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AMERICAS
Hammerhead Resources, a Calgary-based energy company, went public via merger with Decarbonization Plus Acquisition IV, a special purpose acquisition company, in a $1bn deal.
"We believe an energy transformation is underway where conventional energy and power sources will continue to play an important role in the world energy mix for some time to come. The current global profile of both energy security and resource intermittency are demonstrating the need for continued reliance on conventional sources. We believe the energy industry has an emissions challenge, and we aim to be a leader in redefining public expectations around how companies like ours can contribute to the advancement of global net zero goals," Scott Sobie, Hammerhead Resources CEO.
Hammerhead Resources was advised by ATB Financial, CIBC World Markets, National Bank Financial, Peters & Co, Blake Cassels & Graydon, Burnet Duckworth & Palmer and Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz and Ian Hazlett). Decarbonization Plus Acquisition IV was advised by Kroll, Bennett Jones, Maples Group, Vinson & Elkins (led by Stancell Haigwood and Zach Swartz), Walkers and Kekst CNC (led by Daniel Yunger).
The Federal Communications Commission put off consideration of hedge fund Standard General's proposed purchase of broadcaster Tegna, a delay that could kill the $8.6bn transaction, Bloomberg reported.
The agency is concerned that the transaction proposed a year ago might trigger price increases for consumers as TV stations boost charges for cable providers. The deal might also reduce local content on TV stations and ordered a hearing.
Standard General is advised by Goldman Sachs, Moelis & Co, RBC Capital Markets, Cooley (led by Michael Basile), Fried Frank Harris Shriver & Jacobson (led by Warren S. de Wied and Roy Tannenbaum), Pillsbury Winthrop Shaw Pittman, and Joele Frank (led by Andrew Brimmer and Jamie Moser). Debt financing is provided by RBC Capital Markets. TEGNA is advised by Evercore, Greenhill & Co, JP Morgan (led by Marco Caggiano), Covington & Burling, Wachtell Lipton Rosen & Katz (led by Viktor Sapezhnikov, Igor Kirman, Victor Goldfeld, and Andrew Brownstein), and FGS Global (led by George Sard). Financial advisors are advised by Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg).
TD Bank Group and Cowen announced they have received all regulatory approvals required under their merger agreement to complete TD's acquisition of Cowen.
With this step completed, TD expects the acquisition to close on March 1, 2023, subject to the satisfaction of other customary closing conditions.
Imara, a clinical-stage biotechnology company, completed the merger with Enliven Therapeutics, a clinical-stage precision oncology company. Financial terms were not disclosed.
"We are thrilled to complete this merger, which will accelerate the development of our differentiated pipeline of small molecule kinase inhibitors to address existing and emerging unmet needs in oncology. We are thankful to have stockholder support and a well-respected syndicate of new and existing investors. With a strong financial position, growing pipeline and experienced team, we are well positioned to achieve multiple clinical milestones with our two parallel lead programs and build a leading precision oncology company," Sam Kintz, Enliven CEO.
Enliven Therapeutics was advised by Goldman Sachs, Jefferies & Company, Cooley, Wilson Sonsini Goodrich & Rosati (led by Tony Jeffries, Robert Ishii, Rich Mullen and Jennifer Knapp) and Argot Partners. Imara was advised by SVB Securities, Gibson Dunn & Crutcher (led by Ryan Murr), WilmerHale and Ten Bridge Communications.
The Justice Department is preparing an antitrust lawsuit seeking to block computer software company Adobe's $20bn acquisition of web application startup Figma, Bloomberg reported.
A case is expected to be filed as soon as next month, although the timing could slip. The deal needs approval from several antitrust authorities and the merger agreement allows for a possible extended regulatory review with an outside completion deadline of March 2024. Adobe had a meeting with the DOJ.
SolGold, an exploration company focussed on the discovery and definition of copper-gold deposits, completed the merger with Cornerstone Capital Resources, a rare earth exploration company, in a $108m deal.
"It has been my view from the start that SolGold and Cornerstone are more valuable together than apart. This is an exciting value enhancing transaction for all stakeholders. This transaction also sets the stage for a strategic review of the Combined Group as we methodically assess options that are in the best interest of our shareholders," Darryl Cuzzubbo, SolGold Managing Director and CEO.
