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AMERICAS
Grocers Kroger and Albertsons plan to close the proposed $24.6bn merger in the first half of Kroger's fiscal 2024 instead of early 2024, Reuters reported.
The merger, first announced in October 2022, has drawn the ire of US lawmakers and an investigation by the Federal Trade Commission due to antitrust concerns, with worries piling up that the deal would lead to higher prices for consumers, store closures and loss of jobs.
Kroger is advised by Citigroup (led by Brian Anton and David Finkelstein), Wells Fargo Securities, Arnold & Porter Kaye Scholer and Weil Gotshal and Manges (led by Michael J. Aiello, Megan Pendleton, Jeffrey Osterman and Sachin Kohli) and Joele Frank. Cerberus Capital is advised by Dechert (led by Eric Siegel and Mark Thierfelder) and FGS Global (led by Devin Broda and Andrew Cole). Albertsons is advised by Credit Suisse, Goldman Sachs (led by Timothy Ingrassia), Debevoise & Plimpton (led by Ted Hassi), Fried Frank Harris Shriver & Jacobson (led by Philip Richter), Jenner & Block, Wachtell Lipton Rosen & Katz (led by Zachary Podolsky and Adam Emmerich), White & Case (led by George Paul), Brunswick Group. Financial Advisers are advised by Alston & Bird (led by Stuart Rogers), Cravath Swaine & Moore (led by Robert I. Townsend and Sanjay Murti) and Davis Polk & Wardwell (led by Phillip R. Mills and Cheryl Chan).
Synopsys, an electronic design automation company, agreed to acquire Ansys, a software company, for $35bn.
“The megatrends of AI, silicon proliferation and software-defined systems are requiring more compute performance and efficiency in the face of growing, systemic complexity. Bringing together Synopsys' industry-leading EDA solutions with Ansys’ world-class simulation and analysis capabilities will enable us to deliver a holistic, powerful and seamlessly integrated silicon to systems approach to innovation to help maximize the capabilities of technology R&D teams across a broad range of industries. This is the logical next step for our successful, seven-year partnership with Ansys and I look forward to working closely with Ajei and the talented Ansys team to realize the benefits of this combination for our customers, shareholders and employees,” Sassine Ghazi, Synopsys President and CEO.
Synopsys is advised by Evercore, Cleary Gottlieb Steen & Hamilton and FGS Global. Ansys is advised by Qatalyst Partners, Goodwin Procter, Skadden Arps Slate Meagher & Flom and Joele Frank.
Talos Energy, an oil and gas company, agreed to acquire QuarterNorth, an oil and gas company, for $1.29bn.
“Today’s announcement marks one of Talos’s most significant milestones as we build a large-scale offshore exploration and production company. The addition of QuarterNorth’s overlapping deepwater portfolio with valuable operated infrastructure will increase Talos’s operational breadth and production profile while enhancing our margins and cash flow,“ Timothy S. Duncan, Talos President and CEO.
Talos Energy is advised by Intrepid Partners, JP Morgan, Mizuho Securities, PJT Partners and Akin Gump Strauss Hauer & Feld. QuarterNorth is advised by Barclays and Holland & Knight.
FirstSun Capital Bancorp, a financial holding company, agreed to merge with HomeStreet, a financial services company. Financial terms were not disclosed.
“This merger validates the intrinsic value of HomeStreet’s loyal customer base, strong management and dynamic markets in which we operate and allows our shareholders to participate in the benefits of the combination going forward. The combined company will have an attractive and comprehensive product suite and market footprint as well as a more diversified loan portfolio and increased lending capabilities across asset classes, geographies and industry verticals,” Mark Mason, HomeStreet Chairman, CEO and President.
FirstSun Capital is advised by Stephens and Nelson Mullins Riley & Scarborough. HomeStreet is advised by Keefe Bruyette & Woods and Sullivan & Cromwell. Financial advisors are advised by Latham & Watkins.
Restaurant Brands International, a fast food company, agreed to acquire Carrols Restaurant, a franchisee company, for $1bn.
"Today's announcement is a testament to our more than 24k Carrols team members who have helped drive the company to record levels of profitability over the past 12 months. These results have allowed us, through this transaction, to deliver immediate and certain value to Carrols shareholders at an attractive premium to the Company's current and historical share prices. Additionally, we believe our team members will now have additional opportunities as part of the greater RBI family – in our office, in the field and especially in our restaurants, including for long-time managers who may want to become franchisees themselves. We look forward to working closely with Tom and the rest of the Burger King team in the months and years ahead," Deborah Derby, Carrols Restaurant President and CEO.
RBI is advised by JP Morgan and Paul Weiss Rifkind Wharton & Garrison (led by Laura Turano and Scott Barshay). Carrols Restaurant is advised by Jefferies & Company and Milbank.
Capital Square Partners, a private equity investment firm, agreed to acquire a minority stake in Startek, a global digital-first customer experience solutions provider, for $75m.
