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Top Highlights
Sycamore Partners, a private equity firm specializing in retail and consumer investments, completed the acquisition of Walgreens Boots Alliance, an integrated healthcare, pharmacy and retail services provider, in a $23.7bn deal, according to press releases.
Walgreens Boots Alliance was advised by Centerview Partners (led by Alan Hartman), Morgan Stanley (led by Cheri Mowrey), Clifford Chance (led by Christian Vogel), Kirkland & Ellis (led by Edward J. Lee), Ropes & Gray (led by Adrianne Ortega), Skadden Arps Slate Meagher & Flom (led by Graham Robinson and Christopher Barlow), FGS Global (led by James Murgatroyd) and Joele Frank (led by Joele Frank). Debt provider was advised by Latham & Watkins (led by Stelios Saffos and Michael Benjamin). Sycamore Partners were advised by Citigroup (led by Anthony Diamandakis), Goldman Sachs, JP Morgan (led by Nick Richitt), UBS, Wells Fargo Securities, Bass Berry & Sims (led by Michael Hess), Davis Polk & Wardwell (led by Brian Wolfe), Hengeler Mueller (led by Annika Clauss) and Joele Frank (led by Michael Freitag and Arielle Rothstein), according to press releases and MergerLinks data.
CoStar, a provider of online real estate marketplaces, information and analytics in the property markets, completed the acquisition of Domain, a real estate company, from Nine Entertainment, a media and entertainment company, for AUD2.8bn ($1.8bn), according to press releases.
Domain was advised by UBS and Gilbert + Tobin (led by Karen Evans-Cullen and Costas Condoleon). CoStar was advised by Macquarie Group, Corrs Chambers Westgarth (led by Sandy Mak) and Cato & Clive (led by Clive Mathieson). Nine Entertainment was advised by Jefferies & Company and Ashurst, according to press releases and MergerLinks data.
Hartree Partners, an energy and commodities trading firm, agreed to acquire Touton, a soft commodity trading company, according to press releases. Financial terms were not disclosed.
Touton is advised by ING Bank, PricewaterhouseCoopers and Clifford Chance. Hartree Partners is advised by Societe Generale, Herbert Smith Freehills Kramer and PricewaterhouseCoopers, according to press releases and MergerLinks data.
Deal Round up
AMERICAS
College plans sale of Manhattan real estate to CUNY to pay debt. ( Bloomberg)
Revolut weighs hiring adviser for possible acquisition in the US. ( Bloomberg)
Activist Plantro asks Calian to sell amid defense tailwinds. ( Bloomberg)
Activist Elliott is said to take large stake in Rexford REIT. ( Bloomberg)
Hammes Partners tops target closes $445m for healthcare real estate fund. ( Press Release)
Berlusconi-backed MFE to seize ProSieben as PPF exits. ( Reuters)
JD.com seeks loan for €2.2bn bid to buy Germany’s Ceconomy. ( Bloomberg)
Stada CEO says IPO planned this year in boost to European market. ( Bloomberg)
Lakestar raises continuation fund to extend venture bets. ( Bloomberg)
GTCR in talks for private debt to fund bid for drugmaker Zentiva. ( Bloomberg)
APAC
EUDA signs letter of intent to potentially acquire Chemokine. ( Press Release)
Buffett lifts stakes in Japan trading houses buoys shares. ( Bloomberg)
Chery is said to near Hong Kong listing as billion-dollar IPOs return to city. ( Bloomberg)
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AMERICAS
Gold Reserve, a Canada-based gold mining firm, asked a Delaware court to reject a $5.9bn bid from Elliott Investment’s Amber Energy for Citgo Petroleum's parent.
The company claims it violates bidding rules and undervalues creditors by $1.5bn compared to its own $7.4bn offer.
Citgo is advised by Jones Day (led by Edward Winslow). Elliott is advised by Citigroup, Perella Weinberg Partners and Tudor Pickering Holt. Amber Energy is advised by Barclays, Akin Gump Strauss Hauer & Feld (led by Ira Dizengoff), Latham & Watkins (led by James Garrett and Patrick Nevins) and Prosek Partners (led by Brian Schaffer and Aiden Woglom), according to press releases and MergerLinks data.
