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AMERICAS
Sekisui House, a residential developer that has delivered over two million homes for people around the globe, completed the acquisition of M.D.C., an American home construction company, for $4.9bn.
"We are excited to welcome MDC's management and employees to the Sekisui House team. Today marks a significant advancement of our strategy to expand in the US and bring the value of our philosophies and technology to US homebuilding. With MDC joining our group, we believe that we can become a one-of-a-kind entity in the US by combining Japanese and US technologies, and above all, sharing our passion for providing quality housing," Yoshihiro Nakai, Sekisui House President and CEO.
M.D.C. was advised by Vestra Advisors (led by Richard Moriarty), Brownstein Hyatt Farber Schreck, Paul Weiss Rifkind Wharton & Garrison (led by Michael Vogel and Robert Schumer) and Collected Strategies (led by Dan Moore). Sekisui House was advised by Mitsubishi UFJ Morgan Stanley Securities, Moelis & Co, Morrison & Foerster (led by Joseph Sulzbach and Randy Laxer), Collected Strategies and Hearthstone.
Arcline completed the acquisition of Kaman for $1.8bn. (FS)
Arcline, a growth-oriented private equity firm, completed the acquisition of Kaman, an American aerospace company, for $1.8bn.
"Kaman is an innovation-driven industry leader with a storied history and a strong portfolio of businesses supporting mission-critical end markets. We look forward to partnering with the Kaman team and supporting the company's continued success and growth as a trusted solutions provider of engineered components and subsystems to critically important programs," Arcline.
Private equity giant Blackstone bid $1.5bn to buy Hipgnosis Songs Fund, marking a significant escalation in the fight for control of the troubled music royalty fund.
Blackstone is offering $1.24 per share in an all-cash offer that represents an 8.7% premium over the previous day’s closing share price, and is significantly higher than the $1.4 billion takeover bid that Nashville-based Concord Chorus made for the fund earlier this week.
“Blackstone strongly encourages the board of Hipgnosis to recognise the significant increase in value available to all shareholders under the terms of its fourth proposal, over the $1.16 as set out in the Concord offer, and to work with Blackstone to reach agreement on a unanimously recommended firm offer in an expeditious manner,” Blackstone.
Hipgnosis is advised by Shot Tower Capital (led by David Dunn), Singer Capital Markets (led by James Moat), Carey Olsen, Shoosmiths and Headland Consultancy (led by Susanna Voyle).
Qoo10, a Southeast Asian e-commerce platform, completed the acquisition of Wish, an American online e-commerce platform, for $173m.
"We would like to thank our stockholders for their support of this value-maximizing transaction. Looking ahead, the new Board and management team will target profitable operations as we seek to realize the significant value of our NOLs for the benefit of ContextLogic stockholders," Rishi Bajaj, Wish Chairman and CEO.
Wish was advised by JP Morgan, Sidley Austin and Collected Strategies. Qoo10 was advised by Jefferies & Company and Shearman & Sterling.
Forward Consumer Partners, a private investment firm, completed the acquisition of Firehook Bakery, an artisan baking business. Financial terms were not disclosed.
"In identifying a partner to shepherd Firehook's next phase of growth, it was essential to find a team who could support our mission of continuing to build an exceptional business rooted in quality and transparency. Forward shares our vision and, most importantly, our values. Their track record of helping grow iconic consumer brands makes the Firm an ideal partner as we continue to propel our business forward," Pierre Abushacra, Firehook Bakery Founder.
Firehook Bakery is advised by Novelty Hill Capital and Stein Sperling. Forward Consumer Partners is advised by Houlihan Lokey and Kirkland & Ellis.
Connor, Clark & Lunn Infrastructure, an investor in middle-market infrastructure and infrastructure-like assets, completed the acquisition of an 80% stake in Sharp Hills, an onshore wind farm in Canada with approximately 300MW of capacity, from EDP Renewables, a company active in the renewable energy sector, for $355m.
"This investment in Sharp Hills marks our first wind investment in Canada, further diversifying our infrastructure portfolio across sector and geography. We are pleased to once again be partnering with EDPR and look forward to owning and operating the Sharp Hills project together over the coming years," Matt O'Brien, CC&L Infrastructure President.
Connor, Clark & Lunn Infrastructure was advised by National Bank Financial and Torys. EDP Renewables was advised by CIBC World Markets.
MPE Partners, a private equity firm, completed the acquisition of SabCon Underground, a natural gas utility company. Financial terms were not disclosed.
