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AMERICAS
Hard Rock International, a hospitality and entertainment company, completed the acquisition of The Mirage Hotel and Casino, a hotel and casino, from MGM Resorts International, a hotel and casino chain operator, for $1bn.
"We are honored to welcome The Mirage's 3.5k team members to the Hard Rock family. When complete, Hard Rock Las Vegas will be a fully integrated resort welcoming meetings, groups, tourists, and casino guests from around the world to its nearly 80 acre center-Strip location," Jim Allen, Hard Rock International Chairman.
Hard Rock was advised by Barclays, Fox Rothschild, Jones Day (led by Lorne Cantor) and McDonald Carano. MGM Resorts was advised by Bank of America, PJT Partners and Weil Gotshal and Manges (led by Michael J. Aiello).
Altaris, an investment firm, agreed to acquire the remaining 53% stake in Trean Insurance Group, a firm engaged in providing products and services to the specialty insurance market, for $168m. Altaris offered to acquire TIG for $6.15 in cash per share, representing a 97% premium.
"This agreement with Altaris delivers immediate and substantial value to all stockholders of Trean while positioning the Company to continue its focus on strong partnerships, underwriting discipline, and exceptional claims management to drive growth over the long term. As a long-term investor in the Company, Altaris is deeply familiar with our business and recognizes the value of our talented team, and we look forward to Altaris' continued contributions to Trean as a private company," Julie Baron, Trean President and CEO.
Trean Insurance Group is advised by Houlihan Lokey, Bass Berry & Sims, Morris Nichols and FGS Global. Houlihan Lokey is advised by Sullivan & Cromwell (led by Eric M. Krautheimer). Altaris is advised by Kirkland & Ellis (led by David Feirstein and Romain Dambre).
Lithium Americas, a firm developing three lithium production assets, two brine resources located in northwestern Argentina, and a clay resource in Nevada, agreed to acquire Arena Minerals, a lithium and copper exploration company, for $227m.
"This transaction will consolidate the highly prospective Pastos Grandes basin, and creates an exciting opportunity for Lithium Americas, a Canadian-incorporated and headquartered company, to add incremental growth in one of the most important lithium-producing regions in the world. The significant synergies between our two projects and a better understanding of the basin will enable us to advance development planning and maximize our growth pipeline in Argentina. The timing of the transaction aligns with the company's previously announced plan to separate into two public companies in 2023, with significant project development activities expected at both businesses early next year," Jonathan Evans, Lithium Americas President and CEO.
Arena Minerals is advised by Cormark Securities, Stifel and Stikeman Elliott. Lithium Americas is advised by BMO Capital Markets and Cassels Brock & Blackwell.
Gilead-backed Kite, a global biopharmaceutical company, agreed to acquire Tmunity Therapeutics, a clinical-stage, private biotech company, from. Financial terms were not disclosed.
“Kite has demonstrated an ability to globally scale cell therapy and address the unique challenges and opportunities that cell therapy represents, which are quite different in material ways than traditional pharmaceutical or biotech approaches. Kite’s singular focus on cell therapy makes them unique and particularly nimble,” Carl June, Tmunity Founder.
Tmunity is advised by Centerview Partners (led by E. Eric Tokat), Cooley, Ropes & Gray and Greig Communications. Kite is advised by Cowen & Company.
PAI Partners, a private equity firm, agreed to acquire the savory solutions business of International Flavors & Fragrances, a specialty ingredients producer globally, for $900m.
"A key aspect of our strategy is to continuously evaluate our portfolio to identify opportunities to maximize shareholder value. The sale of IFF's Savory Solutions Group is an important milestone as it allows us to focus on our highest-return businesses, improve our capital structure and enhance our go-forward growth and return profile. We appreciate the contributions of our Savory Solutions colleagues, who have, for years, demonstrated their commitment to innovation, service, and quality. We will work closely with PAI Partners to have a successful transition and look forward to Savory Solutions' future under its ownership," Frank Clyburn, IFF CEO.
