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AMERICAS
Revolution Medicines, a clinical-stage precision oncology company, completed the acquisition of EQRx, a biopharmaceutical company committed to developing and commercializing innovative medicines, for $1.1bn.
"Revolution Medicines has reached an important milestone with the completion of this transaction that brings a significant additional quantum of capital to support our rapidly advancing clinical programs. We are also delighted to welcome Dr. Sandra Horning, a seasoned oncologist and late-stage clinical development leader, to the Revolution Medicines board of directors. We remain deeply committed to advancing our rich pipeline of promising oncology assets to address unmet patient needs, and I am extremely grateful to the employees and shareholders of Revolution Medicines and EQRx who have supported us to a successful transaction," Mark A. Goldsmith, Revolution Medicines CEO and Chairman.
Thoma Bravo completed the acquisition of NextGen Healthcare for $1.8bn. (FS)
Thoma Bravo, a software investment firm,completed the acquisition of NextGen Healthcare, a provider of innovative, cloud-based healthcare technology solutions, for $1.8bn.
“Under the terms of the agreement, NextGen Healthcare shareholders will receive significant immediate cash value for their shares. In addition, with Thoma Bravo as a partner, the Company will benefit from increased capital, expertise and strategic flexibility to accelerate the Company’s leadership in providing healthcare technology solutions. Thoma Bravo has a 20+ year record of investing in premier companies in the software and technology sectors. We look forward to joining forces to deliver on our mission of Better Healthcare Outcomes for All," David Sides, NextGen Healthcare President and CEO.
Goldman Sachs Asset Management, an investment management firm, agreed to acquire DOXA Insurance, an insurance underwriting and distribution company. Financial terms were not disclosed.
"The investment from Goldman Sachs is a testament to the strong business and brand DOXA has created since inception. We are excited to work with Anthony and his team to accelerate DOXA's strategic expansion and drive DOXA in its next chapter of evolution," Matt Sackett, DOXA Insurance Holdings CEO and Founder.
Phoenix Tower International, a site provider to wireless operators, agreed to acquire 1.3k mobile tower sites from Liberty Latin America, a communications company, for $355m.
"We are pleased to work with a high-quality partner with extensive operating experience in our region in PTI and reach an agreement that crystallizes the value of our mobile tower infrastructure assets. In addition, the long-term lease agreements and ongoing coverage extension will enable us to continue delivering leading mobile services to our customers and support network expansion including future 5G deployment plans across the Caribbean and Latin America, while lowering capital costs associated with these assets. This deal is a great example of our disciplined approach to delivering shareholder value through free cash flow accretive transactions," Balan Nair, Liberty Latin America President and CEO.
Phoenix Tower is advised by Mizuho Securities and Choate Hall & Stewart. Liberty Latin America is advised by PJT Partners and Baker Botts.
Macquarie Group, a financial services company, agreed to acquire Camin Cargo, a global provider of independent testing, inspection and certification services to the energy industry, from Metalmark Capital Partners, a middle-market private equity firm. Financial terms were not disclosed.
"Camin Cargo plays a critical role in the downstream energy value chain, providing independent testing and inspection services that allow market participants to trade energy products with confidence and certainty. Camin Cargo has been steadily growing market share in the Americas and Europe due to its outstanding reputation for accuracy, consistency and customer service," James Fincher, Macquarie Capital Principal Finance Managing Director.
Macquarie Capital is advised by Kirkland & Ellis and Strata Partners. Camin Cargo is advised by Jefferies.
Unicorr, a converter of custom corrugated products and protective packaging, completed the acquisition of TriState Container, a corrugated packaging services provider. Financial terms were not disclosed.
"This acquisition strategically marks the next phase of growth for both Unicorr and TriState, and combining capabilities, services, and expertise across all locations will offer significant benefit to our customers. The geographic expansion and strong cultural fit along with the potential for cross-selling opportunities makes the combined company well-positioned for growth," Hap Perkins, Unicorr CEO.
