Advent International, a global private equity investor, completed the acquisition of Maxar Technologies, a provider of comprehensive space solutions and secure, precise, geospatial intelligence, for $6.4bn.
“We have tremendous respect and admiration for Maxar, its industry-leading technology and the vital role it serves in supporting the national security of the United States and its allies around the world. We will prioritize Maxar’s commitment as a core provider to the US defense and intelligence communities, and allies, while providing Maxar with the financial and operational support necessary to apply its technology and team members even more fully to the missions and programs of its government and commercial customers,” David Mussafer, Advent Chairman and Managing Partner.
Apollo, a global alternative asset manager, agreed to acquire Arconic, a provider of aluminum sheet, plate, and extrusions, for $5.2bn.
“This transaction represents a realization of value for Arconic shareholders at a meaningful premium and enables the Company to execute its long-term strategic vision. We are pleased to reach this agreement with Apollo. The Board decided to approve this transaction after thorough and thoughtful review of a range of value creation opportunities for shareholders," Fritz Henderson, Arconic Chairman.
Arconic is advised by Evercore, Goldman Sachs and Wachtell Lipton Rosen & Katz (led by Steven Rosenblum and Ronald Chen). Apollo is advised by BMO Capital Markets, JP Morgan, Mizuho Securities, TD Securities, Wells Fargo Securities and Paul Weiss Rifkind Wharton & Garrison (led by Taurie Zeitzer, Brian Scrivani and Brian Kim). Irenic is advised by Lowenstein Sandler and Willkie Farr & Gallagher (led by Maurice Lefkort).
TD Bank, a Canadian multinational banking and financial services, and First Horizon, a bank holding company, mutually terminated the $13.4bn deal.
"Under the terms of the termination agreement, TD will make a $200m cash payment to First Horizon. This payment is in addition to the $25m fee reimbursement due to First Horizon pursuant to the merger agreement. The shares of First Horizon Series G Preferred Stock that TD Bank purchased will continue to reflect a conversion price of $25 per share. Neither party will pay any other fees or have any other liabilities to each other related to the merger agreement," First Horizon.
Option Care Health, an independent provider of home and alternate site infusion services, agreed to merge with Amedisys, a provider of home health, hospice and high-acuity care, in a $3.6bn deal.
"This transaction unites two leading and complementary companies to provide unsurpassed care and superior clinical outcomes to patients. Our mission is to transform health care by providing innovative services that improve outcomes, reduce costs, and deliver hope and dignity for patients and their families. With the addition of Amedisys, we will bolster our offerings to meet the growing demand for personalized care in the home and alternative sites that move us closer to achieving this goal," John C. Rademacher, Option Care Health President and CEO.
Option Care is advised by Goldman Sachs, Kirkland & Ellis, McDermott Will & Emery and Joele Frank (led by Arielle Rothstein). Amedisys is advised by Guggenheim Partners and Paul Weiss Rifkind Wharton & Garrison (led byKyle Seifried and Krishna Veeraraghavan).
Oak Hill Capital, a private equity firm, completed a $150m investment in Lit Communities, a company that provides a full, turnkey solution for building broadband infrastructure for communities of all sizes. Financial terms were not disclosed.
"This is a pivotal point for our company. We've spent years developing an expertise in collaboratively working with local governments and municipalities to determine where and how to efficiently build networks. The Oak Hill investment provides us the capital and expertise to accelerate our plans of providing ultra-fast, reliable, and affordable broadband service in the communities we partner with and serve," Andrew Massey, Lit CFO.
Lit Communities was advised by Bank Street Group, Latham & Watkins and Maynard Cooper & Gale. Oak Hill Capital was advised by Paul Weiss Rifkind Wharton & Garrison (led by Brian C. Lavin).
Ridgemar Energy, an upstream company focused on creating value through the acquisition, development and operation of oil and gas assets, agreed to acquire Eagle Ford Shale assets from Callon, an independent oil and natural gas company, for $700m.
