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AMERICAS
Berry, a company primarily engaged in hydrocarbon exploration, completed the acquisition of Macpherson Energy, a privately-held, family-owned and operated energy producer, for $70m.
"Macpherson's high-quality, low decline oil producing properties are a complementary fit with Berry's existing portfolio and demonstrates Berry's disciplined approach to consolidation with a focus on value creation and accretion. This transaction is immediately accretive to Berry in both production and cash flows, supports our overall strategic plan to efficiently maintain our California production, and is expected to enhance our cash flows and shareholder returns. We are well-positioned to be a consolidator of value creating opportunities in California and other basins with conventional reservoirs," Fernando Araujo, Berry CEO.
Macpherson Energy was advised by Skadden Arps Slate Meagher & Flom (led by Cody Carper). Berry was advised by Guggenheim Partners and Vinson & Elkins (led by John Grand and Abby Branigan).
Knowles, a global supplier of high performance components and solutions, agreed to acquire Cornell Dubilier, a technology company and manufacturer of high-quality film, electrolytic and mica capacitors, for $263m.
"Adding Cornell Dubilier's impressive, broad-based roster of OEM and distribution partner customers, as well as its leading capabilities in capacitor technology will expand the applications for Knowles' products. We will be well positioned to grow with new and existing customers as we work to generate stronger earnings and cash flow and create shareholder value. We admire the outstanding company and culture built by the Kaplan family over the past 40 years and we look forward to welcoming Cornell Dubilier's talented employees to Knowles," Jeffrey Niew, Knowles CEO.
Knowles is advised by JP Morgan and Foley & Lardner.
Quad-C Management, a middle market private equity firm, completed the acquisition of Vortex, a global provider of trenchless infrastructure rehabilitation products and services, from Platform Partners, a private investment firm. Financial terms were not disclosed.
"Quad-C is very excited to add Vortex to its portfolio. Mike and his management team have done an incredible job of building a profitable company in an extremely competitive environment, with a sustainable growth model. We believe Vortex will be a great fit for Quad-C, as we are very focused on the specialty products and services sectors and we have a long history of successfully partnering with privately held, entrepreneurial minded businesses," Tom Hickey, Quad-C Partner.
Vortex was advised by Houlihan Lokey.
Banks kick start $2.9bn bond sale for Worldpay buyout. (FS)
The sale is split across two tranches of $2bn and $866m and follows the launch last week of a $5.5bn package of leveraged loans in dollars and euros.
Klaviyo boosts IPO fundraising target to $557m.
Marketing and data automation provider Klaviyo is elevating its target to $557m for what is expected to be a third major US initial public offering in a week, Bloomberg reported.
The Boston-based company raised the price range for its IPO to $27 to $29 a share, up from $25 to $27 each. The company and its existing shareholders plan to sell 19.2m shares.
Instacart's long-awaited IPO to test CEO's pivot.
Online grocery startup Instacart has been flirting with an initial public offering for years and is finally set to take the plunge in another bellwether listing for a still-anxious market, Bloomberg reported.
Instacart, officially Maplebear, is seeking to raise as much as $660m at a valuation of more than $9bn.
EMEA
Lithia & Driveway, an American nationwide automotive dealership group, agreed to acquire the UK motor and leasing businesses of Pendragon, an automotive dealership group, for $310m.
"The strategic partnership with Pinewood Technologies and acquisition of Pendragon's UK motor and vehicle management divisions is a massive step in delivering on our longer-term growth strategy. We are excited about the great potential in Pinewood's offering and envision our strategic partnership to further expand this SaaS business globally. Additionally, the proposed acquisition presents a highly synergistic growth opportunity with our existing UK presence with Jardine Motors Group; provides a new adjacency with PVM; and expands our brand and geographic footprint while serving to further strengthen our existing OEM relationships. This transformative transaction provides key strategic components for LAD to achieve its previously stated goal of $2 of EPS for every $bn in revenue in the future," Bryan DeBoer, Lithia & Driveway President and CEO.
TGS, a scientific data and intelligence provider to companies active in the energy sector, agreed to merge with PGS, a technologically focused oilfield service company, in a $2.6bn deal.
"We are excited to announce a merger with PGS, completing a major milestone of building a fully integrated and robust global energy data provider. Our clients will benefit from scale, a unique technology portfolio and premier service quality. Bringing together two distinct, yet complementary, companies positions us even better for a continued upcycle in the energy sector", Kristian Johansen, TGS Chief Executive Officer.
PGS is advised by Pareto Securities and BAHR. TGS is advised by SpareBank 1 Markets and Schjodt.
MMGY Global, an integrated marketing firm specializing in travel, tourism and hospitality, completed the acquisition of Lieb Management, a marketing & PR agency. Financial terms were not disclosed.
