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Top Highlights
Brigade Capital, a global asset management firm, and Macellum Capital, an investment firm, agreed to acquire the family dollar business from Dollar Tree, a multi-price-point chain of discount variety stores, for $1bn, according to press releases.
Brigade Capital and Macellum Capital are advised by Jefferies & Company, RBC Capital Markets, Paul Weiss Rifkind Wharton & Garrison and Prosek Partners (led by Josh Clarkson). Debt financing is provided by RBC Capital Markets, Wells Fargo Securities and WhiteHawk Capital Partners. Dollar Tree is advised by JP Morgan, Davis Polk & Wardwell and Brunswick Group (led by Jonathan Doorley and Eleanor French), according to MergerLinks data and press releases.
Siemens, a German multinational technology conglomerate, completed the acquisition of Altair, an American information technology company, for $10.6bn, according to press releases.
Bain Capital, a private equity firm, agreed to acquire a majority stake in Namirial, a provider of digital transaction management, from Ambienta, an asset manager, according to press releases. Financial terms were not disclosed.
Namirial is advised by Arma Partners and Mediobanca. Bain Capital is advised by JP Morgan. Ambienta is advised by Bain & Co, Marsh, KPMG, Rothschild & Co, PedersoliGattai, Kekst CNC, FRM Tax and West Monroe Partners, according to press releases and MergerLinks data.
Deal Round up
AMERICAS
AT&T in talks to acquire Lumen's consumer fiber business in $5.5bn deal. ( Reuters)
CK Hutchison moves forward with Panama port sale despite China tensions. ( Bloomberg)
Lakeland becomes latest takeover target for retail investor Modella. ( Sky News)
EMEA
Porsche family vehicle considers defence stake as third core investment. ( Financial Times)
Greencore raises offer for Tesco supplier Bakkavor. ( Bloomberg)
Anglo begins talks with banks on possible De Beers IPO. ( Bloomberg)
APAC
Enn Natural Gas plans full takeover of Enn Energy in $11.6bn deal. ( Reuters)
Grab seeks up to $2bn loan for possible GoTo takeover. ( Bloomberg)
DBS leads bid for controlling stake in Indonesia's Panin Bank. ( Reuters)
Deutsche Bank seeks backers for $200m loan to support Blackstone’s bid for Maldives seaplane firm. ( Bloomberg)
LG's India IPO valuation seen dropping to as low as $10.5bn. ( Bloomberg)
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AMERICAS
One Equity Partners, a middle market private equity firm, agreed to acquire CraftMark Bakery, a supplier of bakery products for quick service restaurants and in-store retail bakeries, according to press releases. Financial terms were not disclosed.
CraftMark Bakery is advised by Harris Williams & Co. One Equity is advised by KPMG, Kirkland & Ellis, Stanton PRM (led by Thomas Zadvydas). Debt financing is provided by PNC Financial Services and TCW Group , according to press releases.
Tailwind Capital, a private equity firm, completed the investment in Cloud for Good, a cloud consulting firm, according to press releases. Financial terms were not disclosed.
Cloud for Good was advised by Guggenheim Partners and Holland & Knight. Tailwind Capital was advised by Robert W Baird, Davis Polk & Wardwell and FGS Global, according to press releases.
Descartes, a provider of on-demand, software-as-a-service solutions, completed the acquisition of 3GTMS, a provider of transportation management solutions, for $115m, according to press releases.
3GTMS was advised by Lincoln International and Gibson Dunn & Crutcher. Descartes was advised by Centerview Partners and Morgan Lewis & Bockius, according to press releases and MergerLinks data.
Nonantum Capital, a private equity firm, completed the acquisition of MSI Express, a contract manufacturing and packaging partner for food and beverage brands, according to press releases. Financial terms were not disclosed.
MSI Express was advised by Houlihan Lokey. Nonantum Capital was advised by Goodwin Procter and Hencove (led by Daniel Black) , according to press releases.
Rockbridge Growth Equity, a partnership-oriented middle market private equity, completed the acquisition of a majority stake in Access Global Group, a salesforce-focused solutions and services company, according to press releases. Financial terms were not disclosed.
Access Global Group was advised by Shumaker Loop & Kendrick. Rockbridge Growth Equity was advised by Honigman Miller Schwartz & Cohn and Lambert & Co (led by Jennifer Hurson), according to press releases and MergerLinks data.
Coatue Management, a technology-focused investment management firm, led a $250m Series E round in Island, an enterprise browser company, according to press releases.
Island was advised by Big Valley (led by Andy Shane) , according to press releases.
NYDIG, a bitcoin, power, and financial services firm, agreed to acquire bitcoin mining operation of Crusoe, a vertically integrated AI infrastructure provider, according to press releases. Financial terms were not disclosed.
NYDIG is advised by Davis Polk & Wardwell (led by Lee Hochbaum), according to press releases and MergerLinks data.
Rivian, an automotive manufacturer, completed the spin off of the micromobility business into new company, Also, according to press releases. Financial terms were not disclosed.
