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AMERICAS
SM Energy, an independent oil and gas exploration and production company, and Northern Oil and Gas, an independent energy company, agreed to acquire Uinta Basin oil and gas assets from EnCap and Rice-backed XCL Resources, an independent oil and gas company, for $2.55bn.
“With XCL, we are acquiring a multi-stacked pay acreage position with significant long-term upside. These assets are exemplary of our returns-focused strategy: delivering immediately while offering significant exploration potential further enhancing NOG’s optionality. Much like our prior joint development transactions, we have devised an aligned, conservative development and governance plan with a proven E&P company. We continue to be the partner of choice for our operators as the largest, best capitalized and most reliable working interest owner in the United States,” Adam Dirlam, NOG President.
SM Energy is advised by Kirkland & Ellis. Debt financing is provided by Bank of America, JP Morgan and Wells Fargo Securities. Northern Oil and Gas is advised by RBC Capital Markets and Kirkland & Ellis. XCL Resources is advised by Jefferies & Company and Vinson & Elkins (led by Kelly McGee, Bryan Loocke, Vestita Zumot and Michael Zarcaro).
Warburg Pincus, a global growth investor, completed the $350m investment in CData Software, a data connectivity solutions provider, with participation from Accel, a venture capital firm.
“Today marks a significant milestone for CData. Since our founding, CData has continually raised the bar with our innovative solutions, enabling companies to seamlessly connect to data wherever it resides. Data access is at the core of any AI, ML, or advanced analytics strategy, but continues to be a challenging roadblock to innovation for many organizations today,” Amit Sharma, CData Software Co-Founder and CEO.
Warburg Pincus was advised by William Blair & Co, Cleary Gottlieb Steen & Hamilton and Paul Weiss Rifkind Wharton & Garrison (led by Eric J. Wedel, Caroline Epstein and Ben Steadman). CData Software was advised by JP Morgan, DLA Piper and Walker Sands Communications.
GrowthCurve Capital, a private equity firm, completed the acquisition of Duetto, a revenue management software provider, from Warburg Pincus, a global private equity firm. Financial terms were not disclosed.
"We are excited to partner with GrowthCurve whose expertise in machine learning and AI, coupled with their experience in high-growth businesses, aligns perfectly with our vision. This acquisition will boost our investments in innovative tech, enhance our capabilities to support our customers and solidify our leadership in hotel revenue management. We thank our customers, team members, founders and partners for their continued support, as well as Warburg Pincus, Icon Ventures and our investors for their partnership," David Woolenberg, Duetto CEO.
GrowthCurve Capital was advised by Houlihan Lokey, Davis Polk & Wardwell and Gagnier Communications (led by Dan Gagnier). Duetto was advised by Jefferies & Company, William Blair & Co and Orrick Herrington & Sutcliffe.
Vista Equity Partners, an American private equity firm, completed the acquisition of Model N, a provider of revenue optimization and compliance for pharmaceutical, medtech, and high-tech innovators, for $1.25bn.
“This is an exciting milestone in Model N’s history and a testament to the hard work of our incredible team. With Vista’s partnership and as a privately-held company, we will have the ability to take a longer-term view on our business and be in a stronger position to deliver on our strategy and our goals. We look forward to these new and exciting possibilities for our business and are confident that Model N is well positioned for the future,” Jason Blessing, Model N President and CEO.
Altaris Capital Partners, a private equity firm, agreed to acquire Sharecare, a digital health company, for $540m.
“Today’s announcement not only delivers value for Sharecare’s stockholders but also will result in exciting opportunities for our employees and customers. This transaction is an important step forward to enable the continued growth and evolution of Sharecare, and further strengthens us as we deploy our innovative technology across the healthcare sector," Brent Layton, Sharecare CEO.
Sharecare is advised by Houlihan Lokey, MTS Health Partners, King & Spalding, and Wachtell Lipton Rosen & Katz (led by Daniel A. Neff, Mark Gordon and Meng Lu). Altaris is advised by Kirkland & Ellis.
KKR, a private equity firm, completed the acquisition of a portfolio of 18 multifamily assets from Quarterra, a management, development, construction, and investment company that provides rental services, for $2.1bn.
"Quarterra is known for their high-quality assets and we are thrilled to be working with them on this transaction. We like the fundamentals in this sector. This portfolio serves high-growth metropolitan areas across the country, where new supply will slow down significantly looking out beyond the next couple years. We are excited to invest in this portfolio,” Daniel Rudin, KKR Managing Director.
KKR is advised by Gibson Dunn & Crutcher. Quarterra is advised by Jones Lang LaSalle and Troutman Pepper.
Flexpoint Ford, a private equity investment firm, completed a $165m investment in Create Music, a growing music and entertainment company, with participation from Charles Goldstuck.
