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AMERICAS
SM Energy, an independent oil and gas exploration and production company, and Northern Oil and Gas, an independent energy company, agreed to acquire Uinta Basin oil and gas assets from EnCap and Rice-backed XCL Resources, an independent oil and gas company, for $2.55bn.
“With XCL, we are acquiring a multi-stacked pay acreage position with significant long-term upside. These assets are exemplary of our returns-focused strategy: delivering immediately while offering significant exploration potential further enhancing NOG’s optionality. Much like our prior joint development transactions, we have devised an aligned, conservative development and governance plan with a proven E&P company. We continue to be the partner of choice for our operators as the largest, best capitalized and most reliable working interest owner in the United States,” Adam Dirlam, NOG President.
SM Energy is advised by Kirkland & Ellis. Debt financing is provided by Bank of America, JP Morgan and Wells Fargo Securities. Northern Oil and Gas is advised by RBC Capital Markets and Kirkland & Ellis. XCL Resources is advised by Jefferies & Company and Vinson & Elkins (led by Kelly McGee, Bryan Loocke, Vestita Zumot and Michael Zarcaro).
Vista Outdoor agreed to sell its sporting products and ammunition business to Czechoslovak Group for about $2bn, after the Prague-based defense firm raised its offer for a second time.
Vista would also be returning an additional $77m of excess cash to its stockholders as part of the cash consideration in the CSG deal, Reuters reported.
Warburg Pincus, a global growth investor, completed the $350m investment in CData Software, a data connectivity solutions provider, with participation from Accel, a venture capital firm.
“Today marks a significant milestone for CData. Since our founding, CData has continually raised the bar with our innovative solutions, enabling companies to seamlessly connect to data wherever it resides. Data access is at the core of any AI, ML, or advanced analytics strategy, but continues to be a challenging roadblock to innovation for many organizations today,” Amit Sharma, CData Software Co-Founder and CEO.
Warburg Pincus was advised by William Blair & Co, Cleary Gottlieb Steen & Hamilton and Paul Weiss Rifkind Wharton & Garrison (led by Eric J. Wedel, Caroline Epstein and Ben Steadman). CData Software was advised by JP Morgan, DLA Piper and Walker Sands Communications.
GrowthCurve Capital, a private equity firm, completed the acquisition of Duetto, a revenue management software provider, from Warburg Pincus, a global private equity firm. Financial terms were not disclosed.
"We are excited to partner with GrowthCurve whose expertise in machine learning and AI, coupled with their experience in high-growth businesses, aligns perfectly with our vision. This acquisition will boost our investments in innovative tech, enhance our capabilities to support our customers and solidify our leadership in hotel revenue management. We thank our customers, team members, founders and partners for their continued support, as well as Warburg Pincus, Icon Ventures and our investors for their partnership," David Woolenberg, Duetto CEO.
GrowthCurve Capital was advised by Houlihan Lokey, Davis Polk & Wardwell and Gagnier Communications (led by Dan Gagnier). Duetto was advised by Jefferies & Company, William Blair & Co and Orrick Herrington & Sutcliffe.
Vista Equity Partners, an American private equity firm, completed the acquisition of Model N, a provider of revenue optimization and compliance for pharmaceutical, medtech, and high-tech innovators, for $1.25bn.
“This is an exciting milestone in Model N’s history and a testament to the hard work of our incredible team. With Vista’s partnership and as a privately-held company, we will have the ability to take a longer-term view on our business and be in a stronger position to deliver on our strategy and our goals. We look forward to these new and exciting possibilities for our business and are confident that Model N is well positioned for the future,” Jason Blessing, Model N President and CEO.
AbbVie, an American pharmaceutical company, agreed to acquire Celsius Therapeutics, a biotechnology company. Financial terms were not disclosed.
"AbbVie shares our excitement about the potential of TREM1 inhibition for patients with inflammatory disease. I'd like to thank the Celsius team for their relentless efforts in the discovery of CEL383. We look forward to the further development of this promising program, which we hope will offer a new approach to the treatment of IBD," Tariq Kassum, Celsius Therapeutics CEO.
AbbVie is advised by Covington & Burling. Celsius Therapeutics is advised by Centerview Partners and Goodwin Procter.
