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AMERICAS
Silver Lake, a private equity firm, and GIC, a sovereign wealth fund, agreed to acquire Zuora, a monetization suite for modern business, for $1.7bn.
“Since our founding, Zuora has evangelized the shift to the Subscription Economy and evolution to complex revenue models, providing technology necessary to monetize products and services. As a private company, with the support and expertise of Silver Lake and GIC, our monetization suite will continue to lead in the marketplace. We look forward to entering this next phase of growth alongside Silver Lake, GIC and our team of ZEOs,” Tien Tzuo, Zuora Founder, CEO and Chairman of the Board.
Zuora is advised by Foros, Qatalyst Partners, Goodwin Procter, Sullivan & Cromwell (led by Melissa Sawyer and Peter Jones) and Joele Frank (led by Eric Brielmann and Sharon Stern). GIC is advised by Dechert. Silver Lake is advised by Simpson Thacher & Bartlett.
Pathstone, a partner-owned advisory firm offering highly customized investment advice and comprehensive family office services, agreed to acquire Hall Capital, an independent investment advisory business. Financial terms were not disclosed.
"This combination represents the natural next step for Hall Capital. From the beginning, we have strived and prided ourselves on our ability to meet the needs of our clients, and we truly believe this combination brings together two complementary organizations who will benefit immensely from collaboration and sharing of resources. We are thrilled to join the Pathstone family and continue to build on our collective vision," Katie Hall, Hall Capital Co-Founder and Co-Chair.
Hall Capital is advised by UBS and Paul Weiss Rifkind Wharton & Garrison (led by David Hepp). Pathstone is advised by Ardea Partners and Alston & Bird.
Aperam, a stainless, a specialty steel solutions and recycling, agreed to acquire Universal Stainless & Alloy Products, a manufacturer of specialty steel product, for $539m.
“Our combined expertise and resources will allow us to deliver superior solutions that meet the growing demand for high-quality, sustainable solutions. This acquisition not only aligns with our long-term strategy but also strengthens our commitment to diversify into specialties in stainless steel and alloys and increasing exposure to more stable, high-margin industries," Timoteo Di Maulo, Aperam CEO.
Bridgepoint, a private asset growth investor, agreed to invest in Kyriba, a software company. Financial terms were not disclosed.
“With Bridgepoint as a trusted partner, we’ve achieved significant growth and strengthened our leadership in liquidity performance. We’re excited to continue our journey with Bridgepoint and now also General Atlantic. Together, we will accelerate our investment in technology and talent, creating innovation that we know our customers will need in the future. This marks the beginning of a new era for Kyriba as we consolidate our position as the leader in liquidity performance, grow our business and expand our market share," Melissa Di Donato, Kyriba Chair and CEO.
General Atlantic is advised by Paul Weiss Rifkind Wharton & Garrison (led by Matthew Abbott).
Schneider Electric, a leader in the digital transformation of energy management and automation, agreed to acquire Motivair, a company specialized in liquid cooling and advanced thermal management solutions. Financial terms were not disclosed.
“The acquisition of Motivair represents an important step, furthering our world leading position across the Data Center value chain. The unique liquid cooling portfolio of Motivair complements our value proposition in Data Center cooling and further strengthens our prominent position in Data Center build out from Grid to Chip and from Chip to Chiller," Peter Herweck, Schneider Electric Chief Executive Officer.
Schneider Electric is advised by Debevoise & Plimpton (led by Spencer Gilbert).
Xerox, a corporation that sells print and digital document products and services, agreed to acquire ITsavvy, an Oak Brook, Illinois-based provider of integrated IT products and associated services, from GenNx360 Capital Partners, a private equity firm, for $400m.
“We are thrilled to join the Xerox team and eager to contribute to the growth of Xerox IT Services. Together with Xerox, we plan to expand the portfolio of high-value services for our growing client base throughout the US, UK and Canada,” Munu Gandhi, ITsavvy Chief Executive Officer.
Flex, a global electronics manufacturing company, agreed to acquire Crown Technical Systems, a provider of fully integrated power distribution and protection systems, for $325m.
"The addition of Crown Technical Systems strengthens our position to help customers solve power, heat, and scale challenges in the data center space aligned with our long-term growth strategy. This acquisition reaffirms our commitment to differentiate our value through our EMS + Products + Services strategy that will deliver longer-term shareholder value," Revathi Advaithi, Flex Chief Executive Officer.
