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Top Highlights
Smith Ventures, a private equity firm, and CommerceOne Financial Corporation, a parent company of CommerceOne Bank, agreed to acquire bank subsidiary and non-bank financial technology business of Green Dot Corporation, a financial technology platform and registered bank holding company, for $1.1bn, according to press releases.
Smith Ventures is advised by Alvarez & Marsal, Stephens and King & Spalding. Debt financing is provided by TPG Capital. CommerceOne Financial is advised by Cornerstone Advisors, Ey Parthenon, Performance Trust Capital Partners and Sullivan & Cromwell. Green Dot is advised by Citigroup and Wachtell Lipton Rosen & Katz (led by Matthew T. Carpenter), according to press releases.
SWB, a Cayman Islands–based fintech vehicle established to launch SOUL World Bank, agreed to go public via a SPAC with Soulpower Acquisition Corporation, a blank check company, in a $8.1bn deal, according to press releases.
SWB is advised by Carey Olsen, Ellenoff Grossman & Schole, Greenberg Traurig, Harneys and Hengeler Mueller. Soulpower Acquisition Corporation is advised by Kingswood Capital, Carey Olsen and Sichenzia Ross Ference Carmel, according to press releases.
Fulton Financial, a community banking organization and a financial holding company, agreed to merge with Blue Foundry, a chartered full‑service community bank, in a $243m deal, according to press releases.
Fulton Financial is advised by Stephens and Holland & Knight. Blue Foundry is advised by Piper Sandler and Luse Gorman, according to press releases.
Deal Round up
AMERICAS
Blue Owl considers reviving the merger of private credit funds, contingent on the fund's share price. ( Reuters)
Performance Food Group and US Foods end merger talks. ( Reuters)
EMEA
Revolut notches $75bn valuation in latest share sale. (Bloomberg)
Abu Dhabi’s Lunate eyes $1bn commitment to AI firm MGX. ( Bloomberg)
Saudi Aramco weighs raising billions of dollars from its biggest disposals yet. ( Bloomberg)
Magnum braces for life on its own as Unilever spinoff nears. ( Reuters)
Real Madrid proposes selling a stake to gauge the club’s valuation. ( Bloomberg)
Saudi Arabia’s AlKhorayef Petroleum said to prepare for IPO. ( Bloomberg)
APAC
DBS revises Allian ce Bank proposal, now seeking a 30% stake. ( Bloomberg)
JD.com’s supply-chain technology unit gauges interest for Hong Kong IPO. ( Bloomberg)
Thai crypto exchange Bitkub is considering an IPO in Hong Kong. ( Bloomberg)
Syngenta is said to consider a Hong Kong IPO after Shanghai pulled. ( Bloomberg)
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AMERICAS
Omnicom Group and The Interpublic Group of Companies announced that the European Commission has approved Omnicom’s acquisition of IPG under antitrust rules. This was the final regulatory approval needed, and the companies plan to finalize the deal by the end of the day on November 26. Once completed, the merger will form the world’s leading marketing and sales organization designed for smart, sustainable growth, according to press releases.
Atmus Filtration Technologies, a global company specializing in filtration and media solutions, agreed to acquire Koch Filter Corporation, a manufacturer of indoor air filtration solutions, from Air Distribution Technologies, a provider of innovative air distribution and ventilation solutions, for $450m, according to press releases.
Atmus Filtration Technologies is advised by Jefferies & Company and Benesch Friedlander Coplan & Aronoff. Air Distribution Technologies is advised by Lincoln International, according to press releases.
Jane Street, a global quantitative trading firm that operates in the financial markets, led a $700m Series D round in X-energy, a nuclear reactor and fuel technology solutions provider, with participation from ARK Investment Management, Galvanize Climate Solutions, Hood River Capital Management, Point72 Ventures, Reaves Asset Management, XTX Ventures, Ares Management, Corner Capital, Emerson Collective, Ngp Capital and Segra Capital Management, according to press releases.
X-energy was advised by Moelis & Co, JP Morgan and Latham & Watkins, according to press releases.
Iberdrola, an energy company, agreed to acquire the remaining 16.2% stake in Neoenergia, an electricity distribution group in Brazil, for €1bn ($1.2bn), according to press releases.
ASSA ABLOY, a firm that develops, designs, and manufactures a complete range of door opening solutions, completed the acquisition of International Door Products, a US manufacturer of standard and custom fire-rated steel door frames, according to press releases. Financial terms were not disclosed.
Truelink Capital, a Los Angeles based private equity firm, agreed to acquire SouthernCarlson, a distributor of brands in construction and packaging machines, tools and supplies, from Kyocera, a Japanese multinational ceramics and electronics manufacturer, according to press releases. Financial terms were not disclosed.
General Catalyst, a venture capital firm, completed a $250m investment in CookUnity, a chef-direct subscription service company, according to press releases.
Blue Owl considers reviving the merger of private credit funds, contingent on the fund's share price. ( Reuters)
Blue Owl Capital is considering reviving a plan to merge two of its private credit funds if the share price of the larger vehicle improves.
The firm recently withdrew the proposal to combine its publicly traded OBDC fund with Blue Owl Capital Corporation II after investor concerns over the merger terms, which included freezing withdrawals from the smaller fund and offering its holders the price of the larger one.
Performance Food Group and US Foods end merger talks. ( Reuters)
Performance Food Group and US Foods have ended discussions on a potential merger.
The decision follows an agreement reached two months earlier that allowed the food distributors to share certain financial information while remaining compliant with antitrust rules. The two sides had been exploring a possible combination since July.
