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AMERICAS
TowerBrook, an investment management firm, and CD&R, an American private equity company, completed the acquisition of R1 RCM, an American revenue cycle management company, for $8.9bn.
“R1 stands apart as the premier revenue management platform, leveraging advanced automation to set new standards in healthcare revenue performance. TowerBrook and CD&R's investment will propel our innovation as we expand our intelligent automation capabilities and drive customer value. On behalf of the Board, I thank Lee for his invaluable contributions and wish him continued success. I'm enthusiastic about our strengths and opportunities to serve the broader market and maintain our steadfast commitment to customers' success," Joe Flanagan, R1 RCM CEO.
R1 RCM was advised by Barclays, Qatalyst Partners, Kirkland & Ellis (led by Robert Hayward), Skadden Arps Slate Meagher & Flom (led by Graham Robinson) and Joele Frank (led by Andrew Brimmer). Financial advisors were advised by Sullivan & Cromwell (led by Stephen M. Kotran). TowerBrook was advised by Centerview Partners, Deutsche Bank, Kroll, RBC Capital Markets, Wachtell Lipton Rosen & Katz (led by George Tepe, Steven A. Cohen and Victor Goldfeld) and Brunswick Group (led by Alex Yankus). Financial advisors were advised by Cravath Swaine & Moore (led by Gregory J. Ligelis) and Morgan Lewis & Bockius (led by Alec Dawson). Debt financing was provided by Deutsche Bank and RBC Capital Markets. CD&R was advised by Centerview Partners, Deutsche Bank, RBC Capital Markets and Debevoise & Plimpton (led by Katherine E. Durnan Taylor, Christopher Anthony and Kevin Rinker). New Mountain was advised by JP Morgan.
Everi, a premier provider of land-based and digital casino gaming content and products, financial technology, player loyalty solutions, and bingo, announced that its stockholders have voted to approve the pending simultaneous acquisition of Everi and the gaming & digital business of International Game Technology.
"We are pleased that our stockholders supported our transaction with the Apollo Funds. We now shift our focus to the important next steps toward completing the transaction and maximizing value for Everi stockholders," Michael Rumbolz, Everi Chairman.
Nordic Capital, an experienced private equity investor in Technology & Payments globally, agreed to acquire Anaqua, a provider of innovation and intellectual property management technology solutions and services, from Astorg Partners, a private equity firm. Financial terms were not disclosed.
This acquisition would support Anaqua's global expansion and strengthen its market position by continuing to invest in its best-in-class software platform and enhancing its operational capabilities.
Nordic Capital is advised by William Blair & Co and Brunswick Group. Astorg is advised by Arma Partners, Jefferies & Company, Latham & Watkins, Prosek Partners and Steele and Holt.
Blackstone, an alternative investment management company, agreed to acquire a majority stake in Jersey Mike’s Subs, a franchisor of fast-casual submarine sandwich stores. Financial terms were not disclosed.
“Jersey Mike’s has grown for more than half a century by maintaining an unrelenting focus on quality (and delicious sandwiches) – consistently building on its loyal customer base as it has scaled nationwide. Blackstone has deep experience helping accelerate the expansion of high-growth franchise businesses and this area is one of our highest-conviction investment themes. We are excited to partner with an entrepreneur of Peter’s caliber and the talented Jersey Mike’s team. Our capital and resources will help support key investments in growth and technology for the benefit of Jersey Mike’s customers and exceptional franchisees. I highly recommend the #13 Original Italian, Mike’s Way,” Peter Wallace, Blackstone Senior Managing Director.
Jersey Mike’s is advised by Guggenheim Partners, Morgan Stanley, White & Case and Splash Communications (led by Kyle Potvin). Blackstone is advised by Bank of America, Barclays and Simpson Thacher & Bartlett.
Investcorp, a Bahrain-based private equity firm, and PSP Investments, one of Canada's largest pension investment managers, agreed to acquire PKF O’Connor Davies, one of the largest privately owned tax and accounting partnerships in the US. Financial terms were not disclosed.
The deal is expected to help the New York-based accountancy firm acquire smaller rivals and invest heavily in its technology.
PKF O'Connor Davies is advised by Capstone Partners and Levenfeld Pearlstein. PSP Investment is advised by Weil Gotshal and Manges (led by Timothy Burns). Investcorp is advised by Gibson Dunn & Crutcher, McDermott Will & Emery and ICR (led by Brian Ruby).
Sunstone Partners, a private equity firm, completed the investment in KMS Technology, a provider of digital engineering, data and AI services. Financial terms were not disclosed.
"We are excited to welcome Sunstone Partners as our new investment partner. This partnership represents a significant milestone for us and aligns perfectly with our vision to accelerate growth and elevate the impact of our services. With Sunstone’s expertise and resources, we look forward to expanding our technological capabilities and delivering even greater value to our clients," Leo Tucker, KMS Technology CEO.
KMS Technology was advised by Houlihan Lokey and Nelson Mullins Riley & Scarborough. Sunstone Partners was advised by Canaccord Genuity, Choate Hall & Stewart and Prosek Partners. Debt financing was provided by Tree Line Capital.