"I am exceptionally proud of what the entire SabCon team has accomplished and look forward to partnering with Precision to support SabCon through its next phase of growth. I am confident that this partnership will enhance SabCon's ability to serve both our customers and employees," Kellie Burns, SabCon Founder and President.
MPE Partners was advised by Jones Day. Debt financing was advised by PGIM Private Capital.
LSI Industries, a manufacturer of commercial lighting and display solutions, completed the acquisition of EMI Industries, a restaurant that provides millwork, metal, and refrigeration solutions, for $50m.
"LSI continues to build the premier commercial lighting and retail display solutions business in North America. The addition of EMI serves to broaden our product and services capabilities within retail fixtures, displays and food equipment. Consistent with our Fast Forward strategy introduced last year, the acquisition positions us to further capitalize on the ongoing, multi-year investment cycle evident across the grocery, refueling/c-store, and restaurant markets," James A. Clark, LSI Industries President and CEO.
LSI Industries was advised by Vallum Advisors (led by Noel Ryan).
Steward Partners, a private equity firm, agreed to acquire fiancial services firms Monaco Capital and Saling Simms. Financial terms were not disclosed.
"The acquisition of both Monaco Capital and Saling Simms marks another step in our commitment to deliver excellence to our advisors, partners, and clients through our legacy model. Since establishing the model last December, we have seen tremendous growth in our already successful business, and we are excited to work alongside our new partners as we continue this trajectory," Jim Gold, Steward Partners CEO and Co-Founder.
Steward Partners is advised by JConnelly.
Indo Count, a global bed linen manufacturer and exporter, completed the acquisition of WAMSUTTA, an international home fashions brand, from Beyond, an e-commerce expert. Financial terms were not disclosed.
"Wamsutta – with its 178-year brand heritage – resonates strongly in the marketplace. We will explore multiple channels of distribution to reach the core Wamsutta consumer and also introduce an entire new generation to the exceptional quality and luxury of the Wamsutta brand. Our strategic vision is to leverage our operational capabilities to enhance the brand value proposition and fulfill its potential globally. WAMSUTTA's brand equity, combined with Indo Count's global reach will catapult the brand to new heights and represents a significant milestone towards our expansion strategy," Mohit Jain, Indo Count Executive Vice Chairman.
Indo Count was advised by Berns Communications Group (led by Danielle Poggi).
Hamilton Health Care System, a health care delivery system, agreed to acquire the 351-bed Tennova Healthcare – Cleveland from Community Health Systems, a provider of general hospital healthcare services, for $160m.
Additional consideration may be received following the transaction contingent upon potential changes to certain supplemental reimbursement programs.
TabaPay, an instant money movement platform, agreed to acquire Synapse Financial Technologies, a banking platform that enables companies to provide financial products to their customers. Financial terms were not disclosed.
"The addition of the Synapse features is an acceleration of our TabaPay story, one dedicated to delivering great solutions that help our clients rapidly innovate, save money, and offer great financial products to their customers. The Synapse assets are a great and natural fit to our existing services to grow our offerings in tandem with providing continuity to Synapse clients and banks," Rodney Robinson, TabaPay Co-Founder and CEO.
AMCON Distributing, a convenience and food service distributor, agreed to acquire Richmond Master Distributors, a convenience product distributor. Financial terms were not disclosed.
"We are honored that Patrick Carrico and Scott Carrico have chosen AMCON to continue the legacy and stewardship of this outstanding enterprise, with a long history of innovation, that was founded in 1947. We warmly welcome Master Distributors associates, customers, and vendors to our AMCON Family. Indiana has an excellent business environment and is a state that we want to continue to strategically expand in," Christopher H. Atayan, AMCON Chairman and CEO.
First Federal Bank, a financial services firm, agreed to acquire Watson Mortgage, a mortgage financing firm. Financial terms were not disclosed.
"Our mission is to provide solutions from a financially stable institution that is a great place to work and bank. This acquisition underscores our commitment to our customers and the residential mortgage sector. We look forward to serving the Watson Mortgage customers with the same excellence they came to expect from the team," John Medina, First Federal Bank President and CEO.
Sundial Media Group, a media, technology and experiential company, completed the acquisition of Refinery29, a creative digital media and entertainment platform with a multigenerational focus on women, from Vice Media, a digital media and broadcasting company. Financial terms were not disclosed.