TriState was advised by P&M Corporate Finance and Bodman. Unicorr was advised by Wiggin and Dana.
Sibanye-Stillwater, a a multinational mining and metals processing group, agreed to acquire Reldan Group, a metals recycler, for $212m.
“This strategic move not only aligns with our sustainability goals but also solidifies our position as a leader in the recycling of green metals. Reldan’s established presence and technological prowess offer us a significant advantage in our pursuit of a greener future,” Neal Froneman, Sibanye-Stillwater CEO.
Volvo, a manufacturer of luxury vehicles, agreed to acquire the battery business from Proterra, an electric vehicle and powertrain manufacturer, for $210m.
The assets to be acquired include a development center for battery modules and packs in California and an assembly factory in South Carolina. With this acquisition, Volvo Group will complement the current, and accelerate its future, battery-electric road map.
Volvo is advised by PJT Partners.
Irongate, a real estate fund manager, agreed to acquire Waikiki from Trump Hotels, a brand of five-star luxury hotels and resorts. Financial terms were not disclosed.
"We would like to thank the Trump Organization, Trump Hotels Group, and especially the team at Trump Waikiki for their commitment to excellence in the operation of the property. With the support of the Trump team, we have achieved great things in 14 years of operation, commencing with our initial real estate sales offering in 2006, and continuing with Trump Hotels' stewardship of the hotel program since 2009. We are proud of what we have accomplished together, and we are looking forward to the next chapter," Jason Grosfeld, Irongate Chairman and CEO.
Irongate is advised by C&R Communications.
UPSTACK, a platform for digital infrastructure, completed the acquisition of Progressive Communications Management, a technology services advisory firm. Financial terms were not disclosed.
"Bob Matthews and David Weisenberg built PCM into one of the most successful tech services advisory firms based on one simple principle—do the right thing for the customer. Their customer-first mindset is a perfect match with UPSTACK. I’m happy to welcome them to our team," Christopher Trapp, UPSTACK Founder and CEO.
TekniPlex Healthcare, a manufacturer of packaging materials intended for medical, pharmaceutical, personal care, household and other markets, agreed to acquire Seisa Medical, a medical device manufacturer. Financial terms were not disclosed.
"This is a transformative acquisition for TekniPlex Healthcare, moving us squarely into the CDMO (contract, development, and manufacturing organization) segment of MedTech for medical technologies. The ability for us to engage with our global customers on new medical technologies by developing engineered materials, co-designing components and assemblies, utilizing advanced process technologies and providing sterile barrier products allows us to truly partner with them from concept all the way to the point of care to help improve patient outcomes," Chris Qualters, TekniPlex CEO.
Members of connectFirst and Servus have approved the proposed merger of their two credit unions. At connectFirst Credit Union’s Special General Meeting, held on November 9, 2023, members voted 85% in favour of the merger. This follows Servus Credit Union’s Special General Meeting, held on September 19, 2023, where more than 84% of members who cast votes approved the merger.
“This positive member vote reflects a shared vision that prioritizes cooperative values, financial strength and long-term growth. By bringing together the best of both connectFirst and Servus, we’re excited for all we can achieve for our members, employees and communities,” Don Coulter, connectFirst CEO.
Sydell Group weighs sale of boutique NoMad Hotels brand.
Creator and manager of unique hotels Sydell Group is exploring a sale of its NoMad Hotels brand, Bloomberg reported.
The closely held company is gauging interest for the boutique asset from potential buyers including Hilton Worldwide and other major operators.
TotalEnergies nears deal to buy Texas Gas power plants.
TotalEnergies is nearing a deal to buy a fleet of natural gas-fired power plants in Texas as it looks to expand in the US market.
The 2.3-gigawatt portfolio is owned by independent power producer TexGen Power and provides capacity equivalent to more than two nuclear reactors. That's enough to serve nearly half a million homes on the hottest days in the US state, based on figures from the Texas grid operator, Bloomberg reported.
