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AMERICAS
A top Nippon Steel executive and US Steel's CEO are meeting with senior US officials in an effort to salvage Nippon's $14.9bn bid for US Steel, Reuters reported.
The meeting, including Takahiro Mori, a key Nippon negotiator on the deal, and U.S. Steel CEO David Burritt, is also expected to include Treasury Deputy Secretary Wally Adeyemo and Commerce Deputy Secretary Don Graves among other officials.
Coalesce Capital, a private equity firm, agreed to acquire Miller Environmental Group, a provider of essential waste, industrial, and environmental services, from GenNx360 Capital Partners, a private equity firm. Financial terms were not disclosed.
"We are thrilled to partner with Coalesce Capital in our next phase as we continue to leverage the market reputation, capability set, and nationwide footprint of the Miller platform. With the Coalesce team's experience building businesses in the services sector, we are poised to accelerate our growth in the next chapter. We would also like to thank our partners at GenNx360 Capital Partners for their contributions and strategic insight over the past several years," Rudy Streng, Miller CEO.
Miller Environmental Group is advised by Houlihan Lokey, Stifel and Winston & Strawn. Coalesce Capital is advised by Brown Gibbons Lang & Company, Greenberg Traurig and Joele Frank (led by Ed Trissel, Kate Thompson and Sarah Salky).
Tadano, a Japanese manufacturer of cranes and aerial work platforms, agreed to acquire Manitex International, a mobile truck cranes, industrial lifting solutions, aerial work platforms and construction equipment provider, for $223m.
"Our expanded partnership with Tadano represents a new and exciting chapter for our employees and our customers. The acquisition by Tadano will help mitigate cyclical risk, while providing the Company with scale and broader international scope. We will benefit from access to technology, production synergies and working capital, enabling the Company to better achieve its objectives," Michael Coffey, Manitex CEO.
Manitex International is advised by Brown Gibbons Lang & Company, Bryan Cave Leighton Paisner and Vallum Advisors (led by Noel Ryan). Tadano is advised by Perella Weinberg Partners and Sullivan & Cromwell (led by Frank Aquila and Mimi Wu).
Shamrock Capital, a private equity firm, agreed to acquire a minority stake in Nth Degree, an event management firm. Financial terms were not disclosed.
"We believe Nth Degree's comprehensive suite of solutions position us for substantial growth in the multi-billion dollar market for in-person events. Joining forces with Shamrock further enables our customer-centric team to build on existing momentum to scale our operations, expand our offerings, and continue to push the boundaries of what's possible in the event industry," John Hense, Nth Degree CEO.
The Riverside Company, a private equity firm, completed the acquisition of Cloudpermit, a community development software company, from Vaaka Partners, a private equity firm. Financial terms were not disclosed.
"At Cloudpermit, we are committed to empowering local governments with our transformative community development platform, so we can drive positive change and improve citizen experience. We are confident that The Riverside Company is an excellent choice to support Cloudpermit as we achieve greater success and growth. This investment will enable us to broaden our impact, support countless forward-thinking communities, and provide cutting-edge technology to our clients," Jan Pawli, Cloudpermit CEO.
Lactalis, a French multinational dairy products corporation, and Sodiaal, a French dairy cooperative, agreed to acquire North American Yogurt business of General Mills, an American multinational manufacturer and marketer of branded processed consumer foods, for $2.1bn.
"Today's announcement represents another significant step forward for General Mills in advancing our Accelerate strategy and our portfolio reshaping ambitions. Upon completion of these divestitures, we will have turned over nearly 30 percent of our net sales base since fiscal 2018. By efficiently managing our portfolio and sharpening our focus on our global platforms and local gem brands that have stronger growth prospects and more attractive margins, we will be in a better position to drive top-tier shareholder returns over the long term," Jeff Harmening, General Mills Chairman and CEO.
General Mills is advised by JP Morgan and Cleary Gottlieb Steen & Hamilton.
Gevo, an American renewable chemicals and advanced biofuels company, agreed to acquire ethanol production plant and CCS assets of Red Trail Energy, an investor group financing and operating a corn-based ethanol production facility, for $210m.
"We are proud of what we have accomplished at Red Trail Energy and are excited about the future under Gevo's leadership. Gevo's vision for a sustainable future aligns with our philosophy of 'our farms, our fuel, our future.' We are confident this acquisition will drive positive change in the renewable energy sector," Jodi Johnson, Red Trail Energy CEO.
Gevo is advised by Ocean Park and Faegre Drinker Biddle & Reath.
Delek Logistics Partners, a company that owns, operates, and manages logistics and marketing assets for crude oil and refined products, completed the acquisition of H2O Midstream, an energy midstream company, from EIV Capital, a private equity firm, for $230m.