Carlisle Companies, a supplier of innovative building envelope products and solutions, agreed to acquire Plasti-Fab, a vertically integrated provider of EPS insulation products from, The Riverside Company, a global private equity firm, for $260m.
“The acquisition of Plasti-Fab delivers vertically integrated polystyrene capabilities to our Insulfoam EPS business while adding scale, supporting retail channel growth, and filling key geographic gaps in the US and Canada. This acquisition is consistent with Vision 2030 and our intent to build on our strategic pivot to a pure-play building products company with increased investment in innovation and a continued emphasis on synergistic M&A guided by our repeatable M&A model. I am confident that we will create significant value for all our stakeholders as we leverage the Carlisle Operating System across the Plasti-Fab business,” Chris Koch, Carlisle Companies Chair, President, and Chief Executive Officer.
Inszone Insurance Services, a provider of benefits, and personal and commercial lines insurance, completed the acquisition of MG Insurance Services, a well-established agency with a deep history in personal lines and contractor insurance. Financial terms were not disclosed.
"We are excited to welcome MG Insurance to Inszone. Audrey has built a strong agency with a loyal client base, particularly within the contractor community—a sector where Inszone already has a strong presence. We look forward to providing the same high level of service that MG Insurance clients have come to expect, now with the added resources and support of Inszone," Chris Walters, Inszone Insurance Services CEO.
Glimpse Analytics, a software development company, agreed to merge with Retail Aware, a leader in sensor-based analytics, today announced they are joining forces to form a new retail analytics powerhouse. Financial terms were not disclosed.
"This acquisition marks a pivotal moment. By uniting Glimpse's best-in-class customer intelligence with Retail Aware's sensor-based analytics capabilities, we are creating an industry-leading platform that delivers deeper, real-time insights to optimize performance and personalize customer experiences," John Price, Glimpse Analytics CEO.
Boeing hones $15bn financing plan to weather crises.
Boeing is closing in on a plan to raise around $15bn with common shares and a mandatory convertible bond as the jetmaker bolsters finances worsened by a crippling strike, but the timing remains unclear, Reuters reported.
The company said on October 15 in regulatory filings that it could raise as much as $25n in stock and debt with its investment-grade credit rating at risk. One of the sources cautioned that a $15bn sale may not be enough for Boeing to address its ongoing crises.
Uber explored takeover bid for Expedia.
Uber has explored a possible bid for Expedia, the nearly $20bn US travel booking website, in what would be by far the ride-hailing company’s largest acquisition as it looks to diversify further and find new avenues for growth, FT reported.
Uber approached advisers in recent months after the idea of an Expedia acquisition was broached by a third party to examine whether such a deal would be possible and how it could be structured. A focus of Uber’s discussions was the role of Uber chief executive Dara Khosrowshahi, who served as Expedia’s CEO from 2005 to 2017 and remains a non-executive director on its board.
Stripe in advanced talks to acquire stablecoin-focused fintech platform Bridge.
Stripe, the payments company founded by billionaire brothers Patrick and John Collison, is in advanced talks to acquire venture-backed fintech platform Bridge, Bloomberg reported.
Stripe has been in talks to acquire the San Antonio, Texas-based company. No final decision has been made.
Blackstone’s credit arm is now top business, fueling profits. (FS)
Blackstone posted an increase in third-quarter profit as its credit arm was boosted by an influx of investor cash and became its biggest business by assets, Bloomberg reported.
Distributable earnings climbed 5.5% to $1.28bn from a year earlier, buoyed by its lending arm. That profit measure amounted to $1.01 a share, beating the 91-cent average estimate of analysts.
Billionaires’ row developer buys NYC office tower for condos. (FS, RE)
Extell Development, the company behind some of Manhattan’s most expensive condo skyscrapers, bought a Madison Avenue office property with plans to build luxury housing and retail at the site, Bloomberg reported.
The developer purchased 655 Madison Ave. — between 60th and 61st streets — from Williams Equities for nearly $160m. Tyko Capital, which is backed by Elliott Investment Management, is financing the acquisition.
US chip stocks rally as TSMC's AI-backed outlook impresses investors.
US chip stocks rose before the bell on October 17 after industry bellwether TSMC's strong sales forecast boosted investor optimism about demand for processors used to power artificial intelligence applications, Reuters reported.