Mexico industrial property trust to IPO as soon as late November.
The deal is set to become Mexico's biggest initial public offering since 2018 is likely to price sometime after the US Thanksgiving holiday as the firm struggles to drum up enough investor interest at the valuation it was seeking, Bloomberg reported.
Latin America's largest real estate investment trust's planned IPO of Fibra Next, which will be formed with properties from Fibra Uno Administracion and another company controlled by the REIT's founders, had been looking to raise as much as $1.5bn in a primary offering initially planned for this week.
EMEA
Boldyn Networks, a shared network infrastructure provider, agreed to acquire the private networks business unit from Cellnex, a wireless telecommunications infrastructure and services company. Financial terms were not disclosed.
"Boldyn Networks is leading the way in bringing private networks to our customers so that they can meet all their operational and connectivity challenges. EDZCOM's team capabilities, impeccable reputation and recognised expertise are an important addition to our team to capture the potential of this market across continents. From venues and wind farms to ports and manufacturing sites, we are building upon being the partner of choice for 5G private and converged network infrastructure projects," Igor Leprince, Boldyn Networks CEO.
Boldyn Networks is advised by DLA Piper. Cellnex is advised by PricewaterhouseCoopers and Bird & Bird.
Pharmathen, a complex drug delivery and formulation developer, completed the acquisition of CBL Patras, a vertically integrated peptides developer and US-FDA approved manufacturer. Financial terms were not disclosed.
"We remain committed to our vision to improve people's lives through innovation and access to affordable medicines. This acquisition is expected to unlock substantial commercial and R&D pipeline synergies for both companies and expand the products and services that we offer to our customers. By continuously fostering the growth of our teams, we will create one of the most successful centers of innovation in our sector, supporting the further access to a market that is expected to grow exponentially in the years ahead. This milestone underpins Partners Group's strong commitment to invest into and continuously advance Pharmathen's sustainable growth since acquiring Pharmathen in January 2022," Dimitris Kadis, Pharmathen CEO.
Pharmathen was advised by Ropes & Gray (led by John Newton).
Vitruvian Partners and Verdane-backed EasyPark Group, a global parking tech company, offered to acquire Searchlight Capital-backed Flowbird Group, a global mobility player providing integrated parking and transportation solutions. Financial terms were not disclosed.
"The next chapter of EasyPark Group's growth journey means doubling down on helping cities become more livable. Through a well-suited mix of mobility and transportation services, EasyPark Group will improve urban traffic flow, space utilization and accessibility globally. We will empower our partners to reinvest in the city's public transportation, urban greenspaces, and safety," Cameron Clayton, EasyPark CEO.
Permira and Blackstone in advanced talks for eBay-backed Adevinta. (FS)
Adevinta's private equity suitors are progressing in negotiations on a takeover of the European online classifieds company, which is set to be one of the year's biggest buyouts.
The consortium led by Permira and Blackstone is in advanced talks on terms of a potential deal and hopes to reach an agreement as soon as next week. A deal could give Adevinta an equity value of more than $12bn.
Adevinta's biggest shareholders, eBay and Norwegian media group Schibsted, have expressed support for a transaction. The buyout consortium also includes the Abu Dhabi Investment Authority. The investor group is set to finance the takeover with private credit due to the weak state of the region's leveraged loan market, setting up Europe's largest-ever direct-lending deal, Bloomberg reported.
Hungary teams up with Vinci on plan to purchase Budapest Airport.
Hungary is working with French infrastructure giant Vinci on a plan to purchase Budapest Airport, in a deal that would hand Prime Minister Viktor Orban long-coveted control of the fast-growing hub. Earlier acquisition attempt valued the airport at €4.4bn ($4.7bn).
The government has lined up financing for the multi-billion dollar acquisition — overcoming a key obstacle to the deal, part of Orban's bid to boost state control of economic assets, a person directly involved in the talks said. The suitors are targeting an agreement by year-end, Bloomberg reported.
