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AMERICAS
"Call of Duty" maker Activision Blizzard has been given permission to intervene in Microsoft's legal battle with Britain's anti-trust regulator over its decision to block the $69bn takeover, Reuters reported.
Microsoft is appealing against the Competition and Markets Authority's decision to veto the deal, which it did in April on the grounds it could hurt competition in the nascent cloud gaming market.
NET Power, a clean energy technology company, went public via a SPAC merger with Rice Acquisition II, a special purpose acquisition company, in a $1.5bn deal. The transaction includes a PIPE investment from Occidental, 8 Rivers, Constellation and other investors.
"This deal sets NET Power on a path to accelerate the buildout and commercialization of our technology and bring the world the trifecta of clean, affordable, and reliable energy. Rapid deployment of decarbonized baseload power around the world is critical to addressing climate change and NET Power's technology offers a path forward. I'm excited to join the team and lead the global deployment of this critical technology," Danny Rice, NET Power CEO.
NET Power was advised by Credit Suisse, Mintz Levin and Paul Hastings (led by Will Burns). Occidental was advised by White & Case (led by Emery Choi). Rice Acquisition II was advised by Barclays, Citigroup, Guggenheim Partners, Kirkland & Ellis and FleishmanHillard (led by Amy Rosenberg). Financial advisors were advised by Vinson & Elkins (led by E. Ramey Layne and Brenda Lenahan).
TPG, a global alternative asset management firm, and AmerisourceBergen, an American drug wholesale company, completed the acquisition of OneOncology, an oncology practices network, from General Atlantic, an American growth equity firm, for $2.1bn.
"Our 2018 investment in OneOncology helped launch a shared vision to improve the future of cancer care amidst prevailing cost, quality and access issues. We are proud that this mission-driven approach has resulted in a leading oncology platform that empowers high-quality and innovative cancer care in the community setting. We wish Dr. Patton and the OneOncology team continued success in their next phase of growth," Justin Sunshine, General Atlantic Managing Director.
TPG was advised by Guggenheim Partners, Debevoise & Plimpton (led by Paul Bird and Spencer Gilbert) and Mintz Levin. AmerisourceBergen was advised by JP Morgan, Morgan Lewis & Bockius (led by Aaron D. Suh), Sidley Austin and Joele Frank (led by Scott Bisang). General Atlantic was advised by Centerview Partners and Paul Weiss Rifkind Wharton & Garrison (led by Ellen Ching and Matthew Abbott).
Kohlberg, a middle market private equity firm, agreed to acquire a majority stake in Riveron, a national business advisory firm, from HIG, a global alternative assets investment firm. Financial terms were not disclosed.
"We are honored to partner with the Riveron management team and HIG in supporting the next phase of the company's growth. Over the last two years, we have conducted extensive diligence on the CFO services sector, which fits squarely within the long-term secular themes we have successfully invested behind in our broader Business Services core practice area. We look forward to contributing our team's insights and our capital base to help extend Riveron's innovative suite of capabilities while maintaining its focus on providing world-class business advisory services to its clients and firmly establishing the company as the employer of choice in the industry," Ahmed Wahla, Kohlberg Partner and Head of Business Services.
Riveron is advised by Jefferies & Company, Moelis & Co and Communications Strategy Group. Kohlberg is advised by Citizens M&A, Guggenheim Partners, Greenberg Traurig, Ropes & Gray and FGS Global. HIG is advised by McDermott Will & Emery.
Distribution Solutions Group, a specialty distribution company providing distribution solutions to the maintenance, repair and operations, original equipment manufacturer and the industrial technologies markets, completed the acquisition of HIS Company, a specialty distribution company serving the electronic assembly, aerospace and defense, medical and other industrial markets, for $319m.
"We are very excited to announce our plans for this strategic acquisition which we expect to be accretive on an adjusted basis starting in 2023. Hisco is a strong business with niche market leadership positions, a strong growth and return profile, and an outstanding management team that we believe will thrive as part of DSG. The combination of TestEquity and Hisco will take a "best-of-both" approach in terms of people, capabilities, and strategies. While our industrial technologies focus will benefit most from this combination, we are also excited about how Hisco is expected to expand DSG's commercial opportunities and durability, enhancing our organic growth rates and providing further scale to the overall DSG platform," Bryan King, DSG Chairman and Chief Executive Officer.
Braemont Capital, a private equity firm, completed a $125m investment in Incline P&C Group, an insurance brokerage firm.
