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AMERICAS
Republican presidential candidate Donald Trump will on September 29 reiterate a pledge that if elected, he will block Japan's largest steelmaker Nippon Steel's planned purchase of American integrated steel producer US Steel, Reuters reported.
TPG, a global alternative asset management firm, agreed to acquire 70% stake in DIRECTV, a media satellite infrastructure provider, from AT&T, a telecommunication company, for $7.6bn.
“This transaction is the right next step for DIRECTV as we advance our vision and continue to evolve our product to offer consumers the broadest array of content. Our team is the best in the business, and we are driven to provide innovative video services with an outstanding customer experience," Bill Morrow, DIRECTV CEO.
TPG Capital is advised by Bank of America, Barclays, Evercore, LionTree Advisors, Morgan Stanley, Cleary Gottlieb Steen & Hamilton, Mintz Levin, Ropes & Gray and H/Advisors Abernathy (led by Tom Johnson).
Gogo, a provider of in-flight broadband Internet service and other connectivity services for commercial and business aircraft, agreed to acquire Satcom Direct, a provider of fully integrated, end-to-end global satellite communications solutions, for $600m.
"This transaction accelerates our growth strategies of expanding our total addressable market to include the 14k business aircraft outside North America, and delivering solutions that meet the needs of every segment of the BA market," Oakleigh Thorne, Gogo Chairman and CEO.
Gogo is advised by Bank of America, Morgan Stanley, Hogan Lovells, Kirkland & Ellis and FGS Global (led by Bryan Locke). Debt financing is provided by Bank of America, Deutsche Bank and Morgan Stanley. Statcom Direct is advised by JP Morgan and Haynes and Boone.
TPG Capital, a global alternative asset management firm, completed the investment in Creative Planning, an independent wealth management firm. Financial terms were not disclosed.
“This new investment from TPG Capital is recognition of the unique value we create for our clients and the growth and expansion opportunities ahead for our business," Peter Mallouk, Creative Planning President and CEO.
Creative Planning was advised by Goldman Sachs and Paul Weiss. TPG Capital was advised by JP Morgan, RBC Capital and Davis Polk.
SS&C Technologies, a global provider of services and software for the financial services and healthcare industries, completed the cquisition of Battea Class Action Services, a global provider of all stages of filing and processing settlement claims in connection with antitrust and securities litigation, for $670m.
"We are pleased to welcome Battea's employees, customers and partners. We see natural synergies between Battea and SS&C," Bill Stone, SS&C Founder and CEO.
Leonard Green and Aurora Capital-backed Pace, a company that delivers testing and scientific research services for chemical, healthcare and life sciences industries, completed the acquisition of analytical services laboratory in Research Triangle Park from Catalent, a provider of delivery technologies, development, drug manufacturing, biologics, gene therapies and consumer health products. Financial terms were not disclosed.
“This acquisition enhances and strengthens our ability to partner with our clients throughout early-stage drug research and development to commercialization as a full-service analytical outsourcing provider. We are looking forward to the expansion of our scientific team and the expertise that comes with this transaction as we remain committed to our mission of improving lives and the health of our communities," Eric Roman, Pace President and CEO.
Catalent was advised by Skadden Arps Slate Meagher & Flom (led by Todd Freed).
CoolSys, a provider of sustainable refrigeration, completed the acquisition of Mechanical Engineering & Construction, a full-service mechanical engineering firm. Financial terms were not disclosed.
“We’re excited to join forces with MEC2 and welcome their team to the CoolSys family. This acquisition enhances our national presence and service capabilities, allowing us to better meet the needs of our existing and potential customers," Rich Wyckoff, CoolSys President and Chief Executive Officer.
Mechanical Engineering was advised by Horne Capital.
Marsh McLennan, a leader in risk, strategy and people, agreed to acquire McGriff Insurance Services, a provider of insurance broking and risk management services, from TIH, an insurance company, for $7.75bn.
“McGriff is a business with excellent leadership, outstanding talent and a record of strong growth. The firm complements Marsh McLennan Agency’s capabilities and culture, and I am excited about future opportunities with them as part of our company,” John Doyle, Marsh McLennan President and CEO.
Partners Group-backed KinderCare seeks up to $3.1bn valuation in IPO. (FS)
KinderCare Learning Companies, a provider of early childhood education, set a target of up to $3.09bn valuation on Septmeber 30 for its long–sought US initial public offering, DealStreetAsia reported.
The 55-year-old company, backed by Swiss private equity firm Partners Group, is moving towards a listing after previously pursuing it in 2021. KinderCare is aiming to raise up to $648m by offering 24m shares at a price range of $23 and $27 each.
