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AMERICAS
Triton International, a lessor of intermodal freight containers, announced that its shareholders have voted to approve the acquisition of the company by Brookfield Infrastructure Partners in a $13.3bn deal.
"This is another important step forward for our transaction with Brookfield Infrastructure, and we are pleased to have received overwhelming support from Triton's shareholders. We look forward to completing the transaction and marking the beginning of a new chapter for Triton," Brian M. Sondey, Triton Chairman and CEO.
The US Justice Department is urging regulators to take a closer look at Vistra's planned $3.43bn acquisition of a rival power producer because it may be anticompetitive.
The warning applies to Vistra's proposed takeover of Energy Harbor announced in March, a deal that would more than double its nuclear capacity, increase its natural gas operations and expand its retail customer base. The transaction is expected to close by year-end.
Energy Harbor is advised by Goldman Sachs, RBC Capital Markets, Dechert and Morgan Lewis & Bockius. Financial advisors are advised by Sullivan & Cromwell. Vistra is advised by Citigroup, Balch & Bingham and Latham & Watkins. Avenue Capital is advised by Kekst CNC.
Realty Income, a a real estate investment trust, agreed to acquire a 21.9% stake in Bellagio Las Vegas, a resort, luxury hotel and casino, from Blackstone Real Estate Income Trust, a real estate investment platform, for $950m.
"Realty Income seeks to invest in high-quality real estate at scale in partnership with operators who are leaders in their respective industries. This transaction to acquire an interest in the Bellagio, an iconic property, represents our second investment in the gaming industry and exemplifies the advantages of our size, scale and access to capital. We are pleased to initiate our Credit Investment platform through a preferred equity investment in the Bellagio joint venture. Credit Investments are a natural adjacency to our traditional business, allowing us to provide additional value to our clients while leveraging our core competencies in transaction sourcing and structuring, and real estate and credit underwriting and monitoring," Sumit Roy, Realty Income President and CEO.
BREIT is advised by Citigroup, Desjardins, JP Morgan, Mizuho Securities, PJT Partners, Societe Generale and Simpson Thacher & Bartlett.
ABC Technologies, a manufacturer and supplier of custom, highly engineered, technical plastics for the automotive industry, agreed to acquire Plastikon Automotive, an automobile interior and assemblies company, from Plastikon Industries, a plastic and contract manufacturer, for $130m.
"Welcoming Plastikon Automotive into ABC Technologies will represent a significant step forward for our company. It amplifies our position as an industry leader in lightweighting and plastic injection molding, gives ABC a stronger foothold in the EV space, and most importantly, provides a new set of employees with opportunities to play larger roles in molding the future of mobility," Terry Campbell, ABC Technologies President and CEO.
Integrated Media Company, a full-service digital marketing agency, completed the acquisition of Toon Boom Animation, a Canadian software company, from Corus-backed Nelvana, a Canadian animation studio and entertainment company, for $112m.
"The closing of this transaction is a purposeful step towards streamlining our operating model and rationalizing our asset base as we work to build a powerful multiplatform business aggregating premium video content. The sale of the animation software business will provide additional financial flexibility, with net proceeds allocated towards the repayment of bank debt. We remain focused on advancing our strategic plan and its priorities to strengthen our value proposition in the evolving media landscape," Colin Bohm, Corus Entertainment Executive Vice President.
Integrated Media Company was advised by Davies Ward Phillips & Vineberg and Weil Gotshal and Manges (led by Douglas Warner). Corus Entertainment was advised by LionTree Advisors and McCarthy Tetrault.
Burke & Herbert Financial Services, the bank holding company for Burke & Herbert Bank & Trust, agreed to merge with Summit Financial, the financial holding company for Summit Community Bank, in a $371m deal.
"This partnership brings together two organizations dedicated to a community banking model that places an emphasis on service and dedication to the people who live and work among us. The rich and storied history of our franchises and our combined financial strength creates a promising future for our customers through a broader set of products and services, for our employees with new and expanded opportunities for advancement, for our communities by having more resources to support and care for them, and for our shareholders due to favorable profitability metrics and a larger foundation for future growth. The senior management teams are looking forward to working together to deliver on our collective mission and I'm especially eager to work with Charlie who is a proven leader and industry veteran," David P. Boyle, Burke & Herbert Chair, President and CEO.