"MMGY Global is thrilled to partner with Lieb Management as we continue to expand our operations at a time of continued growth for both international and domestic travel activity. This is a significant move as we strengthen global services for our client portfolio, bolstering our expertise with the investment in this team of experts specializing in the Germany, Austria and Switzerland regional markets. As with any acquisition, we look forward to working with our new colleagues to continue providing world-class integrated marketing and communications services to the global travel industry," Katie Briscoe, MMGY Global CEO.
MMGY Global was advised by Moore INTARIA and Dentons (led by Thomas Strassner). Lieb Management was advised by Helmut Göttler.
Sezar Group, a real estate development company, agreed to acquire Mondi Syktyvkar, a packaging paper manufacturing facility in Syktyvkar, Russia, from Mondi, a pulp and paper company, for $826m.
Mondi Syktyvkar is a wholly owned integrated pulp, packaging paper and uncoated fine paper mill located in Syktyvkar. The Business employs approximately 4.5k people and is a leading provider of uncoated fine paper and containerboard to the domestic Russian market.
Villeroy & Boch, a manufacturer of ceramics, agreed to acquire Ideal Standard, a manufacturer of products and solutions for private and public bathrooms, from Anchorage Capital Group and CVC, two investors, for €600m ($640m).
"Villeroy & Boch and Ideal Standard complement each other, in terms of products but also in terms of brands, and will gain mutual benefit from their different sales channels. Both companies will play a key role in charting the future course of the industry. We look forward to this development!" Jan Peter Tewes, Ideal Standard CEO.
Ilim, a Russian pulp and paper firm, completed the acquisition of the remaining 50% stake in its joint venture with International Paper, a global supplier of renewable fiber-based products, for $484m.
Ilim Group is the leader of the Russian pulp and paper industry and one of the industry leaders globally. The Company is one of the world's top 7 producers of bleached softwood pulp.
International Paper was advised by Skadden Arps Slate Meagher & Flom (led by Ani Kusheva) and FGS Global (led by David Reno).
Camtek, a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry, agreed to acquire the FRT metrology business from FormFactor, a provider of essential test and measurement technologies, for $100m.
"We welcome FRT and its employees to the Camtek family. We expect this acquisition to solidify Camtek's leading market position and contribute approximately 10% to the annual revenues in 2024 and be accretive within 12 months following the acquisition. Beyond the immediate financial contribution, we expect further synergies that will contribute to Camtek's overall growth prospects in 2024 and beyond. We look forward to capturing a larger share of the unique growth opportunities ahead of us," Rafi Amit, Camtek CEO.
Camtek is advised by EK Global Investor Relations (led by Ehud Helft).
Altor, a private equity firm, agreed to acquire a minority stake in Marshall Group, a manufacturer of music equipment and audio products, from Zenith, a venture capital firm, and Varenne, a private investment firm. Financial terms were not disclosed.
"We have formed a strong and positive agreement with Altor that will enable us to move forward in harmony and fully unlock Marshall Group's amazing potential with the management team. We're excited about building on the Marshall legacy together and creating value for all shareholders," Henri de Bodinat, Marshall Group Chairman.
Varenne is advised by Carnegie Investment Bank.
Pharmanovia, a global pharmaceutical company, agreed to acquire 11 central nervous system brands from Sanofi, a global healthcare company. Financial terms were not disclosed.
"Sanofi's decision to divest this established CNS portfolio, with leading brands such as Frisium and Gardena, to Pharmanovia is recognition of our neurology expertise, our capabilities in lifecycle management and reputation of being a trusted divestment partner. We're excited to use this knowledge and our global platform to ensure these important medicines not only continue to be available to the millions of patients who need them, but - through our lifecycle management - continue to evolve to meet patient needs," James Burt, Pharmanovia CEO.
Pharmanovia is advised by 67health.
Swiss Life and Greencoat, two investors, agreed to acquire UK heating and cooling network activities from Equans, a company in the energy and services sector, for £260m ($322m).
"We remain committed to Urban Energy's net zero ambitions and plan to make investments in the coming years to support the continued decarbonisation and growth of both existing and new heat networks. This will serve the UK's wider Net Zero objectives as well as the UK Government's Levelling Up agenda, by supporting local employment and investment in local critical infrastructure," Gabriele Damiani and Minal Patel, Swiss Life Head of Core Infrastructure and Greencoat Partner.
Nortal, a multinational strategic change and technology company, completed the acquisition of Questers, a distributed software company, from TPXimpact, a digitally native technology services company. Financial terms were not disclosed.
"The Questers acquisition strengthens our pwrteams business which is focused on building dedicated cross-border teams for our customers. The acquisition will add market presence in the US and UK, and complement our strong double-digit organic growth over the last 5 years. I am glad to welcome the 300+ new colleagues into our team," Priit Alamäe, Nortal CEO and Founder.