PAI Partners is advised by Greenbrook (led by James Madsen) and Roland Berger (led by Julien Gautier). IFF is advised by JP Morgan, Lazard and Cleary Gottlieb Steen & Hamilton.
Mars, a provider of confectionery, snacking, food, and pet care products and services, agreed to acquire Trü Frü, a whole-fruit snacking brand. Financial terms were not disclosed.
"We are thrilled to welcome one of the most innovative fruit-based snacks in the US into the Mars family of brands. Trü Frü is a perfect complementary fit for our health & wellness portfolio, and our capabilities will help the brand strengthen its operations, broaden distribution and accelerate growth. We want to be the preferred home for emerging and founder-led brands like Trü Frü. We are looking forward to working with the founders and the whole Trü Frü team to help them continue their long-term growth journey and bring the brand to even more people," Andrew Clarke, Mars Global President of Snacking.
Mars is advised by Wells Fargo Securities and Simpson Thacher & Bartlett (led by Eric Swedenburg and Michael Chao). Trü Frü is advised by Houlihan Lokey and Parr Brown Gee & Loveless.
London Stock Exchange Group, a British-based stock exchange and financial information company, agreed to acquire Acadia, a provider of automated uncleared margin processing and integrated risk and optimization services. Financial terms were not disclosed.
"The acquisition of Acadia is part of LSEG's strategy to enhance and grow our multi-asset Post Trade offering for the uncleared derivatives space. Our customers are looking for more ways to optimize their financial resources, and Acadia's services enable significant efficiencies in risk management, margining, and collateral. I look forward to working with Chris and the team at Acadia to continue to innovate and drive efficiencies across the derivatives landscape," Daniel Maguire, LCH Group Head, Post Trade & CEO.
LSEG is advised by Barclays. Acadia is advised by Broadhaven Capital Partners and Morgan Lewis & Bockius (led by Mark Stein).
Perfetti Van Melle, an operator of a global confectionery company, agreed to acquire the gum business of Mondelēz International, a provider of snacks, for $1.35bn.
"As we continue progressing our Vision 2030 focus and acceleration strategy, doubling down on our core snacking categories, we are pleased to transition our developed market gum business to a values-led, family-owned company whose portfolio is a strategic fit, and where our brands and people can thrive," Dirk Van de Put, Mondelēz International Chairman and CEO.
Perfetti Van Melle is advised by UBS and Linklaters.
Facebook parent Meta Platforms does not expect to seal its acquisition deal with Within Unlimited, maker of the popular fitness app "Supernatural", before Jauary 31, according to a court filing.
Meta has agreed to push back the closing by one month or until the first day after the court rules on US Federal Trade Commission's preliminary injunction trial, according to the filing with the United States District Court for the Northern District Of California, Reuters reported.
EQT, a private equity firm, agreed to acquire Madison Energy Investments, a developer, owner, and operator of distributed solar and energy storage projects, from Stonepeak Partners, a North America-focused private equity firm. Financial terms were not disclosed.
"EQT Infrastructure has followed the renewable distributed generation market and MEI closely for several years given the strong thematic tailwinds supporting the sector, prior EQT experience in solar development and operation, and MEI's strong position as a leading integrated platform in the US. The renewable generation sector is an increasingly important part of the energy transition, and we are excited to partner with the MEI team as they build on their strong track record and continue to provide solar and storage energy solutions that are not only better for the environment, but also have tangible cost savings for their customers," Alex Darden, EQT Partner and Head of US Infrastructure Platform.
EQT is advised by Barclays and Simpson Thacher & Bartlett.
Klöckner & Co, a German-based steel and metal distributor, agreed to acquire National Material of Mexico, an independent service center and materials supplier serving automotive and industrial end markets, for $340m.
