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AMERICAS
Extra Space Storage, a real estate investment trust headquartered in Cottonwood Heights, Utah, completed the acquisition of Life Storage, a real estate investment trust headquartered in Williamsville, New York, for $12.7bn.
"We are prepared for the smooth integration of Life Storage, and we believe this combination gives the combined company an even more formidable portfolio, team, and platform, with over 3.5k stores across 43 states. We are confident we will achieve at least $100m in underwritten annual run-rate synergies, and that we will unlock additional synergies resulting from our increased scale," Joe Margolis, Extra Space Storage CEO.
Life Storage was advised by Bank of America, Wells Fargo Securities, Hogan Lovells, Phillips Lytle, Quinn Emanuel and Joele Frank (led by Joele Frank). Financial advisors were advised by Cleary Gottlieb Steen & Hamilton. Extra Space was advised by Citigroup, JP Morgan, Morrison & Foerster (led by David Slotkin) and Latham & Watkins (led by Craig Garner and Anthony A. Gostanian).
J.F. Lehman, a private equity investment firm focused on the aerospace, defense, maritime and environmental sectors, agreed to acquire Crystal Clean, a provider of parts cleaning, hazardous and non-hazardous waste services, from Heritage, a business managing a diverse portfolio of operating companies, for $1.2bn.
“We are pleased to enter into this agreement with JFLCO, which we believe represents the best path forward for Crystal Clean to maximize value for our shareholders. For more than 20 years, we have executed on our mission and thoughtfully grown Crystal Clean to become the partner of choice nationwide for premier environmentally-sustainable solutions that have a tangible impact for customers, and we are excited to embark on this new chapter," Brian Recatto, Crystal Clean President and CEO.
Crystal Clean is advised by Stifel, William Blair & Co, McDermott Will & Emery and Joele Frank (led by Eric Brielmann). J.F. Lehman is advised by Houlihan Lokey, Jefferies & Company, Jones Day and Shearman & Sterling (led by Alain Dermarkar and Robert Cardone). Debt financing is provided by Jefferies & Company and Sumitomo Mitsui Banking.
Britain's antitrust regulator is waiting for Microsoft to submit a modified deal structure to buy "Call of Duty" maker Activision Blizzard, Reuters reported.
"We understand from Microsoft that they would like to put forward proposals to us to restructure the deal, potentially re-notifying that deal, to address our competition concerns. If they do that we will consider those restructured proposals carefully," Britain's antitrust regulator.
TPG, a private equity investment firm, agreed to acquire Nextech, a healthcare technology solution provider, from Thomas H. Lee Partners, a private equity firm, for $1.4bn.
“Nextech’s goal is to simplify the healthcare experience so physicians can focus on what matters most: their patients. In TPG, we have found a partner who supports our mission to simplify the process of delivering excellent care and who brings to our organization distinct experience building businesses in the healthcare and software sectors. We’re excited to work together to grow our capabilities and strengthen our position as the end-to-end technology platform for specialty care providers,” Bill Lucchini, Nextech CEO.
TPG is advised by Guggenheim Partners, TripleTree, UBS and Ropes & Gray. Thomas H. Lee is advised by Jamieson, Raymond James, Kirkland & Ellis and William Blair & Co.
EU antitrust regulators have extended their deadline for a decision on Amazon's $1.7bn acquisition of robot vacuum cleaner maker iRobot to December 13 after the companies requested more time, Reuters reported.
"The deadline for the (European) Commission to take a decision has been extended by additional 20 working days in agreement with the notifying party," the EU competition enforcer.
Bluewater-backed Fox Innovation & Technologies, a platform to service the energy and industrial compressor and rotating equipment market, agreed to acquire Revak, a company that specializes in remanufacturing, upgrading, and re-rating steam turbines, pumps, gears, compressors, and complete steam turbine systems for industrial and energy sector customers. Financial terms were not disclosed.
“We are very excited to work with Vincent and team to build this new platform that will disrupt the rotating equipment services market. We have closed on the first strategic acquisition and have a pipeline of other highly actionable opportunities that will accelerate FIT’s growth. We look forward to the journey ahead and helping FIT become a global leader in its field,” Marcello Stroppa, Bluewater Director.