Summit is advised by D.A. Davidson & Co and Bowles Rice. Burke & Herbert is advised by Keefe Bruyette & Woods and Troutman Pepper.
Morgan Stanley Infrastructure Partners, an infrastructure company, and Crowley, a maritime and logistics company, agreed to form joint venture Crowley Wind Services Holdings, to focus on building offshore wind farms. Financial terms were not disclosed.
"The partnership of our two companies will help lead the growth of the wind energy sector and provide clean, renewable energy for the US through high-quality maritime and logistics operations and services. Our collaboration will help create not just more value as a business, but cleaner, more sustainable energy for our communities," Bob Karl, Crowley Wind Senior Vice President and General Manager.
MSIP is advised by Credit Agricole and Kirkland & Ellis. Crowley is advised by DNB Bank and Vinson & Elkins.
PAI Partners, a pre-eminent private equity firm, agreed to acquire Alphia, a pet food co-manufacturer, from J.H. Whitney, a venture-capital firm. Financial terms were not disclosed.
"We are excited to announce our investment in Alphia, which represents our second platform in the US. We are committed to building the PAI franchise in the US and look forward to our continued growth and success in this market," Maud Brown, PAI Partner and Head of US.
Alphia is advised by Goldman Sachs. J.H. Whitney is advised by Gibson Dunn & Crutcher. PAI is advised by Weil Gotshal and Manges and ICR.
Trive-backed Forward Slope, a technology services company, completed the acquisition of Soar Technology, a software developer. Financial terms were not disclosed.
"Through our 15-year history of partnering with Forward Slope to solve customer challenges, we have developed a deep understanding and appreciation of their complementary expertise in developing software solutions. The combined set of capabilities, talented teams and cultural alignment gave us conviction that a partnership with Forward Slope was an ideal next chapter for SoarTech. We believe that joining forces with Forward Slope will accelerate opportunities for SoarTech and allow us to solve complex DOD challenges in an agile way," Mike van Lent, SoarTech CEO.
SoarTech is advised by KippsDeSanto & Co and Pillsbury Winthrop Shaw Pittman. Trive Capital is advised by Haynes and Boone.
Sony Interactive Entertainment, a multinational video game and digital entertainment company, agreed to acquire Audeze, a high-end audio manufacturer. Financial terms were not disclosed.
"Audeze is a premier brand for headphones, and this acquisition highlights Sony Interactive's focus on innovation and providing the best audio experience to PlayStation players. We're excited to bring Audeze's expertise into the PlayStation ecosystem, building on the great strides we've made with PlayStation 5's Tempest 3D AudioTech and the Pulse 3D wireless headset," Hideaki Nishino, Sony Interactive Entertainment Senior Vice President, Platform Experience.
Akamai Technologies, a content delivery network, cybersecurity, and cloud service company, completed the acquisition of enterprise customer contracts from StackPath, an edge computing platform provider. Financial terms were not disclosed.
"We look forward to welcoming these new enterprise customers and providing them immediate access to the agility and scale of Akamai Connected Cloud to create and deliver flawless digital experiences. In migrating to Akamai Connected Cloud, StackPath's enterprise CDN customers will also have the opportunity to tap into the full portfolio of Akamai security and cloud computing solutions to help them power and protect their businesses into the future," Adam Karon, Akamai COO and General Manager.
StackPath was advised by Barclays.
Kimco Realty, an owner and operator of open-air, grocery-anchored shopping centers and a growing portfolio of mixed-use assets, completed the acquisition of Stonebridge at Potomac Town Center, a 96%-occupied, 504k sq. foot, grocery-anchored lifestyle center for $172m.
"We're excited to add Stonebridge at Potomac Town Center, a premiere grocery-anchored center situated in a high barrier-to-entry location with strong demographics, to our dynamic portfolio. This center boasts a robust growth profile that will complement and solidify Kimco's position as the leading retail player in the suburban Washington DC market," Ross Cooper, Kimco President and CIO.
