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AMERICAS
Japan's largest steelmaker Nippon Steel said it's determined to complete its $14.1bn acquisition of United States Steel, even after President Joe Biden stated the company should stay in US hands.
Yet, CEO Lourenco Goncalves said he would consider another bid for United States Steel likely worth no more than $30 per share if the latter's $14.1bn deal with Japan's Nippon Steel falls apart, Reuters reported.
Nordic Capital, a private equity company, agreed to invest in Great Hill Partners-backed One, a digital payments platform specializing in modernizing the insurance industry in North America. Financial terms were not disclosed.
"One Inc has been at the forefront of helping to shape the future of the insurance industry through digitalization and transformative products that seek to make the payment process as seamless as possible. Led by a seasoned and talented management team, the Company has consistently demonstrated its ability to innovate for customers. Since our initial investment in One, the business has rapidly grown volume processed by 13x and is still early in market adoption, so we continue to have strong conviction in its potential to further scale. We welcome Nordic Capital to the investor group and look forward to combining our expertise with their deep industry experience to support the Company's continued growth," Matt Vettel and Nick Cayer, Great Hill Partners Managing Directors.
One is advised by JP Morgan, Raymond James, TD Cowen, Goodwin Procter and Stanton PRM. Nordic Capital is advised by William Blair & Co, Kirkland & Ellis and Brunswick Group. Great Hill is advised by FGS Global.
New Mountain Capital, an investment firm, completed the investment in Grant Thornton, a provider of audit and assurance, tax, and advisory services. Financial terms were not disclosed.
"Our partnership with New Mountain Capital empowers Grant Thornton to deliver transformational, high-quality outcomes for our clients, our talented team members and the industry as a whole. The investment immediately enhances our value in the marketplace and enables us to accelerate our current strategy. We'll enjoy greater scale, resources and agility, while better positioning the firm to make targeted investments in talent, technology, infrastructure and enhanced capabilities. Grant Thornton will further solidify our position as the industry's platform of choice," Seth Siegel, Grant Thornton CEO.
Grant Thornton was advised by Deutsche Bank, Dechert, Mayer Brown, Vedder Price and Kekst CNC (led by Daniel Yunger and Nathan Riggs). New Mountain Capital was advised by Hunton Andrews Kurth, Simpson Thacher & Bartlett and Goldin Solutions (led by John Eddy).
Sixth Street, a global investment firm, completed the acquisition of GreenSky, a financial technology company, from Goldman Sachs, a global investment banking, securities, and investment management firm, with participation from KKR, Bayview Asset Management, CardWorks, PIMCO and CPP Investments. Financial terms were not disclosed.
"Our investor consortium looks forward to providing the GreenSky team with the resources it needs to continue innovating and delivering industry leading and easy-to-use solutions for its merchant network and their customers. We plan to put GreenSky and its experienced leadership team in the best position to succeed as the platform deepens its focus on helping grow the businesses it serves," Michael Muscolino, Sixth Street Co-Founder and Partner.
Dai-ichi Life, a life insurance company, agreed to acquire a 19.9% stake in Canyon Partners, an alternative investment manager. Financial terms were not disclosed.
"By leveraging Canyon's leading capabilities in alternative asset management, and specifically its private debt experience, Dai-ichi will strengthen its overall business portfolio, provide higher absolute and risk-adjusted returns to stakeholders, and advance its capital efficiency objectives. Under the leadership of Mr. Friedman and Mr. Julis, Canyon has built excellent long-term investment track records across several asset categories, and we appreciate the firm's leaders' continued commitment to advancing the business," Takashi Iida, Dai-ichi Life Managing Executive Officer.
Canyon Partners is advised by Ardea Partners, Goldman Sachs, Paul Weiss Rifkind Wharton & Garrison (led by Ellen Ching) and Prosek Partners (led by Kristin Cole). Dai-ichi Life is advised by Bank of America and Skadden Arps Slate Meagher & Flom (led by David Hepp).
Montana Technologies, a renewable energy and cooling technology, went public via a SPAC merger with Power & Digital Infrastructure Acquisition II, a special purpose acquisition company, in a $500m deal.
"We are in the process of scaling and deploying pre-production AirJoule units with our world-class partners to the largest, highest probability end customers around the world, which we are confident will generate highly lucrative contracts for the Company in the near-term," Matt Jore, Montana Technologies CEO.