"Our partnership with Flexpoint marks a significant milestone for our company and their expertise will be instrumental as we continue to scale our operations and find new ways to serve our client's evolving needs. Flexpoint's investment will also support our ambitious acquisition strategy which will allow us to expand our market presence and create the scale to continue to provide unparalleled services to our clients and partners," Jonathan Strauss, Create Music CEO.
Create Music was advised by The Raine Group and Willkie Farr & Gallagher (led by Alan Epstein). Flexpoint Ford was advised by Reed Smith.
PPC Enterprises, a private equity firm, completed an investment in Indus Valley Partners, a provider of software and technology solutions to the investment managers. Financial terms were not disclosed.
“This is an exciting opportunity to accelerate IVP’s technology and service offerings to serve a broad array of the financial ecosystem. The PPC team brings a wealth of experience through prior and current investments in related spaces, including Viteos and Aduro Advisors. The PPC team will provide strategic guidance and capital to support IVP’s continued growth and development," Gurvinder Singh, Indus Valley Partners Founder and CEO.
Indus Valley Partners is advised by Jefferies & Company and Simpson Thacher & Bartlett. PPC Enterprises is advised by Covington & Burling.
Frazier Healthcare Partners, a Seattle-based, healthcare-focused investment firm, completed the acquisition of BioMatrix, a national provider of home-based infusion services with clinical expertise in neurological diseases, immunology deficiencies and transplants. Financial terms were not disclosed.
"Backing best-in-class operators is a core tenet of our investment strategy, and we are thrilled to back Ted and Kathee. As they have done previously, our shared vision for this asset is to build a nationally renowned platform that puts the patient at the center of everything we do," Philip Zaorski, Frazier Partner.
Frazier was advised by Cantor Fitzgerald and Goodwin Procter.
TPG Capital, a global alternative asset management firm, agreed to invest in Altimetrik, a pure-play digital business company. Financial terms were not disclosed.
“Altimetrik’s unique value proposition, combining a proven methodology with strong engineering capabilities and talent development initiatives, aligns perfectly with our investment strategy and portfolio. The company has already demonstrated a strong growth trajectory, and this investment will empower Altimetrik to expand its reach. We look forward to partnering with the founder and management team to accelerate the company’s growth,” Puneet Bhatia, TPG Capital Co-Managing Partner.
Altimetrik is advised by Jefferies & Company and Gregory FCA (led by Matt McLoughlin).
Macquarie, an Australian global financial services group, agreed to acquire Kalkomey, a provider of online recreational safety education in North America. Financial terms were not disclosed.
Macquarie Capital’s investment will support Kalkomey’s continued growth, scale and expansion into new and adjacent markets globally.
Kalkomey is advised by Harris Williams & Co.
CBRE Group, a commercial real estate services and investment firm, completed the acquisition of Direct Line Global, a provider of installation, maintenance and management solutions for data centers, from Guardian Capital, a private equity firm. Financial terms were not disclosed.
“This acquisition fits squarely with our strategy of enhancing our capabilities in asset classes that benefit from secular tailwinds – in this case, the increasing digitization of the global economy. Direct Line Global perfectly complements our existing data center management capabilities and provides us with best-in-class technical capabilities that differentiate our service offering," Vikram Kohli, CBRE COO.
CBRE Group was advised by Sullivan & Cromwell.
Oil and gas companies Flowco Production Solutions, Estis Compression and Flogistix, agreed to merge to form Flowco, a provider of production optimization and artificial lift solutions. Financial terms were not disclosed.
"The merger forming Flowco represents a strategic alignment with GEC to form an industry leader in the production optimization and artificial lift solutions sector. By uniting our three companies, each expert in their field and in complementary lines of business, we can offer comprehensive solutions for clients throughout the entire lifecycle of an oil and gas well. We look forward to working with GEC and our employee partners on the next phase of Flowco's development," Ben Guill, White Deer Co-Founder.
Flogistix is advised by Vinson & Elkins.
Riverside, a private investor focused on the smaller end of the middle market, completed the investment in Prism Specialties, a franchisor of specialty restoration services of electronics, textiles, arts and documents. Financial terms were not disclosed.
“Prism Specialties is the fourth add-on to EverSmith as we continue to execute on the thesis of creating a multi-brand franchisor of commercial-focused business service brands. The company is a great fit, and we are excited to add specialty restoration services to the platform," Loren Schlachet, Riverside Micro-Cap Fund Managing Partner.
Coatue Management, a global investment manager, agreed to invest $150m in Hut 8, an energy infrastructure operator and Bitcoin miner.