Taiwan Semiconductor Manufacturing, the world's largest contract chipmaker, raised its expectation for annual revenue growth and said sales from AI chips would account for mid-teen percentage of its full-year revenue.
National Bank CEO Ferreira touts the company’s focus on Canada.
National Bank of Canada is leaning into its domestic focus, with Chief Executive Officer Laurent Ferreira saying that “Canada’s our playground.” The Montreal-based bank sees plenty of room to grow within the country and hopes to complete its planned acquisition of Edmonton-based Canadian Western Bank early next year, Bloomberg reported.
That deal will increase National Bank’s physical footprint in Western Canada by six times, he said, adding that there’s also room for the firm to do more lending outside of its home province of Quebec.
Self-driving startup Pony.ai said to plan to publicly file for US IPO this week.
Autonomous driving startup Pony.ai plans to file publicly for an initial public offering in the US as soon as this week, Bloomberg reported.
The company is looking to raise as much as $300m from the listing. Guangzhou Automobile Group, a top Chinese automaker and backer of another self-driving car company, WeRide, is considering investing in the IPO.
LionTree hires Luther from Morgan Stanley to lead tech dealmaking push. (People)
LionTree, the boutique investment bank led by prolific dealmaker Aryeh Bourkoff, has hired investment banker Ankur Luther from Morgan Stanley as it looks to capture more fees from advising on technology deals, Reuters reported.
Luther, who joined LionTree this week and will be based in New York, will spearhead its efforts to win more market share from technology investment banking.
EMEA
Global Infrastructure Partners, an infrastructure investment fund, completed the investment in Lanes Group, a provider of water and wastewater services. Financial terms were not disclosed.
“We are incredibly excited to welcome BlackRock as our new investment partner. This marks a pivotal moment for Lanes Group as we continue our journey of growth and innovation. While this investment will unlock new opportunities for us to expand and enhance our activities, I want to reassure our clients and partners that it’s very much business as usual. Our focus remains firmly on delivering the same high standards of service and expertise that we are known for, while also driving forward our long-term vision for the future," Wayne Earnshaw, Lanes Group CEO.
Lanes Group was advised by HSBC and White & Case. GIP was advised by Morgan Stanley and Linklaters.
Forest Road, an investment firm, completed the acquisition of Kiro Race, a motor racing team. Financial terms were not disclosed.
"This is truly a historic moment for our team. Bringing a US-based asset management group like Forest Road into Formula E is a testament to the series' growth and our team's potential. Their investment allows us to build with confidence for the future and compete at the highest level. We are excited to work with them and Porsche Motorsport to achieve our goals," Alex Hui, Kiro Race Team Principal.
Forest Road was advised by ACF Investment Bank and Skadden Arps Slate Meagher & Flom (led by David Eisman).
Meridiam, an investor and asset manager, completed the acquisition of a 26.24% stake in LISEA, a company that manages an infrastructure dedicated to high speed railway links. Financial terms were not disclosed.
Concession holder of the South European Atlantic High Speed Railway line connecting Tours & Bordeaux, LISEA is the first private company in France to manage an infrastructure dedicated to high speed railway links.
APG, a pension investor, agreed to acquire a 41% stake in Itínere, a construction company, from Globalvia, a transport infrastructure company. Financial terms were not disclosed.
This transaction, in fact, “is part of a set of agreements that resolve all pending litigation related to the shareholding in Itínere”.
APG is advised by Jefferies & Company and Mediobanca.
Ferrovial, a company that operates in the infrastructure sector for transportation and mobility, and Interogo, a foundation-owned investment group, formed Umbrella Roads, a joint venture that will manage Ferrovial’s stakes in a number of road and parking concessions in Spain, Scotland, Ireland and Canada. Financial terms were not disclosed.
"Ferrovial will transfer the economic rights and hold the majority of the voting rights in Umbrella Roads BV through its toll road division Cintra, which will manage the operations under a service agreement. The partnership between Ferrovial and Interogo could allow for further collaboration between the parties in future," Ferrovial.
Interogo is advised by Mediobanca.
Cyera, a data security company, completed the acquisition of Trail Security, a next-generation data loss prevention company, from venture capital firms Lightspeed Venture, CRV and Cyberstarts, for $162m.
