Inchcape, a retailer of premium automotive products and services, completed the acquisition of Derco, an independent automotive distributor in Latin America, for £1.3bn ($1.6bn).
"The combination with Derco is a transformative and unique opportunity to accelerate our global distribution business. We believe it will deliver substantial shareholder value and is another great example of our Accelerate strategy in action. Derco will dramatically increase our scale in the fast growth Americas region, bolstering our presence in several existing markets, and will secure Bolivia as a new Inchcape distribution market. Derco also brings a fantastic set of highly complementary OEM relationships, including deepening our decades-long relationship," Duncan Tait, Inchcape CEO.
Viatris, a global healthcare company, completed the acquisition of Oyster Point Pharma, an American biopharmaceutical firm, and Famy Life Sciences, a drug development platform, for $750m.
"We've been talking about the potential power of our Global Healthcare Gateway since we launched Viatris, that is why I am especially excited that the two ophthalmology acquisitions we announced today came about directly as the result of the Global Healthcare Gateway. These acquisitions bring us an innovative growth asset, Tyrvaya®, and five additional Phase III or Phase III-ready programs that give us a significant head-start in creating a leading ophthalmology franchise," Michael Goettler, Viatris CEO.
The First Bancshares, the holding company of The First Bank, completed the acquisition of Heritage Southeast Bank, an independent community bank, for $207m.
"Heritage Southeast Bank is a true community bank with an experienced, well-respected team of local bankers invested in the communities they serve. Culturally we are aligned and focused on growing our company by providing excellent service and building long-term relationships with our clients. We are thrilled to be partnering with the team at Heritage Southeast Bank as we continue to create value for our stakeholders," M. Ray Cole, The First Bancshares President and CEO.
Heritage Southeast Bank was advised by Piper Sandler and Nelson Mullins Riley & Scarborough. The First Bancshares was advised by D.A. Davidson & Co, Keefe Bruyette & Woods, Stifel (led by Chris Mihok) and Alston & Bird (led by Mark Kanaly and Clifford Stanford). Financial advisors were advised by FisherBroyles (led by H.H. Sean Wee).
First Bancorp, a bank holding company, completed the merger with GrandSouth Bancorporation, a bank holding company, in a $181m deal.
"We are very excited about this partnership and the unique opportunity it presents, we have long admired First Bancorp, and our combined company will be positioned to capitalize on an enhanced presence in exceptional markets, talent, and financial strength," J.B. Schwiers, GrandSouth President.
GrandSouth Bancorporation was advised by Piper Sandler and Nelson Mullins Riley & Scarborough (led by Ben Barnhill). First Bancorp was advised by Keefe Bruyette & Woods, Brooks Pierce McLendon Humphrey & Leonard (led by Robert A Singer) and FisherBroyles (led by H.H. Sean Wee).
Cactus, a company designs, manufactures, sells and rents a range of highly engineered wellhead and pressure control equipment, agreed to acquire FlexSteel, a company designs, manufactures, sells and installs highly engineered spoolable pipe technologies, for $621m.
“This acquisition enhances Cactus’ position as a premier manufacturer of specialized technologies delivered directly to our industry’s end-users. FlexSteel’s products combine the durability and reliability of steel with the speed and efficiency of spoolables," Scott Bender, Cactus President and CEO.
Cactus is advised by JP Morgan and Bracewell. FlexSteel is advised by Morgan Stanley and Vinson & Elkins.
Victoria's Secret & Co, a Fortune 500 specialty retailer of modern, fashion-inspired collections including signature bras, panties, lingerie, casual sleepwear, athleisure, and swim, as well as award-winning prestige fragrances and body care, completed the acquisition of Adore Me, a digitally-native intimates brand, for $400m.
"I'm absolutely delighted to be announcing this transaction, welcoming Adore Me into the VS&Co family. Adore Me is a technology-led, digital-first innovator in the intimates category that will help us bring differentiated experiences to Victoria's Secret and PINK customers. This acquisition will be a significant accelerant as we pivot toward growth and modernize the foundation of our company with an entrepreneurial mindset that puts technology at the forefront of everything we do. In partnering with the incredible team at Adore Me, we will move to the future much faster," Martin Waters, Victoria's Secret & Co CEO.
Farmers National Banc, a diversified financial services company, completed the merger with Emclaire Financial, a publicly traded Pennsylvania corporation, and bank holding company, in a $105m deal.