AeroVironment, a defense contractor, agreed to acquire BlueHalo, a purpose-built platform providing industry-leading capabilities, from Arlington Capital Partners, a private investment firm, for $4.1bn.
“For over 50 years, AV has pioneered innovative solutions on the battlefield, and today we are poised to usher in the next era of defense technology through our combination with BlueHalo. BlueHalo not only brings key franchises and complementary capabilities, but also a wealth of technologies, diverse customers and exceptional talent to AV. Together, we will drive agile innovation and deliver comprehensive, next-generation solutions designed to redefine the future of defense. We are thrilled to welcome the talented BlueHalo team as we unite our strengths, expand our global impact and accelerate growth and value creation for AV shareholders,” Wahid Nawabi, AeroVironment Chairman, President and CEO.
BlueHalo is advised by JP Morgan and Goodwin Procter. AeroVironment is advised by RBC Capital Markets, Latham & Watkins and Joele Frank (led by Joseph Sala).
Audax, a private equity firm, completed the acquisition of Total PowerGen Solutions, a provider of power generation solutions, from Trivest, a private equity firm. Financial terms were not disclosed.
“The growth we have experienced during the Trivest partnership has been nothing short of amazing and has culminated in this exciting new partnership with Audax. I would like to thank our loyal employees that show up every day ready to deliver amazing solutions for our customers’ complex PowerGen needs. Additionally, I would like to thank the entire team from Trivest. From their original investment in Total Power through the exit process, Trivest showed a steadfast commitment to investing in our company and people to help Total Power pursue its vision of becoming the leading provider of PowerGen solutions throughout North America,” Andy Rudderham, Total Power CEO.
Total PowerGen Solutions and Trivest were advised by Stephens and Blake Cassels & Graydon. Audax was advised by Guggenheim Partners, Kirkland & Ellis and Stikeman Elliott.
NW Natural, a distribution company that currently provides natural gas service, agreed to acquire SiEnergy, a provider of premium natural gas services, from Ridgewood Infrastructure, a private equity firm, for $425m.
“The acquisition of SiEnergy builds on our core strength of operating utilities and delivering essential services to customers. Texas is one of the fastest growing states in the nation with a constructive regulatory and policy environment. SiEnergy has a substantial number of contracts to add new customers in the coming years. We believe we will be well positioned to capture additional growth as Texas' population expands and new housing developments provide opportunities for new customers," David H. Anderson, NW Natural CEO.
NW Natural is advised by JP Morgan and Stoel Rives. Debt financing was provided by JP Morgan. SiEnergy is advised by RBC Capital Markets.
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, completed the acquisition of Fleet Equipment, a regional trailer dealership and leasing company. Financial terms were not disclosed.
“Fleet is a high-quality operator with strong customer relationships. We have full confidence in John Wilbur and Erek Starnes, two industry veterans with whom we are partnering to grow this platform, and are optimistic about Fleet’s ability to continue to grow and deliver for its customers,” Graham Brown, Managing Director at Stonepeak.
Fleet Equipment was advised by Evans Petree. Stonepeak was advised by Jefferies & Company, Paul Weiss Rifkind Wharton & Garrison and Sidley Austin.
Sentinel Capital Partners, an investment firm focusing on leveraged buyouts, mezzanine capital, management buyouts, corporate divestitures, industry consolidations, going-private transactions, and growth capital transactions, completed the acquisition of NSI Industries, a provider of branded electrical and HVAC products, from Oddysey Investment Partners, a middle-market private equity investment firm. Financial terms were not disclosed.
“Odyssey has been an invaluable partner to NSI over the past several years, supporting our shared vision for growth and innovation. Their commitment and deep sector knowledge enabled us to build out a strong, skilled team, enhance our product portfolio with market-leading brands and become a best-in-class partner of scale to the distribution channel. We are excited for the next chapter as we continue our journey to deliver exceptional solutions and service for our customers,” G.R. Schrotenboer, CEO of NSI Industries.
Oddysey Investment Partners was advised by Harris Williams, Latham & Watkins and Gasthalter & Co (led by Mark Semer).
Craveworthy Brands, a multi-brand restaurant company and franchisor, completed the acquisition of Fresh Brothers Pizza, a pizza brand, from Nolan Capital, a real estate and other investments company. Financial terms were not disclosed.
"Fresh Brothers is a perfect fit for Craveworthy as we expand our roots from the Midwest to the West Coast with our first brick-and-mortar pizza brand. With over 20 locations and a commitment to the best quality ingredients, Fresh Brothers puts a unique spin on an all-time favorite consumer category by offering inclusive menu options that appeal to today's diverse dining preferences," Gregg Majewski, Craveworthy Brands CEO and Founder.
Fresh Brothers was advised by Morgan Kingston Advisors. Craveworthy Brands was advised by Harrington Park Advisors and Amundsen Davis.
PSG, a growth equity firm, and Golub Capital, a private credit manager, completed a $800m investment in LogicMonitor, a SaaS-based hybrid observability platform.