Wendel seeks further private equity deals after IK Partners investment. (FS)
Heimstaden's billionaire owner weighs stake sale to cut debt.
The funding crisis engulfing Sweden's property sector is prompting the billionaire founder of Heimstaden Bostad to look at selling part of his stake in the company, which owns 160k homes in nine European countries, Bloomberg reported.
In his first major interview with English-language press in a decade, Ivar Tollefsen said the sale would come in the form of shares in the real estate company held by Heimstaden AB, the property company that he owns. News of the potential sale prompted bonds to jump the most on record.
SocGen weighs sale of German unit in bid to boost.
Societe Generale is exploring a sale of its German consumer finance business as part of Chief Executive Officer Slawomir Krupa's plans to boost the French bank's valuation by getting rid of non-core businesses, Bloomberg reported.
SocGen is talking to advisers as it weighs offloading Hanseatic Bank, the Hamburg-based bank it owns in conjunction with the iconic German retailer Otto Group. The bank, which has been majority owned by SocGen since 2005, offers consumer loans, credit cards, insurance and factoring.
Partners Group favors banks over private credit on Rosen Buyout. (FS)
Partners Group, a global buyout firm, is set to finance the potential purchase of Rosen Group with bank funding, dealing a blow to private credit funds keen to back the deal, Bloomberg reported.
The financing is set to be as big as $1.2bn and will likely be structured as a term loan B, a relatively high-yielding form of debt typically sold to institutional investors.
Thyssenkrupp steel deal with Kretinsky held back by auto talks.
Thyssenkrupp's planned sale of half its steel business to a Czech billionaire is likely to drag on due to tough talks with key customers and will hinge on the embattled conglomerate investing about €1bn ($1.067bn) in the unit, Bloomberg reported.
The German company has been in talks with Daniel Kretinsky this year over a deal. Before concluding a deal, the tycoon may want to see the outcome of steelmakers' contract talks with car companies to supply steel for 2024. Those negotiations are taking place against a backdrop of low prices for the metal and higher costs for coal, a key production expense.
Rothermere's DMGT ends talks with Qatar over funding Telegraph bid. (FS)
Lord Rothermere has dropped plans to use Qatari cash to help fund his bid for the Telegraph Media Group amid fears the UK government would oppose investors from the region, FT reported.
Daily Mail and General Trust had been in talks with a Qatari investment group over it taking a minority stake in the owner of The Daily Telegraph as part of the bid.
Lord Rothermere's DMGT is now drawing up a strategy to fund a bid for the UK newspaper group on its own, rather than using other investors to help boost its war chest.
Investcorp prices $451m Abu Dhabi IPO at top of range.
Investcorp Capital's Abu Dhabi initial public offering raised $451m after the deal priced at the top of the range and was upsized by 12%, Bloomberg reported.
The investment vehicle backed by Investcorp, the Middle East's biggest alternative asset manager, priced 720m shares at $0.62 apiece. The pricing values Investcorp Capital at $1.36bn and implies a dividend yield of 8.4% for the year ending next June.
APAC
Talks of a merger between India's Zee Entertainment Enterprises and Japan's Sony's Indian arm have stalled after a clash on which company's top executive will run the merged entity, Reuters reported.
Sony is pushing for its Indian operations managing director N.P. Singh to head the merged company, as Zee's candidate, managing director Punit Goenka faces an on-going investigation.
Insight Partners, a global software investor, led a $50m investment in ROLLER, an all-in-one, cloud-based venue management software solution.
"ROLLER has built an impressive business that is positioned to become a global category leader. The company's genuine obsession and dedication with delivering real value to its customers is a hallmark of all truly great businesses. We are excited to be partnering with Luke, Mark and the ROLLER team as they grow and scale up," Rachel Geller, Insight Partners Managing Director.