"As we continue to demonstrate Farmers successful track record for executing on M&A, I am pleased to announce our largest acquisition to date. This latest transaction will mark a significant extension into the Pennsylvania markets, which has been a long-time strategy for Farmers. The contiguous expansion will also serve as Farmers' entrance into the attractive Pittsburgh market and allow us to deliver our robust wealth management and mortgage services to the Emlenton footprint. This latest acquisition will continue to integrate Farmers' culture into new communities and drive value for our stakeholders," Kevin J. Helmick, Farmers President and CEO.
Emclaire Financial was advised by Raymond James (led by Rob Toma) and Silver Freedman Taff & Tiernan. Farmers National Banc was advised by Janney Montgomery Scott and Vorys Sater Seymour & Pease.
First Brands, a manufacturer, and distributor of windshield wiper products, agreed to acquire Horizon Global, a firm that designs, manufactures and distributes towing, trailering, cargo management, and related products. Horizon Global's common stock is to receive a cash consideration of $1.75 per share, representing a 31% premium.
"The transaction represents the culmination of a thorough review of strategic alternatives announced in August and represents what we believe is the best outcome for our customers, suppliers, shareholders, and employees. After consideration of a number of different alternatives, the Board believes this transaction is the best path forward for shareholders to address Horizon Global's capital needs while supporting the long-term growth and sustainability of Horizon Global's business. Our management team and employees of Horizon Global are committed to delivering innovative, high-quality towing and trailering products, and this transaction provides the resources needed to deliver on that commitment," John C. Kennedy, Horizon Global's Interim CEO and Board Chair.
Horizon Global is advised by Jefferies & Company, Lincoln International and Jones Day. First Brands is advised by Paul Hastings.
BankFirst Capital, a registered bank holding company, completed the acquisition of Mechanics Bank, a full-service community banking financial institution. Financial terms were not disclosed.
"We are excited about the proposed acquisition of Mechanics Bank and expanding our footprint in the Water Valley and Oxford markets. Being a strong, local community bank for the communities we serve is extremely important to us, and the combined company will collectively have over 264 years of community banking experience in the State of Mississippi. This merger will allow us to build upon and further strengthen our shared beliefs, community focus, and commitment to service excellence and relationship banking. We look forward to meeting and working with all of Mechanics' employees and customers," Moak Griffin, BankFirst President and CEO.
Mechanics Bank was advised by Olsen Palmer and Jones Walker. BankFirst Capital was advised by Southard Financial and Hunton Andrews Kurth (led by Beth Whitaker).
Ingersoll Rand, a provider of a broad range of mission-critical air, fluid, energy, specialty vehicle, and medical technologies, completed the acquisition of the air treatment business of SPX FLOW, a firm offering engineering solutions in two segments, for $525m.
"We are excited to welcome the SPX FLOW Air Treatment team into the Ingersoll Rand family. Our customers lean on us to deliver innovative technologies that drive reliability, efficiency, performance, and excellence. Compressed air dryer and filtration equipment helps increase the production and process reliability of the compressor and continues our strategy of expanding our product offerings in the broader compressor ecosystem. The business is highly complementary, and we expect it to be driven by the same sustainability trends that we see as a tailwind for our compressor business," Vicente Reynal, Ingersoll Rand Chairman and CEO.
Ingersoll Rand was advised by Simpson Thacher & Bartlett (led by Eric Swedenburg). SPX FLOW was advised by Citigroup and Credit Suisse.
Targa Resources, a provider of midstream services, agreed to acquire a 25% stake in Grand Prix NGL Pipeline from Blackstone Energy Partners, an energy-focused private equity firm, for $1.05bn.
"The performance of our Grand Prix NGL Pipeline has exceeded expectations since it began full operations in the third quarter of 2019, integrating our leading NGL supply aggregation position in the Permian Basin to key demand markets in Mont Belvieu and along the US Gulf Coast. Our business has strong momentum for 2023, and this acquisition further simplifies Targa while also increasing our fee-based margin and providing additional cash flow stability," Matt Meloy, Targa CEO.
Targa Resources is advised by Truist Securities and Vinson & Elkins.
Stellex Capital, an investment services provider, completed the acquisition of three firms deploying sophisticated data-driven solutions to provide mission-critical risk, fraud mitigation and regulatory compliance services ,G2, LCI and Fintellix from TransUnion, an American consumer credit reporting agency, for $176m.
“We are confident that Stellex’s industry knowledge, operating capabilities, network of senior executives, strategic insight and access to capital make it an ideal home for these businesses, and we look forward to a smooth transition," Chris Cartwright, TransUnion President and CEO.