"The acquisition of National Material of Mexico is of major strategic importance for us, demonstrating our focus on sustainable growth. It will strengthen our position as a leading distributor for steel and metal products and as a steel service company in North America. Going forward, we will be able to provide our customers in the growing and attractive market of Mexico directly with a greatly extended product and service portfolio," Guido Kerkhoff, Klöckner & Co CEO.
National Material of Mexico is advised by Jefferies & Company.
Canada Pension Plan Investment Board, a global investment management organization, completed a $200m investment in Redaptive, an energy-as-a-service provider, with participation from Linse Capital and CBRE.
"We are excited about funding Redaptive's growing business which helps organizations to rapidly reduce energy consumption, save internal capital, and meet GHG emission reduction targets across their entire real estate portfolios. This investment is consistent with our focus on investing in best-in-class companies that are supporting the global energy transition by innovating in energy efficiency, sustainable energy, and the deployment of data solutions," Bruce Hogg, CPP Investments Managing Director and Head of Sustainable Energies.
Redaptive was advised by Blueshirt Group (led by Jeff Fox).
MG Properties, a private San Diego-based real estate investor, owner, and operator, and Rockwood Capital, a private investment firm, completed the acquisition of the multifamily community Domain San Diego from Magnolia Capital, an institutional-quality real estate investment firm, for $185m.
"Kearny Mesa is expected to experience significant growth in the near future as a pedestrian-friendly market. Adding Domain to our portfolio is a value-add opportunity to renovate remaining classic units and add strategic enhancements to further elevate the community," Jeff Gleiberman, MG Properties President.
Churchill Downs, a racetrack provider, agreed to acquire Exacta Systems, a pioneering technology driving growth in new and existing HHR markets, for $250m.
“For nearly a decade, Exacta has been a creative force supporting the growth of historical horse racing in the US. We look forward to expanding Exacta’s national footprint and further diversifying the game offerings available to players at HRM facilities around the country,” Bill Carstanjen, CDI Chief Executive Officer.
Arthur J. Gallagher, a financial services company, agreed to acquire Buck, a provider of retirement, HR and employee benefits consulting and administration services, for $660m.
"Providing a comprehensive suite of products and services that allows employers to attract, engage and retain talent is at the heart of Gallagher Benefit Services' mission and our global Gallagher Better Works value proposition. Through the complementary strengths of Buck's defined benefit offerings, investment consulting, digital employee engagement platform and international footprint, the acquisition will broaden, deepen and enhance our client offerings. I look forward to welcoming the 2,300 new colleagues joining us as part of this transaction to our growing Gallagher family of professionals," J. Patrick Gallagher, Arthur J. Gallagher Chairman, President and CEO.
Graybar, a distributor of electrical, communications, and data networking products and provider of related supply chain management and logistics services, completed the acquisition of CX Connexion, an electrical distributor that serves the construction, commercial, institutional and industrial customers. Financial terms were not disclosed.
"We are excited to welcome the CX Connexion team to Graybar. With its positive reputation and extensive service capabilities, we believe the acquisition of CX Connexion provides a solid foundation for accelerating our growth in the Chicago market," Kathleen M. Mazzarella, Graybar Chairman, President and CEO.
Meritage Hospitality Group, a premier restaurant operator, agreed to acquire the 43 restaurants of Wendy's, a burger quick-service restaurant. Financial terms were not disclosed.
"We are very excited by this acquisition opportunity and remain on pace for a record number of new Wendy's location openings in 2022 and 2023. Acquisitions, renovations, and new restaurant development are integral parts of our Wendy's restaurant business model as we grow into new market areas. The Company has successfully completed 27 Wendy's acquisitions over the past decade and remains a leader in new restaurant development within Wendy's system. This year the Company was recognized by the Wendy's brand with the 'US Monument Award for Visionary Growth & Expansion,'" Robert Schermer, Jr., Meritage CEO.
Disposal of interest in Deflecto. (FS)
JZ Capital Partners, a London-listed fund, sells its interest in Deflecto Holdings, a diversified, global manufacturer and distributor of extruded and molded plastic products.