"Our strategic Eagle Ford exit funds our Delaware expansion and focuses our people, capital and operations on our premium Permian position. We greatly appreciate our Eagle Ford employees who worked safely and diligently to create value and ultimately make today's transactions possible," Joe Gatto, Callon President and CEO.
Callon Petroleum is advised by JP Morgan, Haynes and Boone, RBC Capital Markets and Kirkland & Ellis.
Callon Petroleum, an independent oil and natural gas company, agreed to acquire the membership interests from Percussion Petroleum, a Houston-based oil and gas company for $537m.
"Callon is uniquely positioned to capture value from this high-quality oil asset that is complementary to our core Delaware position. The combined transactions strengthen our capital structure, improve our margins, and lengthen our top-tier Permian inventory. In addition to improving our net asset value proposition, we will achieve our near-term total debt milestone and intend to initiate a capital return program for shareholders at closing," Joe Gatto, Callon President and CEO.
Callon Petroleum is advised by Haynes and Boone, RBC Capital Markets and Kirkland & Ellis.
Enbridge, a pipeline and energy company, agreed to acquire Aitken Creek Storage, an integral part of the natural gas transmission system in Western Canada, from FortisBC, a natural gas company, for $400m.
"Enbridge is pleased to acquire Aitken Creek Storage, a well-located and connected facility that will enable us to continue to meet regional energy needs as well as support increasing demand for west coast LNG exports. Natural gas plays an increasingly important role in the energy transition, and this investment further aligns with Enbridge's focus on providing the affordable, sustainable and reliable energy that is needed now and into the future," Cynthia Hansen, Enbridge Executive Vice President.
Enbridge is advised by BMO Capital Markets and Dentons.
VSE, a provider of aftermarket distribution and maintenance, repair and overhaul services, agreed to acquire Desser Aerospace, an aftermarket solutions provider of specialty distribution and MRO services, for $124m.
“I am proud to announce today’s transaction as another meaningful step in the execution of our multi-year business transformation plan centered on pursuing strategic organic and inorganic opportunities that allow us to expand our aerospace distribution and MRO service offerings,” John Cuomo, VSE President and CEO.
VSE is advised by Jones Day (led by Lorne Cantor). Desser is advised by Jefferies & Company.
Sterling Investment Partners, a private equity firm, completed the investment in Mr. Greens, a distributor of produce, dairy, and specialty food items, from Shoreline, a private equity firm. Financial terms were not disclosed.
"We are thrilled to partner with Sterling to execute our shared vision for the Company. Sterling has a long history of successfully partnering with management teams to build industry-leading businesses, and has valuable experience in the food distribution space. Sterling is an excellent cultural fit with our organization, and we look forward to working with them in this next phase of growth," Nick Politis, Mr. Greens CEO.
Mr. Greens was advised by Robert W Baird (led by Nick Troyer).
High Road Capital-backed John Henry Foster, a fluid power and automation systems provider, completed the acquisition of DevLinks, a systems integrator providing full-service automation solutions. Financial terms were not disclosed.
“The pandemic impacted production across a host of industry segments and placed a spotlight on the increased need for automation and robotic solutions that enable manufacturers to support their business and supply chain challenges. We are making significant investments to provide our customers with the technology, service, support and relevant product resources that best meet their specific industry, application, and budget. The acquisition of DevLinks supports JHFOSTER’s growth strategy and further enhances the company’s level of expertise and solutions," Nicholas W. Martino, JHFOSTER CEO and President.
Lochner, a leading provider of transportation infrastructure planning and engineering services, completed the acquisition of K Friese + Associates, a civil engineering consulting firm. Financial terms were not disclosed.
"We are excited to welcome our new colleagues from KFA. As Lochner expands its business in one of the nation's fastest growing states, the partnership with KFA enables us to establish and grow water and drainage services as a core component of our infrastructure platform; enhance our highway, bridge, aviation and transit and rail service offering; and diversify our client base to include municipal-oriented organizations in Texas, and beyond," Terry Ruhl, Lochner Board Chairman and CEO.