Borealis Foods, an innovative food technology company, agreed to go public via a SPAC merger with Oxus Acquisition, a special purpose acquisition company, in a $150m deal.
"We are thrilled about the next stage of Borealis and our alignment with Oxus on our shared vision of making healthy and sustainable food accessible to all. By closing a business combination with Oxus, we can fully realize our mission of developing food technology solutions to address global food challenges. This new company represents a significant step forward for us," Reza Soltanzadeh, Borealis CEO.
Borealis Foods is advised by Bennett Jones and Nixon Peabody. Oxus is advised by Greenberg Traurig, Torys and Travers Thorp Alberga.
Limestone Bancorp, the parent company of Limestone Bank, announced that its shareholders approved the agreement and plan of merger, under which Peoples Bancorp will acquire Limestone.
Shareholders also approved, in a non-binding advisory vote, the compensation payable to the company's named executive officers in connection with the merger as set forth in the joint proxy statement of the company and prospectus of Peoples Bancorp for the special meeting.
Limestone is advised by Piper Sandler and Wyatt Tarrant & Combs. Peoples Bancorp is advised by Raymond James (led by Sanjay Patel) and Dinsmore & Shohl.
5th Century Partners, a purpose-driven private investment firm, completed the acquisition of Perspecta, a provider of physician directories and data management solutions in workers' compensation, government and commercial healthcare. Financial terms were not disclosed.
"There are critical conversations happening across the healthcare ecosystem calling for better cost containment and price transparency. We expect these trends to continue and believe Perspecta has the solutions to help the industry meet these needs. I've known the Perspecta team for a decade, and the company's experienced leaders have the ability to understand the opportunities and execute. We're pleased to formalize our relationship as we work together to continue to grow the business and contribute to moving the healthcare industry forward for the benefit of all stakeholders," Marques Torbert, 5th Century Partners Managing Partner.
Perspecta was advised by Canaccord Genuity. 5th Century Partners was advised by DLA Piper. Debt financing was provided by CIBC World Markets.
The Federal Trade Commission dropped its last remaining effort to block Meta Platforms's acquisition of virtual-reality startup Within, handing a final victory to the Facebook parent, WSJ reported.
The announcement that the agency was abandoning an administrative proceeding against the deal came less than a month after a federal judge denied the FTC's request for a court order halting Meta's purchase of Within. That ruling by US District Judge Edward Davila didn't directly affect the parallel challenge brought by the FTC in its in-house administrative court, and it had been unclear if the agency would push forward with the administrative case.
Keysight Technologies, a technology company that delivers advanced design and validation solutions to help accelerate innovation to connect and secure the world, completed the acquisition of Cliosoft, a developer of system-on-chip design data and enterprise IP management solutions. Financial terms were not disclosed.
"Handling exponential growth in design data and maximizing IP reuse with interoperability across EDA vendor environments is a major challenge as we approach the time of 'More than Moore's law'. Keysight's broad industry leadership in applications like 5G and 6G communications, automotive, and aerospace and defense, makes Keysight uniquely positioned to realize the promise of connecting design, emulation, and test data in streamlined workflows that speed time-to-market. We are excited to join Keysight in raising engineering productivity to the next level and enabling our customers to digitally transform their development lifecycles and meet the challenges ahead," Srinath Anantharaman, Cliosoft CEO.
Cliosoft was advised by Jefferies & Company.
CleanBay Renewables, a late-stage enviro-tech company focused on the production of sustainable renewable natural gas, green hydrogen and natural controlled-release fertilizer, is set to go public via merger with BurTech Acquisition, a publicly traded special purpose acquisition company, in a $330m deal.
"We believe that our process improves the air, soil and water quality around our facilities. In addition, our renewable energy products are a sustainable, environmentally friendly way to reduce emissions and provide a low-carbon solution for vehicle fuel, residential use, EV charging and hydrogen production. We believe our projects can help to address US climate policy objectives and many of the United Nation's Sustainable Development Goals," Thomas Spangler, CleanBay Executive Chairman.
T-Mobile Ventures, a venture fund, completed an investment in Movius, a software provider for secure and compliant mobile communications. Financial terms were not disclosed.