“Incline is a leading program carrier, and we are pleased to partner with Chris McClellan and the leadership team to help expand the platform and continue to be an innovator in the insurance industry. The company has experienced incredible growth in premium volume and program acquisition and through this investment, we are excited to join Incline on their mission to continue to be the premier insurance program market services firm," Robert Covington, Braemont Managing Partner.
Incline P&C was advised by Barclays. Braemont Capital was advised by Gagnier Communications.
AstraZeneca, a pharmaceutical and biotechnology company, agreed to invest $85m in Quell Therapeutics, a cell therapy immunology biotech company.
“We are extremely pleased to have AstraZeneca on board as our first major partner. This collaboration builds on our pioneering work to develop exquisitely engineered, multi-modular Treg cell therapies for immune disorders and provides excellent validation for the technologies and capabilities we have established. We are proud and incredibly excited to partner our leading science with the deep experience of AstraZeneca to accelerate the application of our Treg cell therapy platform in major autoimmune disease, where we believe there is a broad opportunity to reset immune tolerance and drive durable responses for patients," Iain McGill, Quell Therapeutics CEO.
Quell Therapeutics is advised by Syncona and FTI Consulting.
Paine Schwartz, a private equity firm, completed an investment in Elemental Enzymes, a biotechnology research company. Financial terms were not disclosed.
"We are excited about this investment from Paine Schwartz, which marks the next phase in our effort to build the world's leading supplier of sustainable agricultural inputs. The Paine Schwartz team brings significant expertise and resources that will help us across our business including launching new products, expanding our technical and R&D capabilities, and entering new markets and segments. We look forward to working closely with them to build on our strong foundation and capture new growth opportunities by addressing some of the most complex issues in agriculture head-on," Brian Thompson, Elemental Enzymes Co-Founder and CEO.
Paine Schwartz was advised by Akin Gump Strauss Hauer & Feld and Joele Frank.
Sumitomo, a trading and business investment company, completed the acquisition of Saconix, a company engaged in the procurement, sale, storage and distribution of sulfuric acid, from Tailwater Capital, an energy and growth infrastructure private equity firm. Financial terms were not disclosed.
"We identified Saconix as a strategic investment because its business model is extremely compatible with our current investments, and brings a high potential of growth synergy for our Sulfuric Acid business in the US, increasing our global competitiveness. We expect to provide additional value and high service to our customers through the strong synergies of our global Sulfuric Acid business," Masaya Sato, General Manager SCOA Basic Chemical Group.
Tailwater Capital was advised by RBC Capital Markets and Sidley Austin.
A consortium of investors including Hanwha Corporate Venture Capital, OIC, Catalus Capital and Ascent Funds completed a $50m investment in Forge Nano, a biotechnology company.
“This funding milestone allows us to fulfill the customer demand that already exists for our advanced batteries and equipment. As we move to grow our Atomic Armor technology in the Lithium-ion market, we are excited to finally be able to internally provide a finished battery solution at scale. In the past 4 years, we have seen dramatic revenue growth every year. With this new funding, we now aim to significantly accelerate this growth," Paul Lichty, Forge Nano CEO.
Forge Nano was advised by Winston & Strawn.
Imaging Business Machines, a digitization and intelligent document processing solutions provider, completed the acquisition of the IntelliScan smart scanning solutions of Exela Technologies, a business process automation company. Financial terms were not disclosed.
"I am pleased to welcome the team from Exela and excited to add Exela's high-volume scanner products to ibml's market-leading portfolio of solutions. The additional expertise and offerings will provide our customers with a more diverse portfolio of best in class high volume intelligent scanning solutions, and the ability to bring greater innovation to their document intensive business processes," Martin Birch, ibml CEO.
ibml was advised by Zen Media.
WebMD Health Services, a well-being programs for employers and health plans designer, offered to acquire Limeade, an immersive employee well-being company. Financial terms were not disclosed.
"Limeade and WebMD Health Services are two purpose-driven organizations with more than 40 years of combined experience driving positive health behavior changes for employees and members. Together the combined organization will re-energize the market delivering the most comprehensive, holistic well-being solution and services that help organizations build a culture of well-being that inspires a happier, healthier, and more engaged population," John Harrison, WebMD Health Services General Manager.
Stantec, a sustainable design and engineering company, agreed to acquire Environmental Systems Design, an engineering firm. Financial terms were not disclosed.
"Merging talent with ESD positions Stantec as one of the top integrated design firms in the US market. Our expanded services in data center, smart building design, and high-performance buildings will offer our clients the flexible and stable facilities that meet their operational needs into the future," Leonard Castro, Stantec Executive Vice President.
AE Industrial Partners-backed Firefly Aerospace, an end-to-end space transportation company with launch, lunar, and in-space services, completed the acquisition of Spaceflight, a private aerospace company. Financial terms were not disclosed.