Montana Technologies was advised by Latham & Watkins (led by Ryan Maierson and John Greer) and Kekst CNC (led by Andy Maas and Daniel Yunger). Power & Digital Infrastructure Acquisition II was advised by Barclays and Kirkland & Ellis. Barclays was advised by Vinson & Elkins.
BharCap Partners, a private investment firm, completed the acquisition of Insurvia, an insurance services holding company, from Gemspring Capital, a private equity firm. Financial terms were not disclosed.
"Danish Charanya and his team have built a leading insurance distribution platform focused on a vast and underserved auto insurance market with multiple proven levers for future growth. This transaction fits one of BharCap's key themes of investing in insurance distribution businesses given its recurring, fee-based business model driven by state-mandated insurance laws," Ethan Wang, BharCap Co-Founding Partner.
Insurvia was advised by Robert W Baird, William Blair & Co and McDermott Will & Emery. BharCap Partners was advised by Kirkland & Ellis and Skadden Arps Slate Meagher & Flom (led by Todd Freed).
United Rentals, an equipment rental company, completed the acquisition of Yak, a matting provider of ground protection and temporary roadway solutions in the United States, from Platinum Equity, a private equity firm, for $1.1bn.
"Today we are very excited to welcome Yak to the United Rentals family. This is an acquisition with both strong strategic and financial merits. Not only does it augment our growth capacity with the addition of a leading North American matting solutions provider but it also further differentiates our one-stop-shop value proposition to customers. Combined, this has proven to be a winning strategy for building long-term value for our investors," Matthew Flannery, United Rentals CEO.
I Squared Capital, a global infrastructure investment manager, completed the acquisition of WOW Logistics, an integrated supply chain solutions provider. Financial terms were not disclosed.
"WOW Logistics is a great example of a family-owned business that has served its customers with excellence for decades. The company is a valued local employer and an active member of the communities where it operates. We are proud to partner with WOW to execute on our shared vision for growth while maintaining the company's legacy as a dedicated partner to its customers," Gautam Bhandari, I Squared Capital Chief Investment Officer and Managing Partner.
WOW Logistics was advised by RJM & Company and Michael Best & Friedrich. I Squared Capital was advised by Kirkland & Ellis (led by John D. Pitts).
Cal-Maine Foods, a producer and distributor of fresh shell eggs, completed the acquisition of the Dexter shuttered broiler processing assets from Tyson Foods, a processor and marketer of chicken, beef, and pork. Financial terms were not disclosed.
"We are pleased to join the Dexter community and are excited about the opportunities to expand our operations. We intend to partner with the existing strong network of local contract growers who can support our shell egg production capabilities. Dexter's central geographic location and strong work force will enhance our supply and distribution capabilities for customers in Missouri and surrounding markets. Importantly, we will also benefit from closer proximity to sources for our primary feed ingredients. We look forward to the new production opportunities, including the potential for additional free-range capacity, in this new community and market for Cal-Maine Foods," Sherman Miller, Cal-Maine Foods President and CEO.
Genstar to weigh options for software firm Prometheus. (FS)
Genstar Capital is considering strategic options for Prometheus Group, including a stake sale that could value the industrial software company at about $6bn, Bloomberg reported.
The private equity firm is working with advisers as it weighs offloading either a minority or controlling interest in Raleigh, North Carolina-based Prometheus. Prometheus is likely to attract interest from other buyout firms.
Advent and H&F are among firms eyeing $3bn Synopsys unit. (FS)
Advent International and Hellman & Friedman are among the private equity firms weighing bids for Synopsys $3bn software integrity business, Bloomberg reported.
Thoma Bravo is also in the early stages of considering an offer for the unit, known as SIG.
Platinum Equity explores $2bn-plus Club Car sale. (FS)
Private equity firm Platinum Equity has hired advisers to explore a sale of Club Car that could value the golf cart maker at more than $2 bn, including debt, Reuters reported.
Platinum Equity is in the early stages of working with investment bank Goldman Sachs on the sale, which is expected to attract interest from buyout firms.
Match Group attracts second activist, Anson Funds. (FS)
Match Group, the owner of dating apps Tinder and Hinge, has attracted a second activist investor after Elliott Investment Management built a position in the company, Bloomberg reported.
Anson Funds Management has amassed a stake in Match and is pushing the company to refresh its board.
Software company HashiCorp is weighing a potential sale.
HashiCorp, a provider of software that helps companies operate in the cloud, has been considering options including a sale, Bloomberg reported.
