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Top Highlights
SuperiorMed Holdings, a healthcare services and management company, agreed to go public via a SPAC merger with Starry Sea, a special purpose acquisition company, according to press releases. Financial terms were not disclosed.
SuperiorMed Holdings is advised by Hogan Lovells Cadwalader, Loeb & Loeb and Ogier. Starry Sea is advised by GLA & Company, Harneys and Torres & Zheng at Law, according to press releases.
nVent, a provider of electrical connection and protection solutions, agreed to acquire Maverick Power, a manufacturer of engineered power distribution and infrastructure solutions for data centers, for $2.3bn, according to press releases.
nVent is advised by Foley & Lardner. Debt financing is provided by Bank of America. Maverick Power is advised by Barclays, according to press releases and MergerLinks data.
Secovia Capital, a private equity firm, completed the acquisition of Ferrovia, a provider of contract management services intended for state departments of transportation, industrial railroad customers, utility providers and the pipeline industry, from Auxo Investment Partners, a lower middle market private investment firm, according to press releases. Financial terms were not disclosed.
Ferrovia was advised by BDO, Northborne Partners and Miller Johnson, according to press releases.
AMERICAS
California expected to seek TV channel sales from Paramount-Warner. ( WSJ)
Shell draws Exxon interest in $8bn US chemical assets sale. ( FT)
Hugging Face has been fielding M&A interest for a deal worth at least $13bn. ( Business Insider)
H.B. Fuller board unanimously rejects unsolicited proposal from Ancora. ( Press Release)
EMEA
MTN climbs on buyback plan; plans Iran exit if sanctions lift. ( Bloomberg)
Vox, Frogfoot raise $900m in South Africa broadband push. ( Bloomberg)
APAC
Partners Group exits bubble-tea brand Gong Cha after Bain buyout. ( Bloomberg)
Avaada said to plan public filing for $800m India IPO. ( Bloomberg)
Azalea raises over $1bn across three private equity offerings. ( Press Release)
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COMPANIES
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AMERICAS
Linden Capital Partners, a private equity firm, completed the acquisition of ArtesRx, a behavioral health pharmacy platform, from Flexpoint Ford, a private equity investment firm, according to press releases. Financial terms were not disclosed.
ArtesRx was advised by Houlihan Lokey. Flexpoint Ford was advised by Joele Frank (led by Jonathan Keehner), according to press releases.
Rotunda Capital Partners-backed AirPro Diagnostics, a provider of automotive diagnostics, programming, scanning, and advanced driver assistance systems, completed the merger with Revv, a provider of AI-powered workflow software, according to press releases. Financial terms were not disclosed.
AirPro Diagnostics was advised by Jefferies & Company. Revv was advised by TD Cowen, according to press releases.
Descartes, a company specializing in uniting logistics-intensive businesses in commerce, agreed to acquire Tai Software, a provider of advanced transportation management solutions for freight brokers, for $100m, according to press releases.
Volaris Group, a buy-and-hold acquirer of software businesses, completed the acquisition of L5 Networks, a Brazilian pioneer in cloud-based corporate communications solutions, according to press releases. Financial terms were not disclosed.
NEXA Lending, a mortgage lending and mortgage origination platform, completed the acquisition of UMortgage, a mortgage lending company, according to press releases. Financial terms were not disclosed.
California expected to seek TV channel sales from Paramount-Warner. ( WSJ)
California Attorney General Rob Bonta is expected to seek divestitures of some cable channels and a commitment to keep Paramount’s movie studio separate from Warner Bros. as conditions for resolving the state’s challenge to the companies’ proposed merger.
California and 11 other states sued last month to block the transaction, arguing it could reduce competition in film distribution and pay television. Paramount and state officials are due to discuss potential remedies as they explore a settlement.
Shell draws Exxon interest in $8bn US chemical assets sale. ( FT)
Shell has attracted bids from ExxonMobil, LyondellBasell, Apollo Global Management and Kuwait Petroleum's chemicals arm for its US chemicals business, which could be valued at up to $8bn. The assets span four sites in Louisiana, Texas and Pennsylvania, including the Monaca complex, and bidders have submitted proposals for both the full business and selected assets.
The sale forms part of Shell’s effort to reduce exposure to underperforming chemicals operations and refocus on oil and gas. The potential valuation would represent a significant discount to the capital invested in the business, including roughly $14bn spent on the Monaca facility alone.
Hugging Face has been fielding M&A interest for a deal worth at least $13bn. ( Business Insider)
Hugging Face is exploring a potential sale that could value the AI developer platform at $13bn or more. The company has been working with a bank to gauge buyer interest, although no transaction has been agreed.