“We are thrilled to be partnering with Coatue, given the firm’s deep expertise and long track record of investments in the AI ecosystem. We believe this partnership will allow us to unlock significant opportunities and connectivity to the broader space as we enter this next phase of growth.” Asher Genoot, Hut 8 CEO.
Novo Tellus, an investment firm specialising in long-term investments in the global supply chain, completed the investment in Amsino Medical Group, a global provider of medical consumable devices. Financial terms were not disclosed.
"We're excited to renew a long-term partnership with Novo Tellus. Novo Tellus has proven itself as a growth partner for Amsino before, and shares our fundamental commitment to delivering dependable innovation and value to our customers around the world," Dr. Richard Y. Lee, Amsino Medical Group Chairman and CEO.
Jain raises $5.3bn in biggest hedge fund debut since 2018.
Bobby Jain has gathered $5.3bn in commitments for his new multistrategy hedge fund, marking the biggest fundraising haul since ExodusPoint Capital Management's record debut, Bloomberg reported.
Jain Global will start trading July 1. Investors include endowments, foundations, family offices, bank wealth platforms and sovereign wealth funds.
Thoma Bravo is exploring a sale of Canadian auto marketplace trader.
Thoma Bravo is exploring the sale of Trader, a Canadian automotive marketplace and software provider. The private equity firm is working with an adviser to solicit interest from potential buyers, Bloomberg reported.
The company could be valued at CAD4bn ($2.9bn) or more, including debt. The deliberations are ongoing and Thoma Bravo could still opt to keep the company.
Quantum Capital said to strike $1.8bn deal for Caerus Oil.
Quantum Capital Group has agreed to buy Caerus Oil and Gas in a deal that values the Rocky Mountain energy explorer at $1.8bn, as private equity firms ramp up buying in the oil patch.
Energy-focused Quantum is buying Caerus from backers Oaktree Capital Management, Anschutz Investment and Old Ironsides Energy, Bloomberg reported.
L Catterton, employees to sell 14m Birkenstock shares.
Private equity firm L Catterton and a group of employees of Birkenstock are offering to sell 14m shares of the US-traded footwear maker, days after it hit its highest level since its IPO, Bloomberg reported.
Birkenstock’s shares closed at $59.78 each on June 24, up nearly 30% from their IPO price in October to give the company a market value of about $11.2bn. At that price, the stake for sale would be worth $837m.
Sila raises $375m.
Sila, a rechargeable-battery startup that is developing technology it says can help electric vehicles drive farther and charge faster raised $375m from investors such as T. Rowe Price, WSJ reported.
The California startup, Sila, said the funds will help it complete construction of a factory early next year. The company plans to start delivering its battery parts to customers such as Mercedes-Benz and Tesla partner Panasonic by the fourth quarter of 2025.
Invesco loses bid to seize control of Robertshaw’s restructuring.
Invesco lost a bid to regain control of Robertshaw after the firm was stripped of its power to steer the restructuring of the troubled appliance parts maker by rivals Bain Capital, Eaton Vance Management and Canyon Capital Advisors.
Judge Christopher Lopez ruled Thursday that Bain, Eaton Vance, Canyon and Robertshaw’s private equity owner OneRock Capital Partners can continue steering the company’s Chapter 11 restructuring. The ruling is a setback to Invesco, which sued to block a December debt deal - devised by the rival lenders - that effectively pushed Invesco out of the restructuring. Lopez ruled that Bain, Eaton Vance, Canyon and One Rock didn’t breach Robertshaw’s underlying credit agreement and remain the company’s “required lenders,” which give them the right to sway the appliance parts maker’s restructuring, Bloomberg reported.
Vista-backed Solera seeks up to $13bn valuation in IPO.
Vista Equity Partners-backed automotive data and software services provider Solera is set to seek a valuation of about $10bn to $13bn in its planned initial public offering, Bloomberg reported.
The company, which analyzes vehicle life-cycle data for clients including insurers and dealers, may file publicly for its US IPO as soon as this week. It could start marketing the deal to prospective investors as soon as mid-July.
Equity Group-backed Ardent Health filed for IPO in a $5bn valuation.
Hospital operator Ardent Health Partners, whose majority owner is Equity Group Investments, has filed for an initial public offering. Ardent could seek to raise $400m or more in the offering, with the company valued at about $5bn.
Ardent Health intends to use the net proceeds from the proposed offering to repay certain existing indebtedness and for general corporate purposes.
Ardent’s IPO is being led by JP Morgan, Bank of America, Morgan Stanley, Capital One, Loop Capital, Stephens, Citigroup, Leerink Partners, RBC Capital Markets, Truist Securities, and Mizuho.
KKR seeks $20bn for new North America buyout fund.
KKR is seeking about $20bn from investors for its latest flagship North America private equity fund, three years after it launched its predecessor fund of similar size, Reuters reported.