Contract manufacturer Future Pak said on June 26 it has withdrawn its offer to acquire Vanda Pharmaceuticals, citing non-engagement from the US drugmaker.
The withdrawal comes following a "continued lack of engagement" from Vanda and its rejection of the final proposal, Reuters reported.
CleanSpark, a bitcoin miner, agreed to merge with GRIID Infrastructure, a vertically integrated, bitcoin self-mining company, for $155m.
"We are looking forward to welcoming the GRIID team into the CleanSpark family and we are excited to apply the CleanSpark way, carefully honed alongside the communities we operate in Georgia and Mississippi, to GRIID's impressive pipeline in Tennessee. This acquisition would give us a clear and steady path over the next three years to accomplish in Tennessee what we proudly achieved in Georgia over the past three years. That achievement was to build out over 400 MW of infrastructure backed by valuable, long-term power contracts," Zach Bradford, CleanSpark CEO.
CleanSpark is advised by Cozen O'Connor. GRIID Infrastructure is advised by Troutman Pepper.
TPG Capital, a global alternative asset management firm, agreed to invest in Altimetrik, a pure-play digital business company. Financial terms were not disclosed.
“Altimetrik’s unique value proposition, combining a proven methodology with strong engineering capabilities and talent development initiatives, aligns perfectly with our investment strategy and portfolio. The company has already demonstrated a strong growth trajectory, and this investment will empower Altimetrik to expand its reach. We look forward to partnering with the founder and management team to accelerate the company’s growth,” Puneet Bhatia, TPG Capital Co-Managing Partner.
Altimetrik is advised by Jefferies & Company and Gregory FCA (led by Matt McLoughlin).
Riverside, a private investor focused on the smaller end of the middle market, completed the investment in Prism Specialties, a franchisor of specialty restoration services of electronics, textiles, arts and documents. Financial terms were not disclosed.
“Prism Specialties is the fourth add-on to EverSmith as we continue to execute on the thesis of creating a multi-brand franchisor of commercial-focused business service brands. The company is a great fit, and we are excited to add specialty restoration services to the platform," Loren Schlachet, Riverside Micro-Cap Fund Managing Partner.
Payroc, a multi-national payments platform, agreed to acquire the merchant services business of i3 Verticals, a software company, for $440m.
"i3 began as a payments business, and we built a top-of-the-line merchant of record payment platform bringing a wide variety of solutions to third-party partners and software providers. We do not part with this platform lightly, and we believe that it has a bright future. We are proud and appreciative of our team managing this business and are confident we have found them the right home," Greg Daily, i3 Verticals Chairman and CEO.
Novo Tellus, an investment firm specialising in long-term investments in the global supply chain, completed the investment in Amsino Medical Group, a global provider of medical consumable devices. Financial terms were not disclosed.
"We're excited to renew a long-term partnership with Novo Tellus. Novo Tellus has proven itself as a growth partner for Amsino before, and shares our fundamental commitment to delivering dependable innovation and value to our customers around the world," Dr. Richard Y. Lee, Amsino Medical Group Chairman and CEO.
Hilcorp, an energy exploration and production company, agreed to acquire Nikaitchuq and Oooguruk assets from Eni, a multinational energy company. Financial terms were not disclosed.
This transaction is consistent with Eni's strategy focused on the rationalization of the upstream activities by rebalancing its portfolio and divesting non-strategic assets.
Webtoon Entertainment prices US IPO at top of range to raise about $315m.
Webtoon Entertainment has priced its initial public offering at the top of its indicated range, seeking to raise about $315m, the online comics platform said on June 26.
The company, majority-owned by South Korean tech giant Naver, priced its 15m shares at $21 apiece, and had marketed the range of $18 to $21. The IPO now values the Los Angeles, California-based company at $2.67bn, Reuters reported.
Sila raises $375m. (FS)
Sila, a rechargeable-battery startup that is developing technology it says can help electric vehicles drive farther and charge faster raised $375m from investors such as T. Rowe Price, WSJ reported.
The California startup, Sila, said the funds will help it complete construction of a factory early next year. The company plans to start delivering its battery parts to customers such as Mercedes-Benz and Tesla partner Panasonic by the fourth quarter of 2025.