"We've been fortunate to support Christina, LogicMonitor, and the rest of the management team as the company has scaled organically over 650% since our investment in mid-2018. Over the course of our partnership, LogicMonitor has broadened its solution suite from infrastructure performance monitoring to true hybrid observability and built a global customer and employee base. We're excited to continue supporting the company in this exciting next chapter," Patrick Severson, Vista Senior Managing Director.
LogicMonitor was advised by Evercore and Morgan Stanley.
ARC Financial, an energy focused private equity manager, led a $100m round in Silfab, a photo-voltaic module manufacturer.
“American-made clean energy is and will remain in huge demand. We are thankful for the continued support of both existing and new investors in our mission to lead the reshoring of the PV supply chain – ensuring a sustainable supply of US-made PV modules. Silfab’s growing US footprint and increase in domestic content means more jobs for Americans and a lower carbon footprint compared to imported panels," Paolo Maccario, Silfab President and CEO.
Silfab was advised by Norton Rose Fulbright. ARC Financial was advised by Stikeman Elliott.
Morgan Stanley Capital, a private equity firm, completed the acquisition of FoodScience, a vertically integrated provider of pet and human nutritional supplements, from Wind Point Partners, a private equity firm. Financial terms were not disclosed.
“We were drawn to FoodScience’s more than 50-year history, stellar reputation and mission to help people and pets live healthier lives. Under Sharon’s leadership, they have built a leading platform dedicated to delivering safe, effective, and innovative brands while serving as the partner of choice to FoodScience’s contract manufacturing customers. We look forward to working together as we collectively seek to build on and expand the exceptional product portfolio through continued organic growth and M&A," James Stewart, MSCP Managing Director and Co-Head of Consumer Investing.
Morgan Stanley was advised by William Blair & Co and Jones Day (led by Denise A. Carkhuff).
Blackstone, an American multinational private equity firm, completed the $500m investment in Lancium, an energy technology and infrastructure company.
Blackstone supports Lancium in building process of more than 5 gigawatts data centers in West Texas with an eye on supplying the booming energy demand for artificial intelligence applications.
Lancium was advised by Goldman Sachs.
Periscope Equity, a private equity firm, completed the acquisition of a majority stake in RepTrak, a reputation intelligence company. Financial terms were not disclosed.
"This partnership with Periscope represents an exciting milestone for us. With their support, we're well-positioned to accelerate innovation and enhance our offerings to meet the evolving needs of our clients. This investment strengthens our leadership position in the industry, empowering us to drive greater impact and deliver unmatched value within the marketplace," Mark Sonders, RepTrak CEO.
Bose, a provider of premium audio solutions, completed the acquisition of McIntosh Group, the parent company of renowned high-performance and luxury audio brands that include McIntosh and Sonus faber, from Highlander Partners, a private investment firm. Financial terms were not disclosed.
“Over the last six decades we’ve delivered the best premium audio experiences possible; now, with McIntosh Group in our portfolio, we can unlock even more ways to bring music to life in the home, on-the-go and in the car. We look forward to honouring the heritage of these brands, investing in their future and pushing the boundaries of audio innovation to bring customers experiences they’ve never heard before,” Lila Snyder, Bose Corporation CEO.
Blackstone, Warburg weighing $12bn sale of IntraFi.
Blackstone and Warburg Pincus are in the early stages of weighing strategic options including a sale of IntraFi, a fintech that helps people secure their bank deposits, Bloomberg reported.
The alternative-asset managers have begun talking to investment banks about soliciting interest in IntraFi — which could fetch $12bn or more in any transaction — in early 2025. The company could appeal to large financial technology firms such as exchanges. IntraFi may also be a candidate for an initial public offering.
Restaurant chain Freddy's explores sale.
The private equity owner of Freddy's Frozen Custard & Steakburgers is exploring a sale of the fast-casual restaurant chain that could value it at more than $1bn, including debt, Reuters reported.
Thompson Street Capital Partners, which acquired Freddy's from its founders in 2021, is working with investment bank William Blair to launch a sale process for Freddy's that could attract interest from other investment firms.
Fink pushes BlackRock into high-stakes bet on private markets.
Larry Fink turned to big deals to get BlackRock out in front of a decade of money gushing into index funds. Now he’s doing the same to make sure his firm isn’t left behind in the stampede into private assets, Bloomberg reported.
The longtime BlackRock boss has plunked down roughly $16bn this year to become the world’s second-biggest infrastructure investor and acquire the data needed to, as he put it, “index the private markets.” Now his firm is in advanced talks to buy HPS Investment Partners — one of the biggest players in private credit — and discussing taking a stake in Izzy Englander’s Millennium Management, one of the world’s preeminent hedge funds.
Activist investor Ananym Capital pushes for changes at Henry Schein.
Activist investor Ananym Capital Management is urging healthcare products distributor Henry Schein to refresh its board, cut costs, tackle succession planning and consider selling its medical distribution business.
