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Top Highlights
The Nordstrom Family and El Puerto de Liverpool, a Mexican department store chain, agreed to acquire Nordstrom, an American luxury department store chain, for $6.25bn.
Nordstrom is advised by Centerview Partners, Morgan Stanley, Perkins Coie, Sidley Austin and Joele Frank (led by Matthew Sherman). The Nordstrom Family is advised by Moelis & Co, Davis Wright Tremaine, Lane Powell and WilmerHale. El Puerto de Liverpool is advised by JP Morgan, Galicia Abogados and Simpson Thacher & Bartlett.
Iberdrola, a Spanish multinational electric utility company, completed the acquisition of the remaining 18.4% stake in Avangrid, an energy services and delivery company, for $2.48bn.
Sixth Street, a private equity firm, agreed to acquire Lemon Pepper Holdings, the master franchisee for Wingstop in the UK and Ireland. Financial terms were not disclosed.
Lemon Pepper is advised by KPMG, OC&C Strategy Consultants, Goldman Sachs (led by Khamran Ali), HNH Group, Jamieson and DLA Piper. Sixth Street is advised by PricewaterhouseCoopers, Lazard, North Point Advisors, Cleary Gottlieb Steen & Hamilton and FTI Consulting (led by Tom Hufton).
Deal Round up
AMERICAS
Playa holds exclusive discussions with Hyatt for potential strategic options. (Press Release)
Insight Partners explores $5bn sale of Dotmatics. ( Bloomberg)
Fifth Wall launches $500m fund amid proptech market rebound. ( TechCrunch)
JP Morgan appoints Satoshi Shimada to lead Japan M&A team amid deal boom. ( Bloomberg)
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COMPANIES
INVESTORS
FINANCIAL ADVISORS
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PR ADVISORS
DEBT PROVIDERS
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AMERICAS
Vermilion Energy, an international energy producer based in Calgary, Canada, agreed to acquire Westbrick Energy, a private energy company focused on the exploration and development of oil and liquids-rich natural gas, for CAD1.075bn ($750m).
Westbrick Energy is advised by RBC Capital Markets, Scotiabank and Osler Hoskin & Harcourt. Vermilion Energy is advised by TD Securities and Dentons. Debt financing is provided by RBC Capital Markets and TD Securities.
Xerox, an American corporation that sells print and digital document products and services, agreed to acquire Lexmark, an American company that manufactures laser printers and imaging products, from Ninestar, a company that manufactures and sells printer consumables and chip design, and PAG Asia Capital, an Asia-focused alternative investment firm, for $1.5bn.
Lexmark is advised by Morgan Stanley and Dechert. Xerox is advised by Citigroup, Jefferies & Company, Ropes & Gray and Willkie Farr & Gallagher (led by Joshua Deason, Jason Pearl, John Ablan, Sean Ewen and Russell Leaf). Ninestar is advised by Strait Capital Management and King & Wood Mallesons.
MetLife Investment Management, the institutional asset management business of MetLife, agreed to acquire PineBridge Investments, a global asset manager with approximately $100bn in assets under management, for $1.2bn.
PineBridge Investments is advised by Evercore, JP Morgan and Davis Polk & Wardwell. MetLife Investment Management is advised by Bank of America and A&O Shearman.
Prosus, a global technology company, agreed to acquire Despegar, a travel agency company, for $1.7bn.
Despegar is advised by Goldman Sachs and A&O Shearman. Prosus is advised by Morgan Stanley and Davis Polk & Wardwell.
Avel eCare, a provider of clinician-to-clinician telemedicine services, completed the acquisition of Hospital Pharmacy Management, a Kansas-based provider of remote medication order review and onsite pharmacy management services to hospitals and health systems. Financial terms were not disclosed.
Avel eCare was advised by eMedia Junction.
Fiserv, a global provider of payments and financial services technology, agreed to acquire Payfare, a provider of program management solutions with a particular focus on new economy workforces, for CAD201m ($140m).
Dunes Point Capital-backed RSS, a provider of re-roofing and building exterior services, completed the acquisition of Midwest Roofing, Siding & Windows, a provider of re-roofing and building exterior services to residential, multi-family and commercial customers. Financial terms were not disclosed.
Playa holds exclusive discussions with Hyatt for potential strategic options. ( Press Release)
Playa Hotels & Resorts executed an exclusivity agreement with Hyatt Hotels which Playa has agreed to negotiate exclusively with Hyatt regarding potential strategic options, which may include the acquisition of Playa by Hyatt.
The exclusivity agreement will remain in place until the earlier of the execution of a definitive agreement for such transaction or 11:59 p.m. New York City time on February 3, 2025.
Playa is advised by PJT Partners and Hogan Lovells.
Insight Partners explores $5bn sale of Dotmatics. ( Bloomberg)
Insight Partners is considering strategic options for Dotmatics, an R&D software provider, including a potential sale that could value the company at $5bn or more.
The private equity and venture capital firm has engaged advisers to assess takeover interest in the company, which specializes in software for the life sciences sector.
Historically, Insight Partners has worked with Evercore, JP Morgan, Willkie Farr & Gallagher and Khaitan & Co, according to MergerLinks data.
Fifth Wall launches $500m fund amid proptech market rebound. ( TechCrunch)
Fifth Wall, a real estate venture firm, is raising a new $500m fund named Fifth Wall React. Led by co-founder and CEO Brendan Wallace, the firm already manages $3.2bn in capital, including an $866m fund raised in late 2022.
The new fund comes as the proptech sector faces renewed optimism following the US Federal Reserve’s decision to lower interest rates, signaling a potential rebound after challenges caused by rate hikes in 2022.
EMEA
The Mexican Federal Economic Competition Commission granted approval for BBVA to indirectly acquire Banco Sabadell's shares in various subsidiaries in Mexico. Cofece's analysis determined that the transaction poses no risk to competition in the Mexican banking sector.
Aviva, a British multinational insurance company, agreed to acquire Direct Line Insurance Group, a British insurance company, for £3.7bn ($4.65bn).
PAG, a Asia Pacific-focused alternative investment firm, completed the acquisition of NashTech, an IT services outsourcing company, from Nash Squared, a global provider of technology and talent solutions. Financial terms were not disclosed.
Nash Squared is advised by Rothschild & Co and ProServ PR (led by David Pippett).
APAC
L'Oreal, a manufacturer of cosmetics, agreed to acquire Gowoonsesang Cosmetics, a derma cosmetic brand designed to contribute to healthy beauty based on dermatology and genuine care for skin troubles, from Migros, a retail company. Financial terms were not disclosed.
Migros is advised by Alantra.
DAZN, a sports streaming and entertainment platform, agreed to acquire a majority stake in Foxtel, an Australian pay television company—operating in cable television, direct broadcast satellite television, and IPTV streaming services, from News Corp, a global diversified media and information services company, and Telstra, an Australian telecommunications company.
Hahn, a South Korean private equity house, agreed to acquire 85% stake in specialty gas manufacturing unit from SK, the strategic investment holding company of South Korea's SK Group, for $1.86bn.
JP Morgan appoints Satoshi Shimada to lead Japan M&A team amid deal boom. ( Bloomberg)
JP Morgan has hired Satoshi Shimada from Bank of America as head of its Japan mergers and acquisitions team in Tokyo, capitalizing on the country's surge in dealmaking activity.
Shimada has joined as managing director to lead the bank’s M&A business in Japan. His predecessor, Koichiro Doi, will transition to the role of vice chairman of Japan M&A, focusing on strengthening relationships with key clients.
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