operator and rival.
Austria's Federal Competition Authority wants to conduct a more in-depth investigation into brickmaker Wienerberger's takeover bid for French firm Terreal, Reuters reported.
The FCA said in a statement it had filed an application with the cartel court due to competition concerns after discussions with competitors and customers indicated a different market definition than the one submitted by the involved parties.
Goldman Sachs Asset Management is advised by Weil Gotshal and Manges (led by Jean Beauchataud).
Chimera Investments, an investment company in Abu Dhabi, completed the acquisition of a 22% stake in MNT Halan, a microfinance lending and payments company, for $200m.
"As one of the region's premier and most progressive investors, Chimera Abu Dhabi brings a unique and dedicated understanding of our business. Having the backing of Chimera Abu Dhabi is of significant support to the execution of our strategy. The timing of the transaction is also a testament to our ability to significantly increase our revenues and open new revenue streams while growing our bottom line, despite the macro-economic situation. I am excited for what lies ahead as we continue to grow both organically and inorganically by offering cutting edge financial products and services locally and internationally to empower the underserved," Mounir Nakhla, MNT-Halan Founder and CEO.
Chimera was advised by Shearman & Sterling (led by Jade Chu).
Caverion, a Finnish-listed company that designs, implements and maintains building technology and industrial services, completed the acquisition of the substation and transmission line business in Finland and Estonia of TM Voima, a firm that focuses on licensing wind power projects. Financial terms were not disclosed.
"The additional expertise and resources will enable us to serve our customers even more broadly. We are looking forward to welcome about 70 new professionals of electricity transmission and distribution systems to join our growing team," Elina Engman, Caverion Head of Industry division.
TM Voima was advised by PricewaterhouseCoopers (led by Pasi Mäenpää).
Neuraxpharm, a central nervous system specialist, completed the acquisition of two product portfolios of Sanofi, a pharmaceutical and healthcare company. Financial terms were not disclosed.
"These newly acquired products not only strengthen our presence as a leading European specialty pharmaceutical company focused on CNS, but also lay the ground for further expansion of our international presence," Jörg Thomas Dierks, Neuraxpharm CEO.
Neuraxpharm was advised by Clifford Chance (led by Joerg Rhiel).
Convene, a hospitality company that designs and manages premium meeting, event, and flexible office spaces, completed the acquisition of etc.venues, a conferencing and events provider. Financial terms were not disclosed.
"The London and New York City markets continue to rebound at a tremendous pace post-Covid with demand for outsourced premium meeting and event solutions accelerating from clients and landlords alike. The talented team at etc.venues, led by Alastair Stewart and Nick Hoare, managing director, has built an incredible business across the UK and New York for over 30 years; the acquisition of an organization with such an unwavering commitment to delivering high-quality meeting and event experiences allows Convene to expand our ability to serve our clients in more places and exciting new ways," Ryan Simonetti, Convene CEO and Co-Founder.
TriMas, a manufacturer of engineered products, completed the acquisition of Aarts Packaging, a luxury packaging solutions provider. Financial terms were not disclosed.
"We are excited to announce the addition of Aarts Packaging to the TriMas Packaging family of businesses. This acquisition will broaden TriMas Packaging's presence in beauty applications, adding a variety of cosmetic dispenser closures and beauty packaging design solutions. Aarts Packaging also provides products for food packaging and medical applications, expanding our existing presence in those core end markets. We expect Aarts Packaging's customers to benefit from TriMas Packaging's broad product offering, expanded design resources, global manufacturing footprint and continued investment in Aarts Packaging's production capabilities," Thomas Amato, TriMas President and CEO.
Network International in talks to buy Mashreq Payments.
Network International Holdings, the Middle Eastern credit card processing firm, is in advanced talks to acquire Mashreqbank's payments unit, Bloomberg reported.
Network International provides payments solutions to merchants and financial institutions. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
Food service firm Bidcorp weighs sale of Angliss Asia.
Bid, the South African food service company, is considering a sale of its Angliss business in Asia, Bloomberg reported.
The Johannesburg-based group is working with an adviser to gauge interest in the unit. Food wholesaler and distributor Angliss Asia could fetch a few hundred million dollars or more in a deal.
Casino said to discuss merger of French retail arm with Teract.
Casino Guichard-Perrachon is exploring a potential multibillion-dollar combination of its French retail operations with Teract, a challenger backed by billionaire Xavier Niel, Bloomberg reported.
Paris-listed Casino is in preliminary talks about a potential deal with Teract. It plans to seek a majority stake in the combined business.
Renault, Nissan director deal vote seen with hours to spare.