K Friese + Associates was advised by Morrissey Goodale.
Biomed Industries, a bio-pharmaceutical company, offered to acquire Quince Therapeutics, a biotechnology company focused on acquiring, developing, and commercializing innovative therapeutics, for $90m.
"We believe our offer is very compelling as it provides Quince' shareholders with a highly certain and significant return and the ability to obtain liquidity for their shares, as well as the upside potential of Biomed," Lloyd L. Tran, Biomed Industries Chairman and CEO.
Sigma, a company dedicated to the production, marketing, and distribution of quality branded foods, agreed to acquire a majority stake in Los Altos Foods, a Hispanic Cheese and Cream producer. Financial terms were not disclosed.
"This transaction is aligned with Sigma's strategy and will allow us to continue growing the Core business by strengthening our position in a rapidly growing market that is gaining space in mainstream consumption. We are excited about the prospect of welcoming Los Altos, a great Hispanic cheese brand, to our portfolio. I'm confident that the sum of Los Altos and Sigma will allow us to better satisfy the needs of our customers and consumers. This transaction also enhances our existing network with production capacity on the West Coast," Rodrigo Fernandez, Sigma CEO.
Flexport, a freight forward logistics company, agreed to acquire logistics assets from Shopify, a Canadian e-commerce platform. Financial terms were not disclosed.
"We can give our merchants great value. Flexport gets tons of new customers to use their incredible product and we can go back to focusing on what we do best," Harley Finkelstein, Shopify President.
PacWest tumbles on weighing options, other US regional bank stocks fall.
Shares of US regional banks fell premarket, hurt by a 37% slump in PacWest after its announcement about exploring strategic options spurred market concerns of a worsening banking crisis.
Western Alliance shares slumped 17% despite an attempt to reassure investors that it had not experienced unusual deposit outflows following the sale of collapsed lender First Republic Bank to JP Morgan Chase, Reuters reported.
J&J's Kenvue eyes $47bn valuation in biggest US IPO since 2021.
Johnson & Johnson's consumer health unit Kenvue was set to fetch a valuation of about $47bn, in what would be the biggest US initial public offering since late 2021, Reuters reported.
Shares, priced at $22 apiece by Kenvue, were indicated to open nearly 14% above their offer price on the New York Stock Exchange.
Origin Investments closes second Qualified Opportunity Zone Fund at $300m. (FS)
Origin Investments, a real estate fund manager, has announced the final close of Origin Qualified Opportunity Zone Fund II after raising more than $300m which follows raising more than $264m for Origin Qualified Opportunity Zone Fund I.
“Our ability to raise more than $564m for opportunity zone fund developments is a testament to a perpetual demand for investment vehicles that seek to produce tremendous returns along with unique tax advantages. We’ve been a consistent leader in sourcing viable ground up development opportunities in our fast-growing target markets. Our approach focuses on making sound investment choices that don’t require the tax benefits to make a development worthwhile. Any development opportunity must stand on its own merits, before tax issues are considered,” Michael Episcope, Origin Investments Co-CEO.
Regentis Biomaterials, a regenerative medicine company dedicated to developing innovative tissue repair solutions, agreed to go public via a SPAC merger with OceanTech Acquisitions I, a special purpose acquisition company, in a $95m deal.
“We are glad to have accomplished this major milestone to becoming a public company. Following the closing of the transaction, Regentis believes it will have greater access to the public capital markets and be able to get back to and accelerate the completion of its pivotal clinical study for GelrinC. GelrinC , at its midpoint of a pivotal study for the repair of cartilage injuries of the knee, shows great promise to provide patients with an effective and enduring therapeutic solution to this medical need, which is highly unsatisfied," Ehud Geller, Regentis Executive Chairman.
Regentis is advised by Maxim Group, Doron Tikotzky Kantor Gutman and Greenberg Traurig. Maxim Group is advised by Pryor Cashman. OceanTech is advised by Cohen & Company Capital Markets, Goldfarb Seligman & Co, Nelson Mullins Riley & Scarborough and The Equity Group (led by Lena Cati).