A sale of the medical distribution business could help drive up the share price by roughly 20%, while earnings per share could jump by some 35% if spending were curtailed, Ananym has told Schein executives, Reuters reported.
Musk-Trump alliance has Gulf wealth funds eyeing more US deals.
In the weeks leading up to the US presidential election, one of the United Arab Emirates’ most influential royals met with Elon Musk. Days after the results were clear, the head of Saudi Arabia’s Public Investment Fund was pictured alongside Donald Trump and the Tesla chief who helped put him in the White House.
For those at the top echelons of Middle East finance, like the UAE’s Sheikh Tahnoon bin Zayed Al Nahyan and Saudi Arabia’s Yasir Al Rumayyan, Musk’s presence in Trump’s inner circle presents a significant opportunity, Bloomberg reported.
Startup ServiceTitan aims to file next week for 2024 IPO.
Home service software business ServiceTitan is planning to file as soon as next week for an initial public offering, Bloomberg reported.
The Glendale, California-based company is aiming to go public before the end of the year. The details and timing of the company’s plans could still change. ServiceTitan is backed by firms including Index Ventures, Bessemer Venture Partners, Battery Ventures and Thoma Bravo. Though valued at as much as $9.5bn during the 2021 boom, the company had a valuation of about $7.6bn after a 2022 funding round.
Silver Point raises $8.5bn for private credit fund.
Global credit investing firm Silver Point Capital has held the final close of its Silver Point Specialty Credit Fund III, which is aimed at providing loans to mid-sized companies, with $8.5bn in total capital commitments.
This fundraising follows the closure of a $4.6bn credit fund just two months earlier, bringing the firm’s total direct lending capital to over $15bn. With this latest fund, Silver Point now oversees $35bn in assets across both private and public credit strategies.
Bain Capital raises $5.7bn for global special situations.
Bain Capital raised $5.7bn for global special situations that will be deployed alongside the $3.3bn it previously raised for funds and affiliated vehicles in Asia and Europe, Bloomberg reported.
The latest fundraising includes capital for a new vehicle, Global Special Situations Fund II, as well as co-investments and separately managed accounts from investors including the New Mexico State Investment Council.
Accel-KKR raises $2.2bn on the first strategic capital fund.
Accel-KKR, a global technology-focused investment firm, announced the completion of fundraising for AKKR Strategic Capital on November 21, closing on over $2.2bn of capital commitments.
AKKR Strategic Capital will invest in a broad range of transactions primarily focused on the software industry in the secondary market, aligning with the firm's long-standing focus and experience backing growing software and technology enabled services companies.
Neos Partners raises $1.37bn Fund II.
Neos Partners, an investment firm focused on second-order investing in the energy transition and critical infrastructure sectors, announced on November 21 the closing of Neos Partners II with $1.37bn of commitments.
Neos also closed a $350m committed co-investment vehicle alongside Fund II. Fund II closed at its hard cap and received commitments from leading endowments, foundations, investment managers, family offices, and other institutional investors. The fund will invest in operating companies in North America that provide products and services to the renewable energy, power grid, infrastructure, data center, and energy-intensive industrial sectors.
Rubicon Technology closes $500m continuation fund to support Cin7’s growth.
Rubicon Technology Partners, a private equity firm focused exclusively on middle-market software investments, today announced the successful completion of a $500m single-asset continuation fund to extend its partnership with Cin7, a global leader in cloud-based inventory management software.
CVC Secondary Partners served as the lead investor, with participation from other institutional investors including Ares Management funds, funds managed by BlackRock, funds managed by Goldman Sachs Asset Management, and Schroders Capital. This transaction allows Rubicon to provide liquidity to existing investors while enabling Cin7 to accelerate its growth through organic initiatives and targeted acquisitions.
Rubicon Technology was advised by Houlihan Lokey.
Activist investor Glenview secures 4 board seats at CVS Health. (People)
An activist hedge fund manager has secured four board seats at CVS Health just weeks after the largest US drugstore operator by revenues overhauled its executive leadership, FT reported.
The US healthcare group said that it would expand its board of directors to 16 from 12 under a deal with Glenview Capital Management. Larry Robbins, Glenview’s chief executive, will be one of the four new board members.
EMEA
Segro, a British property investment and development company based in London, announced that its £1.1bn ($1.4bn) all-share takeover offer for Tritax EuroBox, a property company investing in distribution centres across Europe, has lapsed.
Segro was outbid by Canadian investment firm Brookfield, which offered £1.1bn ($1.4bn) in cash.
KKR, a global investment firm, led a $370m Series C round in Lighthouse, a commercial intelligence platform for the travel and hospitality industry.
"This investment by KKR significantly accelerates our ability to enhance our commercial platform through expanded AI capabilities and additional data sets, enabling us to better serve our existing customers while continuing to expand across the hospitality market," Sean Fitzpatrick, Lighthouse CEO.
KKR was advised by William Blair & Co, Gibson Dunn & Crutcher and FGS Global (led by Alastair Elwen). Lighthouse was advised by Latham & Watkins.