"This acquisition is the result of Firefly's business plan to strengthen the company through organic growth in addition to accelerating its capabilities with strategic acquisitions. The combination of Spaceflight's on-orbit experience with Firefly's launch vehicles, Blue Ghost landers, and Space Utility Vehicles is an overnight game changer for our customers and investors," Bill Weber, Firefly Aerospace CEO.
ESG, an energy SaaS solutions provider, completed the acquisition of Pandell, a SaaS land and financial application for the energy sector. Financial terms were not disclosed.
"Since our founding in 1997, ESG has been providing mission-critical software solutions across the energy ecosystem. Our market experience paired with technology expertise have long helped energy retailers, traders, and asset infrastructure companies to stay ahead of an ever-changing energy landscape, consumer demands and regulatory requirements. With the addition of Pandell, we now serve customers across a broader portion of the energy value chain. We are excited to welcome the brilliant Pandell team to ESG and jointly bring more solutions to the table that help energy players stay ahead as the world works toward energy transition, helping our customers unleash the power in their hands," Matt Hirst, ESG CEO.
Visa nears a deal for Pismo.
Visa is in advanced talks to acquire Pismo, a Brazilian financial technology firm that provides cloud-based payment and banking platforms. Mastercard and Visa were among the firms vying to acquire Pismo, which could be valued at around $1bn.
Visa could announce a deal as soon as this month for the Sao Paulo-based company. A final agreement hasn’t been reached and talks could still fall through, Bloomberg reported.
HPS Investment Partners raises $10bn. (FS)
HPS Investment Partners, a private equity firm, has closed its second Core Senior Lending Fund and parallel investment funds and accounts, with approximately $10bn in investable capital. This includes $7.3bn in equity commitments.
CSL II will focus on pursuing attractive, risk-adjusted returns for investors by investing in privately originated, floating rate, senior secured loans to businesses primarily across North America, Western Europe and Australia/New Zealand including sponsored, non-sponsored and public borrowers. To date, the fund has committed approximately 57 percent of its capital across 54 investments.
"We were extremely pleased with the robust reception CSL II received from a wide range of the world's most sophisticated institutions who see the incredible opportunity presented by today's private credit markets. We appreciate our clients' support and look forward to helping them achieve their investment goals while working with leading private and public companies on bespoke financial solutions to enable them to achieve their business objectives," Scott Kapnick, HPS CEO.
EMEA
Credit Suisse Group Chief Executive Ulrich Koerner indicated that the emergency takeover of the bank by UBS will close on June 12, 2023, Bloomberg reported.
"While Monday brings to an end this chapter in our history, it is also the beginning of a new and exciting future. Monday's legal close is the next important step as we work to get you the answers you need as quickly as possible," Ulrich Koerner, UBS CEO.
Credit Suisse is advised by Centerview Partners (led by Blair Effron), Rothschild & Co (led by Cyril de Mont-Marin), Cleary Gottlieb Steen & Hamilton (led by David Lopez), Homburger (led by Claude Lambert, Benjamin Leisinger and Daniel Daeniker), Sullivan & Cromwell (led by Mitchell S. Eitel) and Community Group (led by Auro Palomba). UBS is advised by JP Morgan, Morgan Stanley, UBS, Bar & Karrer (led by Rolf Watter), Davis Polk & Wardwell (led by Evan Rosen, Luigi L. De Ghenghi and Marc O. Williams), Freshfields Bruckhaus Deringer (led by Michael Raffan and Jennifer Bethlehem) and Community Group (led by Marco Rubino).
Vivendi, the French media conglomerate controlled by billionaire Vincent Bollore, won conditional EU antitrust approval for its acquisition of France's largest publisher Lagardere, Reuters reported.
The European Commission, which acts as the competition enforcer in the 27-country European Union, said Vivendi agreed to sell its publishing unit Editis and celebrity magazine Gala to address regulatory concerns about the deal.
Lagardere is advised by Image Sept (led by Anne Meaux) and Datasite. Vivendi is advised by BNP Paribas, Societe Generale (led by Stephane Krief) and Cleary Gottlieb Steen & Hamilton. Amber Capital is advised by White & Case (led by Saam Golshani).
Casino Group, a French mass-market retail group, terminated the merger with TERACT, a distribution player in the garden centre and pet retail and food distribution growth markets. Financial terms were not disclosed.
"At the end of this exclusivity period, which was renewed on 24 April and runs until 8 June 2023, TERACT and the Casino Group have decided, by mutual agreement and in view of the changing situation, not to pursue these discussions," TERACT.