"We're very excited about the expansive ecosystem we're building at Sundial Media Group. Refinery29 is an incredible brand with a phenomenal team that will play an important role in reimagining the ways that media serves the need for connection, culture and commerce in these distinct, but complementary communities of the New General Market," Richelieu Dennis, Sundial Media Chairperson.
Sports investor Arctos to focus on US deals after raising $4.1bn fund. (FS)
Arctos Sports Partners plans to focus on finding more deals in its US home market because of the financial unpredictability of European football, Financial Times reported.
While Arctos was open to working with more teams in Europe, the firm was far more likely to invest in the US where there is “no shortage of opportunities” for generating reliable returns from sport.
“We want to invest behind global brands that have the predictability and the durability and resiliency and the dynamics that are commonplace in North American sports assets. Finding those outside of North America is difficult,” Ian Charles, Arctos Sports Partners Co-Founder and Managing Partner.
Blackstone sells $1.1bn of private equity fund stakes to Ares. (FS)
Blackstone’s Strategic Partners unit sold a $1.1bn portfolio of private equity fund interests to Ares Management, Bloomberg reported.
The portfolio consists of older fund stakes that Strategic Partners had acquired from institutional sellers. This is the largest private equity deal completed by Ares’ secondaries group.
Strategic Partners was advised by PJT Partners.
Ardian is near deal to buy over $1bn of BCI’s private equity holdings. (FS)
French buyout firm Ardian is close to a deal to acquire more than $1bn of private equity fund stakes from British Columbia Investment Management, Bloomberg reported.
The transaction may close in the next few months. The British Columbia fund, which manages the retirement savings of government workers in the Canadian province, was considering the sale of about $2bn worth of Europe-focused investments and reducing its US positions to rebalance its portfolio and free up cash.
Partners Group-backed Form Technologies said to weigh sale. (FS)
Partners Group-backed Form Technologies is exploring strategic options that may include a potential sale. The industrial manufacturer faces about $900m of debt that comes due for repayment next year. The company's roughly $633m first-lien term loan is quoted at around 95 cents on the dollar.
Partners Group, working with an investment bank, received offers for Form back in 2018, which it valued at more than $2bn. Talks are ongoing and there's no certainty they'll result in a sale, Bloomberg reported.
Sony deal for Paramount would draw added regulatory scrutiny. (FS)
A deal to buy Paramount Global that includes Japan’s Sony Group would be expected to draw scrutiny from US regulators who vet media purchases by foreign buyers, as well as a review from competition authorities, Bloomberg reported.
Tokyo-based Sony and Apollo Global Management are considering teaming up in a bid for the film and TV giant Paramount Global.
Schneider Electric is in deal talks with Bentley Systems.
Schneider Electric is in talks about a potential deal with engineering software maker Bentley Systems, potentially paving the way for one of the biggest takeovers of a US company by a French business.
The discussions are part of Schneider Electric's strategy to build up its capabilities in industrial technology, and are at an early stage. Bentley acknowledged Schneider's statement separately without commenting further, Bloomberg reported.
Nordstrom to evaluate founding family’s interest in pursuing take-private deal.
Nordstrom said the founding family behind the department store chain had shown an interest in pursuing a potential go-private deal, prompting the company’s board to form a special committee of independent directors to evaluate any proposal, Reuters reported.
The move by CEO Erik Nordstrom and President Pete Nordstrom comes at a time when department store chains across the US are grappling with weak sales as sticky inflation and elevated borrowing costs have led customers to rethink their discretionary spending.
Library services firms mull combining and seek private debt deal.
Library services companies Baker & Taylor and Media Source have held talks to combine and have approached direct lenders about financing for the potential deal, Bloomberg reported.
Macquarie Group is working with the companies and has reached out to private credit firms for debt for the combined entity. Annual earnings before interest, taxes, depreciation and amortization of the combined business, a measure of a company’s profits, would be as much as $25m.
Mexico’s Pemex to hand over natural gas project to business magnate.
Mexican state oil firm Pemex has agreed to hand over control of its Lakach natural gas project in the Gulf of Mexico to Grupo Carso, a company belonging to Mexican billionaire Carlos Slim, Reuters reported.
Last month that Pemex and Slim’s team were in talks over reviving the development of the Lakach field, the Latin American country’s first deepwater natural gas field, a plan that has been shelved twice before. Pemex considered finding a new partner a top priority to boost the field, hailed as a potential gateway to a new deepwater Mexican gas frontier, after US liquefied natural gas company New Fortress Energy pulled out last year.