The San Francisco-based company has been working with a financial adviser in recent months to gauge interest from potential buyers. HashiCorp has already held exploratory talks with other industry players.
Bitcoin miner Marathon plans to make power infrastructure purchases.
Marathon Digital, one of the largest US Bitcoin mining companies, plans to acquire more power infrastructure and plug in new machines to keep costs low after a Bitcoin code update set to drastically reduce revenue for miners, Bloomberg reported.
“We have the need for more capacity, we are reaching that limit now as we speak but we will continue to be acquisitive in this space. That has a direct impact on our cost to mine, which lowers our break-even point,” Fred Thiel, Marathon Digital Holdings chief executive.
Abu Dhabi-backed MGX in talks to invest in OpenAI chip venture. (FS)
Abu Dhabi‘s state-backed investment firm MGX is in early stage discussions to invest in ChatGPT-maker OpenAI‘s chip venture, FT reported.
MGX, a technology investment company with Abu Dhabi‘s Mubadala and artificial intelligence firm G42 as founding partners, was only launched earlier this week.
TikTok ban-or-divest bill is going nowhere fast in Senate.
Senators from both sides of the aisle swatted down the idea of fast-tracking legislation that would force TikTok’s Chinese owner to sell the video-sharing app within six months, reducing its prospects of becoming law, Bloomberg reported.
Senator Richard Blumenthal, a Connecticut Democrat, said he supported separating TikTok from the influence of the Chinese government but warned that the deadline in the bill to sell it or shut down its US operations would be too short. Texas Republican Ted Cruz, who sits on the Commerce Committee, which has jurisdiction over the measure, said the Senate should refer it to the panel for further work.
Platinum Equity’s Ingram Micro to seek $8bn valuation in IPO. (FS)
Platinum Equity-backed technology company Ingram Micro is considering seeking a valuation of about $8bn in its upcoming US initial public offering, Bloomberg reported.
The Irvine, California-based company is working with Goldman Sachs and Morgan Stanley on an IPO that could launch as soon as April. Ingram Micro filed for a listing confidentially with the US Securities and Exchange Commission in 2022.
Former Apple executive to lead sports-streaming venture from ESPN, Warner and Fox. (People)
Pete Distad, a former top executive at Apple will serve as chief executive of the new sports-streaming service from ESPN, Fox and Warner Bros. Discovery, WSJ reported.
Distad will oversee strategy, distribution and marketing for the new service.
Hertz Global CEO Scherr to step down after EV reversal. (People)
Hertz Global Chief Executive Stephen Scherr will step down as the company looks to move forward from a major reversal of its investment in electric vehicles, WSJ reported.
The car-rental company named Gil West, a former executive at Delta Air Lines and General Motors’ Cruise unit as its next chief executive, effective April 1.
EMEA
British competition regulator said it is looking into homebuilder Barratt's £2.52bn ($3.21bn) all-stock deal to buy smaller rival Redrow, Reuters reported.
The Competition and Markets Authority, which has not yet launched a formal investigation, is seeking initial views on the impact that the deal could have on competition in the UK.
Ardian, a private investment house, completed the acquisition of Verne Global, a company that provides data center solutions for enterprise and hyperscalers, from Triple Point-backed Digital 9 Infrastructure, an investment trust, for $575m.
"The Verne transaction is the result of a competitive process which sought to maximize shareholder value from the sale of Verne Global," Digital 9 Infrastructure.
Swisscom, a telecommunications provider in Switzerland, agreed to acquire Vodafone Italy, an Italian telecommunications company, from Vodafone Group, a British multinational telecommunications company, for €8bn ($8.7bn).
"Today, I am announcing the third and final step in the reshaping of our European operations. Going forward, our businesses will be operating in growing telco markets - where we hold strong positions - enabling us to deliver predictable, stronger growth in Europe. This will be coupled with our acceleration in B2B, as we continue to take share in an expanding digital services market," Margherita Della Valle, Vodafone Group CEO.
SPIE Group, a multi-technical services in the areas of energy and communications company, completed the acquisition of ROBUR, an industrial services company. Financial terms were not disclosed.
"The acquisition of ROBUR enables SPIE to become a leading player in the industrial services in Germany and in the wind energy sector. It is a significant leap forward for SPIE in Germany and aligns with the strategy of the Group to expand its full range of expertise in its largest strategic market. This acquisition will create significant value thanks to the high growth and profitability perspectives," Gauthier Louette, SPIE Group Chairman and CEO.