EMEA
BHP Group, an Australian multinational mining and metals public company, withdrew its offer to acquire Anglo American, a British multinational mining company, according to press releases. Financial terms were not disclosed.
Fairbanks Morse Defense, an engine technology and manufacturing company, agreed to acquire Truflo Marine business of IMI, a fluid and motion control company, according to press releases. Financial terms were not disclosed.
IMI is advised by Lazard, Addleshaw Goddard and FGS Global (led by James Gray), according to MergerLinks data and press releases.
AGROFERT, a European nitrogen products manufacturer, agreed to acquire OCI Ammonia from OCI Global, a global producer and distributor of nitrogen products, for €290m ($334m), according to press releases.
AGROFERT is advised by JP Morgan, according to MergerLinks data and press releases.
Portfolion, a venture capital and private equity firm, led a €30m ($34m) round in GymBeam, a company that operates as a supplements store, offering a wide range of sports nutrition products, workout accessories, and fitness equipment, with participation from EBRD, according to press releases.
GymBeam was advised by Rothschild & Co, according to MergerLinks data and press releases.
Brown Brothers Media, a brand-building and media company, completed the acquisition of Silicon Canals, a Netherlands-based European tech media platform and community covering startups, scale-ups, and innovation, according to press releases. Financial terms were not disclosed.
The Telegraph is set for a £500m ($655m) sale to DMGT, owner of the Daily Mail, with British culture minister Lisa Nandy signaling support for a timely completion of the transaction.
The deal represents a key step in transferring ownership of the British broadsheet.
Revolut notches $75bn valuation in latest share sale. ( Bloomberg)
Revolut secured a $75bn valuation in its latest share sale, up from $45bn last year.
The fundraising was led by Coatue, Greenoaks, Dragoneer and Fidelity, with participation from NVentures, Andreessen Horowitz, Franklin Templeton and T. Rowe Price-advised accounts.
Abu Dhabi’s Lunate eyes $1bn commitment to AI firm MGX. ( Bloomberg)
Abu Dhabi asset manager Lunate is in talks to invest up to $1bn in state-backed artificial intelligence investor MGX.
Lunate manages capital through multiple fund strategies and partnerships, including on behalf of other investors. Details of the planned investment structure have not been disclosed.
Saudi Aramco weighs raising billions of dollars from its biggest disposals yet. ( Bloomberg)
Saudi Aramco is exploring plans to raise billions of dollars through a series of asset sales, in what could become some of its largest disposals to date.
The company is considering selling a stake in its oil export and storage terminals as part of the process and has asked banks to pitch for feasibility study roles. The disposals could exceed $10bn.
Magnum braces for life on its own as Unilever spinoff nears. ( Reuters)
Unilever’s ice cream business is preparing for a multi-billion-dollar spin-off.
The Magnum Ice Cream Company is gearing up to operate independently while addressing challenges from logistics to shifting consumer habits, including the growing influence of weight-loss drugs. The spin-off will test investor appetite for a sugar-focused product amid changing health trends.
Real Madrid proposes selling a stake to gauge the club’s valuation. ( Bloomberg)
Real Madrid is considering allowing an external investor to acquire a small stake in the club to help assess its market valuation.
The club plans to create a new unit to hold a minority share of around 5%, avoiding the need for a public listing. The move is intended to provide a clearer indication of Real Madrid’s value while maintaining its current ownership structure.
Saudi Arabia’s AlKhorayef Petroleum said to prepare for IPO. ( Bloomberg)
Saudi Arabia’s AlKhorayef Group has begun early preparations for a potential listing of its oil and gas services subsidiary, adding to the growing pipeline of companies exploring IPOs in the kingdom.
The group has contacted firms to assess roles for a possible offering of AlKhorayef Petroleum. Discussions remain preliminary, and no final decision has been made on whether to proceed.
APAC
Macquarie Asset Management, an Australian financial services group, agreed to acquire Qube, an integrated developer, operator and investment manager of institutional-quality logistics warehouses and related industrial properties, for AUD11.6bn ($7.5bn), according to press releases.
Qube is advised by Allens and UBS, according to press releases.
DBS revises Alliance Bank proposal, now seeking a 30% stake. ( Bloomberg)
Singapore’s largest bank has scaled back plans to acquire a stake in Alliance Bank Malaysia, filing to buy up to 30% instead of the previously sought 49%.
The change follows regulatory constraints in Malaysia, where companies generally cannot acquire more than a 30% stake in a financial institution.
JD.com’s supply-chain technology unit gauges interest for Hong Kong IPO. ( Bloomberg)
JD.com’s supply-chain technology unit is exploring a Hong Kong initial public offering that could raise around $500m. The unit has begun investor meetings as part of preparations for the IPO, following regulatory approval for its filing.
Thai crypto exchange Bitkub is considering an IPO in Hong Kong. ( Bloomberg)
Thai cryptocurrency exchange Bitkub is considering a Hong Kong initial public offering, in a move that could bolster the city’s position as a digital-assets hub.
The company previously explored an IPO in Thailand, where market weakness has limited the performance of recent listings.
Syngenta is said to consider a Hong Kong IPO after Shanghai pulled. ( Bloomberg)
Syngenta Group is considering an initial public offering in Hong Kong, more than a year after it withdrew plans for a $9bn listing in Shanghai.
The Chinese-owned agricultural technology company is holding preliminary talks with financial advisers and may pursue a Hong Kong listing next year.
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