Hg and Permira weigh options for stakes in Germany's P&I. (FS)
Private equity firms Hg and Permira are exploring strategic options for their stakes in German software firm Personal & Informatik, including a possible minority sale, Reuters reported.
A deal could value the provider of cloud-based HR software at more than €2bn ($2.13bn).
Alibaba announces plans to invest $2bn in Turkey.
Chinese e-commerce giant Alibaba has told Turkish President Tayyip Erdogan it plans to invest $2bn in Turkey, DealStreetAsia reported.
Michael Evans, president of Alibaba, made the comments in a meeting with Erdogan. It did not specify when the investment would be made.
Julphar explores sale of mideast chain Planet Pharmacies.
UAE's Gulf Pharmaceutical Industries is exploring the sale of its Middle Eastern retail pharmacy network amid heightened demand for health-care services in the region, Bloomberg reported.
Julphar, as the company is known, is sounding out potential buyers for Planet Pharmacies and seeking around $272m. EY is advising on the sale.
UBS Group selling first bond since Credit Suisse takeover.
UBS Group is selling its first bond from the parent company since the takeover of Credit Suisse in March, opening books on a three-part offering in dollars, Bloomberg reported.
The 4.25-year, 6-year and 11-year bonds are all benchmark size, making the deal at least a total of $1.5bn, and are all callable a year before maturity.
Tesla and Saudi Arabia in early talks for EV factory.
Saudi Arabia is in early talks with US electric automaker Tesla to set up a manufacturing facility in the kingdom, WSJ reported.
Turkish President Tayyip Erdogan asked Tesla CEO Elon Musk to build a vehicle factory in Turkey.
Actis kick offs sale of casual dining chain Java House. (FS)
Actis, the buyout firm pivoting toward energy and infrastructure investments, has kicked off the sale of East African casual dining business Java House, Bloomberg reported.
The London-based private capital investor has hired Africa-focused boutique advisory firm Flamingo Capital Partners to help gauge interest from potential buyers.
Schott seeks €859m in IPO of medical-glass unit.
Germany's Schott is looking to raise as much as €859m ($917m) from an initial public offering of its specialty medical-glassware division, in what is likely to be one of the biggest German stock listings this year, Bloomberg reported.
The offering values Schott Pharma at as much as €4.3bn ($4.6bn). Schott Pharma said 30.1m shares are being offered at €24.50 ($26.11) to €28.50 ($30.37) each through September 27, with the new stock set to start trading in Frankfurt a day after. If there's sufficient demand for underwriters to place additional shares, the deal could raise as much as €987m ($1bn).
OQ to raise up to $771m in gas pipeline IPO.
Omani energy firm OQ is seeking to raise as much as OMR297m ($771m) from the initial public offering of its gas pipelines unit in what's set to be the country's biggest listing on record, Bloomberg reported.
The company plans to float up to 49% of its shares in what could be Oman's largest IPO in almost two decades.
Volotea hires Morgan Stanley and Barclays to ready IPO.
Spanish airline Volotea has hired investment banks Morgan Stanley and Barclays to ready a possible listing of its shares on the Madrid stock market, Reuters reported.
The decision to list the shares was not made yet, but the company's management wants to be ready when a market opportunity arises.
Santander hires Credit Suisse veteran healthcare banker Schwartz. (People)
Banco Santander has hired Credit Suisse veteran Steve Schwartz as its US head of healthcare services, Bloomberg reported.
Schwartz, who joined Credit Suisse in 1999, will report to David Hermer, Santander's head of corporate and investment banking. He'll be reunited with many former Credit Suisse colleagues at the Spanish lender, including mergers and acquisitions chief Steve Geller as well as Hermer.
Prosus CEO van Dijk resigns after simplifying ownership. (People)
Prosus and Naspers CEO Bob van Dijk stepped down as the Head of the tech investing group after removing a complicated shareholder structure that he had set up, Bloomberg reported.
Van Dijk will remain as a consultant to the board at Prosus and its parent company — Cape Town-based Naspers — until the end of September 2024. CIO Ervin Tu will serve as interim boss for the companies.
APAC
Gold miner Newmont said it had received a clearance from Australia's Foreign Investment Review Board to proceed with its proposed $19.5bn takeover of Australia's Newcrest Mining.
The world's largest gold producer had in August received a clearance from Australia's competition regulator. Newmont also received a clearance from Japan's Fair Trade Commission, allowing the transaction to be closed anytime post September-end, Reuters reported.
