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AMERICAS
Paladin Energy, an Australian company, has received final approval from Canadian authorities to acquire Fission Uranium in a CAD1.14bn ($789m) deal, that is set to be finalized by early January 2025.
Fission Uranium is advised by Cantor Fitzgerald, SCP Resource Finance and Blake Cassels & Graydon. Paladin Energy is advised by Macquarie Group, Corrs Chambers Westgarth (led by Russell Philip), Fasken (led by John S.M. Turner) and FGS Global (led by Ian Hamilton).
Tripadvisor, a company that operates as a family of brands that connects people to experiences worth sharing, agreed to acquire Liberty TripAdvisor, a travel guidance platform, for $435m.
Liberty TripAdvisor is advised by Citigroup and O'Melveny & Myers. Tripadvisor is advised by Centerview Partners, Goodwin Procter and Weil Gotshal and Manges.
Gentex, a supplier of digital vision, connected car, dimmable glass and fire protection technologies, agreed to acquire VOXX International, a consumer electronics company, for $196m.
VOXX International is advised by Solomon Partners, Bryan Cave Leighton Paisner and Levy Stopol & Camelo. Gentex is advised by Acropolis Advisors and Jones Day (led by Benjamin Stulberg).
General Mills, an American multinational manufacturer and marketer of branded processed consumer foods, completed the acquisition of North American cat feeding and pet treating business from NXMH-backed Whitebridge Pet Brands, a provider of natural and minimally processed pet foods, complements, treats and supplements, for $1.45bn.
A consortium of investors including Fred Alger Management T. Rowe Price Associates, Mumtalakat, Parkway Venture Capital, Breyer Capital, Rizvi Traverse, S32, US Innovative Technology Fund, Ava Investors, Eric Schmidt, Marc Benioff, David Siegel, Yann LeCun, and IQT led a $300m round in SandboxAQ, an enterprise SaaS company that provides AI and quantum solutions.
SandboxAQ was advised by JP Morgan.
LWCC, an insurance company, agreed to acquire Prescient National, a compensation insurance company. Financial terms were not disclosed.
Energy Capital Partners, an investor in critical infrastructure focused on electrification, decarbonization, reliability and sustainability, agreed to acquire a 50% stake in three US solar and battery storage projects from Ørsted, a clean energy company, for $572m.
Ørsted is advised by Barclays.
Thrive Capital, an investment firm, led a $10bn Series J round in Databricks, a data and AI company, with participation from Andreessen Horowitz, DST Global, GIC, Insight Partners, WCM Investment Management, Ontario Teachers’ Pension Plan, ICONIQ, MGX, Sands Capital and Wellington Management.
Uruguay payments provider DLocal explores sale. ( Reuters)
DLocal, a Latin American payments provider valued at approximately $3.6bn, is considering strategic options, including a potential sale.
The Montevideo, Uruguay-based company, whose largest shareholder is the private equity firm General Atlantic, has enlisted Morgan Stanley to assess takeover interest from potential buyers.
BTG, Santander in talks to buy Julius Baer’s Brazil unit. ( Bloomberg)
Banco BTG Pactual and Banco Santander Brasil are in discussions to acquire Julius Baer Group’s Brazilian operations.
XP, Brazil’s largest brokerage, and Banco Safra are also participating in the negotiations.
Historically, Banco BTG has worked with BTG Pactual, Simmons & Simmons, Machado Meyer Sendacz e Opice Advogados and UBS, according to MergerLinks data.
Fintech startup Chime submits confidential filing for IPO. ( Bloomberg)
Chime Financial, a fintech company specializing in no-fee banking services, has confidentially filed for an initial public offering with the US government.
The company is targeting a public listing in 2025, though the timing remains uncertain and plans are subject to change.
Barington nominates Mitarotonda and two others as directors at Matthews. (Press Release)
Activist investor Barington Capital Management has nominated its founder, James Mitarotonda, along with two experienced executives, as director candidates for the board of casket maker Matthews International.
Joining Mitarotonda on the slate are Ana Amicarella, a current board member at Forward Air and Warrior Met Coal, and Chan Galbato, CEO of Cerberus Operations and Advisory Company, who recently served on the board of grocer Albertsons.