"Stakes are high for many businesses to keep corporate sensitive communications safe. We're here for businesses with partners like Movius to help organizations focus on what they do best while we tackle their communication pain points for the modern workplace," Mishka Dehghan, T-Mobile Senior Vice President of Strategy, Product and Solutions Engineering.
Pioneer Natural Resources denies report of acquisition interest.
Oil and gas explorer Pioneer Natural Resources said that it was not pursuing any business combinations, after it was reported that the oil and gas explorer was considering an acquisition of smaller US rival Range Resources.
"The Company is not contemplating a significant business combination or other acquisition transaction," Pioneer.
ViaPath discusses merging with Tristar SPAC.
ViaPath Technologies, which provides telecommunications and other services to the incarcerated population across the US, is in talks to go public through a merger with Tristar Acquisition I, Bloomberg reported.
A transaction could value the company at more than $1.5bn. No deal has been reached and it's possible talks could collapse.
Warner Bros Discovery looks to exit its regional sports network.
Warner Bros Discovery, an American multinational mass media and entertainment conglomerate, is informing the professional-sports teams whose games are carried on three of its regional sports networks that it wishes to cease operating the channels and exit the business, WSJ reported.
The three regional sports networks were inherited by Warner Bros Discovery when it acquired control of the WarnerMedia assets from AT&T. The channels—which are still branded as AT&T SportsNet—serve teams in Pittsburgh, Houston, Colorado and Utah—and carry baseball, basketball and hockey.
China Southern weighs bid for $3bn Enel Peru assets.
China Southern Power Grid is considering a binding bid for Enel's distribution operations in Peru, Bloomberg reported, in what could be one of the largest cross-border deals by a Chinese buyer this year.
The Guangzhou-based state power firm is working with a financial adviser after entering into a second round of bidding and conducting due diligence. Enel's Peruvian distribution assets, which could be valued at about $3bn, have drawn interest from other firms in the industry as well as infrastructure funds.
L Catterton nears agreement to buy Ilegal Mezcal. (FS)
L Catterton, a consumer-focused private equity firm, is in advanced talks to acquire Ilegal Mezcal, a producer of a handcrafted Mexican spirit that uses roasted Agave Espadin, Bloomberg reported.
The mezcal maker, which counts VMG Partners and Bacardi among its backers, would be valued at less than $200m in a transaction. L Catterton is making the investment through its Latin America fund.
Hyundai to divest Alabama subsidiary following child labor revelations.
South Korean automaker Hyundai Motor Co will divest its controlling stake in a major Alabama auto parts plant, where children as young as 12 were working, Reuters reported.
In a February 24 letter to shareholders from Hyundai Chief Executive Jaehoon Chang, the company said recent audits at 29 of its direct suppliers across Alabama made it confident they are "now in full compliance with underage labor laws."
Creatd announces termination of discussions with GTII regarding its acquisition.
Creatd, a holding company that provides economic opportunities for creators through technology and partnership, announced that it has decided not to proceed with a proposed transaction with Global Tech Industries Group, an online cryptocurrency trading platform.
While Creatd has concluded discussions of a proposed acquisition, it will honor the no-shop terms outlined in the Letter of Intent signed with GTII.
Ozy Media CEO touted fake $600m buyout offer.
Ozy Media CEO Carlos Watson lied to an investor that his California-based company had received a $600m takeover offer from a large tech firm, federal prosecutors in New York said in a wide-ranging fraud indictment against the startup and its boss.
Watson was arrested by FBI agents Thursday in Manhattan on charges that he conspired to defraud investors out of tens of millions of dollars, Brooklyn US Attorney Breon Peace said. Meanwhile, Ozy's former chief operating officer, Samir Rao, and its chief of staff, Suzee Han, secretly pleaded guilty to fraud and other charges, Bloomberg reported.
KKR appoints global co-heads of private equity. (FS, People)
KKR, a global investment firm, announced that Pete Stavros and Nate Taylor have been named Global Co-Heads of KKR's Private Equity business. Since 2019, Stavros and Taylor have served as Co-Heads of Private Equity in the Americas.
"We are incredibly proud of our strong track record in Private Equity and the firm's leadership positions in the US, Europe and Asia. This new global role will further optimize the culture of collaboration that underpins the success we deliver for clients," Joe Bae and Scott Nuttall, KKR Co-CEOs.
