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AMERICAS
UK's competition regulator said on August 21 it has cleared US tech company Broadcom's $69bn purchase of VMware, following an in-depth phase-2 probe.
The Competition and Markets Authority in July provisionally cleared the deal, saying it would not weaken competition in the supply of critical computer server products, Reuters reported.
Broadcom is advised by Bank of America (led by Kevin Brunner and Ron
Eliasek), Barclays (led by Richard Hardegree, Gary Posternack, and Laurence Braham), Citigroup (led by Daniel Mallegni), Credit Suisse (led by David Wah), Morgan Stanley (led by Anthony Armstrong), Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers (led by Adit Khorana), Wachtell Lipton Rosen & Katz (led by Ronald Chen, Viktor Sapezhnikov and David Karp), Brunswick Group (led by Simon Sporborg) and Joele Frank (led by Joele Frank). Financial advisors are advised by Cooley (led by Ben Beerle). VMware is advised by Goldman Sachs (led by Stephan Feldgoise and Sam Britton), JP Morgan (led by Madhu Namburi), Axinn Veltrop & Harkrider (led by John Harkrider), Gibson Dunn & Crutcher (led by Barbara Becker), Sullivan & Cromwell (led by Michael Rosenthal), FGS Global (led by Paul Kranhold). Financial advisors are advised by Sullivan & Cromwell (led by Alison S. Ressler) and Debevoise & Plimpton (led by Michael Diz). Silver Lake is advised by Simpson Thacher & Bartlett (led by Atif Azher).
A Brian Kahn-led consortium completed the acquisition of the remaining 64% stake in Franchise Group, an American publicly traded holding company that acquires and manages mainly franchise companies, for $1.7bn.
"This transaction is an exciting milestone for our company. The Special Committee and its advisors conducted an independent process and review of the strategic alternatives available to the company, with a focus on obtaining the best outcome for public stockholders. We believe the proposed transaction delivers immediate and certain value for public stockholders at a significant premium to the unaffected share price, and we have the flexibility to explore other potential transaction opportunities during the go-shop period under the Merger Agreement," Matt Avril, Franchise Group Chairman of the Board of Directors and the Special Committee.
Permian Resources, an oil and natural gas company that engages in acquisition and development, agreed to acquire Earthstone Energy, an oil and natural gas development and production company, for $4.5bn.
“We believe the acquisition of Earthstone represents a compelling value proposition for our shareholders and strengthens our position as a premier Delaware Basin independent E&P. Earthstone’s Northern Delaware position brings high-quality acreage with core inventory that immediately competes for capital within our portfolio. Additionally, we have identified numerous ways to leverage our deep Delaware Basin experience and incremental scale to improve upon these assets across the board, including approximately $175m of annual synergies. Permian Resources has a proven integration track record, and we believe the successful execution of these cost savings will create incremental value for both Permian Resources and Earthstone stakeholders,” Will Hickey, Permian Resources Co-CEO.
TJC, a middle-market private equity firm, agreed to acquire the Delrin business of DuPont, an American multinational chemical company, for $1.8bn.
"Today's announcement largely completes our planned exit of the former M&M segment, advancing our position as a premier multi-industrial company. This transaction is structured to maximize value for our shareholders, providing significant cash proceeds at close to be deployed in line with our strategic priorities while providing an opportunity for DuPont to participate in future upside potential upon exit of our retained equity interest in the Delrin business," Ed Breen, DuPont Executive Chairman and CEO.
TJC is advised by Citigroup and Kirkland & Ellis. DuPont is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom (led by Brandon Van Dyke and Kyle Hatton).
LongueVue Capital, a New Orleans-based private equity firm, completed the investment in TTi Logistics, an asset-light third-party logistics business. Financial terms were not disclosed.
"LongueVue Capital is thrilled to cement its partnership with TTi. TTi's broad operational capabilities, impressive track record of execution, and customer-centric focus make it a leading provider of white-glove transportation services in a number of strategic end markets. We look forward to working with the team to continue its expansion," Ray Jeandron, LongueVue Capital Managing Partner.
LongueVue Capital was advised by Norton Rose Fulbright. Debt financing was provided by Abacus Finance.
Renovus Capital Partners-backed ARETUM, a mid-tier organization focused on providing management consulting, mission support, and technology solutions, completed the acquisition of Artemis Consulting, a McLean, VA-based prime contractor to multiple federal agencies. Financial terms were not disclosed.
"We are extremely excited about the complementary capabilities Artemis brings to the ARETUM platform and firmly believe they will help ARETUM break new ground and add value to its unique suite of solutions and services to the agencies it serves," Manan Shah, Renovus Partner.
ARETUM was advised by Gasthalter & Co (led by Mark Semer).
Andreessen Horowitz and (a16z) Bio + Health led a $200m Series B round in Genesis Therapeutics, a researcher of AI and biotech to accelerate the discovery of new medicines, with participation from Fidelity Management & Research Company, BlackRock, NVentures, T. Rowe Price Associates, Rock Springs Capital, Radical Ventures, and Menlo Ventures.