Sev.en, an investment group, agreed to acquire subsidiaries in the United Kingdom and in the Nordics from Celsa, a manufacturing company. Financial terms were not disclosed.
"Through this important divestment, which is added to the recent increase in share capital and the launch of an ambitious efficiency plan, Grupo Celsa continues with the implementation of its plan to reorganize its industrial and financial situation, focusing on its operations in Spain and on the reduction of financial leverage," Celsa.
Celsa is advised by Citigroup, Linklaters and Kreab.
Ontario Teachers’ Pension Plan, a global institutional investor, and Nordic Capital, a private equity investor in Northern Europe, completed the acquisition of Max Matthiessen, a financial advisor for pensions, insurance and investments in the Nordics. Financial terms were not disclosed.
“We are excited to back Max Matthiessen’s management team. Our joint ambition is to consolidate Max Matthiessen as the leading insurance and financial services company in the Nordics, accelerating its growth both in its current markets and verticals, and through synergistic acquisitions. We will leverage our deep expertise in wealth management and insurance services to help the company expand into new markets and adjacent segments, invest in technology and product development, and further enhance its ambitious sustainability programme. We look forward to partnering with Team Max Matthiessen, who share Ontario Teachers’ passion for helping people achieve financial security over the long term," Iñaki Echave, OTPP Senior Managing Director and Head of EMEA Private Capital.
Max Matthiessen was advised by Houlihan Lokey. OTPP was advised by Barclays.
Oakley Capital, a pan-European private equity investor, agreed to invest in Konzept & Marketing, an independent Managing General Agent in the German, personal non-life insurance market. Financial terms were not disclosed.
"Germany's insurance landscape is undergoing significant change, providing advantages for innovative businesses such as K&M to take on more of the insurance value chain while delivering a better service to end customers. We look forward to working with Joachim Müller to realise his growth and diversification strategy for the business, leveraging his strong reputation for successful business building and customer satisfaction," Peter Dubens, Oakley Capital co-Founder and Managing Partner.
Private equity firm Cinven secured a conditional approval from Italian authorities over its plan to sell a 15% stake in diagnostic service provider Synlab to laboratory operator Labcorp, a government document sent to parliament showed, Reuters reported.
Golden powers legislation requires Italian government approval for any decision which results in changes in the ownership, control or availability of strategic assets in the country.
Fokus Nordic, an independent full-service real estate investment and asset manager, agreed to acquire DEAS Asset Management, an alternative investment fund manager, from Montagu, a private equity company. Financial terms were not disclosed.
“This acquisition marks a significant strategic advancement for Fokus Nordic. We are excited to enhance the value we provide to our clients and investors, offering greater access to the Nordic real estate markets. Our commitment to exceptional service and local expertise remains unwavering, now strengthened by a stronger organization with a broader reach. This step allows us to diversify our portfolio and deliver an expanded selection of real estate investment options. I warmly welcome the DEAS Asset Management staff, convinced that this will be a great opportunity for us to deliver even more value to our clients," Tonny Nielsen, Fokus Nordic CEO.
Montagu is advised by Rothschild & Co.
Inflexion, a private equity firm, agreed to acquire Finanzen.net, a company that offers real-time push prices, stock market and news, from Axel Springer, a media company. Financial terms were not disclosed.
"This transaction exemplifies the power of collaboration between regions and sectors, with our Frankfurt team working with our Financial Services specialists in London, leveraging the full capabilities of Inflexion, including our extensive experience in supporting carve-outs. Such collaboration will be pivotal in driving the future growth of Finanzen.net, as we aim to create a leading digital investment platform in the DACH region," Florencia Kassai, Inflexion Managing Partner and Head of Buyout Fund.
Axel Springer is advised by Houlihan Lokey.
Triton, a private equity firm, agreed to acquire MacGregor, a cargo handler, from Cargotec, an engineering firm, for €480m ($506m).
“MacGregor stands out due to its engineering capabilities; broad and sustainable product offering; high-quality equipment; and strong reputation. Triton looks forward to collaborating with the company and its employees to develop further on this market leading position especially by strengthening the aftermarket platform where we see great potential. MacGregor is at the core of Triton’s investment focus to acquire market leading companies with strong potential and a competitive edge,” Ilkka Tuominen, Triton Investment Advisory Professional.
Sanlam, a South African insurance company, agreed to acquire 12.3% stake in Ninety One, an Anglo-South African asset management business, for ZAR5bn ($277m).
“This agreement will give us the opportunity, as leaders in our respective markets, to create additional value for our stakeholders. We are making a substantial investment in the future of South Africa,” Hendrik du Toit, Ninety One Founder and CEO.
Growth Catalyst Partners, a private equity firm, completed the acquisition of InspiredMinds!, a fast-growing, award-winning global technology and science strategy group at the epicenter of the exploding AI and AI healthcare markets. Financial terms were not disclosed.
"As the most influential and connected AI community in the world, nothing we do is status quo. It is a critical point in time for human-AI collaboration, and with the support of Growth Catalyst Partners, we are poised to supercharge the work of our community, by critically focusing on equitable AI and the opportunities that this presents to our future world," Sarah Porter, InspiredMinds! CEO & Founder.