JSW Steel seeks significant stake in Teck's coal unit.
JSW Steel is looking to snap up a major stake in Teck Resources' metallurgical coal unit as it seeks to secure supplies for its expansion plans, according to Chairman Sajjan Jindal. A transaction is likely to happen within a month, Bloomberg reported.
India's biggest steel producer intends to bid for 20%-40% of Elk Valley Resources, a unit of the Canadian company. Japanese and South Korean mills also plan to buy a stake in the asset, and a combined offer could value the unit at $8bn.
Crescent Energy in talks to sell North Dakota assets to Kraken Resources for $500m. (FS)
Crescent Point Energy would sell its North Dakota assets to Kraken Resources for $500m in cash, as the Canadian oil and gas producer looks to repay its debt.
Kraken Resources is a portfolio company of alternative asset manager Kayne Anderson Capital Advisors, focusing on drilling and development opportunities in the Williston Basin of Montana and North Dakota, Reuters reported.
BlackBerry draws takeover interest from Veritas Capital. (FS)
Private equity firm Veritas Capital is considering a potential offer for BlackBerry, after the once iconic Canadian technology company announced a strategic review earlier in the year.
Veritas is interested in acquiring all of the company. Talks are early and Veritas could still change its mind on an offer, while other suitors are also interested in the whole or parts of BlackBerry. BlackBerry had said in May it would consider strategic options for its portfolio of businesses that could include the possible separation of one or more of its businesses.
"Although we expect achievement of this plan to deliver significant shareholder benefits, we do not believe that this is fully reflected in the market's current valuation of the company. Accordingly, the Board and management believe it is an appropriate time to initiate a comprehensive review of the company's portfolio," John Chen, BlackBerry Chairman and CEO.
TC Energy seeking sale of Nova Gas system stake to indigenous groups.
TC Energy, an energy company, filed to obtain regulatory approval for a move that would allow it to sell a stake in its Nova Gas Transmission system in Western Canada, potentially to indigenous groups.
In order to facilitate a possible future minority ownership of the system, including participation from indigenous groups, the pipeline operator TRP applied to the Canada Energy Regulator to transfer ownership of the NGTL system from one corporate entity to another. TC Energy seeks a decision on the application by November 1 to support a reorganization by January 1, Bloomberg reported.
Questa Capital closes healthcare venture fund at $397m. (FS)
Questa Capital, a venture growth equity firm, has announced the final close of Questa Capital Partners III with $397m of capital commitments, bringing the firm's aggregate committed capital to more than $1bn.
The Fund will invest selectively in a portfolio of growth companies in three healthcare sectors of focus: services, technology, and medical devices. The firm has an investment team of ten led by Founder Ryan Drant and Managing Partners Brad Sloan and Shawn Conway, and currently manages eighteen portfolio companies across its three healthcare sectors.
"We are extremely pleased to close on Fund III despite a challenging fundraising environment. We are both grateful for the strong interest and ongoing support from our existing investors, and pleased to be starting long-term relationships with a small group of exceptional new limited partners. We are honored to work closely with our portfolio companies, including marquee companies like Dispatch Health, Cortica, Medrio, and Calyxo. We are also energized by the opportunity set we see in the market, and look forward to continuing to build differentiated and high-growth healthcare companies in close collaboration with strong management teams. Questa will continue to partner with companies that share our vision and passion to improve clinical outcomes, efficiency, safety, and the patient experience to help address critical challenges in our healthcare system," Ryan Drant, Questa Founder and Managing Partner.
Questa Capital is advised by Gunderson Dettmer and Acalyx Advisors.
EMEA
GKSD-backed Gruppo San Donato, a hospital group, agreed to acquire a majority stake in American Heart of Poland, a cardiovascular care company, in a $539m deal.
"The development of quality health care, the progress of research in the health field and quality education supported by the advancement and he innovation of technology remain the main objectives of the San Donato Group. Poland is an important economy and GSD looks forward to expanding and improving the quality of care in the country," Paolo Rotelli, San Donato Group Vice President.