TransUnion was advised by PJT Partners and AZB & Partners (led by Divya Mundra).
Chevron, an American multinational energy corporation, completed the acquisition of Beyond6, a gas stations network operator, from Mercuria Energy, a Cypriot-domiciled multinational commodity trading company.
"B6 represents a best-in-class operator in the build-out of a renewable natural gas network, and Mercuria has been excited to help the company grow from a stand-alone business to one that can help drive growth under Chevron. The partnership with Chevron has been a great success, and we look forward to helping them supply renewable fueling solutions to their customers," Brian A. Falik, Mercuria CIO.
Mercuria Energy was advised by Latham & Watkins (led by James Garrett).
Afya, an operator of a medical education group in Brazil, completed the acquisition of Sociedade Educacional e Cultural Sergipe DelRey, an operator of educational facilities, for $156m.
"We are very excited and honored to announce the acquisition of premium selected assets from UNIT, which will reinforce our presence in the Northeast region of Brazil and mark our entrance into the state of Alagoas through one of the most respected and best academic quality institutions. This acquisition is a milestone for Afya, representing the largest acquisition in our history. Considering the 340 medical seats from UNIT, we have reached 3k seats and reinforced our leadership position in medical education," Virgilio Gibbon, Afya CEO.
Olympic Steel, a national metals service center, completed the acquisition of Metal-Fab, a company manufactures complete and comprehensive venting solutions for residential, commercial and industrial applications, for $131m.
“We are thrilled to welcome the Metal-Fab team to Olympic Steel, as we continue to deliver on our strategy to diversify and grow in higher-return products and services that are expected to reduce earnings volatility and increase sales and profit returns. Metal-Fab’s consistent earnings model has proven recession-resistant and is a perfect strategic fit for Olympic Steel. Metal-Fab’s manufacturing expertise and catalog of products are an excellent complement to our growing portfolio of metal-intensive end-use products. We are excited to broaden our product offerings, manufacturing capabilities and geographic reach with this acquisition,” Richard T. Marabito, Olympic Steel CEO.
Ansys, an innovator of engineering simulation software, completed the acquisition of Rocky, an engineering simulation and scientific software, from ESSS, a software company. Financial terms were not disclosed.
"Rocky's unique approach to discrete particle modeling empowers our customers to solve a wide variety of problems across virtually all industries. Fully integrating Rocky into Ansys' portfolio and welcoming its distinguished experts to our team builds upon our demonstrated success and enables Ansys to provide an even more efficient and powerful solution for our customers. We are delighted to welcome Rocky into the Ansys family," Shane Emswiler, Ansys Senior Vice President of Products.
Beacon, a distributor of building products, including roofing materials and complementary products, such as siding and waterproofing, completed the acquisition of Whitney Building Products, a distributor of commercial and multifamily waterproofing and restoration products. Financial terms were not disclosed.
“We are thrilled to announce that Whitney is joining Beacon. We believe this next chapter of our history will enable us to continue serving our loyal customers and bring them the benefits of Beacon’s scale, especially given their recent acquisition of Coastal. The trusted relationships we have built will endure and grow as our capabilities expand as part of the Beacon team," Brendan Byrne, Whitney President.
Arthur J. Gallagher, a global insurance brokerage, risk management and consulting services firm, completed the acquisition of CBS Insurance, a retail insurance agency providing property/casualty and health/benefits coverages to clients throughout Texas and the surrounding region. Financial terms were not disclosed.
"CBS Insurance is a well-regarded insurance agency with a strong growth record that expands our retail insurance and consulting capabilities in Texas. I am very pleased to welcome Peter, Steve and their team to Gallagher," J. Patrick Gallagher, Arthur J. Gallagher Chairman, President and CEO.
Valmet, a company that supplies technologies, automation solutions, and other services, completed the acquisition of the process solutions business of NovaTech Automation, a provider of automation and engineering solutions. Financial terms were not disclosed.
"NovaTech Automation's process solutions offering complements Valmet's existing automation offering and industry reach. It brings synergy and opens the opportunity to serve both companies' current and future process automation customers with a wider offering. Together, we continue to strive to fulfill our vision of becoming the global champion in serving our customers. We look forward to welcoming the new colleagues from NovaTech Automation to Valmet," Toni Saarnio, Valmet Vice President.
RateGain, a global provider of SaaS solutions for travel and hospitality, agreed to acquire Adara, a provider of predictive consumer intelligence solutions. Financial terms were not disclosed.