"The acquisition of H2O Midstream supports our core strategy of providing a full midstream service solution to our existing and third-party customers in the prolific Permian Basin. H2O Midstream operations have significant overlap with our existing Midland, Texas operations. The acquisition also presents an opportunity to extract significant synergies through cost optimization and cross product sales," Delek Logistics Partners.
EIV Capital was advised by Latham & Watkins.
mPulse, a provider of HXI technology, completed the acquisition of Zipari, a healthcare consumer experience technology company. Financial terms were not disclosed.
“Health plans continue to operate with legacy technology, fragmented data and complex point solutions that impede innovation and advancements to the health consumer experience. Together, Zipari and mPulse provide enhanced digital offerings that expand the abilities of healthcare organizations to understand and anticipate the needs of health consumers by delivering agile, personalized experiences at every step of the consumer health journey. We are excited to welcome Zipari’s world-class team and industry leading customers to mPulse," Bob Farrell, mPulse CEO.
mPulse was advised by Walker Sands Communications.
Mastercard, a multinational financial services corporation, agreed to acquire Recorded Future, a cybersecurity and threat intelligence company, from Insight Partners, a venture capital firm, for $2.65bn.
"Trust is the foundation of any relationship. Recorded Future adds to how we deliver that greater peace of mind before, during and after the payment transaction. Together we will innovate faster, create smarter models and anticipate emerging threats before cyberattacks can take place – in payments and beyond," said Craig Vosburg, Mastercard Chief Services Officer.
General Motors, an American multinational automotive manufacturing company, and Hyundai, a South Korean multinational automotive manufacturer, agreed to form a joint venture.
“GM and Hyundai have complementary strengths and talented teams. Our goal is to unlock the scale and creativity of both companies to deliver even more competitive vehicles to customers faster and more efficiently,” Mary Barra, General Motors Chair and CEO.
23andMe CEO Wojcicki open to third-party takeover proposals for firm.
23andMe co-founder and chief executive Anne Wojcicki would be open to considering third-party takeover proposals for the company, Reuters reported.
The genetic testing firm's shares were up 2.8% at $0.31 in extended trade. In July, Wojcicki, who has been trying to take the company private, proposed to acquire all outstanding shares of 23andMe not owned by her or her affiliates for $0.40 per share.
Activist shareholder blasts Dye & Durham M&A strategy.
An activist shareholder is taking aim at Canadian software firm Dye & Durham's decision to pursue more mergers and acquisitions, demanding independent directors “stop the shenanigans” and call a special meeting as soon as possible, Bloomberg reported.
Engine Capital Management managing partner Arnaud Ajdler said his firm was “blind-sided” by Dye & Durham’s plans for two acquisitions totaling CAD69.3m ($51m), accounting for 7.5% of the company’s market capitalization. He said the transactions go against previous commitments to reduce debt, which shareholders had asked for.
OpenAI fundraising set to vault startup’s valuation to $150bn.
OpenAI is in talks to raise $6.5bn from investors at a valuation of $150bn, Bloomberg reported.
The new valuation, a figure that doesn’t include the money being raised, is significantly higher than the $86bn valuation from the company’s tender offer earlier this year, and cements its place as one of the most valuable startups in the world.
JP Morgan hires KKR’s David Bauer as co-head of ECM America. (FS, People)
JP Morgan has recruited David Bauer from private equity firm KKR to help run its equity capital markets business in the Americas. Bauer will be co-head of ECM Americas alongside Keith Canton, who has been sole head for the last year-and-a-half, Bloomberg reported.
Bauer has spent roughly six years with KKR as its head of ECM, and previously worked at Goldman Sachs for more than a decade. At JPMorgan, Bauer will be based in New York and report to Kevin Foley, global head of capital markets.
EMEA
Italy’s competition regulator opened an in-depth probe into Swisscom’s €8bn ( $8.81bn) acquisition of Vodafone Italia to assess whether the deal complies with the country's antitrust rules, WSJ reported.
The investigation puts under the Italian Competition Authority’s scrutiny a deal that could reshape the country’s telecommunications market, allowing the UK’s Vodafone Group to exit Italy and expanding Swisscom’s presence there.
Canaccord Genuity, a financial services firm, agreed to acquire Brooks Macdonald Asset Management, an asset management firm, from Brooks Macdonald, a provider of investment management, financial planning and fund management services, for £51m ($67m).
"We are pleased to announce the sale of BMI to Canaccord as their presence and understanding of the local markets will provide a strong foundation for the future growth and development of the business. I would like to thank all our BMI colleagues for their commitment to their clients and professionalism. We wish them all the best for the future," Andrea Montague, Brooks Macdonald CEO Designate & CFO.