The New York-based firm, which had $578bn in assets under management as of the end of March, is returning to a tougher fundraising market for buyout funds.
HIG Capital raises $1.3bn for infrastructure fund.
HIG Capital, a global alternative asset management firm with $64bn of capital under management, announced the closing of HIG Infrastructure Partners. The fund closed with aggregate capital commitments of approximately $1.3bn.
“The Fund is well-positioned to capitalize on opportunities in the less efficient middle market. HIG’s unique platform provides us with a demonstrated, differentiated sourcing model and a deep pool of resources focused on operational value creation. We believe this allows us to generate strong returns, especially as the industry adjusts to higher interest rates and macro volatility,” Andrew Liau and Ed Pallesen, HIG Infrastructure Co-Heads.
Meadow Partners raises $530m of new capital commitments.
Meadow Partners, an institutional middle-market real estate private equity investor, announced that the firm has raised $530m of new capital commitments for its sixth flagship fund, Meadow Real Estate Fund VI and dedicated co-investment vehicles. The new capital was committed by a diverse base of new investors and longtime partners, including public pension plans and university endowments.
"We are grateful for the positive response we received for our flagship strategy from a sophisticated group of new and existing investors. Their continued confidence reflects Meadow’s differentiated investment approach and experienced team with deep-rooted relationships. In a challenging market environment, Fund VI has already completed numerous investments across our target markets and we have a robust pipeline of compelling opportunities," Jeffrey Kaplan, Meadow Partners Founder and Managing Partner.
EMEA
Brookfield, a Canadian multinational company, and Temasek, a global investment company, agreed to acquire a 53.32% stake in Neoen, a renewable energy producer, from Impala, the Fonds Stratégique de Participations, Cartusia and Xavier Barbaro for €3.25bn ($3.52bn).
"Impala is delighted to sell the control of Neoen to Brookfield, a responsible actor and world leader in the renewable energy market. Impala created Neoen 15 years ago and have since then supported every stage of its development in France and then internationally, with an outstanding success in Australia. With the financial backing of this new shareholder and the talent of Xavier Barbaro and his teams, Neoen will be able to continue its growth trajectory," Jacques Veyrat, Impala Founder and President.
EQT Partners, a Swedish global investment organization, agreed to acquire Constellation Cold Logistics, a provider of temperature-controlled storage capacity and complementary services, from Arcus Infrastructure Partners, a private equity firm. Financial terms were not disclosed.
"In four short years, Constellation, with support from Arcus, has expanded into one of the largest cold storage players in Europe, enabling our clients to benefit from enhanced accessibility and efficiency in their supply chains. We will maintain an absolute focus on responsiveness and customer service together with our commitment to sustainability on our path to net-zero. We’re excited to continue implementing our 2030 strategic plan with the support of EQT, which brings strong infrastructure experience, global scale, and deep expertise in areas like sustainability and digitalization. I'd like to thank the Arcus team for its dedication to this point but, most of all, I’d like to thank all Constellation’s employees for their hard work and continuous support as the company evolves," Carlos Rodriguez, Constellation CEO.
EQT Partners is advised by Roland Berger, PricewaterhouseCoopers, UBS and Milbank. Arcus is advised by Aon, OC&C Strategy Consultants, ERM Group, Ernst & Young, Marquarie Group, Seven Lakes Partners, DLA Piper, Kirkland & Ellis and CBRE Group.
TPG, an American private equity firm, and CDPQ, an institutional investor, agreed to acquire Aareon, an IT service management company, from Aareal Bank, an international property specialist, and Advent International, one of the largest and most experienced global private equity investors, for €3.9bn ($4.2bn).
"This transaction marks a milestone in the development of Aareon. Thanks to the strong support of our owners Aareal Bank and Advent International, the company has made excellent progress in recent years. Now, we have reached a point where we can take the next step in our development. We are in an ideal position to capture further growth opportunities and welcome TPG and CDPQ as experienced and strong new partners," Harry Thomsen, Aareon CEO.
TPG is advised by Morgan Stanley, Kirkland & Ellis (led by Adrian Maguire and Vincent Bergin), Greenbrook (led by James Madsen). Aareal Bank and Advent International are advised by Arma Partners, Goldman Sachs, CMS, Weil Gotshal and Manges and FGS Global (led by Olaf Zapke).
Blackstone, a private equity firm, completed the acquisition of Village Hotels, a hotel owner, operator and developer, from KSL Capital Partners, an investor in travel & leisure. Financial terms were not disclosed.
