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AMERICAS
Hewlett Packard Enterprise is expected to secure unconditional EU antitrust approval for its $14bn acquisition of networking gear maker Juniper Networks, Reuters reported.
HPE announced the deal in January, underscoring the rush by companies to upgrade and develop new products amid a sharp rise in artificial intelligence-driven services.
Sixth Street, a global investment firm, agreed to acquire Enstar, a NASDAQ-listed global insurance group, for $5.1bn.
"Over the past 30 years, Enstar has built a strong position in the legacy market founded on our exceptional scale and track record, pricing and claims expertise, and entrepreneurial culture. This transaction provides a full liquidity event for shareholders and is a testament to the strength of our team. We believe this is the best next step for our shareholders and we look forward to this exciting new chapter," Dominic Silvester, Enstar CEO.
Enstar is advised by Goldman Sachs, Hogan Lovells and Paul Weiss Rifkind Wharton & Garrison (led by Krishna Veeraraghavan and Benjamin Goodchild). Sixth Street is advised by Ardea Partners, Barclays, JP Morgan, Cleary Gottlieb Steen & Hamilton, Debevoise & Plimpton and Simpson Thacher & Bartlett.
Vital Energy, an American company engaged in hydrocarbon exploration, and Northern Oil and Gas, a real asset company that focuses on acquiring and investing in non-operated minority working and mineral interests in the hydrocarbon producing basins, agreed to acquire shale assets from Point Energy Partners, a company focused on acquiring and developing onshore US properties in basins with stacked multiple oil and gas reservoirs, for $1.1bn.
"This bolt-on is a great fit for us, adding high-value inventory and production in the heart of our core operating areas. Furthermore, it expands our growing Delaware Basin position and balances our Permian operations. We expect to continue to demonstrate our ability to capture, integrate and create substantial value on acquired assets through optimised development plans, lower capital costs and proven operating practices, resulting in higher future cash flows,” Jason Pigott, Vital Energy President and CEO.
Vital Energy is advised by Citigroup, Houlihan Lokey, Wells Fargo Securities, Gibson Dunn & Crutcher and DrivePath. Northern Oil and Gas is advised by Kirkland & Ellis (led by David Castro and Will Eiland). Point Energy Partners is advised by Jefferies & Company and Akin Gump Strauss Hauer & Feld.
Integra Resources, a precious metals exploration and development company, agreed to merge with Florida Canyon Gold, a provider of exploration and mining services, in a CAD95m ($69m) deal.
"The Transaction between Integra and FCGI is a unique opportunity to combine production and cash flows with two complementary high-quality growth projects in the Great Basin, one of the best mining jurisdictions in the world. Post Transaction Integra will benefit from the currently cash flowing Florida Canyon mine, which provides investors immediate exposure to strong metal prices. DeLamar and Nevada North provide an unmatched growth pipeline that create a pathway to grow Integra from a junior to mid-tier producer in the coming years. As DeLamar is advanced through permitting and toward production, it will greatly benefit from the existing operational and technical capabilities of the team operating Florida Canyon. Moreover, the proximity of Florida Canyon to Nevada North will create a 20+ year mining complex that will benefit from tangible synergies and also deliver significant value to both shareholders and local communities. This Transaction represents a monumental step towards Integra's long-term vision of building an industry leading USA focused mid-tier gold producer," Jason Kosec, Integra President and CEO.
Florida Canyon Gold is advised by Cormark Securities, Bennett Jones and HBH Strategic Advisors. Integra is advised by Stifel, Trinity Advisors Corporation and Cassels Brock & Blackwell.
DuPont, an American multinational chemical company, completed the acquisition of Donatelle Plastics, a medical device contract manufacturer specializing in the design, development and manufacture of medical components and devices. Financial terms were not disclosed.
"Our healthcare strategy is focused on offering a comprehensive suite of solutions for customers in high-growth therapeutic areas. Donatelle Plastics Incorporated will be the second acquisition, following Spectrum last year, that will deepen our expertise in the medical device market segments and enhance our position as a partner of choice for our customers,” Jon Kemp, DuPont President.