HighVista Strategies, an alternative asset manager, agreed to acquire the US private markets business from abrdn, an investment company. Financial terms were not disclosed.
“The combination of abrdn’s US private equity and venture capital business with HighVista unites two teams that are culturally and philosophically aligned, especially around our investment approach and pursuit of alpha in inefficient markets. Our teams have known each other for years, and we expect this collaboration to lead to significant cross-pollination of investment ideas over time,” André Perold, HighVista Strategies CIO, Co-Founder and Partner.
HighVista Strategies is advised by PL Advisors, Sidley Austin and Stanton PRM (led by Katrin Lieberwirth). abrdn is advised by Rothschild & Co and Proskauer Rose.
Liberty Media, a high-quality portfolio of assets across the media, communications and entertainment industries, completed the spin-off Atlanta Braves, an operator of a professional baseball team. Financial terms were not disclosed.
“We plan to split off the Atlanta Braves into an asset-backed stock to better highlight its strong value. Additionally, post Split-Off, we plan to recapitalize all of Liberty Media’s remaining common stock into three tracking stock groups. These actions will provide greater investor choice and enable targeted investment and capital-raising through more focused currencies, while maintaining an optimal capital structure for Liberty Media and preserving optionality with respect to our subsidiary SiriusXM and our Live Nation stake," Greg Maffei, Liberty Media President and CEO.
Dell Technologies, an innovative technology and services portfolio provider, agreed to acquire Moogsoft, an AI-driven provider of intelligent monitoring solutions provider. Financial terms were not disclosed.
"This transaction will further enhance Dell's AIOps capabilities, as part of its longstanding approach of embedding AI functionality within its product portfolio and as a critical component of its "multicloud by design" strategy," Dell Technologies.
Moogsoft is advised by Jefferies.
Frontier Communications to sell $1bn fiber-backed bond.
Frontier Communications Parent, a telecommunications company, is planning to offer a $1bn bond deal that will repackage revenue from its secured fiber network, the latest in a string of companies trying to capitalize on fiber, Bloomberg reported.
Frontier's bonds, which will qualify as green, will be backed by some of its fiber assets and associated customer contracts in the Dallas area. It will use the bond proceeds to repay existing debt and for general corporate purposes, including investments as part of its fiber expansion. The company may increase the size the offering, depending on market conditions.
Auto supplier Magna to invest $790m to build three new facilities.
Canadian auto parts maker Magna International will invest $790m to build three new supplier facilities, two of which will be housed at Ford Motor's BlueOval City campus in Tennessee, Reuters reported.
The development comes as suppliers race to meet requirements from automakers, who have been hustling to boost their electric vehicle output as demand for environmentally friendly vehicles surges.
Elliott builds stake in Catalent. (FS)
Fund manager Elliott Investment Management has built a significant stake in pharma company Catalent and is pushing for changes to the drugmaker's board, Bloomberg reported.
The activist investor has been interviewing potential candidates for the Somerset, New Jersey-based company's board.
US consumer watchdog warns no more 'rubber stamp' for bank mergers.
US lenders hoping for easy merger approvals in the wake of the March banking crisis should instead expect tough scrutiny from regulators worried about financial stability, Reuters reported.
"The agency was pressing ahead with enforcement efforts despite multiple stays imposed by federal judges on CFPB litigation due to a challenge before the Supreme Court. Banks can expect a more rigorous review of applications. The ink on the rubber stamp has dried up and... my hope is to see a shift from the regulators of moving from cheerleader to umpire," Rohit Chopra, Consumer Financial Protection Bureau Director.
Microsoft hit with EU antitrust complaint by alfaview.
Microsoft was hit with an EU antitrust complaint by German rival alfaview on July 20, the second so far over its bundling of video app Teams into its Office product, Reuters reported.
Regulators are already preparing to open an investigation into Microsoft's move. The US software giant has been on the EU competition enforcer's radar since 2020, when Salesforce-owned workspace messaging app Slack complained about the tying of Teams with Office.