"We are delighted to welcome the Adara team to the RateGain family. Adara's key differentiator is its access to permissioned travel-intent data from the world's top travel and hospitality players as well as destination marketing organizations and relying less on traditional methods of tracking consumer intent. Their focus on innovation and delivering customer excellence has me convinced that together we will help the industry with reliable end-to-end intent and real-time pricing insights making it simpler for them to identify guests, acquire and retain them," Bhanu Chopra, RateGain Chairman and Founder.
Unibail-Rodamco-Westfield sells Westfield Trumbull and South Shore Shopping Centres for $196m. (RE)
Unibail-Rodamco-Westfield announced that as of December 30th, 2022, it has completed the sale of Westfield Trumbull located in Trumbull, Connecticut and Westfield South Shore located in Bay Shore, New York to a commercial real estate investment firm.
With this transaction, URW has made $1.3bn in total proceeds to date from the planned radical reduction of its financial exposure to the US, including the previously announced sales of The Village, Westfield Santa Anita, the Promenade development parcel, and the Palisade residential building, as well as the ownership transfer of five other regional properties.
Brenntag rises after ending takeover talks with Univar.
Brenntag shares rose as much as 5.8% after the company said it’s no longer proceeding with discussions to potentially acquire US rival Univar Solutions, a chemical and ingredients distributor and provider of value-added services.
Brenntag, a chemical distribution company, acknowledged that it was in preliminary discussions for the acquisition to cement its place as the world’s biggest chemical distributor with more than $30bn in sales.
World Bank seeks more funds to address climate change.
The World Bank is seeking to vastly expand its lending capacity to address climate change and other global crises and will negotiate with shareholders ahead of April meetings on proposals that include a capital increase and new lending tools, according to an “evolution roadmap”.
The roadmap document – sent to shareholder governments – marks the start of a negotiation process to alter the bank’s mission and financial resources and shift it away from a country- and project-specific lending model used since its creation at the end of World War Two.
The World Bank management aims to have specific proposals to change its mission, operating model and financial capacity ready for approval by the joint World Bank and International Monetary Fund Development Committee in October.
Seaside Equity closes second fund on $325m. (FS)
California-based Seaside Equity Partners has closed its second lower middle market fund on $325m the fund beat its target by $100m.
Seaside held an initial $218m closing for the fund earlier this year. Seaside is currently investing out of a $160m investment vehicle that closed in February 2021, which focuses on partnering with founder, family, and entrepreneur-owned businesses.
AmerisourceBergen, a provider of drug distribution and consulting services provider, completed the acquisition of PharmaLex, a provider of specialized services for the pharma, biotech, and medtech industries, from AUCTUS Capital Partners, a private equity firm, for €1.28bn ($1.29bn).
"The strategic acquisition of PharmaLex will expand our global platform of biopharma services, further advancing the strategy we detailed at our recent Investor Day. AmerisourceBergen is committed to building on our leadership in specialty services through a continued focus on innovation and partnerships, and by acquiring PharmaLex, we will be able to further enhance our value proposition to pharmaceutical manufacturers, from emerging biotechs to global biopharmaceutical leaders. We look forward to welcoming the PharmaLex team to create healthier futures with AmerisourceBergen," Steven H. Collis, AmerisourceBergen Chairman, President & CEO.
Thermo Fisher Scientific, a supplier of scientific instrumentation, completed the acquisition of The Binding Site, a specialty diagnostics provider, from Nordic Capital, a private equity investor, for $2.8bn.
"This transaction perfectly aligns with our Mission and is an exciting addition to our existing specialty diagnostic offerings. With extensive expertise and a large and dedicated installed base in cancer diagnostics, The Binding Site will further enhance our specialty diagnostics portfolio. The Binding Site is extremely well-respected by researchers and clinicians alike for its pioneering diagnosis and monitoring solutions for multiple myeloma. We also know early diagnosis and well-informed treatment decisions for multiple myeloma can make a significant difference in patient outcomes. We are excited by the opportunity to enable further innovation in this area for the benefit of patients and look forward to welcoming The Binding Site team to Thermo Fisher," Marc N. Casper, Thermo Fisher Chairman, President and CEO.
Greencoat Renewables, an Irish investment company, agreed to acquire a 22.5% stake in Butendiek offshore wind farm in Germany from Marguerite Pantheon, an infrastructure core fund. Financial terms were not disclosed.