EMEA
Triton Fund V raised its offer for Finnish building maintenance services provider Caverion to an equity value of €1.22bn ($1.3bn) as it seeks to outbid Bain Capital Private Equity, Bloomberg reported.
Triton's Crayfish BidCo offered €8.95 ($9.46) a share for Caverion. The offer is 11.9% higher than the upfront payment version of the January bid by Bain Capital-led consortium.
Triton is advised by Danske Bank, Deutsche Bank, Avance (led by Ulf-Henrik Kull), and Tekir. Debt financing is provided by DNB Bank, Danske Bank, Deutsche Bank, JP Morgan, OP Corporate Bank, and Swedbank. Caverion is advised by Bank of America and Castren & Snellman (led by Thomas Landell and Janne Lauha).
International Airlines Group, an Anglo-Spanish multinational airline holding company, agreed to acquire Air Europa, a private airline in Spain, for €400m ($424m).
"This agreement will enable IAG's Madrid hub to compete on an equal footing with other European hubs and consolidate its position in the South Atlantic. Madrid is the main gateway between Latin America and Europe and there are opportunities to expand its network, providing significant benefits to our customers, employees and shareholders," Luis Gallego, IAG CEO.
Nomios Group, a provider of cybersecurity services and solutions, completed the acquisition of a majority stake in Aditinet, a prominent cybersecurity company. Financial terms were not disclosed.
"This acquisition marks an important step in Nomios' continued growth and success, and we see many benefits in terms of a shared vendor portfolio, customer relationship, and service offerings. Not only does the acquisition of Aditinet provide the Nomios Group with a significant expertise and strong customer base in Italy, but it also allows us to add new services such as ethical hacking to our portfolio," Sébastien Kher, Nomios Group CEO.
Deutsche Bank studied Credit Suisse deals before overhaul.
Deutsche Bank looked at buying parts of Credit Suisse assets as recently as last fall after the Swiss firm became engulfed by a series of scandals and financial hits, Bloomberg reported.
The German lender analyzed individual businesses such as the Swiss firm's asset management and wealth management units. The plan inside Deutsche Bank was to be able to move should attractive parts of the bank come on the market.
Partners Group nears deal for stake in Sterling Pharma Solutions. (FS)
Private equity firm Partners Group is nearing a deal to acquire a minority stake in UK pharmaceutical manufacturing services provider Sterling Pharma Solutions, Bloomberg reported.
The Swiss investment group has emerged as the frontrunner in an auction process for the stake. A deal is likely to value Sterling Pharma, which is owned by private equity firm GHO Capital, at about £1bn ($1.2bn) or more.
Haleon explores potential $600m sale of ChapStick brand.
Haleon, the consumer health business spun out of GSK last year, is exploring a divestiture of its ChapStick lip balm brand, Bloomberg reported.
The company is working with advisers on a potential sale of the business that could fetch about $600m. Deliberations are at an early stage and the scope of the divestiture could change.
Nelson Peltz sells £71m of Unilever shares. (FS)
Activist investor Nelson Peltz has sold £71m ($85m) worth of British consumer goods company Unilever shares held by his Trian investment vehicle, implying his work is done with trying to drive change at the consumer goods company.
Peltz has been one of several big investors demanding that Unilever shake things up after a period of lacklustre growth. He joined the board of directors last year and is thought to have been a driving force behind the decision for chief executive Alan Jope to stand down.
Blackstone plans European infrastructure fund. (FS)
The Blackstone Group is considering raising a new open-ended European infrastructure fund, as investor demand for real assets continues unabated, Bloomberg reported.
The New York-based alternative asset manager is in the early stages of mapping out the fund and has yet to seek firm commitments.
Gulf Capital raising $750m for its fourth fund. (FS)
Private equity firm Gulf Capital is in the market to raise capital for its control-growth buyout vehicle, GC Equity Partners IV.
The firm is targeting about $750m for the vehicle, similar to the predecessor fund, Gulf Capital's co-founder and CEO Karim El Solh told DealStreetAsia.
APAC
Atlas announced that its shareholders approved the merger with Poseidon, an entity formed by Fairfax Financial, a financial holding company, the Washington Family, David Sokol, Atlas Chairman, and Ocean Network Express, a Japanese container transportation and shipping company.