ASH Investment Partners secures $150m for digital services fund. (FS)
ASH Investment Partners, an Atlanta-based private equity firm, announced the successful closing of its ASH Digital v2, having surpassed the target of $150m in total capital commitments.
The fund's primary focus will be on majority investments in differentiated, lower-middle market digital services businesses specializing in software development, data science, and marketing technology.
Goldman brings back Tom Montag as CEO Solomon bolsters board support. (People)
Goldman Sachs has brought back to its fold senior executive Tom Montag, adding him to its board as the Wall Street giant looks to regain lost ground after its ill-fated foray into consumer banking, Reuters reported.
Montag, who had previously co-headed Goldman's securities division and held other senior roles in his 22 years at the firm, will join the audit, governance and risk committees.
EMEA
Motive Partners, a private equity platform, completed the acquisition of a majority stake in With Intelligence, a provider of investment data and intelligence for allocating, fund-raising and business development in the public and private markets. Financial terms were not disclosed.
“There is a huge opportunity for us to serve the global asset management industry during an exciting period of growth with greater data and analytics solutions than presently exist in the market. In order to capitalise on these tailwinds, we have chosen to partner with Motive Partners, who have a strong depth of expertise in financial technology across their group of Investors, Operators and Innovators. I am also grateful to ICG for their continued support and investment in the next phase of our growth journey," Charlie Kerr, With Intelligence Founder & CEO.
With Intelligence was advised by Blick Rothenberg, OC&C Strategy Consultants, Alvarez & Marsal, Arrowpoint Advisory, Houlihan Lokey, Joelson Wilson and Proskauer Rose. Motive Partners was advised by Oliver Wyman, Ernst & Young, MDW Capital, Plural Strategy Group, Raymond James and White & Case.
British car dealership Lookers said that shareholders representing about 25% of its voting rights intended to oppose a proposed acquisition by Global Auto and the deal was unlikely to succeed, Reuters reported.
"In the event that the resolutions (related to the proposed deal) do not pass, as the Lookers directors now expect, the scheme of arrangement will lapse and Lookers will remain an independent listed company," Lookers.
Bain Capital has increased its offer for SoftwareOne to about $3.7bn, after an earlier bid was rejected by the IT services provider's board, Bloomberg reported.
The private equity firm has tabled a new proposal of around $22.4 per share. That's around a 44% premium to SoftwareOne's closing price on May 30, the last trading day before Bain submitted its initial indicative offer of $20.7 a share.
SoftwareOne is advised by JP Morgan and FGS Global.
Vaessen Aluminium, an industrial group, agreed to acquire three soft alloy extrusion facilities from Constellium, an aluminum supplier, for $55m.
With nearly 450 employees, the three Constellium plants specialize in soft alloy extruded products for the Building & Construction, Transportation and Industry markets in Europe.
Vaessen is advised by Rothschild & Co.
Mubea Group, a construction specialist, agreed to acquire aerostructures Germany & Hungary unit from RUAG International, a company specialising in aerospace engineering and the defence industry. Financial terms were not disclosed.
“It is fantastic to see how RUAG Aerostructures Germany & Hungary has been able to create value over the last years and generate great interest in the market during the divestment process. The competence and passion of our employees, combined with the support of our owner and the trust of our valued customer Airbus, has enabled this excellent market position. I am immensely proud of the performance of the Aerostructures colleagues and thank everyone involved. With Mubea, we have found a new owner who is ideally positioned to further develop our Aerostructures business in Germany and Hungary. Coupled with the well-known quality and reliability for our customers, the expansion of the technological leadership will also offer exciting opportunities for the employees," André Wall, RUAG International CEO.
Mubea Group is advised by Hengeler Mueller (led by Jens Wenzel).
Key bidders in Ascential break-up quit auction.
Three major bidders for the consumer data arm of UK business media group Ascential have walked away from the auction, putting a question mark over attempts to break up the $1.29bn group. There is still at least one potential buyer, Reuters reported.