POET, a biofuels producer, agreed to acquire Obion ethanol plant located in Rives, Tennessee, from Green Plains, a biorefining company, for $210m, according to press releases.
Green Plains is advised by BMO Capital Markets, Moelis & Co and Vinson & Elkins (led by Douglas E. McWilliams), according to press releases.
Nexus Capital Management, an investment manager, and Aranda Principal Strategies, a wholly-owned subsidiary of Temasek, agreed to acquire a minority stake in Post Advisory Group, a credit investment management firm, according to press releases. Financial terms were not disclosed.
Nexus is advised by Prosek Partners (led by Josh Clarkson), according to press releases.
Razor Group, a global consumer goods company, agreed to merge with Infinite Commerce, a consumer products developer and seller, according to press releases. Financial terms were not disclosed.
Razor Group is advised by Gaffney Bennett Public Relations, according to press releases.
Accenture, a multinational professional services company, agreed to acquire NeuraFlash, a salesforce and gen AI consulting company, according to press releases. Financial terms were not disclosed.
College plans sale of Manhattan real estate to CUNY to pay debt. ( Bloomberg)
A struggling New York City college plans to sell its Manhattan campus to the City University of New York, offering relief to its bondholders.
CUNY will buy the Financial District property from the Metropolitan College of New York for $40m.
Revolut weighs hiring adviser for possible acquisition in the US. ( Bloomberg)
Revolut is considering hiring investment bankers as it explores acquiring a US lender to accelerate its expansion in the country.
The fintech has held talks with potential advisers, adding that Revolut is still weighing whether to pursue a takeover or apply for its own banking license.
Activist Plantro asks Calian to sell amid defense tailwinds. ( Bloomberg)
Activist investor Plantro is pushing Calian Group to explore a full or partial sale of its business, saying the Canadian tech and services company could benefit from a shake-up to lift its undervalued shares.
Jersey-based Plantro said it has spoken with what it believes is a majority of Calian’s shareholders seeking “meaningful, near-term changes to unlock value.” Plantro owns over 5% of Calian’s shares.
Activist Elliott is said to take large stake in Rexford REIT. ( Bloomberg)
Elliott Investment Management has taken an active stake in Los Angeles-based real estate investment trust Rexford Industrial Realty.
The move makes Elliott one of the top five investors in the industrial real estate company, though the hedge fund’s intentions are not yet clear.
Hammes Partners tops target closes $445m for healthcare real estate fund. ( Press Release)
Hammes Partners, a US healthcare real estate investment firm, announced it has closed $445m in equity for its core-plus platform, surpassing its $350m target.
The equity came from a diverse group of institutional investors, and the firm plans to continue expanding the platform.
EMEA
CGI, an independent IT and business consulting services firms, completed the acquisition of Apside, a France-based digital and engineering services firm, from Siparex, a French private equity group, and Credit Agricole, a bank holding company, according to press releases. Financial terms were not disclosed.
CGI was advised by Bredin Prat (led by Kate Romain and Karine Angel). Siparex was advised by Amala Partners and Credit Agricole, according to press releases and MergerLinks data.
Brightstar Capital, a private equity firm, agreed to acquire a 50% stake in Arden University, a private university, from Global University Systems, an education group, according to press releases. Financial terms were not disclosed.
Brightstar Capital is advised by Barclays, Jefferies & Company and Prosek Partners, according to press releases and MergerLinks data.
Regent, an industrial holding company, agreed to acquire the ContiTech original equipment solutions from Continental, an automotive supplier, according to press releases. Financial terms were not disclosed.
Continental is advised by JP Morgan, according to MergerLinks data.
Exosens, a high-tech company specializing in high-end electro-optical technologies, agreed to acquire Phasics, a high resolution wavefront sensors manufacturer, according to press releases. Financial terms were not disclosed.
Exosens is advised by Brunswick Group (led by Laetitia Quignon), according to press releases.