“With KSL’s support, we have developed a differentiated brand, offering lodging, food, meeting space and health and wellness, ‘everything under one roof’. Each hotel attracts over 4k local members to our health and wellness clubs, quite unique in the hotel world, with high-tech equipment, fitness class facilities and pools with steam room and sauna. A great facility for the business traveller where health and wellness plus work facilities make us best in class. With Blackstone we see great opportunities to expand the number of hotels in the UK and further enhance our existing facilities. An exciting time for us all,” Gary Davis, Village Hotels CEO.
Blackstone was advised by Lazard, Santander, DLA Piper and Simpson Thacher & Bartlett. KSL was advised by Morgan Stanley, Dentons and Joele Frank (led by Kate Thompson).
Bregal Unternehmerkapital, a private equity firm, agreed to acquire a 53.24% stake in Relatech, a digital transformation firm, for €109m ($117m).
“Since our founding in 2001, Relatech has undergone a remarkable journey, and we are thrilled to announce the partnership with BU as a stepping stone in the Company’s continued success. With the support of BU, we look forward to accelerating growth organically and via acquisitions, extending our international reach and strengthening our position as customers’ partner of choice for digital innovation, thereby leading the Digital Renaissance. We look forward to the exciting opportunities that lie ahead and are confident that this new phase will bring unparalleled benefits to all our stakeholders," Pasquale Lambardi, Relatech Founder, Chairman and CEO.
Bregal Unternehmerkapital is advised by Alvarez & Marsal, Mediobanca, Chiomenti, Legance, IWK Communication Partner and Deloitte. Debt financing is provided by Essentia Advisory.
Sonoco Products Company, a provider of high-value sustainable packaging, agreed to acquire Eviosys, a global supplier of metal packaging, producing food cans and ends, aerosol cans, metal closures and promotional packaging, from KPS Capital Partners, a private equity firm, for $3.9bn.
"Eviosys is another demonstration of KPS' investment strategy of seeing value where others do not, buying right and making businesses better, across economic cycles, geographies and industries over decades," Michael Psaros, KPS Co-Founder and Co-Managing Partner.
Sonoco Products Company is advised by Rothschild & Co and Paul Weiss Rifkind Wharton & Garrison. KPS and Eviosys are advised by JP Morgan, Morgan Stanley, Freshfields Bruckhaus Deringer and FGS Global.
Slättö, a private equity real estate investor with a Nordic focus, agreed to acquire two residential portfolios in Finland for €130m ($139m).
The residential portfolios comprise approximately 800 residential units in the Helsinki Metropolitan Area and Tampere, with some 70% of the value concentrated in the HMA. The assets have strong locations in their respective submarkets and are of high standards, with the majority being newly built properties.
Slättö is advised by PricewaterhouseCoopers, Nordano, Avance, Roschier Attorneys and Naava Partners.
KKR to acquire Superstruct Entertainment, a live entertainment group owning and operating over 80 music festivals, from Providence Equity Partners, a private equity firm. Financial terms were not disclosed.
"We are delighted to partner with Roderik Schlösser, James Barton and the team at Superstruct who have established themselves as a leader in delivering unparalleled live music experiences globally. With a robust foundation as a top-tier live entertainment platform, we see significant growth opportunities ahead for Superstruct. Drawing on our strong partnership approach and experience in the digital entertainment and ticketing space, such as BMG, ProSiebenSat1, GetYourGuide, and Trainline, as well as KKR’s global resources and extensive network, we will support the company and its entrepreneurial team to bring their compelling portfolio of live event formats to a wider audience and drive further growth," Philipp Freise, KKR Partner and Co-Head of European Private Equity.
KKR is advised by Goldman Sachs and Kirkland & Ellis. Providence Equity Partners is advised by HSBC, LionTree Advisors and White & Case.
Rivean Capital, a mid-market private equity, agreed to acquire Intero Integrity Services, a specialist for keeping critical infrastructure clean, safe, well maintained, and highly productive, from First Reserve, an investment firm. Financial terms were not disclosed.
"With the backing of our partners at Rivean, I am confident that Intero will accelerate growth, expand and diversify our service offerings, and become a vital partner helping drive success for our customers. We look forward to this exciting new phase for Intero, where we will continue to expand our unique blend of technological innovations, critical inspection, advanced environmental services, and industrial services. This will ensure safety, integrity, and enhanced performance of mission-critical infrastructure around the world. We would also like to thank First Reserve for their invaluable support over the course of our partnership," Rienk de Vries, Intero CEO.
Rivean Capital is advised by Clifford Chance (led by Tim Heerschop). First Reserve is advised by Robert W Baird (led by Thomas Fetzer), Freshfields Bruckhaus Deringer and Joele Frank (led by Erik Carlson).
TDR Capital, a private equity firm, agreed to acquire Acqua & Sapone, a non-food discount retail brand, from HIG Capital, a global alternative investment firm. Financial terms were not disclosed.