American Heart of Poland is advised by PricewaterhouseCoopers, Clifford Chance and Dentons. Gruppo San Donato is advised by BNP Paribas, Deloitte, GKSD Advisory, LEK Consulting and Rymarz Zdort Maruta.
Nordson, an innovative precision technology company, completed the acquisition of ARAG Group, a provider of precision control systems and smart fluid components for agricultural spraying, for €960m ($1bn).
"For ARAG, this agreement is a confirmation of the extraordinary work of our founders and their own employees. Since the company was founded in 1976, we have been meeting the needs of customers industry with a broad offering of sprayer solutions.Now, as a new division of Nordson, we will be able to leverage our innovation capability and offer Precision Farming solutions at a greater number of customers, all over the world. It is a very exciting time for ARAG, for our employees and for our customers," Victor Gottardi, ARAG Vice President.
GETEC, an energy transition company. agreed to acquire The Life-Science-Park Rheintal, a life sciences park in the Swiss town of Stein, from Novartis, a healthcare company. Financial terms were not disclosed.
"The acquisition of the park is an important corporate strategic step for GETEC. We are thus strengthening our activities in the European market and significantly expanding our competencies for the chemical and pharmaceutical industry. Novartis has created a top industrial location in the Life-Science-Park Rheintal and has established well-known companies here in addition to significant own activities. We would like to continue and expand this successful development," Pierre-Alain Graf, GETEC CEO.
Novartis is advised by Freshfields Bruckhaus Deringer and Homburger.
Asterion Industrial Partners, a private equity firm, agreed to acquire STEAG, an energy utility company, from KSBG, a business conglomerate, for €2.6bn ($2.8bn).
"Our firm is fully committed to the energy and heat transition and STEAG is very well positioned to be a very relevant player in Germany and Europe in this process towards cleaner, more competitive and reliable energies such as solar and wind power, while offering an interesting energy mix that is also supported by coal and gas to guarantee the viability of this transition. With the experience of Asterion's team in managing companies in green transformation, we are excited to work together to deliver on STEAG's decarbonization plans and create new, green jobs," Jesús Olmos, Asterion Industrial Partners CEO.
Arnest Group, a manufacturer of perfumes, cosmetics and household products in aerosol packaging, completed the acquisition of the Russian operations of Heineken, a Dutch multinational brewing company, for €1.
"We have now completed our exit from Russia. Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia. While it took much longer than we had hoped, this transaction secures the livelihoods of our employees and allows us to exit the country in a responsible manner," Dolf van den Brink, Heineken Chairman and CEO.
Rolex, a luxury watchmaker, agreed to acquire Bucherer, a retailer of luxury watches. Financial terms were not disclosed.
The watch retailer will keep its name and continue to operate independently. Its integration into the Rolex group will be effective once the competition authorities have approved the takeover transaction. This move reflects the Geneva-based brand's desire to perpetuate the success of Bucherer and preserve the close partnership ties that have linked both companies since 1924.
Glen Dimplex, a manufacturing group, agreed to acquire Hyfra, a process cooling business unit, from Lennox, an energy-efficient climate-control solutions provider. Financial terms were not disclosed.
"We are delighted to announce our acquisition of Hyfra in Germany and extend a warm welcome to all employees joining Glen Dimplex Group. This strategic acquisition marks an important milestone for Glen Dimplex, enabling us to further expand our precision cooling business globally, and align with customer needs as we transition to a more sustainable future," Fergal Leamy, Glen Dimplex CEO.
I Squared in exclusive talks to buy Deutsche Bahn's Arriva. (FS)
I Squared Capital is in exclusive talks to acquire Deutsche Bahn's Arriva transport business, which operates London's iconic red double-decker buses.
The Miami-based infrastructure investment firm could finalize terms and financing as early as September. The deal could value Arriva at about €1.6bn ($1.7bn), Bloomberg reported.
Uniper considering legal options over sale of assets in Russia.
Uniper, an energy company, said that it was considering all legal options over the sale of its assets in Russia.
Russia has steadily tightened exit requirements since Western companies started leaving soon after Moscow launched a full-scale invasion of Ukraine in February 2022. Some foreign companies trying to exit Russia are facing a big jump in costs as Moscow is demanding bigger discounts on the price tags of assets they want to sell, Reuters reported.