"We are pleased to make this acquisition which consolidates Greencoat Renewables' market position in the German offshore wind sector. This acquisition will also contribute to the diversification of Greencoat Renewables' European portfolio whilst bringing further strong contracted cash flows," Bertrand Gautier, Greencoat Renewables Investment Manager.
Foxconn Interconnect Technology, a firm involved in the development, manufacturing, and marketing of electronic and optoelectronic connectors, antennas, and acoustic components, agreed to acquire PRETTL SWH, a firm specialized in the design and production of solutions for the automotive, e-mobility, two-wheeler, and micro-mobility industries, for $200m.
The transaction will create synergy by combining PRETTL SWH group's high-quality module and component products with FIT's current system. Taken together, FIT and PRETTL SWH groups will work together to offer comprehensive EV solutions. Also, PRETTL SWH group's global manufacturing, sales, and R&D network will enable FIT to expand its vital EV component strength horizontally.
Super Group, a company for global online sports betting and gaming businesses, completed the acquisition of Digital Gaming Corporation, an online sports betting and iGaming company. Financial terms were not disclosed.
“We are excited to officially welcome DGC into Super Group. We look forward to working more closely with the team as we apply our proven toolkit to the US. With a healthy balance sheet and a consistent track record of driving profitable growth, Super Group is well positioned to enter the US market, enhancing our global footprint,” Neal Menashe, Super Group CEO.
Cineworld shares slide as it locks focus on group sale.
Cineworld will focus on a sale of the group as a whole rather than individual assets, said the British cinema operator, sending the troubled company’s shares sharply lower.
The world’s second-largest cinema group filed for US bankruptcy protection in September to try to restructure its debt and strengthen its balance sheet as the industry navigates a bumpy road to recovery after Covid-related restrictions and shutdowns battered the sector.
Russia freezes Linde assets worth $488m.
A Russian court has ordered nearly $500m of assets belonging to German industrial gases company Linde to be frozen at the request of a Russian joint venture building a gas complex at the Baltic Sea port of Ust-Luga.
RusKhimAlyans, the joint venture which is 50% owned by Russia’s Gazprom, asked the Court of Arbitration of St Petersburg and the Leningrad Region to freeze Linde assets worth $488m as a preventative measure.
Legal & General Capital commits £5bn to alt asset investments in 2022. (FS)
Legal & General Capital committed around £5bn in alternative asset investments in 2022, aimed at driving regional economic growth, tackling the housing crisis, and supporting the climate transition, whilst expanding its footprint into the US for the first time.
Despite globally economic uncertainty, Legal & General Capital has significantly increased its alternative asset commitments in 2022, backing the delivery of over 17k new homes, 2.7m sq ft of commercial real estate across the UK and US, and investing in multiple innovative clean energy businesses to support the transition to a low carbon economy.
Tender sale of Evergrande's Hong Kong headquarters fails again.
A tender for the sale of embattled China Evergrande Group's headquarters in Hong Kong has lapsed again, because the offer prices and terms fell short of requirements, Reuters reported.
Lenders to the office tower, China Evergrande Centre, valued at between $1bn and $1.2bn, appointed a receiver in September to seize the asset and tender it for sale with a bid deadline of October 31. Evergrande, saddled with liabilities of more than $300bn, is at the centre of China's unprecedented property sector crisis, and had been trying to sell the 27-storey tower to raise cash before it was seized.
Adani lifts payout for NDTV open offer to match payment to founders.
Adani Enterprises said it will raise the amount it pays New Delhi Television stockholders who tendered their shares in the conglomerate’s open offer to match what it paid the news broadcaster’s founders for their stake.
Adani Enterprises said it will pay an additional $0.6 per NDTV share to investors who sold their shares in an open offer between November 22 and December 5, taking the payout to $4.1 per share and matching what it paid NDTV founders Radhika and Prannoy Roy.
iQIYI raises $500m from private placement to PAG. (FS)
¡QIYI, a Chinese video streaming platform, announced the closing of a private placement of $500m to Asia-focused alternative investment firm PAG.
PAG, which has over $50bn in assets under management, completed the $500m transaction in iQIYT's secured convertible senior notes through affiliate PAGAC IV-1.
Indonesia rail company gets $200m capital top up for China-backed project.
Indonesia’s state-owned railway firm PT KAI said it has received a $205m capital injection from the government to help a consortium of Indonesian and Chinese state companies complete a high-speed rail project.
The capital top up will partially finance rising costs to build a 142-km high-speed rail line linking the capital Jakarta with the textile hub of Bandung, West Java.
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