“Acqua & Sapone has been a great investment for HIG Working in partnership with the Barbarossa family, the Company has more than doubled its earnings and cemented its position as Italy’s leading non-food discount retailer. We are proud of the outstanding performance of the management team, and we look forward to continuing to support the business in its next chapter alongside TDR," Stefano Giambelli, HIG Managing Director.
HIG Capital is advised by Mediobanca. TDR Capital is advised by Paul Weiss Rifkind Wharton & Garrison (led by Will Aitken-Davies). Acqua & Sapone is advised by JP Morgan.
GED Capital, a private equity firm, agreed to acquire Argilun, a Basque lighting company. Financial terms were not disclosed.
The acquisition is part of a favourable environment for audiovisual productions, as this market is expected to grow by an average of over 10% in the next few years.
GED Capital is advised by Baker Tilly and Addleshaw Goddard.
A consortium of investors, including Equitix, Tages Capital, and La Finanziaria Trentina, agreed to acquire a 40% stake in Hydro Dolomiti Energia, one of the major Italian hydroelectric energy producers, from Macquarie Group, a global financial services group, for €400m ($429m).
"Hydropower is a strategic asset, playing a key role in the energy transition and providing a clean and system-critical source of power as the installation of new solar and wind accelerates across Italy. Under our stewardship with the Dolomiti Energia Group, HDE has continuously provided a secure and reliable source of electricity while developing a highly-skilled technical and commercial operations team, and contributing to the economy of the province. We wish the business every success as it embarks on its next chapter," Stéphane Brimont, Macquarie Asset Management Managing Director.
Macquarie Group is advised by Rothschild & Co.
SEGRO, a British property investment and development company, completed the acquisition of three logistics warehouses in the Netherlands, for €222m ($237m).
“We have been able to leverage our market-leading operating platform and strong local networks to create these opportunities and profitably deploy some of the capital raised in our recent equity placing, at a time when investment markets show signs of stabilisation and the supply of new sustainable warehousing remains constrained,” Marco Simonetti, SEGRO Managing Director, Continental Europe.
Commodity trader Gunvor Group helped finance Gabon’s acquisition of Carlyle Group’s Assala Energy, the latest example of independent energy traders stepping in with deals for oil-producing countries in Africa, Bloomberg reported.
The deal for the 45k barrel a day crude producer has been some time in the making. In January, Gabon’s national oil company exercised what it said was a preemptive right to the assets after France’s Etablissements Maurel & Prom struck a deal to buy the company.
Alliance Trust, an investment and financial services company, agreed to merge with Witan Investment, an investment trust. Financial terms were not disclosed.
“The formation of Alliance Witan brings together the two leading open-architecture multi-manager investment company propositions in the UK to form a FTSE 100 equity investment vehicle with the quality, cost efficiency and profile to play a leading role in the UK investment market. Shareholders will benefit from access to the proven investment process implemented by our investment manager, Willis Towers Watson, and access to the world’s leading stock pickers. This is also a significant moment for our industry in broader terms – Alliance Witan represents a key milestone in the history of the investment trust structure which has demonstrated its capabilities very effectively over many decades," Dean Buckley, Alliance Trust Chairman.
Alliance Trust is advised by Quill PR (led by Fiona Harris).
Waterland, a private equity investment group, completed the acquisition of a majority stake in dacoso, an IT network integrator and provider of data security in the DACH region. Financial terms were not disclosed.
“With Waterland we have found a partner for our continued journey that has both particular expertise in the development of growth companies as well as longstanding experience in the ICT sector. The chemistry is also right – with this optimal foundation, we are looking forward to developing an international, market-leading group," Felix Pohl, dacoso CEO.
Landsec, the largest commercial property development and investment company in the United Kingdom, completed the acquisition of an additional 17.5% stake in Bluewater, a shopping centre in Dartford, England, from GIC, a global long-term investor, for £120m ($152m).
This transaction is in line with Landsec's objective to grow its investment in major retail destinations, recycling capital from its recent non-core disposals in an earnings accretive way.
Vitruvian Partners, an investment firm, completed a $50m investment in Civitatis, a curated online marketplace for guided tours and activities for Spanish and Portuguese speaking consumers. Financial terms were not disclosed.
“Our growth and profitability have been fuelled by a combination of highly effective sales channels, well-invested technology platform, and a customer-centric approach, providing the activities and tours in our customers’ own preferred language. Our customers appreciate our expertly curated catalogues of activities across the world, as well as the easy booking and, of course, the outstanding experience that they have with us. With the support of Vitruvian, we are continuing to expand our offerings and meet the demands of our rapidly growing customer base," Alberto Gutiérrez, Civitatis Founder and CEO.