Startek helps create memorable, personalized experiences in an omnichannel environment. Its clients span from Fortune 500s to fast-growing startups in a diverse range of industries including cable, media and telecom; travel and hospitality; retail and e-commerce and banking and financial services.
HIG Capital, a private equity firm, completed the acquisition of Patriot Pickle, a manufacturer and distributor of fresh pickles and other fermented foods, from Swander Pace Capital, a private equity firm. Financial terms were not disclosed.
“Patriot Pickle’s impressive platform has grown significantly over the years by delivering on its commitment to the highest quality pickles and best-in-class service. We are pleased to partner with Bill, Adam, and the Patriot management team and look forward to supporting the Company in its organic and acquisition-driven growth initiatives,” Justin Reyna, H.I.G. Capital Managing Director.
HIG Capital was advised by BMO Capital Markets, William Blair & Co and McDermott Will & Emery. Swander Pace Capital was advised by BackBay Communications.
IBS Software, a SaaS solutions provider, agreed to acquire Above Property Services, a cloud-based software company, for $90m.
"IBS Software and APS both recognize the crucial need to accelerate next-level transformation in travel and hospitality to create unparalleled value for its clients. It is this shared vision that has inspired our collaboration. APS has successfully developed the only unified cloud-native microservices platform that frees operators from the limitations of legacy, monolithic technologies, providing flexibility, speed, and the ability to scale infinitely," Aaron Shepherd, Above Property Service Founder and CEO.
Supreme Court rejects Apple's bid for Epic App Store review.
The US Supreme Court refused to consider Apple's appeal in an antitrust suit challenging its lucrative App Store, a decision that will likely affect billions of dollars in revenue for the iPhone maker, Bloomberg reported.
Both Apple and Fortnite maker Epic Games had asked the court to hear an appeal related to the case. The justices turned down both appeals without explanation.
EMEA
General Atlantic, a private equity firm, agreed to acquire Actis, a private equity firm. Financial terms were not disclosed.
“Addressing the global paradigm shift toward sustainability requires an economic transformation and a capital investment on a massive scale. With the addition of Actis, we are taking a significant step forward to add a sustainable investment capability which positions General Atlantic to capture this opportunity set for our investors. Torbjorn and the Actis team have built a business recognized for its talent, domain expertise, and commitment to investment excellence. This transaction brings together two highly complementary firms and enhances General Atlantic’s global investment platform with greater scale, broader strategies, and deeper and more local capabilities for deal sourcing and company building,” Bill Ford, General Atlantic Chairman and CEO.
General Atlantic is advised by JP Morgan, Morgan Stanley, Ashurst, Paul Weiss Rifkind Wharton & Garrison and Brunswick Group (led by Alex Yankus). Actis is advised by Campbell Lutyens, Goldman Sachs, Kirkland & Ellis and Greenbrook (led by James Madsen).
The Italian government is asking for an additional review to clear the planned acquisition of alternative asset manager Prelios by Andrea Pignataro’s ION after deciding against using its special powers to block the deal, Bloomberg reported.
The government is set to tell ION it will need to obtain another permission to complete the purchase after setting the final conditions for its financing. Prime Minister Giorgia Meloni’s administration wants to make sure Prelios’ debt levels will remain sustainable after the acquisition by ION.
PGGM, a not-for-profit cooperative pension fund service provider, led a €304m ($333m) funding round in Electra, an electric vehicles fast charging solutions provider, with participation from Eurazeo, RIVE Private Investment, SNCF Group, Serena and Bpifrance.
"We are delighted to welcome PGGM as a shareholder in Electra. The support of a reputable investor with an international presence and a strong commitment to the energy transition is a significant vote of confidence that will accelerate Electra's deployment ambitions. We will continue to develop our fast-charging network for electric vehicles in several European countries to facilitate the transition to cleaner mobility. The shift to electric vehicles should be simple and convenient for users, and that is the proposition of Electra." Aurélien de Meaux, Electra CEO.
Eurazeo was advised by H/Advisors Maitland. PGGM was advised by Rothschild & Co.
Oakley Capital, a private equity investor, agreed to invest in Steer Automotive Group, an independent collision repair group. Financial terms were not disclosed.
"Our strategy has always been to invest behind exceptional founders with a clear strategic vision. We have been impressed by Richard and his team, and the way they have built Steer to serve the changing needs of the UK automotive industry. We look forward to working with the company as they deliver on their ambitious growth plans to scale Steer Group into a key service provider for this large, dynamic market," Peter Dubens, Oakley Capital Founder and Managing Partner.
John Cockerill, a mechanical engineering group, agreed to acquire Arquus, a military vehicles manufacturer, from Volvo Group, a Swedish multinational manufacturing corporation.
Financial terms were not disclosed. Arquus manufactures and sells specially designed vehicles to defense forces and employs about 1.2k employees in France. In 2022, Arquus represented approximately 1 % of Volvo Group revenues.
John Cockerill is advised by Credit Agricole.