Donatelle Plastics was advised by Piper Sandler and Fredrikson & Byro. DuPont was advised by Ballard Spahr.
Permian Resources, an oil and natural gas company that engages in acquisition and development, agreed to acquire Delaware Basin assets from Occidental, an American company engaged in hydrocarbon exploration as well as petrochemical manufacturing, for $817.5m.
“This acquisition is a natural fit for us given its high-return inventory and proximity to our current operated position. As the Delaware Basin’s low-cost leader, we are highly confident that our team will be able to leverage its operational expertise of the asset to significantly reduce costs and drive meaningful synergies, maximizing value for our shareholders,” Will Hickey, Permian Resources Co-CEO.
Occidental is advised by RBC Capital Markets and White & Case.
LIG Nex1, a South Korean weapons system developer, completed the acquisition of a 60% stake in Ghost Robotics, a Philadelphia-based robot developer, for $240m.
This partnership marks a significant milestone for both companies as they combine their expertise and resources to advance the field of autonomous robotic solutions. The acquisition will enable Ghost Robotics to leverage LIG Nex1's extensive experience and capabilities in defence technology and manufacturing to further accelerate scaling.
Ghost Robotics was advised by Houlihan Lokey.
Imperial Dade, a North American distributor of foodservice packaging supplies, industrial products, and janitorial supplies, completed the acquisition of Excell Direct, a distributor of foodservice and janitorial products in Arizona. Financial terms were not disclosed.
"I enthusiastically welcome Stewart, Crystal and the entire Excell family to Imperial Dade. This is a perfect fit without our growing organization and we are excited for this next chapter of profitable growth," Robert Tillis, Imperial Dade Chairman.
AgFunder VC raises $102m for latest agrifood tech fund. (FS)
AgFunder VC, a US-based agrifood tech investor, has raised $102m for its latest early-stage fund, surpassing its $100m target, DealStreetAsia reported.
AgFunder Fund IV secured commitments from global investors including family offices-GeoBlue and Nest-and institutions including Japan's agricultural bank Norichukin Bank and Alexandria Real Estate.
EMEA
UAE telecoms group e& has offered concessions aimed at allaying EU concerns it may be benefiting from distortive foreign subsidies in its bid for some of Czech telecoms company PPF's assets, Reuters reported.
The move by e&, formerly called Etisalat, came a month after the European Commission kicked off an investigation into an unlimited guarantee from the United Arab Emirates and a loan from UAE-controlled banks that directly facilitate the deal.
Bluewater-backed Jernbro, a provider of provider of industrial maintenance and projects, agreed to acquire Veltec, an industrial services provider. Financial terms were not disclosed.
"This acquisition represents a significant step in our growth strategy. By joining forces with Veltec, we are better equipped to meet the evolving needs of our customers across Scandinavia. We are committed to bringing the combined expertise of both companies to offer unparalleled service quality and operational efficiency," Daniel Backman, Jernbro CEO.
SEGA, a Japanese multinational video game company, agreed to acquire Stakelogic, a technology-driven game developer, for €130m ($141m).
"Sega Sammy and Stakelogic share the same passion for online entertainment, innovation and technology. Together with Sega Sammy, Stakelogic will be able to grow its international operations much faster. The regulated iGaming market will double in size in the upcoming years. As part of Sega Sammy, we will have the execution power to become one of the leading players in the iGaming B2B industry," Stephan van den Oetelaar, Stakelogic CEO.
Stakelogic is advised by Morgan Stanley, Patris Solutions and DeBreij. SEGA is advised by SMBC Nikko Securities and Greenberg Traurig.
Brown & Brown, an insurance brokerage firm, delivering risk management solutions to individuals and businesses, agreed to acquire Quintes, an insurance and pension broker, from Aquiline Capital Partners, a private investment firm focused on financial services and related technologies. Financial terms were not disclosed.
"We partnered with Quintes in 2020 with the goal of establishing a leading nationwide insurance broker in the Netherlands. Over this period, we have strengthened Quintes' commitment to the SME market, successfully integrated numerous acquisitions, and significantly expanded its business capabilities and carrier relationships. Brown & Brown's acquisition is a testament to the strong business we have built together. The entire Aquiline team and I have enjoyed working with Gijsbert and his team, and we wish them great success in this next chapter," Igno van Waesberghe, Aquiline Managing Partner.