Adnoc unit considers investment in UGI’s propane business.
A unit of Abu Dhabi National Oil Co is considering a potential investment in UGI’s propane distribution unit AmeriGas, Bloomberg reported.
State-owned Adnoc is working with advisers to discuss the possible purchase of a stake in AmeriGas. A transaction could value AmeriGas at several bn US dollars.
Coach and Michael Kors tie-up opens a curious bag of antitrust concerns.
Coach owner Tapestry’s quest to become an American luxury giant is turning out to be quite the uphill battle, WSJ reported.
The Federal Trade Commission is reportedly preparing a lawsuit to block Tapestry’s proposed acquisition of Michael Kors owner Capri.
Walmart-backed Ibotta rises 17% after $577m IPO.
Ibotta climbed 17% in its trading debut after the digital marketing software firm and a group of shareholders raised about $577.3m in an initial public offering priced above a marketed range, Bloomberg reported.
Shares in the company, which helps brands deliver mobile promotions through rewards and rebates, and counts Walmart as a backer, closed trading at $103.25 each Thursday the 18th of April after earlier gaining as much as 34%.
ShipBob picks JP Morgan to lead IPO as soon as late 2024.
E-commerce fulfillment service provider ShipBob has chosen JP Morgan to lead its planned initial public offering, Bloomberg reported.
Chicago-based ShipBob has also tapped Citigroup as part of the syndicate. A listing may take place as soon as late this year and could value the company at about $4bn.
PJT taps ex-BofA, Credit Suisse dealmaker Knauss as partner. (FS, People)
PJT Partners has hired Orlando Knauss from Bank of America as a partner focused on dealmaking in the industrials sector, Bloomberg reported.
Knauss joined Bank of America in 2021 after about two decades at Credit Suisse, where he was global head of the Swiss lender’s industrials group.
JP Morgan dealmakers Lipsky and Lee are leaving the bank. (People)
Two senior JP Morgan dealmakers, Andy Lipsky and Haidee Lee, are leaving the bank, Reuters reported.
Lipsky, JP Morgan’s vice chair of investment banking, helped advise industrial companies including General Electric on big deals. He reported to Jay Horine, co-head of global investment-banking coverage, and moved from Credit Suisse in 2020. Lipsky is headed to Morgan Stanley. He will join in a similar capacity as his role at JP Morgan.
Lee, co-head of strategic investor group mergers & acquisitions, is returning to Goldman Sachs. She reported to Anu Aiyengar, JP Morgan’s global head of advisory, after being hired from Goldman in 2021.
Morgan Stanley consumer IPO banker Passi leaving the bank. (People)
Morgan Stanley’s North America head of consumer and retail equity capital markets Tilli Dias Passi will leave the bank, Reuters reported.
Passi is taking an indefinite break and is not immediately joining a rival bank. New York-based Passi has been with Morgan Stanley for 18 years. Her departure from the bank comes at a time when the market for initial public offerings is showing early signs of a rebound in activity after stock market flotations dried up during most of 2022 and 2023.
Deutsche Bank food-and-beverage dealmaker Brook to join RBC. (People)
Deutsche Bank managing director Eric Brook left after more than two decades at the firm to join Royal Bank of Canada’s investment-banking arm, Bloomberg reported.
Brook, who’s based in New York, will be a vice chairman within the consumer and retail group at RBC Capital Markets.
EMEA
Lufthansa seeks to persuade EU regulators over ITA stake buy.
Lufthansa executives and lawyers will attend a day-long hearing in Brussels, to try to convince EU antitrust regulators to clear the company's bid for a minority stake in Italian rival ITA Airways.
Lufthansa last week submitted remedies to address the EU competition watchdog's concerns about its €325m ($346m) bid for a 41% stake in state-owned ITA, the successor to Alitalia. So far, the remedies are little changed from an earlier package the Commission rejected as insufficient, although Lufthansa can add remedies following the hearing, Reuters reported.
ITA Airways is advised by JP Morgan, Mediobanca and Gianni Origoni Grippo Cappelli & Partners. Lufthansa is advised by BonelliErede and FGS Global.
Knorr-Bremse to acquire the North American conventional signalling business of Alstom for €630m.
Knorr-Bremse, a German manufacturer of braking systems for rail and commercial vehicles, agreed to acquire the North American conventional signalling business of Alstom, a rolling stock manufacturer, for €630m ($671m).