Morgan Stanley Investment Management closes 1GT climate private equity fund at $750m. (FS)
Morgan Stanley Investment Management has held the final close of the 1GT climate private equity fund at $750m of equity capital commitments. 1GT targets growth-oriented investments in companies in North America and Europe aiming to collectively avoid or remove one gigaton of carbon dioxide-equivalent emissions from the Earth's atmosphere from the date of investment through 2050.
"We are pleased to have arrived at the final close of 1GT, a highly focused fund that is providing capital at the critical growth stage to companies whose products and services enable meaningful reduction in the global carbon footprint. 1GT's investors saw the unique opportunity to invest in a fund with a tangible, transparent, and independently measured climate goal, which directly ties to the team's incentive compensation," Vikram Raju, MSIM Head of Climate Private Equity Investing and 1GT.
Blackstone taps Värde, Jefferies alums amid credit push. (FS, People)
Blackstone is hiring a pair of credit veterans, as it looks to grow beyond corporate debt investments and into asset-based finance and infrastructure, Bloomberg reported.
Värde Partners' former head of financial services, Aneek Mamik, will be joining Blackstone in November as a senior managing director in New York. He will focus on asset-based finance investments and will be head of financial services within the recently-formed Blackstone Credit and Insurance, or BXCI, unit. Prior to Värde, Mamik spent more than a decade at GE Capital.
EMEA
A Deutsche Bahn labor union will try to block the agreed €14.3bn ($16bn) sale of subsidiary DB Schenker to Danish freight firm DSV, Bloomberg reported.
Staff representatives of the EVG union are planning to vote against the deal at a crucial supervisory board meeting of the German railway operator on October 2. EVG chief Martin Burkert said the sale of DB Schenker would lead to job losses and hurt the country as a business location.
Vodafone said the sale of Vodafone Italy to Swisscom will no longer require shareholder approval given that the new UK listing rules classifies the deal as a significant transaction. The UK telecom company said September 30 that its board believes the transaction is in the best interests of its shareholders, WSJ reported.
Swisscom, a telecommunications provider in Switzerland, agreed to acquire Vodafone Italy, an Italian telecommunications company, from Vodafone Group, a British multinational telecommunications company, for €8bn ($8.7bn).
REA ends month-long takeover pursuit of Rightmove.
Rightmove's shares dropped 8% on September 30 after Rupert Murdoch's REA Group ended its $8.29bn takeover pursuit following a fourth bid rejection from the British real estate portal.
Australian property listing firm REA's decision to walk away from making a formal offer for Rightmove ahead of a 1600 GMT deadline capped a month-long saga that saw the London-listed firm rebuff four proposals on valuation concerns.
Woodside, an Australian petroleum exploration and production company, completed the acquisition of OCL Clean Ammonia from OCI Global, a producer and distributor of ammonia, fertilizers and methanol, for $2.35bn.
"The successful closing of the Clean Ammonia transaction further reinforces OCI's serial commitment to creating value for its shareholders and exemplifies its pioneering spirit. Looking ahead, we will continue to explore value accretive investment opportunities where we can successfully deploy our extensive knowledge, deep operational expertise, and entrepreneurial heritage," Nassef Sawiris, OCI Executive Chairman.
OCI Global was advised by Morgan Stanley, A&O Shearman (led by Romain Dambre) and Vinson & Elkins.
Nippon Express, a logistics services company, agreed to acquire Simon Hegele, a logistic services provider. Financial terms were not disclosed.
"This Transaction will enable the Nippon Express to acquire a unique and scalable healthcare platform in Europe, a significant market for contract logistics. We expect to receive highly complementary capabilities and synergistic value through the integration of Simon Hegele with the company’s global network and international forwarding business, resulting in the following three new growth opportunities," Nippon Express.
Nippon Express is advised by Rothschild & Co and Freshfields Bruckhaus Deringer (led by Tomoko Nakajima). Simon Hegele is advised by Lincoln International, Deloitte, Latham & Watkins (led by Burc Hesse) and Seitz.
Dr. Reddy's Laboratories, a pharmaceutical company, completed the acquisition of nicotine replacement therapy business from Haleon, a consumer healthcare company, for £500m ($634m).
"The divestment of Haleon's NRT business outside of the US is a further example of Haleon being proactive in managing its portfolio and is consistent with our strategy as we implement change to become more agile and competitive. Whilst this business has great brands, these are not core for us, but I'm sure they will continue to flourish given the focus and capability of Dr Reddy's," Brian McNamara, Haleon Chief Executive Officer.
CGE, a private equity investment firm, and Five Arrows, a private equity manager, completed the acquisition of a majority stake in Intact, an audit, certification and standard management software provider, from IMCap Partners, an investment firm. Financial terms were not disclosed.