US fund KKR strengthened its lead in the race to secure the landline grid of Telecom Italia when it offered to raise its bid by up to or over $2.2bn, Reuters reported.
The value of KKR's offer could top $24.7bn overall, widening the gap with a rival proposal by a consortium comprising Italian state lender CDP and Australian fund Macquarie.
EQT, a global investment organization, offered to acquire Alfa Financial Software, a business providing software for customers working in the asset finance industry, for $773m.
EQT's latest proposal gave shareholders the option to elect for a partial unlisted share alternative offer.
UKG, a workforce management and human resource management services, agreed to acquire Immedis, a payroll software developer, from CluneTech, a software technology company. Financial terms were not disclosed.
“The acquisition of Immedis and the introduction of UKG One View is transformative for the HCM industry, delivering unprecedented levels of visibility, flexibility, and accuracy to the multi-country payroll process. Having worked closely and strategically with Immedis for several years now, we’re thrilled to welcome the entire Immedis team into the UKG family," Chris Todd, UKG CEO.
Endava, a technology company, completed the acquisition of DEK, a multinational firm that develops cutting-edge software and hardware solutions across a range of applications, including embedded systems, real-time solutions, telecoms and data communications. Financial terms were not disclosed.
"DEK brings with it great talent, with particular expertise in the globally innovative domains of telecoms and embedded tech. We're excited by the opportunity to cross sell our capabilities to each other's clients. We look forward to forging strong relationships with the new customers this merger is bringing to the Endava family," John Cotterell, Endava CEO.
49ers, a corporate venture capital, agreed to acquire a majority stake in Leeds United, a professional football club, from Aser Ventures, an investment platform. Financial terms were not disclosed.
The deal still needs to pass the English Football League's owners' and directors' test, a process expected to take a number of weeks, the requirement is regarded as a formality.
Bunge finalizing a $30bn merger with Viterra.
US grains merchant Bunge is putting the final touches on a deal to merge with Glencore-backed peer Viterra and create an agricultural trading giant worth more than $30bn, including debt.
The deal, whose terms have not been previously reported, would come as Russia's war in Ukraine has tested the security of supply in global food markets. Its potential impact would be examined closely by antitrust regulators.
Bunge, whose market value is about $14bn and carries debt net of cash of about $2.7bn, will pay for most of the deal with stock but will also use cash and has lined up debt financing from banks. Privately held Viterra's shareholders, which beyond Glencore include the Canada Pension Plan Investment Board and British Columbia Investment Management, may sign off on the deal as early as this weekend if the negotiations conclude successfully, Reuters reported.
Nordic Capital pursues a $6.7bn deal for Temenos as other suitors drop. (FS)
Nordic Capital is one of the last suitors for Temenos after rival buyout firms dropped from the latest attempt to sell the Swiss banking software maker.
The Swedish private equity firm is holding talks with Temenos and lining up financing as it pursues a potential deal as early as this month. Nordic Capital could seek co-investors for the deal, given Temenos’s market value of $6.7bn.
Previous suitors including EQT, Thoma Bravo and Permira are no longer in the race. Other private equity firms including Blackstone are still studying the asset, though not actively in takeover talks, Bloomberg reported.
Permira weighs a €2.5bn sale of Golden Goose. (FS)
Permira is exploring options for Golden Goose, including a potential sale that could value the luxury sneaker maker at more than €2.5bn ($2.7bn).
The private equity firm is also weighing a possible initial public offering of the brand behind shoes favored by singers Selena Gomez and Taylor Swift. The business has sales of about $537m and earnings before interest, taxes, depreciation, and amortization of roughly $161m.
Any sale of the business could come in the second half of the year. Deliberations are ongoing as there’s no certainty Permira will decide to exit its investment in the business, Bloomberg reported.
Ivan Glasenberg nears deal to acquire Cicli Pinarello.
Billionaire Ivan Glasenberg, the former chief executive of Glencore, is poised to acquire a controlling stake in elite bicycle maker Pinarello as he expands his stable of cycling interests.
Glasenberg is understood to be close to finalising buying a majority stake in Pinarello. The deal values the company at roughly €250m ($269m), FT reported.
Trio of French businessmen plan counter-offer for Casino.
A trio of French businessmen readied to make a new offer for debt-laden supermarket chain Casino after exclusive tie-up talks between Casino and smaller retail rival Teract collapsed.
In a joint statement, telecoms billionaire Xavier Niel, investment banker Matthieu Pigasse and entrepreneur Moez-Alexandre Zouari said they were prepared to invest their funds in Casino to find a lasting solution to the group's financial woes.