Liontrust Asset Management, an asset management company, agreed to acquire GAM, a global investment management group, for £96m ($120m).
"This is a significant acquisition that accelerates the growth of Liontrust through enhancing our distribution globally, product capability and investment talent. Liontrust and GAM are both client centric businesses that thrive on providing solutions and first-class service. The enlarged company will provide the platform from which to deliver this to a broader client base," John Ions, Liontrust CEO.
Apollo-backed Reno De Medici, a producer in the recycled cartonboard business, agreed to acquire Fiskeby, a producer of packaging board made from 100% recovered fiber. Financial terms were not disclosed.
“The acquisition we are announcing today demonstrates RDM Group’s commitment to growing its market share in the recycled board market, to enhance the security of supply and to be able to serve pan-European customers in a multi-mill reinforced approach. We believe our recycled board offering is answering to the societal request to use more responsible recycled materials. Our reusable, recyclable and biodegradable product portfolio responds to societal trends with respect to the environment and the need for everyday essential packaging solutions," Michele Bianchi, RDM Group CEO.
Apollo is advised by Paul Weiss Rifkind Wharton & Garrison.
Dar, a renowned international multidisciplinary consultancy, completed the acquisition of a majority stake in Su-Yapı, an engineering consulting firm. Financial terms were not disclosed.
“The addition of Su-Yapı to our family of brands supports our strategy for growth in key sectors and regions. We share a common mission to serve communities and deliver complex multidisciplinary iconic projects which create long-term social value,” Talal Shair, Dar Group Chairman and CEO.
Vodafone, CK Hutchison set to unveil UK mobile tie-up soon.
Vodafone and CK Hutchison are close to agreeing a merger of their UK telecoms businesses, in an expected £15bn ($19bn) deal that would create the country's biggest mobile operator.
The deal would value the equity of the combined group at about £9bn ($12.2bn) pounds, with roughly £6bn ($7.5bn) pounds of debt. The valuation is roughly in line with peers, Reuters reported.
Dubai school operator’s talks with Abu Dhabi Group stall. (FS)
Dubai-based GEMS Education is considering options for the business after talks to sell a controlling stake to a consortium of Abu Dhabi state-backed entities stalled over valuation, Bloomberg reported.
Wealth fund ADQ and real estate developer Aldar Properties PJSC haven’t been able to agree on a price with the owners of GEMS, who were seeking to sell a stake at a $6bn valuation.
Saudi pharma firm Jamjoom to sell 30% stake in local share sale.
Saudi Arabia’s Jamjoom Pharma said it plans to sell a 30% stake through a domestic initial public offering.
The Jeddah-based company, which sells products across the Middle East, Africa and central Asia, will offer 21m shares in a book-building process from May 15 to May 22. The final offer price will be determined after that and it will list on the Saudi stock exchange, Bloomberg reported.
Blackstone mulls sale of Dutch bank NIBC. (FS)
US buyout house Blackstone is weighing options for Dutch merchant bank NIBC, including a possible sale, Reuters reported.
The fund manager has been informally sounding out other banks and potential financial buyers to gauge their appetite.
EQT sounds out banks to manage LimaCorporate IPO. (FS)
Private equity house EQT is weighing options including a possible initial public offering for LimaCorporate, the Italian medical devices group it acquired in 2016, Reuters reported
The buyout firm has been discreetly sounding out investment banks for a potential transaction. It may explore a private sale alongside a stock market listing.
Alibaba’s global online commerce arm weighs a US IPO.
Alibaba Group’s international online shopping unit is exploring a US initial public offering as it weighs options to spur growth for the business that includes major e-commerce brands Lazada and AliExpress.
The firm is in the early stages of consideration and the IPO’s size has yet to be determined. The business group is in talks with banks that could potentially help prepare for the IPO next year. Alibaba’s US-listed shares spiked as much as 5% in pre-market trading in New York, Bloomberg reported.
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