Grifols rejects Brookfield’s $6.8bn bid.
Spanish pharmaceutical company Grifols has rebuffed a potential takeover bid from Canadian investment firm Brookfield, arguing that the €6.45bn ($6.8bn) proposal significantly undervalues the company’s growth prospects and long-term potential.
Earlier this week, Brookfield disclosed its interest in acquiring Grifols with a non-binding offer of €10.50 ($11) per A share and €7.62 ($8) per B share. Grifols urged its shareholders to stick to their shares, stating the offer does not align with the company’s intrinsic value or strategic outlook.
Citi, Santander prep up to €4bn debt for Urbaser deal.
Citigroup and Banco Santander are readying a debt package of up to €4bn ($4.2bn) to back a potential sale of Spanish waste-management company Urbaser, Bloomberg reported.
The two banks are both advising on the process and offering the so-called staple financing to any potential buyer of the Platinum Equity-owned firm. With final bids due in early 2025, other banks are also working on debt financings to get a spot on the deal.
Cinven leads race to buy Grant Thornton UK stake.
The private equity firm Cinven is in advanced talks to buy a major stake in Grant Thornton UK in a deal that would rank among the most significant ever struck in Britain's audit sector.
Cinven is close to agreeing a deal to acquire the shareholding, with sources suggesting on November 20 that it could be signed imminently, Sky News reported.
Brandes builds Grifols stake as investors await Brookfield bid.
Brandes Investment Partners has built a stake in Grifols as investors wait for Brookfield Asset Management to make an offer for the Spanish drugmaker. The San Diego-based investment firm owned 13.5% of Grifols as of September 30, Bloomberg reported.
Brandes’s stake building comes as Brookfield is evaluating a potential takeover of the firm along with the Grifols family. The Toronto-based asset manager may be seeking to change the company’s bylaws to be allowed to offer a different price for class B shares and take advantage of their discount.
Hellas Verona Football Club a target for Texas-based investor.
Italian football team Hellas Verona is a potential takeover target for a group of US-based investors, Bloomberg reported.
Austin, Texas-based Presidio Investors is raising up to €75m ($79.1m) for a controlling stake in the Serie A team. Presidio targets growing businesses in the technology, media and financial services sectors.
Abu Dhabi’s IRH explores investing in Alphamin’s Congo tin mines.
Abu Dhabi’s International Resources is in talks about buying an indirect stake in one of the world’s biggest tin producers.
Private equity firm Denham Capital owns 57% of Alphamin Resources, which operates the Bisie tin complex in eastern Democratic Republic of Congo. IRH is among the parties interested in investing in a new vehicle that Denham is considering creating to hold that stake, Bloomberg reported.
Hedge fund Two Sigma cuts 200 staff after strategic review.
Two Sigma Investments will dismiss roughly 200 employees after the firm’s new Co-Chief Executive Officers conducted a wide-ranging review of the hedge fund’s business, Bloomberg reported.
No portfolio managers were included in the dismissals. November 21 cuts represent about 10% of the firm’s roughly 2k employees.
Thyssenkrupp plans marine IPO within a year, division head says.
Thyssenkrupp is planning an initial public offering of its naval shipbuilding unit within a year after plans to sell a majority stake to private equity firm Carlyle Group collapsed, the division’s chief executive officer said, Bloomberg reported.
“We are continuing to pursue the independence of Thyssenkrupp Marine Systems. This means we prefer a spinoff, a separation of TKMS via an IPO,” Oliver Burkhard, Thyssenkrupp naval shipbuilding unit CEO.
Second-hand marketplace Vinted rules out IPO for now, CEO says.
Vinted, Europe’s largest online marketplace for second-hand clothes, is ruling out an initial public offering for now as it focuses on expanding beyond fashion, Bloomberg reported.
It’s easier to deal with five or six investors than to have to appease a large shareholder base, Chief Executive Officer Thomas Plantenga said on November 14. The Vilnius, Lithuania-based company reached a valuation of €5bn ($5.29bn) after completing a secondary share sale last month led by the private equity firm TPG.
“We’re expanding into new countries and we’re expanding our categories. We’re taking a ton of risk. I want to play these bets out," Thomas Plantenga, Vinted CEO.
Saudi Fund’s $1bn deal boosts Middle East selldowns.
A $1bn stake sale in Saudi Arabia’s largest mobile phone operator is the latest sign that the market for follow-on equity offerings is picking up in the Middle East, Bloomberg reported.
The Public Investment Fund’s sale of a 2% stake in Saudi Telecom follows secondary share sales in Saudi Aramco and Adnoc Drilling to the tune of roughly $12bn and $900m respectively earlier this year.
Saudi private equity firm Jadwa raises $266m for mideast deals.
Saudi Arabia’s Jadwa Investment has raised as much as SAR1bn ($266m) for a new fund to boost dealmaking, the latest sign of growing appetite for investment vehicles focused on the Middle East, Bloomberg reported.