"We are pleased to sign this agreement, which marks an important step in the implementation of our action plan. It evidences the work of our North American signalling employees, who have built and advanced this very successful business over the past few years," Henri Poupart-Lafarge, Alstom Chairman and CEO.
Alstom is advised by Accuracy, Credit Agricole, Cleary Gottlieb Steen & Hamilton and White & Case.
SPIE completed the acquisition of a 92% stake in ICG Group from HIG Capital. (FS)
SPIE, a provider of multi-technical services in the areas of energy and communications, completed the acquisition of a 92% stake in ICG Group, a turnkey service provider for telecommunication infrastructure, from HIG Capital, a private equity firm. Financial terms were not disclosed.
"The acquisition of ICG Group enables SPIE to further strengthen its position as a leading player in the deployment of fibre networks and mobile telecommunication infrastructure in Germany, which are very strategic and rapidly growing markets. With its high growth perspectives and very strong level of profitability, we are convinced that the combination of ICG Group with SPIE will be highly value creative," Gauthier Louette, SPIE Chairman and CEO.
SPIE was advised by Latham & Watkins and Image Sept.
Five Arrows to acquire a majority stake in Solvares from Deutsche Beteiligungs. (FS)
Five Arrows, a private equity firm, agreed to acquire a majority stake in Solvares, a provider of SaaS services, from Deutsche Beteiligungs, a German investment company. Financial terms were not disclosed.
"Our solutions deliver mission critical value to our customers daily. Our business has developed strongly in recent years and I am excited to continue executing our growth roadmap over the coming years and develop Solvares into the European leader for field management and logistics software. With their deep global experience in scaling B2B software businesses and long‑term investment perspective, Five Arrows was our partner of choice to help us drive this next phase in our journey. We are grateful for DBAG's strong support to date and are pleased they will remain our investors alongside Five Arrows," Ivan Bagaric, Solvares CEO.
Solvares is advised by Houlihan Lokey.
DIF Capital Partners, a private equity firm, offered to acquire TDF Fibre, a French fibre business, from telecoms firm TDF and financial services company La Banque des Territoires, in a c. €1bn deal.
DIF Capital Partners is negotiating to invest in TDF Group’s fibre business by acquiring the entire share capital in (i) TDF Fibre and (ii) Lumière Fibre, a newly incorporated vehicle entirely held by TDF and to which TDF is expected to contribute its engineering, maintenance, fibre roll-out and construction services business units. Following the planned transaction, the TDF Group will continue to support TDF Fibre, particularly in terms of network supervision.
Ardian said to join bidding for Altice's €7bn XpFibre unit. (FS)
European private equity firm Ardian is considering a potential offer for a controlling stake in telecom tycoon Patrick Drahi's French fiber company XpFibre, Bloomberg reported.
KKR and Global Infrastructure Partners are also vying for the business, which builds and operates fiber-to-the-home infrastructure in France. KKR is the most advanced bidder in the process, having started carrying out due diligence on the company earlier this year.
A deal could value XpFibre, which is owned by Drahi's Altice France, at around €6bn ($6.3bn) to €7bn ($7.4bn) including debt. XpFibre had about $2.6bn of net debt as of 2023. Altice France owns 50.01% of XpFibre, while the balance is held by a consortium majority-led by OMERS Infrastructure that also includes Allianz Capital Partners and AXA Investment Managers Real Assets. Bloomberg News previously reported that KKR and Macquarie Group were shortlisted in the bidding. Deliberations are ongoing and there's no certainty they will result in a deal.
Partners said to mull Techem options after TPG’s €6bn bid. (FS)
Partners Group is considering options for its majority stake in Techem after having received a binding offer from TPG that values the German metering company at more than €6bn ($6.4bn), Bloomberg reported.
Partners Group may decide to keep Techem or float it on the stock market following the bid from TPG’s Rise Climate fund that was supported by Singapore sovereign wealth fund GIC.
Shareholders of Royal Mail owner hit out at Křetínský’s ‘insulting’ approach.
Leading shareholders in Royal Mail’s parent company have criticised Czech billionaire Daniel Křetínský’s £4.5bn ($5.58bn) approach, with one large investor calling his initial offer an “absolute joke”, Financial Times reported.
International Distributions Services said that it had recently rejected an approach from Křetínský’s investment group that valued the former British postal monopoly at £3.20 ($3.97) a share.