Aquiline was advised by Evercore, De Brauw Blackstone Westbroek, Oliver Wyman, KPMG and Deloitte.
Attica Bank, the fifth largest Greek bank, agreed to merge with Pancreta Bank, a cooperative bank in Greece.
The proposed exchange ratio is 0.029 new common registered shares of Attica Bank for each common registered share of Pancreta Bank, while the shareholders of Attica Bank will retain after the merger the same number of shares they owned before the merger.
Attica Bank is advised by UBS.
Newcastle United is now valued at over £1bn ($1.3bn), after its Saudi owners increased its holding by buying former owner Amanda Staveley’s stake, Bloomberg reported.
Saudi Arabia’s Public Investment Fund bought an 80% stake in the Premier League team from British businessman Mike Ashley in October 2021, paying around £305m ($392m). The other 20% was originally split between London-based property developers Reuben Brothers and Staveley and her husband Mehrdad Ghodoussi.
Main Capital Partners, a software investor managing investment funds active in Northwestern Europe and North America, agreed to invest in mps public solutions, a German public administration software provider. Financial terms were not disclosed.
"We are excited to partner with Main as we continue to grow our business. Their expertise in the German public administration sector and their track record make them a great partner for us. This partnership will provide us access to best-practices and support us in continuing to deliver innovative solutions to our customers," Tino Wagner, mps CEO.
Centerbridge weighs exit options for £3bn Canopius. (FS)
A consortium led by private equity firm Centerbridge Partners is exploring exit options including an initial public offering of Canopius Group in a deal that could value the Lloyd’s of London insurer at about £3bn ($3.9bn).
The group is working with advisers on the strategic review and a sale of the insurance company is also one of the options under consideration. Canopius, which also counts Samsung Fire & Marine Insurance among its backers, would likely be listed in London next year if the group decides to proceed with an IPO, Bloomberg reported.
Building materials group SIG weighs cash call after profit warning.
A London-listed building products company which was bailed out by investors during the pandemic is weighing a further cash call in the wake of a stinging profit warning, Sky News reported.
SIG, which has a market value of just over £300m ($386m), is considering raising up to nearly half that amount through an equity-raise in the coming weeks.
Lenders pile into Keywords Studios $1.14bn buyout loan. (FS)
JP Morgan, HSBC and Citigroup are among the banks mandated to underwrite the five-year $1.14bn loan. It is split into a $918m term piece and a $225m revolving credit facility, Bloomberg reported.
APAC
Kirin Holdings extended its deadline to accept tender offers for its proposed takeover of Fancl, a potential boost for some investors in the skincare brand who have been agitating for a higher price, Bloomberg reported.
The brewer, which is looking to reduce its reliance on beverages, made a bid last month to acquire two-thirds of Fancl that it doesn’t already own for around JPY220bn ($1.4bn). The new deadline for the tender offer was extended from July 29 to August 13.
UltraTech Cement, an Indian multinational cement company, agreed to acquire a 32.72% stake in India Cements, a cement manufacturing company, for $472m.
India’s largest cement maker will pay $472m to acquire an additional 32.72% in India Cements, with company founders selling 28.42% and the rest coming from another shareholder, Sri Saradha Logistics. With almost 23% bought in June, Birla’s firm now owns 55.5% in the Chennai-based cement maker.
FirstCry set to file final papers for $3-3.5b IPO this week.
FirstCry is expected to file its red herring prospectus this week, for an initial public offering valuing the baby and mother care products retailer at $3-3.5bn, DealStreetAsia reported.
FirstCry's offer size remains unchanged from its draft IPO papers, at $217m of primary fundraise.
Ola Electric plans to raise over $600m in India IPO.
India’s largest electric two-wheeler manufacturer, Ola Electric Mobility, will begin taking orders from investors for an initial public offering next month, seeking to tap appetite for a market that is hitting new highs.
The company plans to raise up to $657m through an IPO and will start the bookbuilding process from August 2, WSJ reported.
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