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AMERICAS
Private equity firms The Carlyle Group and HGGC agreed to invest $500m in PCF Insurance Services, a US-based insurance brokerage firm.
"PCF Insurance Services has experienced tremendous growth as a result of its unique client- and employee-centric operating model. We are delighted to be partnering with an exceptional management team and group of Agency Partners, and are confident PCF will achieve its long-term strategic growth objectives with the support of Carlyle Global Credit, HGGC and our partner investors," Gary Jacovino, Carlyle Managing Director.
CCIG, a provider of risk management and insurance solutions for business and individual clients nationwide, completed the acquisition of Cairn Advisors, an employee benefits firm. Financial terms were not disclosed.
"This acquisition enhances our ability to serve more clients across the Southwest region, underscoring our strategic expansion, with a focus on employee benefits," JB Richardson, CCIG COO.
EMEA
Theo Müller, a German company producing a variety of dairy products, agreed to acquire Graal, a canned fish producer in Poland, from Abris Capital, the ESG transformation specialist private equity investor. Financial terms were not disclosed.
"During our partnership with Graal and Bogusław Kowalski we have helped create an unquestionable market leader with a diverse portfolio of branded and private label products. It has been a privilege to work with the extraordinary team at Graal. We are proud of what we have achieved together and are delighted that the business has found such a complementary partner in Lisner to continue its growth strategy," Wojciech Jezierski, Abris Partner.
Merced Capital, a private investment firm, completed the acquisition of Telford Offshore, an international offshore service provider offering cost-effective construction and project management solutions to the oil & gas. Financial terms were not disclosed.
“We have been Telford Offshore’s primary financial sponsor since the inception of the Company and look forward to continuing to support the team in this new chapter of its corporate history. We thank Fraser for the strong foundation he built at Telford and his support during this transition. Looking ahead, we are confident that Robert is the ideal leader to develop and strengthen the Company’s platform and to capitalize on growth opportunities in the offshore services market,” Joe McElroy, Merced Capital Partner.
Merced was advised by Sidley Austin and FGS Global.
Mitsubishi Electric, a Japanese multinational electronics and electrical equipment manufacturing company, agreed to acquire Scibreak, a Swedish-based company that develops direct current circuit breakers. Financial terms were not disclosed.
The two firms aim to strengthen the competitiveness of their unified business by working closely on developing DCCB technologies for high-voltage direct current systems to support the increasing global deployment of renewable energy.
VK, a Russian online social media and social networking service based in Saint Petersburg, completed the acquisition of the remaining 75% stake in Uchi.ru, Russia's largest online platform used by school students, for RUB8.7bn ($118m).
Through this acquisition, VK will strengthen its foothold in the segment of extracurricular education for schoolchildren.
Virgin Media O2 dials up £100m bid for altnet rival Trooli.
Virgin Media O2 and its shareholders are exploring a takeover bid for Trooli, one of the UK's army of 'altnet' fibre broadband companies, SkyNews reported.
The telecoms giant, which is jointly owned by Liberty Global and Spain's Telefonica, is among a substantial number of parties examining offers for Trooli as part of a formal auction process.
Cath Kidston owner Hilco explores sale. (FS)
Cath Kidston owner Hilco Capital, a prominent financial investor and adviser, working across a broad range of sectors, is exploring a sale of the retailer just eight months after buying it.
Hilco bought the brand last June and is now exploring a sale after lining up PwC to advise on a sale.
Supermarket giant Tesco to explore sale of banking arm.
Tesco, Britain's biggest supermarket chain, is to kick off a review of its presence in the UK banking sector - a move that could lead to a sale of the business, SkyNews reported.
The grocery giant is lining up Goldman Sachs to advise on the future of Tesco Bank, which launched in 1997. Tesco Bank could be worth more than $1.2bn based on its book value.
Santander among potential bidders for abrdn PE unit. (FS)
The asset management arm of Spanish banking group Banco Santander is one of a small number of parties said to be interested in striking a deal to acquire the private equity unit of abrdn.
It is anticipated that a deal will be reached between abrdn and a purchaser within the next few months, with the division being valued at approximately $300m.
Vista fintech considering banking arm sale. (FS)
Finastra, a London-based fintech owned by technology focused private investment firm Vista Equity Partners, is exploring a possible sale of its banking unit in a deal that could be worth as much as $7bn.
Finastra is working with a financial adviser as it examines options for the business which provides universal banking software allowing banks and credit unions to run core processes
PE-backed Sabena Technics to hit the auction block this year. (FS)
Sabena Technics, a French maintenance, repair, and overhaul services provider to civil and military aircraft operators, is pencilled in for a sale this year, Unquote reported.
Although no sell-side advisor has been given a mandate and no beauty parade has been planned, Lazard has made a pitch for the mandate.
APAC
The Indian government opposed Hindustan Zinc's $3bn acquisition of assets from the flagship firm of Vedanta Resources, dealing a blow to billionaire Anil Agarwal's plans to trim down the mining giant's $7.7bn net debt, Reuters reported.
The government, which owns a nearly 30% stake in Hindustan Zinc, is against the miner buying some Africa-based zinc assets from Vedanta - its top shareholder with a near-65% stake - as it was a "related party transaction."