IDS called the timing of the bid, a nearly 50% premium to the company’s undisturbed share price, “opportunistic” and said it substantially undervalued the business.
Geely sells $1.32bn of Volvo Truck shares.
China's Zhejiang Geely Holding Group has sold its entire Class B shares in Volvo Trucks, totaling $1.3bn. This sale, led to a nearly 6% decline in Volvo's shares in Stockholm. Geely stated that the divestment aligns with its long-term strategy, intending to remain Volvo's second-largest investor with 88.5m A shares.
The shares were sold at a slight discount through Bank of America, Goldman Sachs and Barclays, signaling Geely's continued commitment to strategic realignment within the automotive sector. Despite challenges like waning orders, Volvo reported a first-quarter operating profit exceeding analysts' expectations, credited to higher prices amid production adjustments. Geely's move follows earlier reductions in its Volvo stake and partial sales of its holding in Volvo Car, demonstrating its dynamic investment strategy amidst market shifts, Bloomberg reported.
TA said to mull €1bn Sale of 3D software provider Chaos. (FS)
TA Associates and LEA Partners are considering a potential sale of Chaos Group, a maker of 3D video-rendering software that could be valued as much as €1bn ($1.1bn), Bloomberg reported.
The private equity firms are working with advisers and asked suitors including tech-focused buyout firms to submit non-binding bids earlier this month.
Russian broker hopes to free up $500m with frozen asset swap.
The Russian broker organising an asset swap scheme that could free up frozen funds for Russian and foreign investors would consider unblocking around $500m worth of funds a good result, Reuters reported.
Moscow presents the plan as a way for both Russian and foreign investors to free up assets that have been blocked by Western sanctions and Russian countermeasures since the start of the conflict in Ukraine more than two years ago.
DS Smith shares tumble as Mondi drops out of takeover race.
Mondi shares jumped 8% and DS Smith dropped 11% on the London FTSE 100 index. DS Smith shares had rallied more than 45% since Mondi first made its interest in buying the group known in early February and then reached an agreement in principle in March for an all-stock deal valued at £5.14bn ($6.39bn).
Delivery firm Getir weighs sales and market exits.
Getir, once a darling of the delivery startup world valued at $12bn, is weighing asset sales and potential exits from non-core markets as it faces pressure from investors to cut its losses, Bloomberg reported.
The Turkish grocery delivery company, which saw business skyrocket during the Covid-19 pandemic as deliveries surged, is now exploring options including selling off or shuttering assets around the world. Any potential sales would exclude its core Turkey operations.
Billionaire Issa nears deal to sell Asda stake to TDR Capital. (FS)
TDR Capital is closing in on a deal to buy gas-station billionaire Zuber Issa’s stake in Asda as the private-equity firm tightens its grip on one of Britain’s biggest supermarket chains, Bloomberg reported.
The agreement for Issa’s 22.5% stake would give TDR majority control and could be announced in coming weeks. TDR’s holding in Asda would rise to about two-thirds, while the transaction would further the dismantling of the relationship between brothers Zuber and Mohsin Issa.
Spanish government signals openness to TAQA’s bid for Naturgy.
Spain signalled it was open to a potential takeover bid of energy firm Naturgy by Abu Dhabi’s TAQA, saying that while the government will defend its strategic interests that did not imply it would block the deal, Reuters reported.
TAQA confirmed that it is in discussions with the three largest shareholders of Naturgy about a possible bid for the largest natural gas firm in Spain.
France might block drugmaker Biogaran’s sale to foreign firm.
The French government might block a foreign company from buying generic-drug maker Biogaran, Bloomberg reported.
If a foreign buyer wants to acquire Biogaran, France could activate a so-called IEF review, which allows the state to screen and possibly block potential investments by foreign companies in strategic sectors.
Retailer Express seeks bankruptcy savior in Toys ‘R’ Us Owner.
Express is looking to a stakeholder best known for its revival of Toys “R” Us to swoop in with a takeover bid once the retailer enters bankruptcy court, Bloomberg reported.
WHP Global, a brand manager that owns Express shares as part of a 2023 partnership, is among a handful of firms considering buying the troubled apparel chain as part of Chapter 11 proceedings.
Armani doesn't rule out merger or IPO in succession plan.