The company continues to expect that the merger will be completed in the first half of 2023, and based upon the current status of regulatory approvals, consents and other customary closing conditions the merger could close as early as March 31, 2023, subject to based upon the current status of all required conditions. In the merger, holders of the company's common shares will receive $15.50 in cash in exchange for each common share they own.
Atlas is advised by Morgan Stanley, Gibson Dunn & Crutcher (led by Hillary Holmes), Morris Nichols and Joele Frank (led by Nicholas Lamplough and Jim Golden). Morgan Stanley is advised by Cravath Swaine & Moore (led by Keith Hallam and Daniel Cerqueira). Poseidon Acquisition is advised by Honigman Miller Schwartz & Cohn. Ocean Network Express is advised by Citigroup and Latham & Watkins (led by David Kurzweil). Washington Family is advised by K&L Gates. Fairfax Financial is advised by Torys (led by Michael Horwitz).
Invesco-backed India media conglomerate Zee Entertainment told a tribunal its merger with a local unit of Japan's Sony Group will "get stuck" due to the initiation of insolvency proceedings against the Indian company, Reuters reported.
The comments came as Zee's chief executive, Punit Goenka, said that he expected a timely completion of a merger between Zee and Sony.
CoreLogic, an independent property data and analytics powerhous, completed the acquisition of Plezzel, a proptech firm. Financial terms were not disclosed.
"Plezzel's tech-driven platform offers agents autonomy and full control of their branding, marketing and communications. By adding Plezzel's innovations to CoreLogic's own suite of real estate software solutions we elevate the customer experience between agents and consumers, help them source leads and recognize market opportunities," Lisa Claes, CoreLogic CEO.
Orix weighs cutting contribution to JIP's Toshiba offer. (FS)
One of the biggest members of the Japan Industrial Partners-led group pursuing a takeover of Toshiba intends to reduce its financial contribution, Bloomberg reported, adding another potential hurdle to the buyout of one of the country's most iconic companies.
Orix is seeking to acquire JPY200bn ($1.5bn) of common and preferred Toshiba stock, down from the original JPY300bn ($1bn). Other co-investors with smaller stakes are also requesting to cut the size of their respective portions.
Sunil Mittal seeking a stake in Indian fintech Paytm.
Indian telecommunications tycoon Sunil Mittal is seeking a stake in Paytm by merging his financial services unit into the fintech giant's payments bank, Bloomberg reported.
Mittal seeks to fold Airtel Payments Bank into Paytm Payments Bank in a stocks deal and is also seeking to buy Paytm shares from other holders. Talks are in early stages and Airtel and Paytm may not reach a deal.
Shareholders of Japan's Fujitec oust three directors in rare activist win. (FS)
Investors in Japanese elevator maker Fujitec voted on Friday to oust three of five incumbent outside directors, activist fund Oasis Management said, claiming the kind of win that's still rare for shareholder activism in Japan.
The three rejected incumbents in the vote, taken at an emergency general shareholders' meeting, included the chairman of the board. Investors also elected four of six new directors nominated by Oasis, Fujitec's top shareholder, DealStreetAsia reported.
Shenzhen Cloudsky Technologies mulls $200m IPO.
Shenzhen Cloudsky Technologies is considering an initial public offering that could raise about $200m as soon as this year, Bloomberg reported.
The Chinese digital storage and computing service provider is working with advisers and is seeking a valuation of about $1bn in the possible share sale. The company is weighing the US among potential listing venues, though no final decision has been made.
Pertamina IPO ends flat in Jakarta debut.
Pertamina Geothermal Energy ended flat in its Jakarta trading debut after an IDR9.1tn ($596m) initial public offering, Indonesia's largest over the past year, Bloomberg reported.
The shares closed unchanged at the listing price of IDR875 ($0.0575) after tumbling earlier to hit the lower daily limit of stock movement set by the exchange.
AEI CapForce II files to raise $100m in US IPO.
AEI CapForce II Investment, a Kuala Lumpur-based special purpose acquisition company that targets the "new economy" in Asia, has officially filed to raise up to $100m in an initial public offering in the US, DealStreetAsia reported.
In its filing with the US Securities and Exchange Commission, the blank cheque firm said it is offering 10m units at $10 apiece, with each unit consisting of one Class A ordinary share, one redeemable warrant, and one right to receive one-tenth of a share upon completion of an initial business combination.
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