“The acquisition of Trail is a pivotal step in Cyera’s journey to reshape the future of data security. Cyera is determined to consolidate the siloed data security space and enable enterprises to navigate the growing data security challenges around AI and cloud. The addition of Trail is a huge leap forward in making this a reality for our customers, disrupting the entire data security space. Natively coupling DSPM with DLP gives every customer the crucial opportunity to build successful data security,” Yotam Segev, Cyera CEO and Co-Founder.
Blackstone to make $8.2bn data centre investment in Aragon, Spain. (FS)
Blackstone, an alternative asset manager, is planning to invest €7.5bn ($8.2bn) to develop data centres in the Aragon region of northeastern Spain, further establishing the region as a key hub for cloud computing in Europe.
The US-based private equity firm joins tech giants including Microsoft and Amazon, in announcing significant investments in the area. The investment will focus on constructing the data centre buildings and equipping them with necessary infrastructure, such as cooling systems and cable networks, which will then be leased to companies looking to install their own servers.
Advent International prepares takeover bid for Tate & Lyle. (FS)
Advent International is preparing a takeover offer for the UK’s Tate & Lyle that would mark private equity’s latest attempt to acquire a London-listed group. The US-based buyout company is in the early stages of its bid preparations, FT reported.
Advent has yet to propose an offer, but if it were made it would exceed Tate & Lyle’s £2.8bn ($3.65bn) market value.
PAI Partners makes higher offer for Sanofi's Opella. (FS)
A consortium led by French private equity firm PAI Partners has submitted a new, higher offer for Sanofi's consumer health business Opella, Reuters reported.
PAI is seeking to outbid US rival Clayton Dubilier & Rice for a controlling 50% stake in Opella, the maker of one of France's most-sold painkillers, Doliprane. The PAI-led consortium had hiked its bid by €200m ($217.2m).
France's richest family in talks to buy Paris FC football club. (FS)
The family holding company of France’s richest man, the luxury goods tycoon Bernard Arnault, on October 17 said it was entering into “exclusive negotiations” to buy a majority stake in Ligue 2 football side Paris FC, France 24 reported.
Energy drinks giant Red Bull has also entered talks to acquire a “minority stake” in the club, the Arnault family holding company Agache said in a statement, unveiling a move that could shake up France’s football landscape.
Arnault Family was advised by Rothschild & Co.
ABB has at least $1bn to spend on M&A, CFO of Swiss firm says.
ABB has at least $1bn to spend on deals as it looks to boost its revenues by being more active in M&A, CFO Timo Ihamuotila said on October 17. The Swiss engineering firm said it would target smaller and mid-sized companies but did not rule out larger deals, Reuters reported.
"It's fair to say that we have not allocated that much capital on acquisitions during the last few years, but we would expect that to go up," Timo Ihamuotila, ABB CFO.
Goldman Sachs unit in talks to join Northvolt rescue effort. (FS)
Goldman Sachs Group’s investment arm, the second-largest shareholder in Northvolt, is considering joining other investors in an effort to rescue the cash-strapped battery maker, Bloomberg reported.
Goldman Sachs Asset Management is actively involved in trying to find a solution to Northvolt’s liquidity crisis, asking not to be identified because the fundraising talks are confidential. They characterized the discussions as constructive, while cautioning that the situation remains fluid, and the firm’s participation would depend on support from other investors.
Rentokil shares jump as group moves to fix North America business.
British pest control company Rentokil reported a 2.6% rise in third-quarter revenue and announced a management overhaul at its struggling North American business on October 17, sending its shares 8% up, Reuters reported.
It said in a statement its North America finance chief has left the business and the group has appointed a new chief marketing officer and chief operating officer in the region. It has yet to appoint a new CFO.
KKR-backed Vantage said to weigh sale of telecom towers in Spain. (FS)
Vantage Towers, an owner and operator of telecom towers backed by KKR, is considering a sale of its assets in Spain, Bloomberg reported.
The Duesseldorf, Germany-based company is working with Morgan Stanley to gauge interest from prospective buyers, who asked not to be identified as the information is private. A sale of the Spanish towers could fetch about €1bn ($1.1bn).
Merck sees post-covid life sciences rebound, eyes M&A.
Merck said it’s seeing the beginning of a post-Covid pandemic rebound in life sciences as it reaffirmed the group’s sales and profit guidance for the full year, Bloomberg reported.