AT&T in talks to acquire Lumen's consumer fiber business in $5.5bn deal. ( Reuters)
AT&T is in discussions to buy the consumer fiber operations of Lumen Technologies in a deal that could value the unit at over $5.5bn. Lumen’s shares dropped more than 14%.
The potential move to offload the fiber business, which provides high-speed internet services to residential customers, comes as Lumen is doubling down on the AI boom to power its near-term growth, while grappling with a rapid decline of its legacy business.
CK Hutchison moves forward with Panama port sale despite China tensions. ( Bloomberg)
CK Hutchison is proceeding with its plan to sell two Panama ports to a group led by BlackRock, despite China’s displeasure over the deal.
Parties involved are finalizing due diligence, tax, accounting, and other terms, with the aim of signing the agreement by April 2.
Lakeland becomes latest takeover target for retail investor Modella. ( Sky News)
Lakeland, the family-owned homewares retailer, is the newest acquisition target for Modella Capital, one of the most active investors in the retail sector.
Modella, which owns Hobbycraft and The Original Factory Shop, is among a small group of bidders seeking a controlling stake in Lakeland.
EMEA
SEGRO, a UK Real Estate Investment Trust, and Pure Data Centres Group, a company that develops and operates data centres, agreed to form a joint venture in a £1bn ($1.29bn) deal, according to press releases.
SEGRO is advised by Slaughter & May (led by Sally Wokes). Pure Data Centres Group is advised by Simpson Thacher & Bartlett (led by Wheatly MacNamara), according to press releases and MergerLinks data.
Vandemoortele, a manufacturer and seller of high-quality food products, agreed to acquire European margarines and spreads business of Bunge, a global agribusiness and food company, according to press releases. Financial terms were not disclosed.
Fresh Del Monte, a producer, distributor, and marketer of fresh and fresh-cut fruits and vegetables, completed the acquisition of a majority stake in Avolio, a supplier of bulk crude and edible avocado oil, according to press releases. Financial terms were not disclosed.
Fresh Del Monte was advised by Havas Formula, according to press releases.
Porsche family vehicle considers defence stake as third core investment. ( Financial Times)
Porsche, the largest shareholder in Volkswagen, is exploring defence and infrastructure as potential long-term investment areas. The company stated there are no plans to sell its holdings in Volkswagen or Porsche.
Germany’s parliament recently approved a €500bn ($540bn) infrastructure fund and increased defence spending, boosting shares in construction and defence firms as investors anticipate the spending could help stimulate economic growth.
Greencore raises offer for Tesco supplier Bakkavor. ( Bloomberg)
Irish convenience food maker Greencore Group has increased its bid for London-listed rival Bakkavor Group. Bakkavor is reviewing the latest proposal after previously rejecting at least two offers.
The most recent cash and stock bid, including a planned dividend, was valued at £1.89 ($2.45) per share.
Anglo begins talks with banks on possible De Beers IPO. ( Bloomberg)
Anglo American has started early discussions with banks about a potential listing of its De Beers diamond unit, as it moves forward with the final and most challenging phase of its restructuring plan.
The company is following a dual-track approach, seeking a buyer for the underperforming business while also preparing for an initial public offering as an alternative.
APAC
TPG-led investor consortium to acquire a 90% stake in the wind business in India and Sri Lanka from Siemens Gamesa, a wind engineering company, according to press releases. Financial terms were not disclosed.
Siemens Gamesa is advised by Barclays, according to MergerLinks data.
Enn Natural Gas plans full takeover of Enn Energy in $11.6bn deal. ( Reuters)
Enn Natural Gas, the controlling shareholder of Enn Energy, aims to acquire the remaining shares of the clean energy firm, valuing it at HKD90.5bn ($11.64bn).
Enn Natural Gas, part of the Enn Group—one of China’s largest private energy conglomerates—currently holds a 34.28% stake in Enn Energy.
Grab seeks up to $2bn loan for possible GoTo takeover. ( Bloomberg)
Singapore-based ride and delivery company Grab is in talks to secure a loan of up to $2bn to support a potential acquisition of Indonesia’s GoTo Group.
The bridge loan may carry a 12-month tenor. Discussions with banks are still at an early stage and terms could change.
DBS leads bid for controlling stake in Indonesia's Panin Bank. ( Reuters)
DBS Group, Southeast Asia's largest bank by assets, has emerged as the leading contender to acquire a controlling stake in Indonesia's Panin Bank.
The Singapore-based lender was competing with Malaysia's CimB Group in the second round of bidding.
Deutsche Bank seeks backers for $200m loan to support Blackstone’s bid for Maldives seaplane firm. ( Bloomberg)
Deutsche Bank is exploring interest from potential participants in a $200m loan to support Blackstone’s bid for Trans Maldivian Airways.
The bank is reaching out to other lenders and private credit funds, with the proposed loan potentially carrying an interest rate of 10% or less. Discussions are ongoing and the terms remain negotiable.
LG's India IPO valuation seen dropping to as low as $10.5bn. ( Bloomberg)
LG Electronics’ India unit is likely to receive a lower valuation in its planned IPO following a recent downturn in the country’s stock market.
The valuation may fall to between $10.5bn and $11.5bn, compared to earlier expectations of up to $15bn. The IPO could launch as early as May.
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