Renaissance, a consortium of five companies comprising four exploration and production companies based in Nigeria, agreed to acquire Shell Nigeria, a fossil fuel company, for $1.3bn.
“This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas positions,” Zoë Yujnovich, Shell Integrated Gas and Upstream Director.
Aya Healthcare, a healthcare talent software and staffing company, agreed to acquire ID Medical, a healthcare staffing company. Financial terms were not disclosed.
“We are excited about ID Medical joining the Aya family of brands. We believe that we will deliver enhanced value to our respective clients and clinicians through this cross-Atlantic collaboration,” Alan Braynin, Aya Healthcare President and CEO.
Atlas Merchant Capital-backed Panmure Gordon, a UK-based investment bank, agreed to merge with Liberum, an investment banking firm. Financial terms were not disclosed.
"Over the last three years we have doubled our corporate client base, made significant investment in talent and materially increased our share of the UK market across our trading and 1execution capabilities. In Panmure Liberum, we are combining two highly complementary and culturally aligned businesses and creating a new force in UK Investment Banking with an exciting long-term future. We have long admired the impressive track record that Liberum has built in its 16-year history and we now look forward to building on that momentum together," Rich Ricci, Panmure Gordon CEO.
CMA CGM, Air France-KLM to end cargo tie-up on US regulatory snag.
Shipping giant CMA CGM and French-Dutch carrier Air France-KLM will end their air cargo alliance after a row over flight slots at Amsterdam airport cast doubt over regulatory approval in the massive US market, Reuters reported.
Holders of 35% of Heathrow to divest along with Ferrovial. (FS)
Shareholders in Heathrow, Britain's largest air terminal, accounting for a combined 35% stake, intend to exercise 'tag along' rights to sell their shares alongside Spanish infrastructure operator Ferrovial, Reuters reported.
Ferrovial, which is in the process of selling its 25% stake in Heathrow to private equity fund Ardian and Saudi Arabia's Public Investment Fund, did not identify the Heathrow shareholders ready to exit Heathrow.
Saudis eye big investment to kick off foray into semiconductors. (FS)
Saudi Arabia's sovereign wealth fund is planning to make big investments in both the semiconductor and space industries this year as the kingdom accelerates efforts to diversify its economy away from oil, Bloomberg reported.
The Public Investment Fund is looking at making a "sizable investment" this year into the semiconductor industry. "They plan to make an announcement on a particular champion within the space to lead the Saudi efforts," Abdullah AlswahaSaudi, Minister of Communications and Information Technology.
Thomas Cook owner Fosun to sell brand to Poland's eSky.
Thomas Cook, the most famous name in British mass-market tourism, is close to returning to European ownership as its Chinese owner holds talks to sell it to a private equity-backed online travel agent eSky, Sky News reported.
If completed, Thomas Cook would change hands for the second time since its catastrophic collapse in the autumn of 2019, when its insolvency left thousands of people jobless and many more holidaymakers needing to be repatriated from overseas vacations back to the UK by the government.
Saudi online cosmetics retailer Nice One plans local IPO.
Saudi Arabian online cosmetics retailer Nice One is planning an initial public offering, joining a number of Middle Eastern technology startups planning share sales, Bloomberg reported.
The firm has asked banks to pitch for a role on the potential deal. Deliberations are ongoing and details such as the size and timing of the IPO are still undecided.
Sabic hires Aramco IPO banker Mirza. (People)
Saudi Chemicals Giant Sabic hired Sulaiman Mirza as a senior adviser, an indication the Saudi chemicals producer may be eyeing more deals, Bloomberg reported.
Saudi Basic Industries, as the company is formally known, is a key part of the country's strategy to funnel more oil into chemicals as it prepares for a future beyond crude sales. Sabic took part in one of the Middle East's largest deals last year, divesting its Hadeed metals unit to focus on its core business.
APAC
BYD says it plans to invest $14bn into smart cars.
BYD, the world's largest maker of electric vehicles, will invest $14bn to develop smart car features, Bloomberg reported.
Founder and CEO Chuanfu Wang did not give a specific time frame for the investment or more details. The move comes as the Chinese carmaker tries to narrow the gap with rivals making vehicles gussied up with more high-tech features.
GIC seeks to sell Hilton Hotel in Japan for over $580m. (FS)
Singapore sovereign wealth fund GIC is considering selling a 1,053-room hotel in western Japan, and has been marketing the property to potential investors since late last year, Bloomberg reported.
The Hilton Fukuoka Sea Hawk hotel is located on the coast of Fukuoka — one of Japan's major cities $583m to $617m. Jones Lang LaSalle is advising on the sale.
Blackstone to expand private equity headcount in Singapore. (FS)
Alternative asset manager Blackstone will double its private equity business headcount in Singapore within the next two years, as it looks to tap into a growing number of deals in Southeast Asia, Reuters reported.
The expansion in Singapore will also bring the asset manager closer to its investor base, which includes sovereign wealth funds, family offices and individual investors.
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