Dollar Tree names Michael Creedon Jr. permanent CEO. ( Press Release)
Dollar Tree announced on December 19 that its Board of Directors has appointed Interim CEO Michael C. Creedon, Jr. as the company’s permanent Chief Executive Officer.
“Following a search, we are unanimous as a Board in our belief that Mike is the right leader for Dollar Tree. His deep understanding of the business, coupled with his strategic vision and collaborative leadership, has earned the trust and respect of the entire organization. We have full confidence in Mike’s ability to guide the enterprise to growth and success,” Edward J. Kelly, Dollar Tree Chairman of the Board.
Lamb Weston announced on December 19 that it is replacing its CEO and reducing its guidance again amid weakening demand for frozen potato products, leading to a sharp drop in its share price.
The company stated that Thomas Werner has stepped down as CEO and resigned from the board. He will continue to serve in an advisory role until August 31, 2025.
EMEA
Swiss Life, a European asset manager and institutional real estate asset manager, agreed to acquire a minority stake in Itínere Infraestructuras, a toll road operator in Spain, from APG, the largest pension services provider in the Netherlands. Financial terms were not disclosed.
Swiss Life is advised by Jefferies & Company (led by Andres Gutierrez) and Garrigues. APG is advised by Jefferies & Company and Freshfields Bruckhaus Deringer.
Mitsubishi Materials, a manufacturer of cement products, copper and aluminum products, completed the acquisition of HC Starck, a technology metals and advanced ceramics producer, from Masan High-Tech Materials, a provider of advanced tungsten materials used in key industry sectors such as electronics, chemical, automotive, aviation and aerospace, for $135m.
Mitsubishi Materials was advised by Mitsubishi UFJ Morgan Stanley Securities. Masan was advised by UBS.
PGGM, a cooperative pension investor, completed the acquisition of a 49% stake in Penta Infra, a developer and operator of data centers, from Photon Capital, a specialized investment firm supporting companies in the digital economy. Financial terms were not disclosed.
Unilabs, a provider of clinical laboratory testing and medical diagnostic imaging services, completed the acquisition of Kempf und Pfaltz, a medical laboratory. Financial terms were not disclosed.
EPH, a Czech multi-utility company, agreed to acquire the remaining 50% stake in Slovenske elektrarne, a Slovakian power generating company, from Enel, an integrated electricity and gas distributions company, for €150m ($157m).
FrieslandCampina, a Dutch multinational dairy cooperative, agreed to merge with Milcobel, a Belgian dairy cooperative. Financial terms were not disclosed.
Navantia, a Spanish state-owned shipbuilding company, agreed to acquire shipyards located across four sites from Harland & Wolff, a British shipbuilding and fabrication company. Financial terms were not disclosed.
France’s Meridiam buys into Greek power link with Cyprus, Israel. ( Bloomberg)
Meridiam has agreed to acquire a stake in Greece’s €1.9bn ($1.98bn) Great Sea Interconnector project, which aims to connect the power grids of Greece, Cyprus, and Israel via undersea cables across the eastern Mediterranean.
Under the agreement, the French infrastructure investment firm will hold a 49.9% stake in the project, while Greek grid operator IPTO will maintain a 50.1% majority share.
Historically, Meridiam has worked with Clifford Chance, Rothschild & Co, Weil, Gotshal & Manges and Ernst & Young, according to MergerLinks data.
Soho House says consortium offers to buy it for $9 a share. ( Press Release)
Soho House announced that a third-party consortium has proposed acquiring the private-club and membership-platform operator for $9 per share, leading to a significant surge in the company’s stock price.
The London-based company stated on December 19 that the offer represents an 83% premium to the same date's closing price of $4.91. In premarket trading, the stock price had risen 63% to $8 per share.
Tire maker Continental plans IPO of automotive unit by end 2025. ( Press Release)
German tire and auto parts manufacturer Continental aims to list its automotive unit on the Frankfurt Stock Exchange by the end of 2025.
The company also reaffirmed plans to make its Original Equipment Solutions division, which supplies rubber products to automotive manufacturers, an independent entity. The sales process for OES is expected to begin in the first quarter of 2025.