Swiss Prime Site, a real estate company, agreed to acquire the real estate division from Fundamenta Group, an independent asset manager with real estate assets across various investment vehicles. Financial terms were not disclosed.
"Fundamenta is a perfect fit for us. With this move, we are continuing to pursue our focused real estate strategy and substantially strengthening the asset management arm of Swiss Prime Site Solutions. We are thereby growing and expanding our investor base and broadening our product range, especially in the residential segment. Furthermore, we will now be able to offer our Swiss clients direct access to the German real estate market, which we believe will present an attractive option alongside Swiss investments in future. Throughout the whole process, our team and I also felt we were a really good fit culturally. On that note, I would like to extend a warm welcome to all our new clients and employees," René Zahnd, Swiss Prime Site CEO.
GoCardless, a bank payment company, agreed to acquire Nuapay, a bank payment platform, from EML Payments, an financial services company. Financial terms were not disclosed.
"Nuapay is an established account-to-account payment provider and open banking specialist with a blue chip customer base. Its business is perfectly aligned to our growth strategy, and will accelerate our vision to become the world's bank payment network," Hiroki Takeuchi, GoCardless Co-Founder and CEO.
EML Payments is advised by Barclays.
Brady, an international manufacturer and marketer of complete solutions that identify and protect people, products and places, agreed to acquire Gravotech, a company designs, manufactures and distributions of innovative solutions for specialized engraving, marking and cutting, offering laser, mechanical engraving, scribing and dot peen capabilities, for €123m ($134m).
"Gravotech is a highly regarded France-based company that is well-known globally for its innovative and differentiated solutions. The planned acquisition of Gravotech expands our product offering into precision direct part marking and engraving, with a product offering complementary to Brady's. We would intend to grow Gravotech's addressable market through Brady's global footprint throughout Europe, Asia and the Americas," Russell R. Shaller, Brady President and CEO.
PE firms eye $8bn buyout financing for Sanofi Unit. (FS)
Potential bidders for Sanofi’s consumer health division are mulling debt packages of about $8.16bn which would make it one of the biggest leveraged buyout financings in recent years, Bloomberg reported.
Private equity firms Advent International, Blackstone, Bain Capital, CVC Capital Partners, EQT and KKR were among those to have shown interest in the unit, which could be valued at about $20bn in a deal. Clayton Dubilier & Rice also is considering making a potential bid.
Partners Group eyes $5bn of infrastructure asset sales. (FS)
Swiss buyout firm Partners Group is considering the sale of some of its infrastructure assets with a combined value of more than $5bn as the Swiss buyout firm seeks to take advantage of investor appetite in the sector, Bloomberg reported.
The firm is speaking with advisers as it looks at potential options including a sale of Gren, a Northern European energy company providing services such as district heating, industrial energy and energy-to-waste. Gren could be valued at about $1.6bn in a sale though no formal process has kicked off yet.
Permira weighs taking private IT group Exclusive Networks. (FS)
Permira, the largest shareholder in Exclusive Networks has been weighing taking private the French cyber security specialist, less than three years after its stock market debut, Reuters reported.
Buyout group Permira has been considering teaming up with investors, such as private equity funds, following expressions of interest in jointly bidding for the outstanding shares of the Paris-listed company, which has a market value of €1.65bn ($1.8bn).
Shipping magnate Rodolphe Saadé to buy French news channel BFM.
Shipping magnate Rodolphe Saadé is expanding his media holdings in France by buying news channel BFM TV and RMC radio station from fellow billionaire Patrick Drahi, Financial Times reported.
Drahi’s telecoms and media group Altice announced that it had entered exclusive talks with Saadé’s maritime transport group CMA CGM and his family office over a sale that would value BFM and RMC at €1.55bn ($1.69bn) in cash. They aim to close sometime this summer.
Jared Kushner’s firm eyes billion-dollar property deals in the Balkans. (FS)
Jared Kushner’s Affinity Partners is in advanced discussions on three property development investments in the Balkans that could surpass $1bn, Bloomberg reported.
The Miami-based private equity firm plans to transform Albania’s Sazan Island in the Mediterranean that was previously home to a military base, into a luxury Aman branded eco-resort community.
BNP Paribas considers buying Fosun’s Ageas stake.
French lender BNP Paribas is considering a potential acquisition of Chinese conglomerate Fosun International's stake in Belgian insurer Ageas, Bloomberg reported.
Fosun has about a 10% interest in Ageas valued at roughly €750m ($816m). The figure includes its stock ownership as well as derivative holdings.