"We are excited to welcome both CGE Partners and Five Arrows as investors in Intact. With their strong track records in driving growth and scaling innovative technology companies, we are confident this partnership will propel us forward. Together, we will continue to strengthen our capabilities, investing strategically in our product, service and international expansion, delivering even greater value to our clients, employees and stakeholders globally," Thomas Lorber, Intact Co-Founder and CEO.
IMCap was advised by Robert W Baird (led by Marco Krass).
CHI Aviation, a heavy-lift helicopter services provider, agreed to acquire a 74.9% stake in Cargogate Munich Airport, a business that handles a range of cargo services, from Munich Airport. Financial terms were not disclosed.
"I am pleased that we have been able to win a strong strategic partner in CHI for our freight subsidiary Cargogate in order to jointly advance freight development at Munich Airport," Jost Lammers, Munich Airport CEO.
Tristan Capital, a real estate investment manager, completed the acquisition of a freehold site at Cody Technology Park from QinetiQ, a defence technology company, for £112m ($150m).
"I'm delighted we have found a strategic partner committed to investing in Cody Technology Park and developing its long-term future as a centre of excellence in defence, science and technology in Hampshire. The sale of the site to Tristan Capital Partners is aligned to our strategic priorities and underscores our commitment to focusing on our core business to deliver for our customers," Steve Wadey, QinetiQ Chief Executive Officer.
Vista Credit Partners, a strategic credit and financing partner focused on the enterprise software, data and technology markets, completed the $100m investment in Mews, a hospitality cloud.
"Hospitality at its core is a human industry, and we are relentlessly focused on driving cloud technology which empowers staff to disconnect from their screens and focus on their guests. We have a huge opportunity to support the world's most revolutionary hospitality brands to accelerate their digital transformation," Matt Welle, Mews CEO.
Frasers Group, a British retailing group, agreed to acquire remaining 63% stake in Mulberry, a company that manufactures and sells leather accessories, ready- to-wear men's and women's clothing and an interior design collection, for £52m.
Frasers said it would “not accept another Debenhams situation where a perfectly viable business is run into administration”.
Matrixport, an all-in-one crypto financial services hub, completed the acquisition of Crypto Finance, a licensed Swiss crypto asset manager. Financial terms were not disclosed.
"We are delighted with the establishment of MAM and warmly welcome the team to the Matrixport family. The acquisition enables clients access to the most innovative, compliant crypto asset management products, and aligns with our strategy to further expand services in Europe," John Ge, Matrixport Co-Founder and CEO.
Apollo buys most of Deutsche Bank SRT linked to $3bn debt. (FS)
Apollo Global Management bought most of Deutsche Bank's significant risk transfer linked to a portfolio of $3bn in leveraged finance debt, Bloomberg reported.
The New York-based alternative asset manager took over 50% of the SRT transaction. The SRT was issued out of Deutsche Bank's Loft program.
Greece to sell a 10% stake in NBG for as much as €727m.
Greece is selling a 10% stake in National Bank of Greece as a part of a privatization drive that has seen the state exiting from lenders in the past year. The price range for the deal has been set at €7.30 ($8.15) to €7.95 ($8.87), Bloomberg reported.
The upper end of the range is higher than September 30’s close at €7.84 ($8.75). This means that Greece could raise as much as €727.2m ($812m) from the sale.
Buckley Capital urges Basic-Fit to pursue sale. (FS)
Discount gym operator Basic-Fit shareholder Buckley Capital Management is urging the Dutch fitness-center chain operator to put itself up for sale, arguing the stock is worth double its current value, Bloomberg reported.
The Miami Beach, Florida-based investor on September 30 issued an open letter urging Basic-Fit's board to initiate a strategic review. The fair value of the Amsterdam-listed company should be between €40 ($44.7) and €50 ($55.8) a share.
Springer Nature set to price $583m IPO.
Academic publisher Springer Nature's initial public offering is set to raise around €522m ($583m) in what could be Germany's second-biggest IPO this year, adding to the rebound in Europe's equity capital markets, Bloomberg reported.
Springer Nature is likely to price its shares at €22.5 ($25), just above the midpoint of its €21 ($23.4) to €23.5 ($26.2) targeted range. The deal would value the publisher of science journal Nature at around €4.5bn ($5bn).
Applied Nutrition announces IPO plans in boost for London.
Applied Nutrition is considering an initial public offering in London, in what could be a boost for the UK's bruised capital markets, Bloomberg reported.
The Liverpool-based maker of sports supplements, backed by JD Sports Fashion, is considering applying for admission to the London Stock Exchange's main market.
Abu Dhabi Hotel Group's catering unit joins Middle East IPO rush.
Abu Dhabi National Hotels plans to list its catering arm, adding to the growing number of initial public offerings in the Middle East, Bloomberg reported.