CVC Capital, a private equity firm, agreed to acquire M Group Services, a utility contractor company, from PAI Partners, a private equity firm. Financial terms were not disclosed.
“We would like to thank PAI Partners for their strong support and commitment to our growth since 2018. We are delighted that CVC has decided to support our clear and ambitious plan to continue to grow and deliver at pace, built on our solid market-leading foundations. We look forward to working in partnership with CVC to deliver our future plans. This is great for our people, our clients and their customers,” Andrew Findlay, M Group Services Chief Executive.
Sanofi seeks initial offers for its $20bn consumer arm.
Sanofi has called for initial bids for its $20bn consumer health division, as the French pharmaceutical giant simultaneously moves forward with preparations for a possible listing of the business, Bloomberg reported.
The Paris-based drugmaker has asked potential suitors to make first-round bids by mid-July. Buyout firm Advent International and France’s PAI Partners are seen as the most keen on the business, which sells over-the-counter products including Phytoxil cough syrups and Icy Hot pain relief gels.
Private equity suitors aim to wrap up £2bn Evri.
A pack of trade and private equity suitors are circling Evri, one of Britain's biggest parcel delivery companies, SkyNews reported
Apollo Global Management and Platinum Equity are among the parties which have lodged initial offers for Evri, which is reportedly worth around £2bn ($2.5bn).
UniCredit competing with OTP to buy Blackstone’s Luminor.
UniCredit has submitted a bid for Luminor and is now competing with Hungary’s largest lender, OTP Bank, to acquire the Baltic bank, Bloomberg reported.
Tallinn, Estonia-based Luminor is owned by Blackstone, which started a sales process for the lender earlier this year. Blackstone has been seeking about 1.2 times book value in an exit. Luminor had about €1.8bn ($1.9bn) of equity on its balance sheet at the end of December.
Bank of Cyprus investors to explore a sale of their stakes.
Two of the top investors at Bank of Cyprus are exploring a sale of their stakes in the country’s biggest bank. CarVal Investors and Caius Capital are working with an adviser to gauge interest in their combined 15% holding. They have approached potential buyers including Greece’s Alpha Bank.
Their stakes are worth about £233m ($294m) based on June 27’s closing price in London. Any buyer of the two investors’ shares could use a transaction as a first step to amassing a larger holding and eventually making an offer for the rest of the bank’s shares, Bloomberg reported.
China Three Gorges studies bid for Brookfield’s Saeta.
State-owned China Three Gorges is considering a bid for Spanish clean-energy producer Saeta Yield.
CTG is exploring the possibility of teaming up with a partner for a potential offer. The company would need a co-bidder because Saeta owns assets in Portugal, where China already invests in the grid and would face curbs on further expansion, Bloomberg reported.
Everton enters exclusive sale talks with AS Roma owner Dan Friedkin.
Everton Football Club has given AS Roma owner Dan Friedkin a period of exclusivity to acquire a majority shareholding in the Premier League football club.
The club has been in play since the end of May, after owner Farhad Moshiri’s earlier exclusive talks with Miami-based investor 777 Partners collapsed, opening the door to other bidders, Bloomberg reported.
Engine Capital calls for sale of C&C.
Activist investor Engine Capital has amassed a stake in C&C Group, the maker of Magners Irish Cider, Bloomberg reported.
The hedge fund, which owns just under 5% of C&C, believes the company is undervalued and is pushing for C&C's board to initiate a strategic review process aimed at a sale.
English winemaker Chapel Down Touts sale to fund growth plans.
English winemaker Chapel Down Group is kicking off a strategic review that may result in a sale of the company as it seeks ways to fund longer-term growth. The Kent-based firm known for its range of sparkling wines is working with Rothschild & Co on options ranging from investment from existing shareholders, bringing in new investors or a sale of the business, Bloomberg reported.
There can be no certainty a transaction will be pursued.
KKR’s most prolific European dealmaker Huth to retire. (People)
Johannes Huth, who spearheaded some of KKR's most high-profile European deals, is retiring from the private equity giant after a 25-year stint, Bloomberg reported.
London-based Huth is stepping down from his roles as KKR’s chairman for Europe, the Middle East and Africa and an active partner. He will remain as a senior advisory partner and on the boards of hedge fund Marshall Wace, media company Axel Springer and vacation parks group Roompot.
APAC
Ontario Teachers’ Pension Plan, an independent organization responsible for administering defined-benefit pensions for school teachers of the Canadian province of Ontario, led a $148m Series E round in Kogta Financial, a retail focused non banking finance company, with participation from Morgan Stanley Private Equity Asia, Multiples Private Equity, and Creador.