Brooks Macdonald is advised by Investec, Raymond James, Singer Capital Markets, Travers Smith and FTI Consulting.
Cinven, a private equity firm, completed the acquisition of a 50% stake in Policy Expert, an insurance borkerage firm, from Abu Dhabi Investment Authority, the sovereign wealth fund of Abu Dhabi. Financial terms were not disclosed.
“We are a forward-looking business that loves to get things done and we are hugely excited to have two supportive shareholders in Cinven and ADIA with us for the next stage of our journey. Every new policy sale or renewal adds to our belief that customers are seeking clear, consistent and dependable products and support from the general insurance market. Our smart use of data and people-focused culture has already made this a reality for our 1.5m customers,” Steve Hardy, Policy Expert Chairman.
DSV said in advanced talks for €14bn Deutsche Bahn arm. (FS)
DSV is in advanced talks to acquire Deutsche Bahn’s logistics unit in a €14bn ($15.4bn) deal that could rank as one of the largest in the transport industry. The Danish group has won the support of Deutsche Bahn’s management board over rival bidder CVC Capital Partners, Bloomberg reported.
DSV is now finalizing terms of a deal to buy DB Schenker and could sign an agreement as soon as this week.
Buyout firm EQT explores $2bn sale of Banking Circle. (FS)
Private equity firm EQT is exploring a sale of its majority stake in Banking Circle, hoping any deal would value the payments processor at more than $2bn, including debt, Reuters reported.
EQT is working on the plan with investment bankers at Morgan Stanley, who in recent weeks have been informally sounding out potential buyers, including payments and financial technology companies as well as other buyout firms.
Dutch state reduces ABN Amro stake with $1.3bn sale.
The Dutch government sold shares worth about €1.17bn ($1.3n) in ABN Amro Bank as it continues its long-running plan to fully to privatize the lender it acquired during the financial crisis, Bloomberg reported.
The state lowered its stake to 40.5% from 49.5%, completing a divestment program announced last year. It added that the ending of the trading plan “does not preclude NLFI from establishing another trading plan in the future or conducting other sales of its holding in ABN Amro as it deems appropriate.”
Revolut founder Storonsky sells £200m stake in fintech giant.
The billionaire founder of Revolut has sold shares worth hundreds of millions of dollars in the banking and finance app as he climbs the ranks of Europe's wealthiest people, Sky News reported.
Sky News has learnt that Nik Storonsky, the company's chief executive, sold between 40% and 60% of the stock that was offloaded by employees in a secondary share sale which concluded last month. That would mean that Mr Storonsky had cashed in shares worth between $200m and $300m - a small proportion of his stake in the business he established in 2015.
UniCredit’s Orcel says Commerzbank takeover is an option.
UniCredit Chief Executive Officer Andrea Orcel said that a full takeover of Commerzbank is an option after announcing that it had acquired a 9% stake, a move that has jolted European banking, Bloomberg reported.
Orcel’s surprise move on Commerzbank could end up creating a new banking giant in Germany. The deal would be one of the region’s largest ever cross-border mergers but it faces substantial obstacles such as labor opposition. The German government still owns a larger stake than UniCredit, though it has started selling it down.
“Conversations about an M&A or a further combination are on top. We can engage constructively as to whether we all want to create something more than just the value that can be created by Commerzbank standalone,” Andrea Orcel.
New York Sun owner weighs takeover bid for The Daily Telegraph.
The owner of The New York Sun, a right-leaning American newspaper, is weighing a surprise bid to become the new owner of The Daily Telegraph, Sky News reported.
Dovid Efune, who acquired the former daily broadsheet in 2021, has expressed an interest in acquiring one of Britain's most influential daily newspapers and its Sunday sister title. Mr Efune is being advised by the boutique investment bank Liontree.
Lundin CEO says potential buyers are eyeing its European mines.
Lundin Mining’s top executive says several potential buyers are looking at its mines in Europe as the Canadian metals producer looks to sell its oldest assets, Bloomberg reported.
“We have a lot of interested parties looking at our European assets. Our European assets have over time become non-core for us, so we’re running a process to see if we can get more value from selling,” Jack Lundin, Lundin Mining Chief Executive Officer.
Springer Nature announces plans to list on Frankfurt Stock Exchange.
German academic research publisher Springer Nature plans to list on the Frankfurt Stock Exchange in an initial public offering that could be completed by the end of 2024, Reuters reported.
The offer is intended to consist of a €200m ($221m) capital increase and a sale of existing shares. Primary proceeds from the listing are intended to reduce Springer Nature's debt further and optimise its financing structure.
Eni approves new business structure to boost units, consider new IPOs.
Italy's Eni has approved a new business structure to enhance the value of its satellite companies such as Plenitude and Enilive and consider new partners and future public listings.