"In recent months, it has become apparent that the Russian government is unwilling to allow certain companies, including Uniper, to dispose of its investments in Russia. Uniper is examining all options to take legal action against these actions by Russia," Uniper.
Arvo Hallik to sell a 24% stake in Stark Logistics.
Arvo Hallik, the husband of Estonian Prime Minister, said he'll exit Stark Logistics, a logistics company that exports to Russia as the premier faces increasing pressure to resign.
Arvo Hallik, who owns a 24% stake in the company, said he'll sell the holding and resign as a member of the board of directors and chief financial officer. Stark's export of goods to a client in Russia came to light this week and forced Estonian Prime Minister Kaja Kallas, who has called for Russia's economic isolation, to respond to accusations of hypocrisy, Bloomberg reported.
APAC
PAG, an alternative investment firm focused on Asia Pacific, agreed to acquire a majority stake in Australian Venue Co, a food and beverage hospitality business, from KKR, a global investment firm. Financial terms were not disclosed.
"We are very pleased to partner with AVC, a proven market leader with an exceptional management team and great potential. Our goal is to work with strong businesses and help them become even stronger in Australia. AVC has created some of the most unique and iconic venues across Australia and New Zealand, and we are looking forward to supporting them on their next stage of growth," Lincoln Pan, PAG Partner and Co-Head of Private Equity.
PAG is advised by Bank of America, Ashurst and FTI Consulting (led by Shane Murphy). Debt financing is provided by KKR Capital Markets. KKR is advised by Jefferies & Company, Allens and Citadel Magnus (led by James Strong).
A buyer consortium offered to acquire Hollysys Automation Technologies, an automation control system solutions provider, for $1.55bn, with participation from Recco Control Technology, Dazheng Group, TFI Asset Management and Great Wall Capital.
"We are confident that the premium of our offer is extremely attractive to Hollysys shareholders and the proposed transaction delivers meaningful benefits to stakeholders of Hollysys. As a leading Chinese supplier of automation and IT solutions that operates in an increasingly complex global environment, we believe this transaction will best position the company strategically for long-term growth while simultaneously providing current shareholders with an attractive return on investment," Ke Lei, Recco Control Technology Director.
Recco is advised by Ubs, FTI Consulting and Okapi Partners (led by Chuck Garske and Bruce Goldfarb). The consortium is advised by Conyers Dill & Pearman, DLA Piper and Sullivan & Cromwell.
ANZ Group and Suncorp said that they have filed separate applications to seek a tribunal review after Australia's competition regulator recently blocked ANZ's $3.3bn buyout of Suncorp's banking arm.
Earlier this month, the Australian Competition and Consumer Commission raised concerns that the tie-up would worsen competition and further entrench an oligopoly market structure. Both companies reaffirmed their mid-2024 target to execute the deal after the application to the Australian Competition Tribunal, an independent body that reviews ACCC decisions.
Suncorp is advised by Herbert Smith Freehills and SEC Newgate. ANZ Bank is advised by Ashurst.
StepStone Group, a private equity firm, led a $200m Series E round in Zepto, a 10-minute grocery delivery service provider, with participation from Goodwater Capital, Nexus Venture Partners, Glade Brook Capital and Lachy Groom.
The latest funding gives Zepto firepower in a highly competitive segment, where the company is jostling for position with the likes of Zomato-owned Blinkit, Swiggy Instamart and Tata-owned BigBasket. The company will primarily use the funds to invest in growth while going for operating profitability in the next 12-15 months.
Private equity firm 917Ventures, business conglomarate Ayala and mobility services provider Gogoro, agreed to form Gogoro Philippines, a joint venture to aid automobile battery swap technology in the Philippine transportation landscape. Financial terms were not disclosed.
"We are establishing a new smart electric transportation era in the Philippines. Gogoro Philippines, our joint venture with Globe's 917Ventures Inc. and the Ayala Group, continues our global mission to empower cities with intelligent, eco-friendly mobility solutions that are open and accessible. Together, we are focused on accelerating the mass market shift to smart electric mobility and battery swapping addressing the urban mobility energy demands in a safe, sustainable, and scalable way," Horace Luke, Gogoro Founder and CEO.
