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AMERICAS
L Catterton, a private equity firm that invests in all major consumer segments, completed the acquisition of Thorne HealthTech, a science-driven wellness company, for $680m.
"As consumer investors, we closely follow enduring secular trends, including the consumer's increasing prioritization of health and wellness. As we begin this partnership with Thorne, returning this leading clinical brand to the private market, we look forward to focusing our resources and strategic planning on executing on Thorne's vision of delivering clinically backed outcomes utilizing specialized health tests and personalized supplement and wellness programs to patients around the globe," Marc Magliacano, L Catterton Co-Managing Partner of the Flagship Fund.
Amphenol, an electronic connector manufacturing company, agreed to acquire PCTEL, a wireless technology solutions provider, for $140m.
“This transaction follows a nearly yearlong strategic process that has been overseen and approved by the Board of Directors. With this transaction, we are pleased to deliver cash value to our dedicated stockholders, find a well-aligned company culture for our valuable people, and position PCTEL to embark on its next phase of growth as part of an industry-leading corporation,” Jay Sinder, PCTEL Chairman.
PCTEL is advised by Lake Street, Morgan Lewis & Bockius and Alpha IR. Amphenol is advised by Evercore.
American Pacific Group, a San Francisco Bay Area-based private equity firm, agreed to acquire Spark Power, an end-to-end electrical services provider, for $140m.
“Andrew, Eric and I have enjoyed this journey and are very proud of the Company that has been built. We are appreciative of all the employees, customers, vendors, lenders, shareholders, board members and other stakeholders who have helped to build it along the way. With this in mind, at this time we believe that the Transaction is best for the Company and have agreed to support it,” Jason Sparaga, Spark Power Director and Co-Founder.
American Pacific Group is advised by Jones Day (led by Joseph Hatina) and Stikeman Elliott. Spark Power is advised by MPA and Bennett Jones.
Docter, a Taiwanese non-invasive blood glucose watch developer, agreed to go public via SPAC merger with Aimfinity Investment, a Cayman Islands incorporated special purpose acquisition company, in a $60m deal.
“Docter Inc. is committed to pushing the boundaries of what wearable devices can achieve in the realm of health and well-being. Our team is confident that, with the support of Aimfinity Investment. I, we can continue to innovate and bring our revolutionary wearable technologies to a broader audience as a publicly traded company. We are thrilled to have found such outstanding partners as we embark on this new phase of our journey,” Hsin-Ming Huang, Docter CEO.
Docter is advised by Winston & Strawn (led by Michael J. Blankenship). Aimfinity Investment is advised by US Tiger Securities and Robinson+Cole.
KKR, a global investment firm, agreed to invest in Catalio Capital Management, a venture capital firm. Financial terms were not disclosed.
“The life sciences sector represents a growing market opportunity and has been an important area of focus for our health care growth strategy, which will be further accelerated through our partnership with Catalio. We are impressed not only by Catalio’s entrepreneurial leadership team but also by its vast network of leading scientists who serve as venture partners. We look forward to supporting Catalio in taking the platform to the next level and unlocking the next generation of biomedical technology,” Ali Satvat, KKR Partner.
KKR is advised by Kirkland & Ellis and Rubenstein Associates. Catalio Capital Management is advised by Paul Weiss Rifkind Wharton & Garrison (led by Michael Vogel and Udi Grofman).
Arthur J. Gallagher, an insurance broker, to acquire Clements Worldwide, an insurance company. Financial terms were not disclosed.
"Clements enhances our international capabilities with their specialist market expertise and provides significant cross-selling opportunities. I am very pleased to welcome Jon and his associates to our growing, global team," J. Patrick Gallagher, Jr., Arthur J. Gallagher Chairman, President and CEO.
Mercer Advisors, a wealth-management firm, agreed to acquire Kingfisher Capital, a money management and investment advisory services provider. Financial terms were not disclosed.
"KC is an ideal fit for us. Alex and H.K. are high-integrity professionals with a fantastic team and we are thrilled that they are joining our mission to build the nation's leading fiduciary-based wealth management firm. Together with our already strong presence in the South/Southeast, we present a formidable juggernaut. We are thrilled they are joining the Mercer Advisors team and look forward to working together to deliver meaningful results for our shared clients," Dave Welling, Mercer Advisors CEO.