BP in talks with Venezuela and Trinidad governments to develop gas field.
Oil and gas company BP and Venezuela confirmed they are in talks with Trinidad and Tobago government to develop a shared offshore gas field in the Caribbean, Reuters reported.
BP has been seeking to increase its natural gas production in Trinidad to feed into the local Atlantic LNG's liquefied natural gas export facility.
Luxembourg brewery deal needs EU antitrust approval.
Luxembourg's largest brewery Brasserie Nationale must seek EU approval to acquire Luxembourg wholesale drinks distributor Boissons Heintz following a request from that country's competition agency, Reuters reported.
The European Commission said it was using its power under Article 22 of EU merger rules that allows it to examine deals that are below the revenue threshold but could affect trade between EU countries or significantly affect competition in the EU country that requests it to examine the deal.
RedBird considers Telegraph sale as UK targets foreign state ownership. (FS)
Four months after investment vehicle RedBird IMI emerged as the frontrunner for the Telegraph newspaper and Spectator magazine, its hopes of owning the titles outright are looking remote, Bloomberg reported.
RedBird IMI is considering a sale of the Telegraph after Rishi Sunak’s government said it is working to ban foreign state ownership of UK media titles, effectively blocking its UAE-backed offer.
JD.com abandons plan to bid for Currys. (FS)
Shares in Currys fell 4.8% to $0.72 after the Chinese e-commerce giant backed away without giving a reason. The stock was trading at about 47 pence before news of the first offer broke.
Telecom Italia plan for revamped business is sustainable. (FS)
Telecom Italia's business plan for the new company emerging from the sale of the former phone monopoly's fixed line network is sustainable, Italy's Industry Minister Adolfo Urso said.
Shares in the former phone monopoly plunged after TIM unveiled its three-year strategy and outlook for the business emerging after the network sale to US fund KKR, piling pressure on TIM Chief Executive Pietro Labriola, Reuters reported.
Payments startup Zilch expects to be profitable in months, seeks IPO next year.
Zilch Technology is close to becoming profitable and is looking to pursue an initial public offering next year, Bloomberg reported.
The British buy-now-pay-later platform expects to turn cashflow positive “within months” and be profitable on a monthly basis as soon as its next financial year, which starts in April.
APAC
KKR said to weigh $1bn sale of school chain EuroKids. (FS)
KKR is exploring options for EuroKids International, including selling its controlling stake in the Indian pre-school and early-learning chain, Bloomberg reported.
The US private equity firm is looking to hire financial advisers to help evaluate a sale. KKR could seek a valuation of about $1bn for its majority stake.
Japan set to step up outbound M&A.
Japan's pursuit of overseas deals is set to accelerate as the country's corporate giants come under pressure to boost capital efficiency and the central bank moves towards ditching policies that depressed the currency, Reuters reported.
A growing number of Bank of Japan policymakers are warming to the idea of rising interest rates when they meet March 18-19, and while rate increases are widely expected to be incremental, the change would boost the yen and deal prospects.
A stronger yen , which has gained about 1% against the dollar so far this month, would make overseas targets cheaper for potential acquirers in Japan, from sectors ranging from financials to technology.
Foreigners pile into Japanese bonds amid rising bets of end to negative rates.
Foreign investors significantly increased their purchases of Japanese bonds last week amid growing expectation that Japan may soon end its long-standing negative interest rate policy and start increasing rates this year, Reuters reported.
They acquired a massive JPY1.15tn ($7.8bn) of long-term Japanese bonds on a net basis the week starting with 4th March 2024, the largest weekly net purchase since early-April 2023.
China eyes greater market oversight to boost investor confidence.
China’s markets regulator vowed to tighten listing requirements onshore and beef up checks on publicly traded firms, in its latest effort to inject confidence into the nation’s $9.2tn stock market, Bloomberg reported.
The China Securities Regulatory Commission will re-evaluate listing standards for certain sectors, and bolster reviews for companies that haven’t yet made a profit but still hope to do an IPO. The CSRC will also guide stock exchanges to modify listing rules, and raise financial requirements for share sales in certain sectors.
Former Credit Suisse APAC head Low joins private equity firm GIP. (FS, People)
Edwin Low, Credit Suisse’s former chief executive officer for the Asia Pacific region, has joined private equity firm Global Infrastructure Partners, Bloomberg reported.
Low has become a partner at GIP working on emerging markets investment. He joined last week and is based in Singapore.
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