Blackstone hires ex-Credit Suisse Asia Pacific CEO Helman Sitohang. (People)
Blackstone has hired Credit Suisse’s former chief executive officer for Asia Pacific, Helman Sitohang, as the world’s biggest alternative asset manager expands in the region, Bloomberg reported.
Sitohang joins Blackstone as senior adviser based in Singapore, supporting the firm’s businesses in Southeast Asia, mainly in private equity.
EMEA
Zurich Insurance an insurance company, agreed to acquire personal travel insurance business from AIG, a global insurance organization, for $600m.
"Travel insurance is a priority for us. This transaction is a great strategic fit, which enhances Zurich’s existing capabilities and makes us a leading travel insurance provider across all regions. The acquisition expands our retail customer base and aligns with our ambition to continuously enhance our offerings, while providing world-class protection during every step of our customers’ travels," Cara Morton, Zurich Global Ventures CEO.
Zurich Insurance is advised by Skadden Arps Slate Meagher & Flom (led by Elena Coyle). AIG is advised by Evercore and Willkie Farr & Gallagher (led by Laura Delanoy).
French State, represented by the Agence des participations de l'Etat, agreed to acquire Alcatel Submarine Networks from Nokia, a multinational telecommunications, information technology, and consumer electronics corporation, for €350m ($374m).
“This is a good step forward in our strategy of actively managing our portfolio. ASN has been a standalone part of our Network Infrastructure business and through the divestment, Network Infrastructure will benefit from a streamlined portfolio with a focus on growth and strengthening its technology leadership. ASN has gone through a significant transformation in recent years and has a strong market position. I am pleased we have found a natural owner for the business. The French State will ensure continued investment in ASN and protection of critical industry know-how,” Pekka Lundmark, Nokia President and CEO.
Saint-Gobain, a manufacturing company, agreed to acquire FOSROC, a specialised construction chemicals manufacturer, for $1bn.
“The opportunity to join Saint-Gobain, worldwide leader in light and sustainable construction and a global player in construction chemicals is the perfect next step to enhance our offer by leveraging Saint-Gobain’s innovation and technology in construction chemicals. I look forward to continuing our growth journey within Saint-Gobain,” Rob Bonnici, FOSROC CEO.
Saint-Gobain is advised by Morgan Stanley and Freshfields Bruckhaus Deringer.
SEGRO, a British property investment and development company, completed the acquisition of three logistics warehouses in the Netherlands, for €222m ($237m).
“We have been able to leverage our market-leading operating platform and strong local networks to create these opportunities and profitably deploy some of the capital raised in our recent equity placing, at a time when investment markets show signs of stabilisation and the supply of new sustainable warehousing remains constrained,” Marco Simonetti, SEGRO Managing Director, Continental Europe.
Halma, a safety equipment company, completed the acquisition of Global Fire Equipment, a control panels, detectors, and fire alarm equipment manufacturer, for €42m ($45m).
"GFE's technologies are complementary to Ampac's fire safety systems portfolio and will further expand the geographical markets it serves. We are excited by the opportunities we continue to see for purpose-aligned acquisitions to join Halma. It is also great to see our existing companies adding new capabilities and distribution reach through bolt-on acquisitions to accelerate their long-term growth. We are delighted to welcome GFE to our portfolio of market-leading fire detection companies," Marc Ronchetti, Halma CEO.
SK Bioscience, a biotechnology research services firm, agreed to acquire a 60% stake in IDT Biologika, an innovative company in researching, developing, manufacturing and marketing products for the global protection of human and animal health, from Klocke Gruppe, a group of consolidated companies, working in the field of contract manufacturing and contract packaging, for $244m.
“We look forward to working with SK bioscience. IDT Biologika has built up an excellent reputation in the field of viral vaccines in recent years and has a reliable business with top pharmaceutical companies as well as government agencies worldwide. SK bioscience is also pursuing this strategy and has extensive expertise in the development and production of vaccines, enabling us to jointly expand our market position. It is equally important that SK bioscience is focusing on the cell and gene therapy segment, just like IDT, and would like to strategically accompany customers in this business area into the future together with IDT Biologika,” Ulrich Valley, IDT Biologika CEO.