The startup operates a widely used platform for publishing, sharing and deploying AI models and was last valued at $4.5bn in 2023. Its investors include Lux Capital, Addition and Salesforce Ventures.
H.B. Fuller board unanimously rejects unsolicited proposal from Ancora. ( Press Release)
H.B. Fuller has rejected Ancora’s unsolicited non-binding offer of $1.1bn to $1.2bn for its building adhesives solutions business, saying the proposal materially undervalues the unit and does not reflect its growth prospects or strategic importance.
The board also cited potential operating dis-synergies from separating the business, as well as a lack of detail on Ancora’s financing and ability to operate the unit independently. H.B. Fuller said it remains focused on integrating Advanced Medical Solutions, executing Project Quantum Leap and reducing leverage toward its 2.5x to 3.0x target range.
EMEA
Lookthrough, the Zurich-based real estate decision intelligence platform, agreed to acquire BuildingMinds, the Berlin-based AI data platform for real estate portfolio management, from Schindler, a Swiss multinational company which manufactures escalators, moving walkways, and elevators worldwide, according to press releases. Financial terms were not disclosed.
Schindler is advised by Rothschild & Co, according to MergerLinks data.
Tata Consultancy Services, a consulting firm specializing in digital transformation and technology solutions, agreed to acquire MHP, a global management and IT consulting company, from Porsche, a German automobile manufacturer, according to press releases. Financial terms were not disclosed.
KLAR Partners-backed Nimlas, a technical installation and building services company, agreed to acquire BMS & Green Tech Solutions, a building automation and energy management company, according to press releases. Financial terms were not disclosed.
Beijer Ref, a manufacturer and wholesaler of cooling technology and HVAC systems, agreed to acquire a 90% stake in Refra, a manufacturer of refrigeration, air conditioning, heating, and HVACR systems, according to press releases. Financial terms were not disclosed.
MTN climbs on buyback plan; plans Iran exit if sanctions lift. ( Bloomberg)
MTN Group plans to repurchase ZAR6bn ($375m) of shares and reaffirmed its three- to five-year revenue and capital guidance, helping send the stock up as much as 5.2% in Johannesburg.
The African telecoms group also indicated it plans to exit its Iranian joint venture if sanctions are lifted, while writedowns related to the business weighed on earnings.
Vox, Frogfoot raise $900m in South Africa broadband push. ( Bloomberg)
Vox Telecom, Frogfoot Networks and Vox subsidiary Hypa Fibre have raised ZAR14.4bn ($900m) to expand broadband infrastructure and services in South Africa.
The financing comprises ZAR8.4bn ($525m) of equity and ZAR6bn ($375m) of debt. Vox and Frogfoot are both owned by Johannesburg-based Vivica Group.
APAC
Hengdian Group, one of China's largest private enterprises, agreed to acquire a 67% stake in Jiali Industry, a vehicle lighting manufacturer, for $215m, according to press releases.
Tanaka Precious Metal Group, a provider of industrial precious metal components and materials, completed an investment in Clean Planet, a company engaged in the research and development of its proprietary Quantum Hydrogen Energy technology, according to press releases. Financial terms were not disclosed.
Partners Group exits bubble-tea brand Gong Cha after Bain buyout. ( Bloomberg)
Partners Group will exit its private credit investment in Gong Cha following Bain Capital’s acquisition of the Taiwanese bubble-tea chain from TA Associates.
The Swiss asset manager has agreed to be fully repaid on financing it provided in 2019, when it committed more than $200m to support TA Associates’ acquisition of Gong Cha and also took a minority equity stake.
Avaada said to plan public filing for $800m India IPO. ( Bloomberg)
Avaada Electro is preparing to publicly file for an Indian IPO that could raise up to $800m, with the filing potentially coming as early as August. The solar manufacturing company is backed by Brookfield Renewable Partners.
ICICI Securities, Axis Capital, HSBC, IIFL Capital Services and Bank of America have been appointed to manage the potential offering. Avaada Electro is the solar manufacturing arm of Avaada Group.
Azalea raises over $1bn across three private equity offerings. ( Press Release)
Azalea Investment Management has secured more than $1bn across three private equity vehicles, including a $526m final close for Altrium Private Equity Fund III, a $210m first close for Altrium Co-Invest Fund II and more than $350m in initial commitments for its new evergreen fund, Azalea All Access.
The Temasek-owned manager is targeting global mid-market buyouts, secondaries and co-investments, while the evergreen vehicle offers monthly subscriptions and quarterly redemptions. The fundraising drew commitments from institutional investors, private banks, family offices and high-net-worth individuals across Asia and other international markets.
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