London-listed Ascential had intended to sell the business, known as WGSN, as part of a break-up plan announced in January, and began in April talking to potential bidders. The plan would also see Ascential spin off its Digital Commerce business and list it in New York.
UBS-backed startup TP24 raises $449m from Barclays, M&G.
TP24, a financial technology firm whose backers include UBS Group, has raised $449m in debt funding from Barclays and asset manager M&G to boost lending to small and medium-sized enterprises in the UK, the Netherlands and Australia, Bloomberg reported.
Barclays agreed to provide as much as $251m in so-called warehouse financing, while M&G is offering as much as $50m in mezzanine funding. This $301m funding will be deployed for lending in the UK and the Netherlands. For lending in Australia, Barclays will provide as much as $132m.
UBS says $100m blended finance initiative receives new backers.
British and US development finance organizations have agreed to be anchor investors in a new $100m private-public finance initiative led by UBS' philanthropic arm and non-profit Bridges Outcomes Partnerships, Reuters reported.
Initial investments in the initiative, focused on delivering Sustainable Development Goal-aligned outcomes, would support government-backed initiatives to support education in Sierra Leone and Ghana, as well as a social enterprise to re-sell and recycle plastic waste in Nigeria
Netzkontor sponsor DBAG weighs exit options. (FS)
Netzkontor's backer DBAG is in the early stages of exploring exit options for the German telecoms service provider.
A beauty pageant for a sell-side mandate was held recently, a mandate for Netzkontor has yet to be awarded.
Adidas and Ye's secret battle over a $100m marketing fund.
Beneath the very public collapse of Adidas's multibillion-dollar sneaker deal with Ye is a private legal battle over a $100m-a-year marketing fund, Bloomberg reported.
The fund, from which Adidas claims the rapper diverted $75m, has come to the fore as the two sides trade accusations behind closed doors over the partnership that imploded last year, sending the German apparel maker reeling.
BofA bankers see slow IPO market revival.
Europe's market for initial public offerings is slowly stirring back to life but it will be a while before there's a rush of new deals.
Nearly 40% of the roughly $9.5bn in IPO proceeds that European exchanges have clocked so far this year was raised in the last month alone, Bloomberg reported.
Dubai's RTA invites banks to pitch for taxi, parking IPOs.
Dubai's Roads & Transport Authority has invited banks to pitch for roles on the planned initial public offerings of its taxis and parking businesses, Bloomberg reported.
The transport regulator is targeting a listing of its taxis business as soon as this year, while an offering of its parking division may follow that. RTA is advised by Rothschild & Co.
Abu Dhabi ed-tech firm Alef Education considers an IPO.
Alef Education, an Abu Dhabi-based ed-tech firm, is considering an initial public offering in the UAE as the number of student enrollments surges, Bloomberg reported.
The company, founded in 2015, has held preliminary talks with advisers about the potential listing and an offering could take place as soon as next year.
CVC Capital raises $29.2bn for record buyout fund. (FS)
CVC Capital Partners has raised $29.2bn for the world's biggest-ever buyout fund, defying a challenging fundraising environment, Bloomberg reported.
"The firm was looking forward to partnering with entrepreneurs and management teams to build better businesses around the world," Rob Lucas, CVC Managing Partner.
APAC
EQT, a private equity company, completed the acquisition of a 68% stake in SK Shieldus, a security devices manufacturer, from SK Square, an active portfolio management company. Financial terms were not disclosed.
“SK Shieldus marks EQT Value-Add Infrastructure’s first investment in Korea and comes just weeks after EQT opened a new office here in Seoul. The company is a clear leader in Korean physical and cyber security markets. EQT Value-Add Infrastructure is excited about partnering with SK Square to support SK Shieldus as it continues to roll out new digitized security solutions and invest in the decarbonization of its vehicle fleet,” Sang Jun Suh, EQT Managing Director and Head of South Korea.
EQT was advised by Boston Consulting Group, PricewaterhouseCoopers, Standard Chartered Bank and Kim & Chang. SK Square was advised by Credit Suisse, JP Morgan and Morgan Stanley.