“This is a significant milestone for the Company, and we are pleased to welcome aboard Ontario Teachers’. Their experience would help Kogta navigate the next phase of its growth journey, deepening its reach across chosen geographies and product segments. We believe the Investment by Ontario Teachers’ is a stamp of confidence for the underlying business model built over the years,” Arun Kogta, Kogta MD and CEO.
Ontario Teachers’ Pension Plan was advised by Pitchfork Partners (led by Kishor Barua).
Venture capital firms Glade Brook, Nexus and StepStone Group led a $665m Series F round in Zepto, a Quick commerce company, with participation from Avenir, Lightspeed, Avra, Goodwater, Lachy Groom and Contrary.
The funding will be used to compete with other two deep-pocketed players, BlinkIt and Swiggy Instamart.
CICC Capital, a Chinese partially state-owned multinational investment management and financial services company, led a $100m Series C round in METiS Pharmaceuticals, a biotechnology company that aims to address unmet clinical needs.
The firm will use the proceeds to advance its AI-driven drug delivery and discovery platform.
Sajo Industries, a deep-sea fishing company, agreed to acquire Foodist, a food ingredient and catering services provider, from VIG Partners, a Seoul-based private equity firm, for $205m.
With the acquisition of Foodist, Sajo Group is expected to overtake its immediate rival Daesang to become Korea's third-largest food conglomerate after CJ CheilJedang and Dongwon F&B.
HKIC, a Hong Kong government-owned fund, agreed to invest in BioMap, a startup biotech company. Financial terms were not disclosed.
"We intend to leverage Hong Kong's international status, favourable financial policies, globally aligned IP and data regulations to garner trust from multinational clients, and maintain our competitive edge amid international competition. In addition, Hong Kong has a rich pool of interdisciplinary AI and biotechnology talent, and an innovative academic environment," Wei Liu, BioMap Co-Founder and CEO.
Novo, a holding and investment company, completed the investment in AgNext Technologies, a breakthrough agricultural and food technology company. Financial terms were not disclosed.
"This investment presents an exciting opportunity for Novo Holdings to collaborate with AgNext's management team in markets with unmet needs, prioritising both organic and inorganic growth in the food and agritech space in the near and long term. With an innovative technology offering, AgNext is poised to capture opportunities to grow its business across various sectors and regions. Further, the company's focus on unique and customised solutions aligns well with our vision of supporting transformative technologies in the bioindustrial and planetary health sector," Amit Kakar, Novo Managing Partner.
Qatar Airways looking to buy up to 20% stake in Virgin Australia.
Qatar Airways is in talks to buy up to a 20% stake in Bain Capital-owned Virgin Australia, as carriers fight for more market share in the country against dominant airline Qantas.
US private equity firm Bain Capital had aimed for an AUD1bn ($665m) listing of Virgin on the Australian Securities Exchange but the plan was delayed, Reuters reported.
Gaw Capital seeks to buy Hong Kong buildings stake from partner.
Hong Kong-based private equity firm Gaw Capital Partners is seeking to take full ownership of two Hong Kong office buildings from partner Hengli Investments, Bloomberg reported.
The Hong Kong-based fund manager with a special focus on real estate plans to acquire the entire stake in Cityplaza Three and Cityplaza Four via public tender.
Ola Electric to face investor pushback on IPO valuation.
Ola Electric, India’s largest electric scooter maker, is facing investor pushback on its targeted valuation for its upcoming initial public offering.
The company’s founder has been aiming for a potential valuation of as much as $7bn in a Mumbai listing. That would compare with a valuation of about $5bn based on initial feedback from investors. At $5bn, Ola Electric’s current investors may opt not to sell existing shares in the company. Considerations are ongoing and no final decisions have been made.
Backed by SoftBank Group and Tiger Global Management, Ola Electric is looking to raise $659m by selling new shares in the IPO, according to its prospectus.
Ola Electric is advised by Kotak Mahindra Capital, Citigroup, Bank of America and Goldman Sachs, Bloomberg reported.
Tencent-backed Shift Up may price IPO at top end of band.
South Korean gaming company Shift Up, backed by China's Tencent, is set to price its initial public offering at the top end of its price band and raise KRW435bn ($313m), Reuters reported.
Books close this week and pricing is expected to be finalised on July 1. Shift Up said nothing had been decided on pricing yet, with it to be determined after the bookbuilding process ended.
Japanese chipmaker Kioxia said to file preliminary IPO application.
Bain Capital-backed chipmaker Kioxia plans to submit a preliminary application to list shares on the Tokyo Stock Exchange in the coming days, DealStreetAsia reported.
The chipmaker plans to submit a full application in August and list at the end of October, though the timing could be pushed back to December. Kioxia said it has no update on its initial public offering plans and declined to comment on its listing procedures.
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