The private equity firm raised the money from entities linked to regional sovereign wealth funds and family offices. It aims to grow its first blind pool fund to as much as SAR2bn ($532m) by the first half of 2025, the Riyadh-based firm said.
Abrdn rejigs leadership team and forms committee to lead turnaround plan. (People)
Abrdn has overhauled its leadership team and formed a group operating committee to drive improvements in performance, as its new CEO Jason Windsor accelerates a plan to transform the asset manager's flagging fortunes, Reuters reported.
The UK fund firm said Richard Wilson, currently chief executive of interactive investor, would also become Group Chief Operating Officer with overall responsibility for technology and IT efficiency.
APAC
KKR, a global investment firm, obtained Fuji Soft's recommendation for its takeover offer for the software developer.
"We are grateful to have FUJI SOFT’s continued trust and recommendation for KKR’s Second Tender Offer. We aim to complete the privatization swiftly so that we can turn our focus to working closely with the company and its employees to enhance its corporate value and long-term success," Hiro Hirano, KKR Deputy Executive Chairman of KKR Asia Pacific and Japan CEO.
Australia's competition regulator said it is seeking views on the Macquarie-backed telecommunications group Vocus' AUD5.25bn ($3.4bn) takeover of local telecom operator TPG Telecom's enterprise, government, and wholesale fixed business and fibre network assets, Reuters reported.
Macquarie and Aware Super-backed Vocus, an international telecommunications company headquartered in North Sydney, Australia, agreed to acquire the Enterprise, Government and Wholesale fixed business of TPG Telecom, an Australian telecommunications company, for AUD5.25bn ($3.4bn).
Vocus Group was advised by UBS and GRACosway (led by Ben Wilson).
ChrysCapital, an investment firm, and Motilal Oswal, a financial services company, led a $153m round in HealthKart, an omnichannel nutrition platform.
“We welcome ChrysCapital and Motilal Oswal to HealthKart and hope to leverage their expertise during the next phase of growth. Very excited about our first ESOP buyback program which will create meaningful value for people who have played a critical role in building HealthKart. We firmly believe that people are our greatest asset and we aim to align their personal success with the company’s long-term vision," Sameer Maheshwari, HealthKart Founder & CEO.
HealthKart was advised by Avendus Capital. Motilal Oswal was advised by J. Sagar Associates (led by Vikram Raghani).
65 Equity Partners, an investment firm, completed the acquisition of a 13% stake in Tuya, a cloud platform service provider with a mission to build a smart solutions developer ecosystem, from New Enterprise Associates, a venture capital financing company. Financial terms were not disclosed.
"This investment via the Anchor Fund aligns strategically with our mandate of supporting high quality businesses seeking a listing on the SGX. We are pleased to support Tuya in its next phase of growth," Tan Chong Lee, 65 Equity Partners CEO.
Australian lawmakers have expressed concerns over the ongoing ownership battle for Korea Zinc, the world’s largest zinc smelter. The high-profile dispute, which pits Korea Zinc's Chairman Yun B. Choi against an alliance led by MBK Partners and Young Poong, has raised fears of potential disruptions from foreign entities in clean energy projects and the global zinc supply chain.
The South Korean government has also acted by designating Korea Zinc’s proprietary technology as a “National Core Technology.”
Elliott Management bets on Japan property with 5% stake in Tokyo Gas.
Elliott Management has become one of the three biggest shareholders in Tokyo Gas, as it seeks to push the Japanese utility to focus on its energy business and scale back a property portfolio that the activist investor estimates could be worth as much as $9bn.
Elliott, whose 5% stake was made public in a stock exchange filing, has calculated that the unrealised market value of Tokyo Gas’s real estate holdings is worth about ($9.7bn), almost the equivalent of its market capitalisation, FT reported.
PAG said to sell AirPower’s gas business for $6.8bn.
PAG, one of Asia’s biggest alternative asset managers, agreed to sell the industrial gases business of AirPower Technologies to a Chinese consortium in a deal valued at $6.8bn, Bloomberg reported.
The sale is one of the biggest private equity exits from China investments in recent years. The Hong Kong-based firm will retain a 25% stake in the business, which is to be renamed Hangzhou Yingde Gases.
Blackstone nears $2.6bn deal for Seibu's Tokyo complex. (RE)
Blackstone has emerged as the frontrunner to buy a mixed-use office complex in Tokyo being sold by Seibu in a deal that could be worth around JPY400bn ($2.6bn).
Seibu has chosen to work with the US alternative investment firm for the sale of its Tokyo Garden Terrace Kioicho after a months-long bidding process, Bloomberg reported.
China's Trustar raises $1bn for vehicle that holds McDonald's China stake.
Trustar Capital has raised $1bn for a continuation fund that will hold the Chinese private equity firm's controlling stake in McDonald's operations in mainland China and Hong Kong, Reuters reported.
A continuation fund is a new vehicle created by a private equity firm to transfer holdings of existing investments. The concept has gained traction in Asia in recent years as PE firms' exit from companies via IPOs became challenging.
China Mobile is said to explore deal for HKBN.