Harbor, a legal services provider, agreed to acquire legal management consulting practice from Stout, a global investment bank and advisory firm. Financial terms were not disclosed.
"Many corporate law departments we work with know Jim Mitchell, Stacie Neeter, and their team as trusted advisors. Having collaborated with the Legal Management Consulting practice at Stout over many years, we are confident in their expertise and commitment to client success. By growing our capabilities in risk and compliance management, we are helping Harbor clients meet their current challenges head-on, working with them as an end-to-end partner for professional services," Matt Sunderman, Harbor CEO.
Choice Hotels eyes $7.8bn Wyndham buy.
Choice Hotels proposed to acquire Wyndham Hotels and Resorts for about $7.8bn in a cash and stock deal that would create a US budget hotel giant, Reuters reported.
Demand for affordable hotels such as Choice and Wyndham are on the rise as persistent high inflation and recession sap consumer spending on travel. Shares of Wyndham rose about 22% before the bell.
Healthcare payments startup Waystar makes IPO filing public.
Healthcare payments startup Waystar Technologies on Monday made public its filing for a US stock market flotation and revealed a rise in quarterly sales, Reuters reported.
Waystar was eyeing an initial public offering that could value it at up to $8bn. Waystar confidentially filed for an IPO later in August, joining a wave of new listings that followed a months-long dry spell wrought by high interest rates and fears of a recession.
Executives leave BlackRock, ISS to lead governance at Longacre Square. (FS, People)
Two executives who helped make recommendations in some of America's biggest proxy contests and contested mergers left BlackRock and Institutional Shareholder Services to lead a new governance unit at Longacre Square Partners, Reuters reported.
Jessica McDougall, a former director in asset management firm BlackRock's stewardship group, and Heath Winter, a former vice president in proxy advisory firm ISS' special situations research team, will head the corporate governance and shareholder engagement practice at Longacre.
EMEA
Thermo Fisher Scientific, a supplier of analytical instruments, life sciences solutions, specialty diagnostics, laboratory, pharmaceutical and biotechnology services, agreed to acquire Olink, a company dedicated to accelerating proteomics together with the scientific community, from Summa Equity, a private equity firm, for $3.1bn.
“The acquisition of Olink underscores the profound impact that proteomics is having as our customers continue to advance life science research and precision medicine. Olink’s proven and transformative innovation is highly complementary to our leading mass spectrometry and life sciences platforms. Our company is uniquely positioned to bring this technology to customers enabling them to meaningfully accelerate discovery and scientific breakthroughs. We look forward to welcoming Olink’s colleagues to Thermo Fisher,” Marc N. Casper, Thermo Fisher Chairman, President and CEO.
Thermo Fisher is advised by Cravath Swaine & Moore and Vinge. Olink is advised by Goldman Sachs, JP Morgan, UBS and Baker McKenzie. Summa Equity is advised by Ropes & Gray (led by Suni Sreepada).
Wendel, an investment firm, agreed to acquire a 51% stake in IK Partners, a private equity firm, for €383m ($404m).
"We are very proud to embark on this new entrepreneurial stage in Wendel's development with a high-quality company like IK, sharing the same values and investment philosophy. Wendel and IK are strongly committed to creating value in their portfolio companies, with a strong focus on establishing solid governance and supporting their operational and external growth. We look forward to working with the IK teams to ensure the success of this value-creating partnership. I am convinced that, in the years to come, we will find new opportunities for external growth and direct investments that will create value for Wendel's shareholders." Laurent Mignon, Wendel Group CEO.
Frasers Group, a retail company that serves consumers with sports, premium, and luxury brands, agreed to acquire SportScheck, a sports retail chain, from Signa Retail Department Store, a chain of department stores and sports equipment retail stores. Financial terms were not disclosed.
"Acquiring the leading sporting goods retailer in Germany is a big step in our journey to becoming the number one sports retailer in EMEA - and we are delighted to do this with the full support of major global brand partners, Adidas and Nike. Growing and expanding our Sports business is a key focus area in becoming an international retail business. The German market represents a huge opportunity for us, and we look forward to bringing our experience, resources and relationships to strengthen the SportScheck business," Michael Murray, Frasers Group CEO.
Lenta, a Russian-language online newspaper, completed the acquisition of Monetka, a supermarket chain, for $617m.