APAC
Insignia Financial decided not to engage with Bain Capital regarding the preliminary acquisition proposal received on December 13, saying that it does not adequately reflect the fundamental value of the company.
After thorough consideration, the Insignia Financial Board determined that the transaction does not represent fair value for IFL shareholders in the context of a change of control and is not in their best interests.
Insignia Financial is advised by Citigroup, Gresham Advisory Partners, King & Wood Mallesons.
IFM Investors, a provider of investment services, completed the merger with ISPT, a property investor. Financial terms were not disclosed.
The founding family of Japanese IT company Fuji Soft on December 18 reiterated its support for a takeover bid by private equity firm Bain Capital that is opposed by Fuji Soft's board.
KKR, a global investment firm, and Bain Capital, a private investment firm, are bidding to acquire FUJI SOFT, an independent software developer, specializing in communications and machine control software, business application software for bank and insurance companies, and operating system software, for up to $4bn.
KKR is advised by Mitsubishi UFJ Morgan Stanley Securities and Simpson Thacher & Bartlett (led by Noritaka Kumamoto).
KKR, a global investment firm, completed the investment in Rebel Foods, an Indian online restaurant company. Financial terms were not disclosed.
Rebel Foods was advised by Avendus Capital.
Changan Automobile, a Chinese automobile manufacturer, led a CNY11.1bn ($1.5bn) investment in Avatr Technology, a Chinese electric automotive manufacturing company, with participation from Southern Asset Management and CCB International.
Chevron Australia, an itegrated energy company, agreed to swap assets with Woodside, an Australian petroleum exploration and production company. The transaction involves a transfer of Chevron's 16.67% stake in NWS Project and 20% stake in CCS Project in exchange for Woodside’s 13% stake Wheatstone Project and 65% stake in Julimar-Brunello Project.
Foxconn has discussed making bid for Nissan. ( WSJ)
Foxconn, the Taiwanese contract manufacturing giant renowned for assembling Apple products, is in talks to acquire Nissan as part of its strategy to expand its growing electric vehicle business.
Foxconn is particularly interested in the Japanese automaker’s core strengths, including its expertise in car hardware manufacturing and design.
Historically, Foxconn has worked with Sullivan & Cromwell, Hogan Lovells, Paul Hastings and JP Morgan, according to MergerLinks data.
Glencore in talks to sell its Philippine copper smelting unit. ( Bloomberg)
Glencore is in negotiations to sell its copper business in the Philippines amid challenges in the smelting industry, which is facing historically low processing fees. The commodities giant is currently in talks with at least one domestic buyer for the unit.
Historically, Glencore has worked with Linklaters, Citigroup, McCarthy Tétrault and Latham & Watkins, according to MergerLinks data.
Battery-maker CATL considers Hong Kong listing to raise $5bn. ( Bloomberg)
Contemporary Amperex Technology, the world’s leading electric-vehicle battery manufacturer, is considering a secondary listing in Hong Kong that could raise at least $5bn, potentially making it the city's largest since early 2021.
The company is in discussions with potential advisers, with the listing possibly taking place as early as the first half of 2025.
Eneos considers IPO of up to 70% of JX Advanced Metals. ( Japan Times)
Japanese oil refiner Eneos is contemplating the sale of up to 70% of JX Advanced Metals in an initial public offering that could raise approximately JPY700bn ($4.5bn).
The Eneos board is scheduled to discuss the IPO on December 20. While CEO Tomohide Miyata supports selling 50.1%, other decision-makers are advocating for a larger stake of 70%.
GLP Capital Partners bags $383m for latest China income fund. (Press Release)
GLP Capital Partners, the investment and asset management arm of Asian warehouse giant GLP, has completed the closing of its China Income Fund XIII, raising approximately CNY2.8bn ($383m) in capital.
The fund, launched in partnership with an unnamed leading global institutional investor, is seeded with logistics and business park assets from GLP’s balance sheet. These assets are strategically located in key logistics and R&D clusters across the Greater Bay Area, the Yangtze River Delta, and the Mid-Western Region.
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