Newcrest is advised by Gresham, JP Morgan, Cravath Swaine & Moore (led by George Schoen and Andrew Wark), Herbert Smith Freehills (led by Rodd Levy) and McCarthy Tetrault (led by Eva Bellissimo and Shea T. Small). Newmont is advised by BMO Capital Markets, Bank of America, Centerview Partners, Lazard, King & Wood Mallesons, White & Case (led by Axel Schulz, Laura Sizemore and Gregory Pryor), and Joele Frank (led by Daniel Katcher). Financial advisors are advised by Cleary Gottlieb Steen & Hamilton (led by Paul Shim) and Weil Gotshal and Manges (led by Michael J. Aiello).
Ontario Teachers' Pension Plan, a single-profession pension plan, agreed to acquire a majority stake in GreenCollar, an environmental markets platform, from KKR, a global investment firm. Financial terms were not disclosed.
"We are pleased to increase our investment in GreenCollar and to continue supporting James and his team in their mission to restore and enhance natural capital in areas like biodiversity and water quality. GreenCollar is a proven leader in delivering positive environmental outcomes with market-based solutions and we are excited to continue supporting the company in its next chapter of growth in Australia and beyond. We'd like to thank the team at KKR for their support and partnership on this investment," Christopher Metrakos, OTPP Senior Managing Director, Natural Resources.
OTPP is advised by Ernst & Young and Baker McKenzie. KKR is advised by UBS, Gilbert + Tobin and Citadel Magnus (led by James Strong).
KKR, a global investment firm, agreed to acquire a 20% stake in the regional data centre business of Singtel, a communications technology group, for $800m.
"We are pleased to provide this tailored solution to support the regional data centre platform of Singtel, one of the most longstanding and distinguished corporations in Singapore and a leading digital infrastructure provider in Asia Pacific. Robust digital infrastructure, including high-quality data centres, will play a crucial role in enabling Southeast Asia's flourishing digital economy, and Singapore is well-placed to serve as a central hub for the region. We look forward to working closely with Bill, Arthur and Singtel's talented team to meet this tremendous demand, and sharing our global expertise and network to accelerate the platform's growth across the region," David Luboff, KKR Partner and Head of Asia Pacific Infrastructure.
Torrent Pharma in talks with CVC and Bain Capital for Cipla bid. (FS)
India's Torrent Pharmaceuticals is in talks with private equity funds CVC Capital Partners and Bain Capital to raise up to $1.5bn to bid for India's Cipla, Reuters reported.
Torrent and Blackstone are among those interested to acquire a stake in Cipla, India's third-biggest drugmaker by sales, in what could be the largest pharma deal in India ever.
Sajjan Jindal plans $336m share sale of port unit.
Steel tycoon Sajjan Jindal's ports unit is seeking to raise as much as INR28bn ($336m) through an initial public offering that is set to become the second-biggest in India this year, Bloomberg reported.
JSW Infrastructure is selling only new shares in the IPO, and has set a price range of INR113 ($1.35) to INR119 ($1.43) each. The offer opens on September 25 and closes on September 27.
Costa falls most in 3-weeks as Pain Schwartz lowers buyout bid. (FS)
Australia's Costa Group said US private equity firm Paine Schwartz Partners had lowered its offer price to buy the company by over A$100m ($64m), sending shares of the country's largest fresh produce business down 4%, Reuters reported.
Costa, which in August reported a fall in its half-year earnings and forecast a grim outlook for its key citrus products, also told shareholders New York-based Paine Schwartz had indicated the revised offer was the "best and final" it could make but could go lower if the grocer declared a dividend.
Disney India sale talks draw firms including Reliance.
Walt Disney has held preliminary talks with potential buyers for its India streaming and television business including billionaire Mukesh Ambani's Reliance Industries, Bloomberg reported.
The US entertainment giant has discussed a range of options with would-be suitors, from a deal for the entire Disney Star business to a piecemeal transaction that may include some combination of its assets including sports rights and regional streaming service Disney+ Hotstar.
Chinese Al firm Fourth Paradigm leads HK IPO surge to raise $280m.
Three Chinese firms, led by AI software company Beijing Fourth Paradigm, are aiming to raise up to $280m in Hong Kong initial public offerings, DealStreetAsia reported.
Beijing Fourth Paradigm, an Al startup, is aiming to raise up to $144m by selling 18.4m shares in a price range of HK$55.60 ($7.10) to HK$61.16 ($7.81) each.
India's booming payments industry lures Ebanx with IPO on the cards. (FS)
Brazilian payments company Ebanx, which operates in 18 countries in Latin America and Africa, will begin doing business in India by the end of the year as part of its global expansion to developing countries, Bloomberg reported.
Ebanx, which counts Advent International and FTV Capital among backers, will soon begin allowing global merchants to process payments through its platform including India's booming Unified Payments Interface in one of its biggest bets yet on large emerging markets.
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