Giorgio Armani, the iconic fashion mogul, is contemplating significant changes for his eponymous Italian fashion empire as he approaches his 90th birthday. After years of fiercely guarding the independence of Giorgio Armani amidst industry consolidation, Armani now hints at potential mergers or even a public listing post his leadership. This shift signals a willingness to adapt to evolving market dynamics, a hallmark of Armani's success throughout his illustrious career.
Armani's openness to considering new possibilities marks a departure from his traditionally guarded stance on succession and future plans. While he currently does not foresee a takeover by a major luxury conglomerate, he remains open-minded, acknowledging the importance of evaluating all options pragmatically. With a net worth of $6.6bn and a firm grip on his company, Armani's potential moves could reverberate across the fashion and M&A landscape.
In an industry where family-controlled firms like Armani's coexist with larger conglomerates, the prospect of Armani joining forces with a bigger player or pursuing an IPO underscores the evolving nature of luxury business strategies. As Italian luxury brands navigate uncertainties and potential consolidation, Armani's contemplation of strategic shifts highlights the ever-changing dynamics within the M&A realm, particularly in the fiercely competitive fashion sector, Bloomberg reported.
Barclays’ Essaid named sole global mergers and acquisitions head. (People)
Barclays named Ihsan Essaid as sole head of global mergers and acquisitions, while his former co-head, Gary Posternack, moves into a new role as chairman of global M&A, Bloomberg reported.
Essaid joined Barclays in 2021 and was promoted to co-head of global M&A alongside Posternack in March 2022. He previously worked at Credit Suisse Group.
Abu Dhabi wealth fund hires Brookfield’s Thomas for buyout unit. (FS, People)
Abu Dhabi Investment Authority hired Brookfield Asset Management’s Julian Thomas as a senior member of its private equity business, Bloomberg reported.
Thomas, a managing partner who heads strategic initiatives in Brookfield’s renewables unit, is set to join the sovereign wealth fund as head of Americas for its private equities department in the second half of the year. He will report to Jerome Mourgue D’Algue, ADIA’s global head of private equities.
APAC
Blackstone nears deal to sell S Korean pharma wholesaler to MBK Partners. (FS)
Private equity firm Blackstone is nearing a deal to sell its controlling stake in South Korean wholesale drug distributor Geo-Young to North Asian buyout fund MBK Partners for over $1bn, DealStreetAsia reported.
Blackstone is in final negotiations with Seoul-headquartered MBK about the sale and signing of the deal could happen soon. The sale would mark Blackstone’s first major exit in South Korea, a market in which it expanded a locally-based team two years ago.
The buyout firm bought Geo-Young in 2019 together with the company’s founders for an undisclosed amount. It now holds a 71% stake in the business.
Taiyo Pacific to raise a $400m tender offer for Roland DG. (FS)
Taiyo Pacific Partners, a private equity firm, is considering raising its $400m tender offer for Japanese printer maker Roland DG to fight off an unsolicited bid from Brother Industries.
Taiyo Pacific, Roland DG's biggest shareholder with a 19.4% stake, is weighing that option against two others - accepting Nagoya-based Brother's takeover bid at ¥5,200 ($33.6) a share and abandoning the buyout when the tender offer expires later this month, Taiyo Pacific Co-Chief Executive Officer Brian Heywood said. Taiyo Pacific is offering ¥5,035 ($32.5) a share.
Roland DG and Brother agreed in 2019 to explore a partnership in product development, but that effort didn't work out due to delays and quality issues. A management buyout would help unlock further value in Hamamatsu-based Roland DG, Heywood said, adding that Taiyo Pacific would consider an exit in three to five years via a relisting or a sale to another business, Bloomberg reported.
Tata in talks to buy Pegatron’s iPhone operations as soon as May.
Tata Group may strike a deal to take control of Pegatron’s iPhone manufacturing operations in India as soon as May, cementing Apple’s relationship with one of the country’s most influential conglomerates, Bloomberg reported.
Tata Group is in the final stages of negotiations with Pegatron to take a majority stake in the Taiwanese firm’s Apple handset assembly operations in India. They include an iPhone production plant near Chennai in India’s southern state of Tamil Nadu and another one under construction.
China vows to support Hong Kong IPOs to bolster hub position.
China’s securities regulator said it will encourage the nation’s companies to list in Hong Kong as it unveiled a package of measures to bolster the city’s position as an international financial hub, Bloomberg reported.
The China Securities Regulatory Commission said it will support initial public offerings by leading Chinese firms in Hong Kong, as well as loosen rules on stock trading links between the city and mainland exchanges.
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