In connection with the Disposal, JZCP will receive initial proceeds of approximately $55m payable upon closing and up to about $1m, which will be payable post-closing under a standard escrow arrangement subject to customary final closing adjustments. The company intends to use the proceeds it receives in connection with the disposal towards implementing the aims of the company's investment policy and for general corporate purposes.
PETRONAS wins Agua Marinha block in Brazil bid round.
PETRONAS and partners have won the Agua Marinha exploration block during the first cycle of Brazil’s open acreage under production sharing regime bid held in Rio de Janeiro.
PPBL will hold a 20% participating interest in the block located in the Campos Basin, with Petrobras (30%) as the operator, TotalEnergies (30%) and QatarEnergy (20%).
“We are truly thrilled by the favourable outcome of the bid round. This success demonstrates our competitive edge in sustainably developing and monetising assets in the Campos Basin," Mohd Redhani Abdul Rahman, PETRONAS Vice President of Exploration.
Bankers not expecting quick recovery as IPO volumes plunge.
Reuters reported that investment bankers are bracing for another tough year ahead after losing out on lucrative fees from arranging stock sales, as the market for initial public offerings plummeted to its lowest level since the financial crisis of 2008.
“ECM activity tends to be higher in periods of distress or where growth is strong, and today we’re in no man’s land,” Gareth McCartney, UBS Global Co-Head of ECM.
General Atlantic raises $3.5bn to invest in climate change fight. (FS)
General Atlantic, a leading global growth equity firm, announced the final close of its inaugural BeyondNetZero fund. Following the fund’s close, General Atlantic has a total of approximately $3.5bn in capital to invest in climate solutions.
“We believe strongly in the power of technology to accelerate the transition to net zero. We look forward to supporting passionate entrepreneurs who are delivering innovative climate solutions while creating durable growth businesses," Bill Ford, General Atlantic Chairman and CEO.
Lineage Logistics raises over $700m in new equity. (FS)
Lineage Logistics, the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, announced it has raised over $700m in equity from new and existing strategic partners.
“Our latest equity raise shows the confidence our investors have in Lineage’s business model and our demonstrated ability to meet demand globally in the face of macro-economic headwinds, inflationary pressures and capital markets volatility,” Greg Lehmkuhl, Lineage President and CEO.
Carlyle’s search for new CEO is seen stretching into next year. (FS, People)
Bloomberg reported that Carlyle Group's search for a new chief executive officer is expected to extend into the new year, dashing hopes among investors and insiders for a swift resolution to its leadership limbo.
The board has a list of candidates, including credit head Mark Jenkins, 55, and private equity investment chief Pete Clare, 57, though it’s debating whether the job should go to someone from the outside. It was still interviewing external prospects at the end of last month.
EMEA
Siemens Energy, an energy company, formed by the spin-off of the former Gas and Power division of Siemens Group, completed the acquisition of the remaining shares in Siemens Gamesa Renewable Energy, a Spanish-German wind engineering company, for $4.3bn.
"The full integration of SGRE is an important milestone for Siemens Energy's positioning as a driver of the energy transition from fossil to sustainable energy solutions. This will benefit customers, employees, shareholders, and ultimately society. It is critical that the deteriorating situation at SGRE is being stopped as soon as possible and the value-creating repositioning starts quickly. The Supervisory Board strongly supports the Executive Boards plans for the integration of SGRE," Joe Kaeser, Siemens Energy Chairman of the Supervisory Board.
Siemens Gamesa Renewable Energy was advised by Morgan Stanley and Allen & Overy (led by Inigo del Val and Fernando Torrente). Siemens Energy was advised by Bank of America, JP Morgan, Perella Weinberg Partners, PricewaterhouseCoopers and Freshfields Bruckhaus Deringer. Financial advisors were advised by Clifford Chance (led by Bettina Steinhauer) and Gleiss Lutz (led by Christian Cascante and Jochen Tyrolt). Debt financing was provided by Bank of America and JP Morgan.