This new money would come in the form of a dedicated vehicle, dubbed "3F", that would be invested in a potential share sale of Casino. Starting with $322m, 3F will seek to raise money from Casino's creditors to bring the sum to a little over $1.1bn, Reuters reported.
Thyssenkrupp's Nucera to launch $5.4bn IPO as early as this week.
Thyssenkrupp is poised to launch the long-awaited listing of its hydrogen division Nucera as soon as this week. Nucera, partly owned by Italy's De Nora was targeting June for an IPO that could value the business at up to $5.4bn.
No final decision has been made by the company's management on whether to go ahead with the initial public offering and it is possible that the move will be delayed at the last moment.
Nucera's efforts come as other European companies also rush to sell shares before investors close up shop for the summer, following a prolonged drought in new listings due to soaring interest rates and economic uncertainty, Reuters reported.
Optasia hires Moelis for potential sale or IPO. (FS)
United Arab Emirates-based Optasia is weighing strategic options, including a sale or initial public offering in the Middle East. The company has been backed by investors Ethos Capital Partners, Development Partners International and Waha Capital.
The financial technology startup has appointed Moelis & Co. as an adviser. Deliberations are ongoing and no final decisions have been taken. Optasia could also decide to pursue a pre-IPO fundraising ahead of a future listing.
APAC
BlackRock, a private equity firm, agreed to acquire a 30% stake in AirFirst, an industrial gasses company, from IMM Private Equity, a private equity firm, for $860m.
BlackRock competed with three other shortlisted bidders — KKR, Canada-based Brookfield and CVC Capital — to buy the AirFirst shares up for grabs.
BlackRock is advised by JP Morgan.
Bain Capital, a private equity firm, completed the acquisition of Porus Labs, a manufacturer of agricultural and speciality chemicals. Financial terms were not disclosed.
"We are very excited to build a platform in the specialty chemicals contract development and manufacturing space, leveraging Porus Labs' expertise and strong market position. We have high conviction in the industry's growth prospects and see immense potential for expanding the company's market by building or acquiring differentiated chemical capabilities in key sectors,” Rishi Mandawat, Bain Capital Partner.
Porus Labs is advised by JP Morgan.
Hahn & Co, a private equity firm, agreed to acquire Lutronic, an aesthetic and medical laser and related technology, in a $736m deal.
“Partnering with Hahn & Co paves the way for Lutronic’s brighter future. I am confident that this partnership will accelerate Lutronic’s ascension as the leading and dominant player in the medical aesthetics space,” Hwang Hae-lyung, Lutronic Founder and CEO.
United Tractors, a heavy equipment distributor, agreed to acquire a 19.99% stake in Nickel Industries, a mining services provider, for $633m.
"The acquisition of a strategic minority stake in Nickel Industries is another important step in the diversification of our business. It will build our integrated nickel strategy and our broader Group's continued expansion in the electric vehicle supply chain," Frans Kesuma, United Tractors President Director.
Credit Suisse puts up China brokerage venture for sale.
Credit Suisse and a joint venture partner are seeking buyers for their China securities brokerage business due to the Swiss bank’s takeover by rival UBS. Citigroup had at one point shown interest in acquiring Credit Suisse Securities China.
According to Chinese securities regulations, one entity cannot hold two licenses for majority-owned brokerages. UBS has a 67% stake in a profitable securities venture with Beijing State-owned Asset Management. Credit Suisse owns 51% of loss-making CSS and struck a deal to buy out its partner Founder Securities last year, DealStreetAsia reported.
Ola Electric to meet investors next week on IPO plans. (FS)
SoftBank and Temasek-backed Ola Electric, an electric scooter manufacturer, will hold talks next week with investors in Singapore and the United States on its planned stock market listing, the first of a series of meetings for its up to $1bn IPO.
With the IPO planned late 2023, Ola is embarking on investor meetings earlier than usual to explain the business potential of India’s nascent EV market. Ola’s founder and CEO Bhavish Aggarwal plans to meet investors, including BlackRock, Singapore’s sovereign wealth fund GIC, and mutual funds such as T Rowe Price.
Ola is advised by Bank of America, Goldman Sachs, Citigroup, Kotak, Axis and ICICI Securities.
Shenzhen Capital closes new RMB fund at $950m (FS)
Shenzhen Capital Group, the venture investment vehicle of the Shenzhen government, has closed its flagship fund at $950m to deepen its bets in the hard tech industry.
The state-affiliated investment powerhouse will leverage the war chest to invest in strategic and emerging industries to accelerate self-sufficiency in technology, DealStreetAsia reported.
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