The German science and technology group said customer demand for raw materials and supplies in its life sciences division, which makes components for therapies and vaccines, is returning after a period of destocking following the pandemic.
UK retailer N Brown to delist as London's small caps struggle.
British online retailer N Brown Group agreed to a £191m ($248m) takeover led by its majority shareholder in a take-private deal, the latest sign of a slump in the country's public markets for smaller companies, Reuters reported.
AIM-listed N Brown, one of the country's top 10 online clothing and footwear retailers which owns the JD Williams, Simply Be and Jacamo brands, is suffering from the lack of fund manager appetite for smaller stocks.
Partners said to weigh options for conveyor-belts maker Ammega. (FS)
Partners Group is exploring strategic options for European conveyor-belt manufacturer Ammega, including a potential initial public offering, Bloomberg reported.
The buyout firm is talking to potential advisers about the alternatives. A deal could value Ammega at about CHF4bn ($4.6bn) and might happen next year.
Omani energy firm raises record $2bn from unit’s IPO.
Oman’s state energy company raised a shade over $2bn from the initial public offering of its exploration and production business, marking the sultanate’s biggest ever listing, Bloomberg reported.
OQ SAOC sold 2bn shares, or a 25% stake, in OQ Exploration & Production at OMR390 ($1k) per share. That’s the top end of a range that started at OMR370 ($958) apiece, and values the firm at $8.1bn.
Chinese electric truckmaker Windrose Technology pushes into Europe, doubles IPO goal.
Chinese electric-truck startup Windrose Technology plans to expand in the heart of Europe, manufacturing vehicles in France and Belgium, where it is also considering a listing, Bloomberg reported.
The company, which has been producing electric trucks in the eastern Chinese city of Suzhou and testing them in places including the US and Europe, is seeking at least $400m from selling shares in New York and potentially Brussels, said Wen, who is also chief executive officer and chairman.
APAC
Bharat Forge, a forging manufacturer, agreed to acquire AAM India Manufacturing business from American Axle & Manufacturing, a company that designs, engineers and manufactures driveline and metal forming technologies, for $65m.
"The strategic decision to sell our commercial vehicle axle business in India enables us to strengthen our focus on ICE, hybrid and full electric passenger car, pickup truck / SUV, and van applications globally and provides additional financial flexibility. We are committed to collaborating with Bharat Forge to execute this agreement efficiently and support the continuity of supply from these facilities to customers during the ownership transition," David C. Dauch, AAM Chairman and Chief Executive Officer.
Bharat Forge is advised by Adfactors PR (led by Arun Thankappan). American Axle & Manufacturing is advised by Lincoln International.
Otsuka is said to weigh sale of stake in medical device maker MicroPort Scientific.
Otsuka is considering options for its holding in Hong Kong-listed MicroPort Scientific, including selling its stake in the medical device maker, Bloomberg reported.
The Japanese drugmaker is working with an adviser on a review of its minority stake after receiving preliminary interest from prospective investors.
Hyundai Motor India set to price shares at top of range to raise $3.3bn.
Hyundai Motor India is set to price its shares at $23 to raise $3.3bn in its initial public offering, Reuters reported.
That price is at the top of the $22 to $23 range flagged to investors when the deal was launched. Hyundai India is selling 142.2m shares, which will make it the largest IPO ever in India by the amount raised.
Rigaku IPO raises $751m after pricing at top of range. (FS)
X-Ray technology company Rigaku has priced its Japan initial public offering at the top of the marketed range, with the deal raising ¥112.3bn ($751m), Bloomberg reported.
The company, backed by Carlyle Group, priced about 89m shares at ¥1.26k ($8.43), after marketing them in a range of ¥1.23k ($8.23) to ¥1.26k ($8.43) apiece. The company expects to list shares in Tokyo on October 25, joining a flurry of Asian share sales that recently saw fervent demand.
Jeweler becomes billionaire after 192-year-old Indian firm’s IPO.
Saurabh Gadgil touts himself “a man of premeditated action” on social media, saying that whatever happens next is just a reaction. The reaction has been swift from his decision to take his family’s 192-year-old Indian jewelery business public last month, Bloomberg reported.
Shares in PN Gadgil Jewellers have surged 61% since the initial public offering in Mumbai in September, which hit the market just ahead of the nation’s lucrative wedding and festival season.
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