Under the new structure, Plenitude and Enilive will report to the group's Chief Operating Officer and Chief Financial Officer Francesco Gattei, who was also appointed as General Manager alongside Guido Brusco.
Tennet seeks IPO pitches as it eyes tricky German privatization.
Tennet Holding, the Dutch grid operator that failed to sell its massive German grid to Berlin in recent months, is pushing ahead with plans to privatize the unit in what could prove to be another uphill battle, Bloomberg reported.
Tennet has invited investment banks to pitch for roles on a potential initial public offering of the German operations. The company is seeking proposals from banks who want to secure leading roles as global coordinators on a possible listing.
APAC
Kirin, a Japanese beer and beverage holding company, completed the acquisition of 75% stake in FANCL, a cosmetics and dietary supplements company, for $1.4bn.
"We are confident that this will further leverage the strengths of both groups and provide new value to consumers in Japan and overseas. We will do our utmost to create synergies through our efforts and determination to enhance the value of FANCL's business, and together with Blackmores in Australia, we aim to become one of the largest health science companies in the Asia-Pacific region and achieve growth for the entire group," Takeshi Minakata, Kirin President and COO.
FANCL was advised by UBS. Kirin was advised by Nomura.
GMR Airports, a private airport operator, agreed to acquire a 10% stake in Delhi International Airport, the operator of Delhi airports, from Fraport, a numerous airport-related services provider, for $126m.
“After a successful 18-year partnership driving impressive growth in Delhi, it’s time to start a new chapter. We look back with pride on the various milestones we’ve achieved together with GIL. We jointly upgraded and expanded Delhi Airport into one of Asia’s leading air transportation hubs. I’m pleased that we will support and stay connected with our partners in Delhi even after the closing of the transaction," Stefan Schulte, Fraport CEO.
Taiwan financial conglomerate Taishin said it would raise its offer for peer Shin Kong by 25% to about TWD222.4bn ($7bn) in a deal that would be Taiwan's biggest-ever financial services industry merger, Reuters reported.
Taishin and Shin Kong's long-mooted tie-up, announced last month, has had to contend with an unexpected rival bid from CTBC Financial. However, the target says it views Taishin as its preferred bidder.
Taishin is advised by UBS.
Canada's Alimentation Couche-Tard is discussing how much it could raise the offer price to buy Japan's Seven & i Holdings after the company rejected its $38.5bn offer, Reuters reported.
Couche-Tard must offer a significantly higher price than the initial proposal to get Seven & i to enter negotiations, but whether the suitor will submit another proposal remains uncertain.
Seven & i is advised by Nomura.
Bajaj Housing Finance IPO drawing $39bn of bids shows insatiable appetite.
An initial public offering by the home-loan unit of India’s largest shadow lender was oversubscribed by more than 60 times, highlighting continued investor exuberance over listings in the nation Bloomberg reported.
Bajaj Housing Finance, which sought to raise INR65.6bn ($781m) in the nation’s biggest public offering of 2024, attracted bids for about $39bn on the last day of the sale on September 11. That’s more than 1% of the country’s gross domestic product for the fiscal year ended 2024.
Midea is said poised to raise $4bn in Hong Kong listing.
Chinese appliance giant Midea Group is poised to raise $4bn in its Hong Kong listing in an enlarged deal that will be priced at the top of the marketed range, in a show of demand for the city’s biggest share sale in three years, Bloomberg reported.
The Foshan, China-based company plans to sell shares at $7.02 apiece. The listing is scheduled to take place in Hong Kong on September 17. Midea is set to sell 566m shares after exercising an option to boost the size of the offering due to strong demand.
Two Chinese AI chipmakers seek IPOs to mount challenge to Nvidia.
Two of China’s most prominent designers of AI chips are targeting initial public offerings in Shanghai as soon as this year, taking advantage of growing appetite for domestic players seeking to challenge Nvidia, Bloomberg reported.
Shanghai Enflame Technology aims to raise as much as CNY2bn ($280m) in an IPO on Shanghai’s STAR board, choosing a venue friendly to loss-making but fast-growth startups. Rival Shanghai Biren Intelligent Technology plans to file for its own IPO on the same bourse. Both now aim to formally file documents this year, eyeing a 2024 or early 2025 debut.
Mekong Capital eyes $200m for debut climate fund. (FS)
Vietnam-based private equity firm Mekong Capital has received a proof-of-concept grant from global blended finance network Convergence for its $200m climate impact fund, DealStreetAsia reported.
The grant was awarded through Convergence’s Asia Climate Solutions Design Grant, which targets critical climate mitigation and adaptation sectors in Asia. Meanwhile, the grant from Convergence will help Mekong Capital complete the final design of its fund, as well as the technical assistance facility, and mobilise more sources of capital.
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