Elior Group, a commercial catering, and food service company, agreed to acquire Derichebourg Multiservices, a France-based company that offers environmental services, for €450m.
"By bringing Derichebourg Multiservices to Elior Group, Derichebourg is increasing its stake in Elior Group and confirming its ambition to be a long-term reference shareholder. During its review of strategic options, the Elior Group fully recognized the potential of Derichebourg Multiservices' industrial project, as well as the quality of our teams and our assets. We wish to create a new global leader in contract catering and multiservices, and I will apply all my experience as an entrepreneur to this new challenge. I am convinced of the group's potential turnaround and the value creation resulting from this combination. I am very excited to lead Elior Group and to share my values and strategic vision with all employees in order to take the group to a new phase of long-term growth and value creation," Daniel Derichebourg, Derichebourg Chairman and CEO.
Elior Group is advided by Credit Agricole, Morgan Stanley, Rothschild & Co, Actance Avocats and Darrois Villey Maillot Brochier. Derichebourg is advised by BNP Paribas, Centerview Partners, Hoche Societe D'Avocats and Plead.
KKR & Co completed the acquisition of ContourGlobal, a firm that develops, acquires, owns, and operates wholesale power generation businesses, for $2.14bn.
"ContourGlobal is an outstanding business with a strong portfolio of assets. The management team of ContourGlobal and our employees have delivered an excellent track record of developing and operating the portfolio, and notwithstanding the strong prospects for the business, the Board of ContourGlobal believes that the offer provides an opportunity for all shareholders to crystallise their investment in ContourGlobal at an attractive price. The Board of ContourGlobal welcomes KKR's intention to provide capital and operational expertise to support ContourGlobal's strategy, including accelerating investments in the energy transition," Craig A. Huff, ContourGlobal Chairman of the Board.
Magna, a mobility technology company, agreed to acquire auto safety business of Veoneer from SSW Partners, a private equity firm, for $1.5bn.
"Magna is the right long-term home for Veoneer's Active Safety business. The combination of both businesses creates durable value and accelerates an already exciting growth trajectory for Veoneer's employees, products and customers. Until closing of the agreement, Veoneer continues to execute in its current structure with full focus on customer deliveries, new launches and continued innovation," Jacob Svanberg, Veoneer Chief Executive Officer.
SSW Partners is advised by Gladstone Place Partners (led by Steven Lipin). Veoneer is advised by Evercore, Morgan Stanley, Baker Botts and Davis Polk & Wardwell. Magna is advised by Citigroup and Sidley Austin.
JP Morgan completed the acquisition of a 49% stake in Viva Wallet, a European cloud-based payments fintech company, for $792m.
"JP Morgan's strategic investment in Viva Wallet signifies our confidence in their technology and team who already offer a holistic omnichannel merchant acquiring capability across Europe and better serve SMBs," Max Neukirchen, JP Morgan Global Head of Payments & Commerce Solutions.
Viva Wallet was advised by Jefferies & Company (led by Vagelis Kollintzas) and Davis Polk & Wardwell (led by Will Pearce). JP Morgan was advised by JP Morgan, Freshfields Bruckhaus Deringer and Karatzas & Partners.
Thomas H. Lee Partners, a private equity firm, agred to acquire a majority stake in Bynder, a global provider of digital asset management from Insight Partners, an investment company. Financial terms were not disclosed.
“We’ve devoted considerable time and resources to understanding the technology needs of marketing and sales organizations. We’re excited to apply that experience to support Bynder in helping its customers grow their businesses," Jim Carlisle, THL Managing Director.
Bynder is advised by Arma Partners, CMS (led by Roman Tarlavski), Lincoln International and Red Lorry Yellow Lorry. Thomas H. Lee Partners is advised by William Blair & Co and Edelman.
Serica Energy, a mid-tier independent natural gas producer, agreed to acquire Tailwind Energy, a privately owned, next-generation oil and gas company, for £703m. Mercuria, a shareholder of Tailwind, will become a strategic investor in Serica with a 25.2% holding.