Reliance Industries to sell another 8-10% stake in retail arm.
India's Reliance Industries is likely to sell an additional 8-10% stake in its retail arm Reliance Retail Ventures to fund expansion, retire debt and prepare for a public listing of the conglomerate's retail business.
This process will most likely take 12-15 months and will be vital for the projected initial public offering of Reliance's retail operations. Reliance resumed fundraising after Qatar Investment Authority announced a $1bn investment for a 1% stake in the retail arm, nearly doubling its valuation to $100bn from its last funding round in 2020, DealStreetAsia reported.
Anil Agarwal weighs separately listing some of Vedanta's businesses.
India's Vedanta will consider separately listing all or some of its businesses, which range from metals and mining to oil & gas and potentially chipmaking, billionaire Anil Agarwal said.
The plans stand in contrast to Agarwal's attempts in 2020 to delist Vedanta to expedite the process of simplifying its corporate structure, which failed. Vedanta Resources, has been scrambling to raise funds, with credit rating agencies downgrading its outlook, citing funding risks and concerns about meeting debt obligations, DealStreetAsia reported.
"I have asked all my advisors and my people if we can have all products (businesses that Vedanta operates) or some products to be independent. If you have one share of Vedanta, you will have many shares of other companies and people will have an opportunity to invest in different areas. Some international companies want to invest in a particular area, they will get that opportunity. I will seek shareholders' views on the proposal and the reorganisation could see better returns and dividends for investors," Anil Agarwal.
SoftBank may sell more stake in Zomato after lock-in period post Blinkit deal ends.
SoftBank Group will likely sell shares in Indian food delivery firm Zomato as the lock-in for investors post the company's acquisition of Blinkit ends on August 25.
Zomato, which acquired the quick grocery-delivery startup Blinkit for $538m last year, had issued a 3.55% stake to investor Softbank as part of the deal. Sequoia and Tiger Global, who were investors in Blinkit, had also received shares in Zomato after the acquisition, DealSteetAsia reported.
China plans to slash stamp duty on stocks to revive stock market.
Chinese authorities are planning to cut the stamp duty on stock trading by as much as 50%, in a further attempt to revitalise the country's struggling stock market.
Regulators including the Ministry of Finance, under the guidance of the State Council, submitted a draft proposal to the cabinet earlier this month. The proposal to reduce the current 0.1% stamp duty on securities trading suggested a cut of either 20% or 50%, which would be the first such reduction since 2008, DealStreetAsia reported.
Swiggy said to have invited investment banks for IPO pitch.
Swiggy, the Softbank-backed food delivery company, is eyeing a 2024 stock market listing and has initiated talks with bankers to assess its valuation, after halting the process for months due to weak markets.
Swiggy, which delivers food from restaurants and also groceries, was valued at $10.7bn in its last fundraising in 2022 but like many Indian startups put its IPO plans on hold amid a funding crunch and investor concerns about stretched valuations.
But as global and Indian markets have rebounded Swiggy has restarted its IPO planning by inviting eight investment banks to make pitches in early September to work on the IPO, including Morgan Stanley, JP Morgan, and Bank of America, DealStreetAsia reported.
Evergrande seeks to resume trading after shares were halted in March 2022.
China Evergrande Group, the defaulted developer at the heart of the country's real estate crisis, applied to resume stock trading after a 17-month halt, saying it has fulfilled all the listing requirements.
Evergrande is seeking to restart trading in Hong Kong on August 28, ending a suspension that began in March last year. The property developer released long-delayed earnings last month for 2021 and 2022, helping it meet requirements to resume trading.
The resumption would be the latest recovery step for the embattled developer, which is undergoing one of the biggest debt overhauls ever in China. The real estate giant sought Chapter 15 bankruptcy protection in New York last week, shielding it from creditors in the US while it works on the restructuring deal elsewhere. The company also received court approval to hold votes on its offshore-debt restructuring plan, scheduled for next week, Bloomberg reported.
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