FWD Group, a multinational insurance company based in Hong Kong, agreed to acquire a majority stake in Gibraltar BSN, a Malaysian life insurance company. Financial terms were not disclosed.
"We're creating a full-service offering in Malaysia and will be able to offer both family takaful and life insurance solutions in a rapidly growing market with huge long-term potential for growth. We're excited to bring our digitally-enabled products and services to more people in Malaysia. With these strategic developments, we also substantially complete our footprint across key Southeast Asia markets in the 10th anniversary year for FWD Group. Changing the way people feel about takaful and insurance remains the vision that guides our work," Huynh Thanh Phong, FWD Group CEO.
TPG Capital, a private equity firm, agreed to acquire education assets of KV Asia, a regional buyout firm. Financial terms were not disclosed.
TPG, which manages $135bn in assets globally, has been expanding in Southeast Asia, including Malaysia, in recent years.
BrewDog, a multinational brewery and pub chain based in Ellon, Scotland, and Budweiser, a brewing company, agreed to form a joint venture. Financial terms were not disclosed.
The long-term agreement will focus on expanding the BrewDog brand across Greater China and allows the Scottish brewer to capitalize on rapid market growth in the country.
Hong Kong Tycoon Lau is weighing logistics firm EV Cargo stake sale.
Cargo Services Group and JL Enterprises Holdings, two logistics firms founded by Hong Kong tycoon John Lau, are planning to sell their stakes in EV Cargo.
Cargo Services, a supply chain services provider, and JL Enterprises, a family office investing in freight forwarding and logistics, will completely divest their entire investment in Hong Kong-based EV Cargo, Bloomberg reported.
Australia's Link Administration in talks with Waystone Group for sale of UK unit.
The Australian share registry firm, along with Link Fund Solutions, said it was in advanced talks with the UK Financial Conduct Authority over settling its investigation into the management of the now-defunct LF Woodford Equity Income Fund, DealStreetAsia reported.
Australia’s Link Administration on Monday said it was in exclusive talks with Dublin-based fund manager Waystone Group for the sale of its UK-based Fund Solutions unit while discussing settlement of the United Kingdom financial regulator’s probe into the unit.
Saudi sovereign fund raises stake in Nintendo. (FS)
Saudi Arabia’s Public Investment Fund raised its stake in Nintendo to 8.26% from 7.08%, a regulatory filing showed on Friday, the second stake increase disclosure this week following one on Wednesday.
The sovereign wealth fund has been expanding its investments in the Japanese gaming giant as well as Sweden’s Embracer and China’s VSPO backed by Tencent Holdings, DealStreetAsia reported.
Asia Pacific’s biggest crane owner said to weigh Australia exit.
Tat Hong Holdings, the largest crane-owning company in Asia Pacific, is considering selling its Australian business, Bloomberg reported.
The Singapore-based company is working with a financial adviser on the potential divestment of Tutt Bryant Group, an Australian construction machinery and equipment firm. Tat Hong is seeking more than $500m for the unit.
Founders of Malaysia's HeroMarket looking to sell the grocery chain.
Malaysian supermarket chain HeroMarket is said to have roped in the Singapore multinational banking and financial services group OCBC to handle its sale process, DealStreetAsia reported.
HeroMarket is a fully family-owned business and is run by its founders — Francis Teng and his son Austin Teng.
A.P. Moller Capital lines up $750m infrastructure deals in South, SE Asia. (FS)
A.P. Moller Capital, the asset management unit of Danish transportation and logistics giant A.P. Moller Group, said it aims to invest more than $750m in the high-growth markets of South and Southeast Asia, DealStreetAsia reported.
“This is the next exciting step in the growth of A.P. Moller Capital and our investment business in Asia, where we see significant opportunity,” Dhruv Narain, A.P. Moller Capital Partner.
Adani maps comeback strategy after $135bn Hindenburg rout.
Almost a month after a bombshell short seller report lopped off over $135bn in market value from Gautam Adani’s empire, the Indian billionaire has hired top-shelf US crisis communication and legal teams, scrapped a $850m coal plant purchase, reined in expenses, repaid some debt and promises to repay more, Bloomberg reported.
The ports-to-power conglomerate helmed by Adani — who used to be Asia’s richest person — is hoping to claw back the narrative with this playbook and calm jittery investors and lenders after US-based Hindenburg Research on January 24 accused it of accounting fraud, stock manipulation and other corporate governance lapses. The Adani Group denies these allegations.
Chinese ride-hailing firm Dida revives $200m HK IPO.
Dida is considering raising about $200m through its planned Hong Kong initial public offering, paving the way for the first listing by a Chinese ride-hailing startup since Didi’s ill-fated share sale in 2021, Bloomberg reported.
Dida refiled for the IPO on Monday without giving any details on the fundraising size and timeline in its preliminary prospectus. The startup could list in Hong Kong as soon as in June. The company has obtained assurances from Chinese regulators for the share sale to go ahead.
Tech-focused Indian VC Iron Pillar raises at least $129m for second fund. (FS)
Iron Pillar, a venture growth investor that backs technology companies in India, has raised at least $129m for its second fund so far.
Iron Pillar was in talks to raise about $400m for its second fund, DealStreetAsia reported.
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