"An ambitious but achievable task now stands before us - integrating the assets of two of the leading grocery chains in the country," Vladimir Sorokin, Lenta CEO.
Multiply Group considers buying stake in Biotrend. (FS)
Multiply Group, the Abu Dhabi holding company with investments ranging from Getty Images to Rihanna's lingerie firm, is in talks to buy a stake in Turkish waste management firm Biotrend, Bloomberg reported.
Discussions between Multiply and Biotrend Cevre ve Enerji Yatirimlari are at an advanced stage, although details of the potential deal such as its size and value are still being finalized.
Top Abcam investor HBK voices support for $5.7bn sale. (FS)
The US hedge fund has amassed a 7.5% stake in Abcam, according to a regulatory filing. That surpasses the roughly 6.2% holding owned by company founder Jonathan Milner, who’s been trying to persuade investors to reject the Danaher bid.
Tesco kickstarts potential sale of banking arm.
British multinational groceries and general merchandise retailer Tesco has started the process for a potential sale of its banking arm, Bloomberg reported.
The grocer has appointed Goldman Sachs as its adviser and begun to reach out to potential buyers. The undertaking is at an early stage.
Germany’s plan to purchase power grid from Dutch faces delays.
Germany’s plan to buy its largest power grid from Dutch state-owned operator Tennet Holding is facing delays amid emerging political roadblocks, Bloomberg reported.
While both parties initially aimed to reach a deal in principle this month, hammering out the final details for a transaction has proved difficult on both sides.
CVC Capital plans mega PE IPO soon. (FS)
CVC Capital is preparing to kick off its initial public offering, undaunted by the recent equity market jitters, Bloomberg reported.
The European private equity firm is discussing plans to unveil its intention to float in Amsterdam as soon as the coming days. It hasn't yet set an exact timeline and the announcement could spill into next week.
APAC
Alibaba, an online retailer, and Tencent, a multinational technology and entertainment conglomerate, led a $300m round in Baichuan, a Chinese AI startup, with participation from Xiaomi, a designer and manufacturer of consumer electronics.
Baichuan is one of the more prominent startups developing generative AI in China, hoping to compete with the likes of Microsoft and OpenAI. The country’s tech firms are pouring billions into training and developing AI services, mirroring a wave of activity now convulsing Silicon Valley.
Coal India and partners to invest $372m in fertiliser joint venture.
State-run firms, Coal India, GAIL India, and Rashtriya Chemicals & Fertilizers, will invest $372m in their fertiliser joint venture in Odisha, Reuters reported.
GAIL and RCF will put in $208m, while Coal India will invest $164m in Talcher Fertilizers to maintain their current stakeholding, adjusted for an increase in project costs.
Korean Air to offer to sell Asiana's cargo business, routes to satisfy EU regulators.
South Korea's biggest carrier, Korean Air Lines, will offer to sell Asiana Airlines' air cargo business and divest routes to four EU cities in a bid to gain EU antitrust approval for acquiring its rival, Reuters reported.
KKR-backed Avendus to tap tech investment banking deals in Southeast Asia. (FS)
Indian financial services firm Avendus will start offering investment banking services from Singapore to cash in on an expected technology sector dealmaking boom in the Southeast Asia region, Reuters reported.
Majority owned by US private equity giant KKR, Avendus is best known in India for advising large startups such as SoftBank-backed food delivery firm Swiggy and eyewear retailer Lenskart on their fundraising. The operations from Singapore will focus on advising technology sector funding rounds of $40-50m in Southeast Asia.
Bolttech weighs $300m US IPO.
Bolttech, a Singapore-based insurance technology firm, is considering a US initial public offering that could raise as much as $300m, Bloomberg reported.
The company, backed by Hong Kong billionaire Richard Li, has asked banks for proposals for the potential share sale, which may take place as soon as next year. Bolttech could raise $250m to $300m from the offering, based on the company's valuation of $1.6bn from its last funding round.
Cherami considers Hong Kong IPO in 2024. (FS)
Chinese private equity firm Cherami is considering an initial public offering in Hong Kong as soon as next year, potentially joining peers such as Tian Tu Capital in going public in the city, Bloomberg reported.
The Guangzhou-based firm is working with an adviser on preparations of the share sale. Its IPO size could be smaller than Tian Tu, which raised about $141m in its listing earlier this month.
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