Castore, a manufacturer of premium sports apparel, completed the acquisition of Belstaff, a British premium heritage brand, according to press releases. Financial terms were not disclosed.
Castore was advised by Teneo (led by Neil Daugherty), according to press releases.
Swedbank, a Swedish multinational banking group, agreed to acquire the remaining stake in Entercard, a consumer credit company, from Barclays, a diversified bank, for SEK2.6bn ($271m), according to press releases.
Meritech and Atomico, two venture capital firms, led a $100m Series D round in Framer, a professional website design platform, according to press releases.
ORG Technology, a comprehensive packaging solutions provider, completed the acquisition of a 41% stake in Ball United Arab Can Manufacturing, an aluminum beverage cans manufacturer and distributor, from Ball, an American aluminum packaging solutions provider, for $70m, according to press releases.
Berlusconi-backed MFE to seize ProSieben as PPF exits. ( Reuters)
MediaForEurope is set to take control of ProSiebenSat.1 after Czech investment group PPF announced on 27 August it would sell its stake to the Berlusconi family-controlled TV group.
The move gives MFE a dominant position at ProSieben, strengthening Pier Silvio Berlusconi’s hand in pursuing a potential merger of the two broadcasters.
JD.com seeks loan for €2.2bn bid to buy Germany’s Ceconomy. ( Bloomberg)
HSBC and Standard Chartered have been named lead arrangers, bookrunners, and underwriters. The loan under discussion may have a 364-day tenor, though the final amount has yet to be determined.
Stada CEO says IPO planned this year in boost to European market. ( Bloomberg)
Stada Arzneimittel is better positioned for an initial public offering this fall, raising prospects for Europe’s market after the company postponed plans earlier this year.
“A larger pipeline of in-licensed drugs and our European footprint bode well for Stada,” CEO Peter Goldschmidt said in an interview, noting the company signed a record 50 new in-licensing deals in the first half of the year.
Lakestar raises continuation fund to extend venture bets. ( Bloomberg)
European venture capital firm Lakestar has raised a $265m continuation fund, enabling it to retain stakes in certain portfolio companies while attracting new investors.
The vehicle is led by Lexington Partners, with support from Industry Ventures, Performance Equity Management, and other secondary investors. Oversubscribed, the fund also provides liquidity to backers of four existing Lakestar funds.
GTCR in talks for private debt to fund bid for drugmaker Zentiva. ( Bloomberg)
Private equity firm GTCR is in talks with direct lenders, including KKR, to secure financing for a potential bid to acquire generic drugmaker Zentiva.
The deal could set up business valuation at about €5bn ($5.8bn). The discussions are ongoing, and there is no guarantee a deal will happen.
APAC
ADIA, a sovereign wealth fund owned by the Abu Dhabi Emirate, agreed to invest $1.5bn in GLP, an investment management firm, according to press releases.
EUDA signs letter of intent to potentially acquire Chemokine. ( Press Release)
EUDA Health, a Singapore-based non-invasive healthcare provider operating in Singapore, Malaysia, and China, announced that it has signed a letter of intent to potentially acquire Chemokine.
EUDA will conduct due diligence on Chemokine under confidentiality terms. Chemokine has agreed to a 120-day exclusivity period during which it will not engage in discussions with other parties about a similar transaction.
Buffett lifts stakes in Japan trading houses buoys shares. ( Bloomberg)
Warren Buffett’s Berkshire Hathaway increased its stakes in Mitsubishi and Mitsui & Co., signaling confidence in the Japanese trading firms and boosting their share prices.
A Berkshire unit raised its holding in Mitsubishi to 10.23% on a voting rights basis, up from 9.74% in March. Mitsui also confirmed that Berkshire had increased its stake in the trading house.
Chery is said to near Hong Kong listing as billion-dollar IPOs return to city. ( Bloomberg)
Chery Automobile is planning a Hong Kong IPO that could raise around $1.5bn as soon as next month, adding to a busy September for listings in the city.
The size and timing of the offering are still under discussion and may change with market conditions. China’s securities regulator approved Chery’s plan to issue up to 699m ordinary shares in Hong Kong.
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