"The transaction achieves our strategic objective of materially increasing the scale and diversity of our UKCS portfolio of assets. The Tailwind portfolio also brings multiple organic investment opportunities for further material near-term growth in reserves and production. Following this Transaction, Serica will retain its competitive strengths of a strong balance sheet, positive cash flow, and low decommissioning cost obligations. Moreover, through the introduction of Mercuria as a new strategic investor, we will be differentially positioned to take advantage of the opportunities we expect to arise through industry consolidation, the North Sea Transition Deal, and potentially overseas," Mitch Flegg, Serica CEO.
Managem, a Pan-African and fully integrated mining group, agreed to acquire Boto Gold Project, an exploration and development projects in Senegal, Mali, and Guinea, from IAMGOLD, a mid-tier gold mining company, for $282m.
"We are very pleased to have reached a deal with IAMGOLD on the Bambouk assets. This transaction will add to our solid portfolio of assets, reinforce our role as a Gold regional leader in Africa and contribute further to our position as a top-tier performer in the African mining industry. We are looking forward to work with the teams at Boto, Diakha, and Karita to advance these projects within the framework and focus that is characteristic of Managem's responsible and dynamic approach," Imad Toumi, Managem Chairman and CEO.
Managem is advised by Sprott Capital Partners and Allen & Overy. IAMGOLD is advised by BMO Capital Markets and Fasken.
NEPI Rockcastle, an owner, and operator of shopping centers in Central & Eastern Europe, completed the acquisition of Forum Gdansk Shopping Centre from Blackstone, a private equity firm, for €250m.
"Forum Gdansk represents a compelling investment opportunity. We strongly believe in retail real estate and its positive outlook, despite concerns over the macroeconomic context and potential slowdown as a result of the rising inflation and interest rates. We are long-term investors, and we are confident that fundamentally Central and Eastern Europe is a region that will continue to show further economic growth in the future," Rüdiger Dany, NEPI Rockcastle CEO.
UK's competition regulator will refer Australian hearing device maker Cochlear's acquisition of Copenhagen-based Demant's hearing implants business Oticon Medical for an in-depth investigation.
UK's Competition and Markets Authority said it would refer the $121m deal to a phase 2 investigation as it could threaten competition, Reuters reported.
Stephen Blyth, Xpediator former CEO, Baltcap, a private equity and venture capital investor, and Justas Versnickas offered to acquire Xpediator, an integrated freight management business operating in the supply chain logistics and fulfillment sector, for $73m.
The proposal, if it was to proceed to a formal offer, is subject to the satisfaction or waiver of a number of customary pre-conditions, including satisfactory completion of due diligence and the finalization and documentation of financing for the transaction.
Xpediator is advised by Zeus Capital and Novella Communications (led by Tim Robertson).
InfraRed Capital-backed The Renewables Infrastructure Group, a closed-ended investment company, agreed to acquire an 11% stake in Merkur offshore wind farm. Financial terms were not disclosed.
"We are pleased to be further increasing TRIG's stake in Merkur, a project we know well. Merkur is one of six offshore wind farms in the TRIG portfolio, and an asset which reinforces our position of investing in attractive renewable energy projects that contribute to energy security and decarbonisation efforts across Europe," Richard Morse, TRIG Chairman.
Mediq, a pharmaceuticals and medical gear supplier, agreed to acquire the UK healthcare division of Bunzl, a global distributor of nonfood consumables, including disposable cutlery, cleaning products, and personal protective equipment. Financial terms were not disclosed.
"Today's announcement reflects Bunzl's commitment to optimal capital allocation across the Group. The announced acquisitions are highly complementary, expand our product offering in each country, and all achieve double-digit margins, with their profits offsetting the expected profit contribution from the announced disposal. I would like to offer a warm welcome to all the teams from the newly acquired businesses to the Bunzl family," Frank van Zanten, Bunzl CEO.