ROLLER is advised by RBC Capital Markets and SBA Law.
Thailand's telecoms regulator has approved the acquisition of broadband internet provider Triple T Broadband by mobile operator Advanced Info Service with conditions to protect consumers.
The National Broadcasting and Telecommunications Commission board approved the deal but issued requirements including keeping the lowest-priced packages available and ensuring quality, Reuters reported.
Advanced Info Service is advised by Morgan Stanley.
Columbia Asia, a private healthcare company, agreed to acquire Ramsay Sime Darby Health Care from Sime Darby and Ramsay Health Care for $1.2bn.
“While the hospital business is a great asset, we have always maintained our focus on our core trading businesses of Motors and Industrial. The offer from Columbia Asia was one we could not refuse. Our hospitals have grown in number and size and have won many accolades and awards in the last 38 years, growing from strength to strength providing top quality healthcare. I would like to express my appreciation to those who have been with us through this journey,” Jeffri Salim Davidson, Sime Darby CEO.
SHELLBACK, a batch spray equipment solutions provider, completed the acquisition of the MERCURY+ batch spray cleaning product line from Tokyo Electron, a company of semiconductor production equipment. Financial terms were not disclosed.
"MERCURY+ is a great complement to our existing industry leading wet process technology, with high throughput capabilities that make it ideal for emerging markets like Power Devices and MEMS. We thank Tokyo Electron for selecting SHELLBACK for this acquisition, and we look forward to working with their global team in the coming months as we transition the responsibilities for this product line. Our mutual priority is seamless support for our customers," Wayne Jeveli, SHELLBACK CEO.
Japan fund INCJ sells $1.8bn of Renesas shares.
Japanese state-backed fund INCJ said it has sold all but a token portion of its stake in semiconductor manufacturer Renesas Electronics, offloading $1.84bn worth of shares, Reuters reported.
The shares have primarily been sold to overseas institutional investors. The sale price of $14 per share represented a discount of 8.01% on Renesas' closing share price of $15 on November 9.
Lombard weighs stake sale in $600m flower business.
Lombard Investments is considering selling its stake in Hasfarm in a deal that could value the floricultural firm at about $600m including debt, Bloomberg reported.
The buyout firm is working with a financial adviser on the potential divestment. Lombard owns 25% of Hasfarm, while others including Chairman Charles Target and Indonesian businessman Ibrahim Hasan's family together control the remaining 75%.
Asia Pulp & Paper makes bid for stake in tissue maker Vinda.
Asia Pulp & Paper is joining the bidding for a stake in Vinda International, adding complexity to a battle for the Hong Kong-listed tissue maker, Bloomberg reported.
The Indonesian pulp producer recently submitted a preliminary proposal to buy some Vinda stock from Essity, its majority owner, at more than $2.56 per share. APP has been in talks with lenders on financing for the potential deal.
Syngenta's IPO delay darkens outlook for 2023 Asia pipeline.
Syngenta Group's delayed initial public offering doesn't bode well for new listings in Asia for the remainder of the year, Bloomberg reported.
The Chinese-owned seed giant postponed its Shanghai IPO to the end of next year, citing market volatility. The announcement highlights a general malaise in first-time share sales in Asia, and follows China's securities regulator's decision in late August to slow the pace of IPOs, amid an economic downturn that's been weighing on investors.
Everstone plans to raise $1bn for its largest Asia PE fund. (FS)
Everstone Capital Asia is seeking $1bn for its latest private equity fund for India and Southeast Asia. The new fund would be more than three times bigger than its predecessor fund, Everstone Capital Partners IV, which collected about $300m last year.
The Singapore-based firm that invests largely in India, has begun sounding out investors about the potential fundraise. The company plans to start a formal pitch early next year.
The new fund would be the largest ever for Everstone if it meets the target, even as private equity groups globally struggle to raise fresh funds amid soaring interest rates and slowing economic growth, Bloomberg reported.
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