China Mobile, the world’s largest wireless carrier by subscribers, is exploring a potential deal for Hong Kong broadband provider HKBN. as it looks to expand its footprint in the city, Bloomberg reported.
State-backed China Mobile has been holding discussions about a deal with HKBN’s major shareholders, buyout firms MBK Partners and TPG. It has indicated it’s willing to pay at least HKD5 ($0.64) per share for their holdings, which would value the company at more than HKD6.5bn ($835m).
Macquarie is said to weigh Philippine telco tower firm sale.
Macquarie Capital is considering selling its stake in one of the largest independent telecommunication tower companies in the Philippines, Bloomberg reported.
The advisory, capital markets and investing arm of Australia’s Macquarie Group is working with a financial adviser on the potential divestment. A deal could value the Philippine entity, created from the recent combination of PhilTower Consortium and Miescor Infrastructure Development, at $700m to $800m.
JV of green arms of India's NTPC-ONGC is highest bidder for Ayana Renewable at $650m.
A joint venture between India's NTPC Green Energy and ONGC Green Energy is the highest bidder for Ayana Renewable Power having bid about $650m, Reuters reported.
The venture outbid JSW Energy for the renewable energy firm backed by quasi-sovereign wealth fund National Investment and Infrastructure Fund. Ayana Renewable Power, owned by NIIF, British International Investment Fund and Green Growth Equity Fund, operates solar and wind plants that produce 1.6k megawatts in India and has another 2.5k megawatts in such projects under construction.
IFC mulls a $150m invetsment in Golomt Bank.
The World Bank Group member IFC - International Finance Corporation is considering an investment of up to $150m in Golomt Bank, DealStreetAsia reported.
Golomt Bank is publicly traded financial services company based in Mongolia. As of 2023, the company employs 2.3k workers, serving 1m customers primarily in Mongolia. Golomt Bank is one of Mongolia's largest commercial banks after Khan Bank, Trade Development Bank of Mongolia.
Korea Zinc takeover battle tests Seoul's resolve on tackling 'Korea discount'.
A takeover battle over Korea Zinc is adding pressure on Seoul to pass legislative reforms to ensure better protections for all investors in a country with a stock market dominated by family-run conglomerates, Reuters reported.
Korea Zinc Chairman Yun B. Choi, a grandson of a co-founder, last week agreed to scrap a controversial plan to issue new shares in the world's largest zinc refiner to help fend off a takeover attempt from the co-founding family's Youngpoong and its partner, private equity group MBK Partners.
Nissan pressure grows with second activist reported to buy stake.
Speculation over a second activist hedge fund holding shares in Nissan Motor added to the Japanese carmaker’s headaches, a little over a week after sinking profits and sales forced it to launch a last-ditch recovery plan.
Nissan’s financial woes were quick to draw the attention of Effissimo Capital Management, a Singapore-based group that’s one of Japan’s most influential activist investors. Nissan lowered its full-year operating income outlook by 70% and announced plans to cut jobs and slash production capacity.
Bain-backed Kioxia plans Tokyo IPO at $4.8bn valuation.
Kioxia plans to debut on the Tokyo Stock Exchange in mid-December at a value of about ¥750bn ($4.8bn), fast-tracking the move to stay relevant in the competitive memory sector, Bloomberg reported.
The bourse is likely to approve the Bain-backed chipmaker’s initial public offering on November 22. The indicative price of the offering may change depending on market demand.
Qinghai Lihao is said to prepare for Hong Kong IPO.
Chinese solar-energy materials supplier Qinghai Lihao Semiconductor Material is considering a Hong Kong initial public offering as early as the second half of 2025, Bloomberg reported.
The IPO of the company, which is backed by venture capital firm IDG Capital and manufactures silicon material used for solar cells, could raise around CNY1bn ($138m).
PE firm Gaja Capital eyes IPO.
Indian private equity firm Gaja Capital is weighing a public market debut, which will make it the first standalone investor in the country, DealStreetAsia reported.
Gaja Capital, founded by IIT Delhi alumnus Gopal Jain in 2004 and investing in Indian mid-market companies, is understood to have roped in IIFL Capital to advise on the potential offering.
EQT sets $14.5bn hard cap for latest Asian PE fund.
EQT has set a $14.5bn hard cap for its latest Asia private equity fund—$2bn higher than its initial target—which would make it one of the largest Asian PE funds on record.
EQT BPEA IX, which first launched with a target of $12.5bn, is the first flagship Asia vehicle EQT has launched since its merger with Baring Private Equity Asia in 2022. Baring Private Equity Asia closed BPEA VIII in late 2022 at $11.2bn. The fund is 65% to 70% invested.
Boman Group to launch $1bn fund to back firms based in China, Australia.
Melbourne-headquartered asset management firm Boman Group is launching a new $1bn venture fund as part of its plan to facilitate both investment and business expansion opportunities across China and Australia, DealStreetAsia reported.
The venture fund is currently amid its first close. The fund targets to invest in companies based in China and Australia focused on healthcare, technology and renewable energy.
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