Palo Alto Networks, a global cybersecurity firm, completed the acquisition of Cider Security, a pioneer in application security and software supply chain security, for $195m.
"Any organization using public cloud has an application infrastructure with hundreds of tools and applications that can access their code, and yet, they have limited visibility to their configuration or if they are secured. Cider has made it possible to connect into infrastructure, analyze the tools, and identify the risks, as well as how to remediate them. We are acquiring Cider for their innovation that will help enable Prisma Cloud to provide this capability that anyone doing cloud operations has to have," Lee Klarich, Palo Alto Networks Chief Product Officer.
Middleby, a commercial and residential cooking, and industrial process equipment company, agreed to acquire Marco Beverage Systems, a designer and manufacturer of innovative and energy-efficient beverage dispense solutions. Financial terms were not disclosed.
"Marco is a leader in innovative beverage dispensing systems. This acquisition is highly complementary to our growing beverage portfolio, and the Marco product line further expands our offerings in coffee brewers, cold brew dispense, and a variety of hot, cold, and sparkling water dispensers. Touchless and in-counter dispense technology is rapidly gaining popularity due to space and labor advantages, along with enhanced aesthetic features. Marco is well-positioned with solutions for these growing trends," Tim FitzGerald, Middleby CEO.
UK orders firm linked to Russians to sell broadband provider. (FS)
UK Business Secretary Grant Shapps ordered a company founded by sanctioned Russian businessmen to sell its holding in a broadband company operating in eastern England, citing a risk to national security.
LetterOne, the investment company founded by billionaires Mikhail Fridman, Petr Aven and German Khan, must sell its entire stake in Upp, according to the order, which doesn’t announce the deadline.
PIB to buy a stake in National Central Cooling. (FS)
The Public Investment Fund is in talks to buy a stake worth about $250m in Saudi Tabreed, the local venture of United Arab Emirates-listed National Central Cooling, Bloomberg reported.
The deal would give the PIF, as the wealth fund is known, a significant holding in the district cooling company ahead of a planned initial public offering in the next two-to-three years. Terms of the agreement aren’t finalized and may change.
Galapagos is on the hunt for deals.
The former chief scientific officer of Johnson & Johnson is on the hunt for acquisitions after he took the reins at the struggling Belgian biotech Galapagos this year, FT reported.
Paul Stoffels is on a “mission” to reinstate Galapagos as a top European biotech player. He has returned to lead the company he co-founded in 1999, attracted to its strong balance sheet of €4.4bn in cash and current financial investments, and he is seeking to spread access to innovative cancer treatments in Europe.
“It’s a very difficult time for biotech at the moment and for colleagues who need money. That leaves a lot of opportunities for us. We won’t buy a phase 3 and compete with Pfizer, Amgen and AbbVie, that’s not what we can do," Paul Stoffels, Galapagos CEO.
Oman Investment Authority expects $1.3bn from divestments next year. (FS)
Bloomberg reported that the Oman Investment Authority plans to raise more than $1.3bn by existing its investments in eight sectors next year as Gulf nations increasingly lean on state assets to bolster their finances.
The state-run wealth fund plans to exit three companies in the energy sector. It is also seeking to divest from companies in aviation, tourism, and communications and information technology sectors. Across the energy-rich Gulf, governments are readying plans to sell assets to fund the diversification of their economies, attract international investors and boost trading volumes. Saudi Arabia and the United Arab Emirates are in the midst of such programs, which have fueled a boom in initial public offerings.
Allego expands credit facility to €400m.
Allego, a pan-European public electric vehicle fast and ultrafast charging network, announced that it has successfully expanded its credit facility by €230m ($244m) to €400m ($424m). The new facility expires in December 2027.
“We are excited to have successfully increased our credit facility by €230m to €400m. With this increase, we have reached a major milestone in Allego’s long term funding strategy to pursue and achieve our growth plans and support our secured backlog. As a result, we believe we are very well positioned to continue to execute on our growth strategy of expanding the largest European public EV fast-charging network, accelerate the transformation of Europe’s EV charging infrastructure, and drive value for all our stakeholders," Ton Louwers, Allego CFO.