The owner of hotels including the Ritz-Carlton and Park Hyatt in Abu Dhabi plans to offer 900m shares — representing 40% of ADNH Catering's share capital — in the IPO, which opens on October 7. The price range will be announced on the same day and the offer price will determined through a book building process.
APAC
Oaktree Capital, a global investment manager, agreed to invest $166m in AZ Next Generation Advisory, a professional advisory firm.
"AZ NGA and the leadership team have established themselves as the growth and succession partner of choice for high performing financial planning and accounting firms. Oaktree has invested in financial services platforms globally, such as Ascot Lloyd and Atomos, and we look forward to enhancing AZ NGA's strong market position and sharing Oaktree's seasoned investment philosophies to deliver even greater value to AZ NGA's retail and wholesale clients. We will work together to achieve our shared vision of AZ NGA as Australia's leading consumer financial services advisory firm," Byron Beath, Oaktree Managing Director.
AZ NGA is advised by Jefferies & Company, Corrs Chambers Westgarth and Splash Content (led by Leng Ohlsson). Oaktree is advised by Jarden and Clifford Chance.
Experian, a global information services company, completed the acquisition of illion, a consumer and commercial credit bureaus in Australia and New Zealand, for $532m.
"We are delighted to announce that Experian has entered into an agreement to acquire illion, a highly complementary business to Experian in Australia and New Zealand, which will enhance the competitive dynamics in this important market. This marks a pivotal step in our longstanding commitment to the region and reinforces our dedication to delivering exceptional value and more choice to clients in A/NZ," Brian Cassin, Experian Chief Executive Officer.
Experian was advised by Ernst & Young and Teneo (led by Graeme Wilson).
MBK Partners is open to considering a higher offer to take control of Korea Zinc if rival suitors for the world’s biggest producer of refined zinc and lead emerge, Bloomberg reported.
Last week MBK, along with Korea Zinc’s biggest shareholder Young Poong, sweetened its initial offer for Korea Zinc to KRW750k ($571) per share, valuing it at KRW15.5tn ($11.8bn).
Bain, a private investment firm that specializes in private equity, venture capital, credit, public equity, impact investing, life sciences and real estate, agreed to acquire T-Gaia, a Japan-based information technology company, from Sumitomo, a general trading company, for $980m.
"Since the establishment of Sumisho Telemate in June 1995, Sumitomo has provided T-Gaia with strategic support to increase its corporate value and enhance HR support through means such as secondment of employees. However, the environment surrounding the cell phone sales agent business has drastically changed in recent years, and the roles and expectations of cell phone sales agents by telecommunications carriers have also changed significantly. In light of this, and following a review of our business portfolio, we have decided that it is desirable to transfer our T-Gaia shares," Sumitomo.
Nio surges on $1.9bn injection from parents, investors.
Nio jumped the most in nearly five months on September 30 after unveiling a cash injection worth $1.9bn from existing shareholders, Bloomberg reported.
The Singapore-listed shares of the loss-making Chinese electric vehicle maker gained almost 16% on the financial reinforcement of its China unit through a mix of its own cash and strategic investors' funds.
Cross-border M&A recovers in Asia as dealmakers look abroad for growth.
Cross-border mergers and acquisitions involving companies in the Asia-Pacific region have recovered this year and are booming in Japan as businesses seek new growth after adjusting to cope with higher interest rates, Reuters reported.
The total announced value of such deals rose 25% year-on-year to $286bn as of September 30, with around 80% of them transacted with an entity outside the region.
India braces for large IPO Blitz as Hyundai, Swiggy Get SEBI Nod.
India's red-hot market for initial public offerings is set to face is biggest supply of mega share sales after the market regulator approved proposals from Hyundai Motor India, Swiggy and Vishal Mega Mart, Bloomberg reported.
The three companies combined may sell about $5bn of shares, with Hyundai Motor said to plan an offering of at least $3bn.
KKR-backed Malaysian telecom infrastructure group OMS to revisit IPO plan. (FS)
Malaysian telecom infrastructure and subsea cable services company OMS Group will revisit its plan for an initial public offering in the next few years and is not ruling out a listing on the domestic stock exchange, Reuters reported.
OMS shelved its Malaysian IPO plan last year as KKR invested $400m in the company as part of the global investment firm's expansion into digital infrastructure in Southeast Asia.
Carote's Hong Kong IPO is said to have drawn Hillhouse, Shunwei. (FS)
Chinese kitchenware maker Carote, which is set to be the first company to list in Hong Kong since Midea Group's $4.6bn debut, has drawn interest from investors including Hillhouse Investment and Shunwei Capital, Bloomberg reported.
The potential initial public offering of Carote has attracted more than 1.3k times subscription on the IPO's Hong Kong tranche. Hangzhou, China-based Carote closed order books a day earlier than planned last week given the strong demand.
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