Keppel, a company consists of several affiliated businesses that specialises in offshore and marine, property, infrastructure and asset management businesses, completed the acquisition of the Sogong Annex Facility from Bank of Korea, a central bank of the Republic of Korea, for $1.1bn.
“Keppel is excited to continue contributing to the renewal of Seoul’s urban landscape. Similar to how we are refurbishing Samhwan Building, acquired last year jointly with Keppel’s private funds, we will leverage digital technologies to retrofit and future-proof the Sogong Annex Facility. We will also be incorporating features such as a high-performance building facade, efficient cooling and heating systems, as well as LED lighting systems to enhance the building’s sustainability performance and indoor environmental quality. We are confident that the attractiveness and overall value of the asset will be greatly enhanced when refurbishment works are completed,” Louis Lim, Keppel CEO of the Real Estate Division.
Boyu Capital, an investment firm that invests in consumer, financial, health care, media and technology, and other retail sectors, and Yuexiu Industrial Fund, a corporate investment arm of Yue Xiu, led a $600m Series A round in Geely-backed Farizon Auto, a commercial vehicle manufacturer, with participation from United Clean Energy, Linjiang Industry Group, Hidden Hill and Industry Foundation of Xiangtan.
"Farizon will utilize its new funds for further R&D, ecosystem development and global expansion, as the company continues solidifying its market-leading position in the new energy commercial vehicle market. Farizon is moving to establish itself in key markets outside of China, including the Asia Pacific, Middle East, South American and European markets," Geely.
Grab, a smartphone-based taxi booking and dispatching service, agreed to acquire Trans-cab, a taxi service provider. Financial terms were not disclosed.
“Consumer behaviours have shifted and we’ve recognized for some time the need to digitise the business and ensure our taxi drivers can continue to be competitive. We are confident this deal protects their future. Grab’s industry-leading tech will help our taxi drivers drive more productively and safely while serving their passengers better. We know that Grab cares deeply about their driver-partners, just as we do. We are entering this deal with full assurance that Grab will do their best to safeguard the livelihoods of our taxi drivers," Jasmine Tan, Trans-cab General Manager.
Mundipharma weighs reviving $1bn China business sale.
Mundipharma International, the drugmaker owned by the billionaire Sackler family, is considering reviving a sale of its China business amid renewed interest from prospective buyers, Bloomberg reported.
A fresh attempt to sell Mundipharma's China business may kick off as soon as later this year. The company could seek a valuation of about $1bn for the assets.
Ramsay, Sime Darby tap BofA, Deutsche to sell $1.3bn Selangor.
Australia's Ramsay Health Care and Malaysia's Sime Darby have hired Bank of America and Deutsche Bank to sell their $1.3bn healthcare joint venture, Reuters reported.
The companies could launch the sale of Selangor, Malaysia-based Ramsay Sime Darby Health Care within the next two months depending on market conditions.
Audi reaches deal with China's SAIC to work together on EVs.
Volkswagen's Audi and SAIC Motor have agreed to partner on electric vehicle projects, as Audi seeks to halt a slide in market share in China, Bloomberg reported.
Audi has faced delays in developing a new EV platform, hindering its ability to compete with European and Chinese EV makers. The company, which replaced its chief executive officer last month, is under pressure to improve sales, especially in China.
GLP in talks to sell some China assets to China Logistics Group. (FS)
GLP is in talks with state-owned China Logistics Group about potentially selling some of its assets in China, as the owner and operator of logistics real estate seeks to cut its borrowing, Bloomberg reported.
A deal could see China Logistics Group take a controlling stake in a portfolio of GLP's assets in the world's second largest economy. The firms are negotiating which assets should be included in the portfolio and the discussions could still fall apart.
Warburg Pincus names Asia real estate chief Perlman as president. (FS, People)
Private equity firm Warburg Pincus named its Asia head of real estate Jeffrey Perlman as successor to Timothy Geithner as president, Reuters reported.
Geithner, who was US Treasury Secretary in the Obama administration and had headed the Federal Reserve Bank of New York, will become the chair of the New York-based investment firm.
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