Zurich soars up European IPO rankings with jolt of chinese money.
Zurich has raced toward the top of the rankings for European listing venues this year, overtaking the likes of London and Amsterdam. And it has Chinese share sales to thank.
About $2.7bn has been raised via listings in Switzerland this year, putting the country second only to Germany, Bloomberg reported.
Morgan Stanley appoints two co-heads of Italian investment banking operations. (People)
Morgan Stanley has named Emilio Greco and Nicola Savoini as co-heads of its Italian investment banking operations.
Greco joined the bank last year, after 20 years spent in the investment banking sector, working with major Italian financial institutions. Savoini has been with Morgan Stanley for the past 17 years. After a stint at the Global Power and Utilities group in London, he returned to the Milan investment banking team in 2015 and was promoted to managing director the following year.
APAC
Under the Confidentiality and Exclusivity Deed, OZL, a mining company based in Adelaide, South Australia, granted BHP, Australian multinational mining, metals, and petroleum public company, four weeks to undertake exclusive due diligence and negotiate a $6.4bn binding scheme implementation deed.
Under the Confidentiality and Exclusivity Deed terms, the exclusivity period has been extended for a week until December 27, 2022. This follows confirmation by BHP to OZL of the completion of due diligence and the proposed cash price of A$28.25 per OZL share. The extension allows for the finalization and agreement of the binding SID.
BHP is advised by Citigroup. OZ Minerals is advised by Greenhill & Co, Macquarie Group and Gilbert + Tobin.
KKR & Co, a global investment firm, agreed to acquire Bushu Pharmaceuticals, a provider of contract manufacturing services, from BPEA EQT, an Asian private equity firm. Financial terms were not disclosed.
"We are proud to invest in the growth and success of Bushu Pharma, a premier manufacturer for pharmaceutical businesses. We see significant demand for strategic and reliable solutions to address a range of challenges facing the global healthcare industry. By leveraging KKR's deep experience in healthcare, tech, and supply chain solutions, we aim to help Bushu Pharma to further scale its best-in-class business and to drive growth and technical innovation that will ultimately benefit patients in Japan and around the world," Hiro Hirano, KKR Co-Head of Private Equity for Asia Pacific and CEO of Japan.
KKR & Co is advised by FGS Global (led by Deborah Hayden). BPEA EQT is advised by JP Morgan. EQT is advised by Kekst CNC.
Petroliam Nasional-backed Gentari, a clean energy company, agreed to acquire a 49% stake in the Hai Long offshore wind project from Northland Power, a power producer, for C$800m ($588m).
"Today's announcement is a significant milestone for Northland as it represents the first transaction as part of our partnership model. We are delighted to welcome Gentari as part of the partnership in the Hai Long offshore wind project and look forward to developing the broader strategic partnership in Hai Long and potentially further beyond. This partnership is further evidence of the global interest in developing renewable energy projects to aid global decarbonization efforts and the transition to low carbon economies," Mike Crawley, Northland President and CEO.
Northland Power is advised by HSBC.
India to stop firms buying back shares from open market.
India will block a popular route for local companies to buy back shares after a panel said the method is unfair to to non-participating shareholders.
Buyback from the open market will be phased out in a gradual manner, said Securities and Exchange Board of India. Until then, a separate window will be created on the stock exchanges to conduct such repurchases.
IPOs seen picking up in Hong Kong next year boosted by China’s reopening.
After the worst year for initial public offerings in Hong Kong since the financial crisis, bankers and analysts expect a recovery in listings in the Asian financial hub as China moves forward with reopening plans.
Proceeds raised in the city totaled $12.9bn in 2022, down 70% versus last year, outpacing the 29% contraction in the Asia Pacific as a steady flow of deals in mainland China helped boost the broader region, Bloomberg reported.
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