CVC Capital, a private equity firm, agreed to acquire M Group Services, a utility contractor company, from PAI Partners, a private equity firm. Financial terms were not disclosed.
“We would like to thank PAI Partners for their strong support and commitment to our growth since 2018. We are delighted that CVC has decided to support our clear and ambitious plan to continue to grow and deliver at pace, built on our solid market-leading foundations. We look forward to working in partnership with CVC to deliver our future plans. This is great for our people, our clients and their customers,” Andrew Findlay, M Group Services Chief Executive.
Dr. Reddy's Laboratories, a pharmaceutical company, agreed to acquire nicotine replacement therapy business from Haleon, a consumer healthcare company, for £500m ($634m).
"The divestment of Haleon's NRT business outside of the US is a further example of Haleon being proactive in managing its portfolio and is consistent with our strategy as we implement change to become more agile and competitive. Whilst this business has great brands, these are not core for us, but I'm sure they will continue to flourish given the focus and capability of Dr Reddy's," Brian McNamara, Haleon Chief Executive Officer.
Chinese-owned chipmaker Nexperia invests $200m to expand German facility.
Nexperia, one of the world’s largest makers of basic semiconductors such as diodes and transistors, said on June 27 it would invest $200m to expand capacity at its main production site in Hamburg, Germany.
The investment by Dutch-headquarted Nexperia, owned by Chinese electronics maker WingTech, is a rare example of a computer chip investment made in Europe without assistance from state subsidies under the EU’s Chips Act launched in 2023, DealStreetAsia reported.
FIFA looking to raise up to $2bn for streaming service.
FIFA is seeking to raise as much as $2bn for the expansion of FIFA+, the free streaming service launched by football’s global governing body to offer live coverage of matches, Bloomberg reported.
FIFA is working with UBS Group to raise $1bn to $2bn to expand the service. A formal fundraising process is expected to kick off in July, targeting mostly financial investors from the US and the Middle East.
APAC
UltraTech Cement, an Indian multinational cement company, agreed to acquire a 23% stake in India Cements, a cement manufacturing company, for $228m.
Toyota, Denso to offload Aisin shares in $1.3bn deal.
Toyota Motor is selling part of its stake in Aisin, a major vehicle parts supplier, the latest sign momentum is building in Japan’s push to get large companies to unwind their cross shareholdings, Bloomberg reported.
Denso and Toyota Industries are also planning to unwind a portion of their holdings in Aisin in a sale that could be worth as much as JPY204bn ($1.3bn) based on the company’s closing price, including shares offered as over allotment depending on demand.
Fairfax India unit sells 9.7% stake in CSB Bank for $70m.
Fairfax India said its wholly-owned subsidiary, FIH Mauritius Investments, sold a 9.7% stake in Indian private lender CSB Bank to comply with regulatory norms.
The proceeds of the sale amounted to INR5.9bn ($71m) in gross terms, DealStreetAsia reported.
Gaw Capital seeks to buy Hong Kong buildings stake from partner. (FS)
Hong Kong-based private equity firm Gaw Capital Partners is seeking to take full ownership of two Hong Kong office buildings from partner Hengli Investments, Bloomberg reported.
The Hong Kong-based fund manager with a special focus on real estate plans to acquire the entire stake in Cityplaza Three and Cityplaza Four via public tender.
Tencent-backed Shift Up may price IPO at top end of band. (FS)
South Korean gaming company Shift Up, backed by China's Tencent, is set to price its initial public offering at the top end of its price band and raise KRW435bn ($313m), Reuters reported.
Books close this week and pricing is expected to be finalised on July 1. Shift Up said nothing had been decided on pricing yet, with it to be determined after the bookbuilding process ended.
Goldman Asia veteran Wong joins Silicon Valley VC investor. (People)
Stephen Wong, a veteran Goldman Sachs Group investment banker, will join technology venture capital firm Valley Capital Partners, marking a rare move to the buy-side by one of the US banking giant’s senior Asia bankers, Bloomberg reported.
Wong, the former chairman of Hong Kong investment banking and co-head of real estate for Asia ex-Japan at Goldman, resigned in May and will start at the new firm in August, Valley Capital said. He will join the Menlo Park, California-based company as a managing partner alongside founder Steve O’Hara.
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