Renault and Nissan Motor's boards are set to greenlight a landmark deal to reshape their troubled two-decade alliance just hours before an official event unveiling more details of the plan, Bloomberg reported.
Renault directors are gathering Sunday followed by Nissan's board early on Monday, February 6. Both boards are expected to agree to the proposals.
European telecoms' advertising venture set for EU approval.
Deutsche Telekom, Orange, Telefonica and Vodafone's plan to take on Big Tech with their own advertising joint venture is set to win unconditional EU antitrust approval, Reuters reported.
The joint venture marks the telecoms sector's first attempt to take on Meta and Alphabet's Google in the lucrative online advertising sector and diversify their revenue streams.
Greece picks banks for €1bn Athens airport IPO. (FS)
A Greek government-owned fund has picked banks for an initial public offering of its 30% stake in Athens International Airport, Bloomberg reported.
The Hellenic Republic Asset Development Fund has chosen Bank of America and Morgan Stanley to lead work on the share sale, which will likely take place in the second half of the year. It has selected Deutsche Bank as a senior joint bookrunner and financial adviser on the deal.
Kefi Gold hires advisors for dual-listing in Saudi stock market.
Kefi Gold & Copper has hired advisers for a potential dual-listing in Riyadh as companies tap into an IPO boom in the Gulf region, Bloomberg reported
Kefi Gold & Copper is the gold explorer with projects in Ethiopia and Saudi Arabia. Kefi Gold is also listed on the London Stock Exchange.
All Seas Capital closes maiden fund with $400m. (FS)
All Seas Capital, a pan-European private capital fund that provides transformational capital solutions to founder- and entrepreneur-owned companies, announced final close of its maiden fund, All Seas Capital I, with total commitments of $400m including co-investments.
"As entrepreneurs ourselves, we launched All Seas Capital to take advantage of the deep pool of opportunities across the European mid-market, accessible through our established sourcing network across our target markets of Western and Northern Europe. We have built a strong and ambitious investment and operational team, with an entrepreneurial culture at its core," Cristobal Cuart, All Seas Capital Co-Founder.
APAC
Advantest, a manufacturer of automatic test and measurement equipment, agreed to acquire Shin Puu, a Taiwan-based supplier of printed circuit boards. Financial terms were not disclsoed.
"The acquisition of Shin Puu is part of our medium- to long-term growth strategy to expand our test and measurement solutions across the continuously evolving semiconductor value chain. Shin Puu's engineering and manufacturing capabilities strongly complement R&D Altanova's high-end test board design technology, and we expect that this will accelerate the growth of our device interface business. In addition to expanding our manufacturing capabilities for high-end test boards, we believe this will enable us to strengthen our customer base in the Asian region, strengthen our recurring business, and help diversify and stabilize our revenue base," Yoshiaki Yoshida, Advantest President and Group CEO.
Advantest is advised by Houlihan Lokey and Tsar & Tsai.
MBK Partners, a North Asia-focused private equity firm, completed the acquisition of Unimat Retirement Community, a Japanese elderly care service provider, for $300m.
The investments were made as MBK recognized the high growth potential of Japan's nursing care industry and its social significance, MBK said in the release.
Giift, a provider of end-to-end loyalty program management solutions, completed the acquisition of a majority stake in InTouch, a provider of loyalty solutions. Financial terms were not disclosed.
"With this acquisition, we are not just gaining a majority stake in InTouch, but also the expertise, experience, and innovation that comes with it. Together, we will set a new standard for customer engagement and retention, in Indonesia and in South-East Asia," Pascal Xatart, Giift Co-Founder and Director.
China's CATL is said to pick banks for a $5bn Swiss GDR sale.
Contemporary Amperex Technology, the world's biggest maker of batteries for electric cars, has chosen banks for its sale of global depositary receipts in Switzerland to raise at least $5bn, Bloomberg reported.
The Chinese giant is working with China International Capital and China Securities International on the share sale. CATL has also picked Goldman Sachs and UBS for the GDR sale.
Pertamedika IHC looking to raise over $300m from private equity firms. (FS)
Pertamina IHC, an Indonesian hospital operator, is looking to raise more than $300m from investors including private equity firms, DealStreetAsia reported.
Nicke Widyawati, Pertamina's CEO, confirmed that Pertamedika IHC is in the process of raising capital, without revealing the figure.
Pertamina's geothermal unit looks to raise up to $652m from Indonesia IPO.
Indonesia's Pertamina Geothermal Energy, a unit of state energy company Pertamina, plans to offer as much as 25% of its stake in an initial public offering this month to raise a maximum $652m in proceeds.
The shares would be offered at $0.05 to $0.06 a piece, the company said in a prospectus and book building would be launched on, DealStreetAsia reported.
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