“AI presents a potent opportunity to revolutionize the drug discovery process, which frequently struggles to produce viable drug candidates against targets that are biologically well-validated but considered undruggable due to highly challenging chemistry. This funding comes as Genesis is approaching an inflection point with the first of our AI-enabled drug candidates entering the clinic. The addition of our new lead investor, and other meaningful additions to our biotech and AI-oriented syndicate, will support Genesis in developing breakthrough therapies for patients with severe unmet medical needs, and their families, capitalizing on the broad applicability and potential of the GEMS AI platform,” Evan Feinberg, Genesis CEO.
Complete Solaria agrees to sell certain North American solar panel assets.
Complete Solaria, a solar technology, services, and installation company, entered into an agreement to sell certain Complete Solaria's North American solar panel assets to a global, tier-1 panel manufacturer. The agreement also includes a provision for the buyer to supply premium, high-power solar panels to Complete Solaria.
"We are shifting our business away from manufacturing and toward our highest margin, most popular 'total-service model' in which we design, install, and warranty full solar systems. However, we will maintain access to our market-leading premium panels that support our end-to-end customer offering. Our Pro Partner installers will also benefit with access to a broader range of products. This is a great deal for us. It will supply valuable cash to the business, lower our operating costs, and help us achieve profitability sooner," Will Anderson, Complete Solaria CEO.
Hedge fund Sculptor rejects unsolicited offer from Weinstein. (FS)
Sculptor Capital Management spurned an unsolicited bid from a group of hedge fund giants including Boaz Weinstein, Marc Lasry and Bill Ackman, the latest twist in the takeover of one of Wall Street’s best-known investment firms.
Some of those offers valued Sculptor at more than $700m, according to a proxy statement Sculptor filed August 21. The disclosure comes after reports that hedge fund giants Boaz Weinstein, Marc Lasry and Bill Ackman bid more than $12 a share, topping Rithm’s $11.15 per-share offer, Bloomberg reported.
Canadian pension fund OMERS is keen to diversify, include more Asian assets. (FS)
Canadian pension fund OMERS, Asia investments are next on the radar as the firm looks to ramp up its operations from Australia to other countries with a special focus on India, DealStreetAsia reported.
“We are currently holding around 11% of our assets in Asia. Over time, we may increase that to 15-20%,” Ashish Goyal, Executive Vice President and Head of Asia Pacific at OMERS.
Blackstone ‘Tac Opps’ arm rounds up $5.2bn for new bets. (FS)
Blackstone wrapped up a record $5.2bn fund for deals that defy easy categorization and aren’t constrained by any particular investment style.
The fund, Blackstone Tactical Opportunities Fund IV, surpassed a $4bn target for rounding up investor dollars. The haul gives Blackstone cash to hunt for deals after banks pulled back from financing following the collapse of three lenders this year, Bloomberg reported.
EMEA
OptiGroup, a European business-to-business distributor of business essentials, terminated the deal to acquire Pamark, a full-service distributor of facility supplies, horeca and medical supplies. Financial terms were not disclosed.
After a full phase 2 investigation to the proposed transaction, the Finnish Competition and Consumer Authority has concluded that the acquisition will raise competition concerns in the market for cleaning and hygiene products, especially to larger customers in Finland.
Deutsche Boerse's European Energy Exchange has to seek EU antitrust approval for its acquisition of Nasdaq's European power trading and clearing business because of its importance to Europe's energy market, Reuters reported.
The European Commission, which acts as the competition enforcer for the 27-country European Union, said it had been asked by Denmark, Finland, Sweden and Norway to examine the deal even though the acquisition falls below the EU merger rules on turnover.
Continental considers sell-off of ContiTech car business.
German auto parts supplier Continental is considering the sale of the car division currently bundled within ContiTech, Reuters reported.
The possible sale would be part of a wider reorganisation of the company being planned by Supervisory Board Chairman Wolfgang Reitzle and the executive board around CEO Nikolai Setzer.
Shell receives final bids for UK North Sea gas assets.
Shell has whittled down bidders for its southern North Sea gas fields to three final contenders, Bloomberg reported.
Perenco, Ithaca Energy, and newcomer Viaro Energy have bid for a package of UK assets that includes the Leman Alpha hub, the Clipper field, and the Bacton gas terminal. The assets may be valued at around $600m to $800m.
Apex to provide fund admin and AML service for the new Sadu Capital VC fund. (FS)
Sadu Capital, a venture capital firm that invests in private tech start-ups through equity ownership, has appointed Apex Group to provide fund administration and AML solutions, for its latest fund, which is focused on early-stage startups in the Middle East & North Africa region.
Apex Group says its single-source solution, will support Sadu Capital’s Cayman domiciled fund with technology-enabled fund administration and AML officer services.
Technology group RTOP plots direct listing in boost to faltering London market.
RTOP, which helps companies contend with incidents such as cyberattacks, will unveil plans for a London listing that will value it at about £60m ($76m).
A technology platform specialising in regulatory compliance will outline plans to join the London stock market in a welcome, and rare, boost to the City.
Allianz looking to raise €1.5bn for new private credit fund. (FS)
Allianz Global Investors, global financial services and insurance group Allianz's money management division, is looking to raise at least €1.5bn ($1.6bn) a new global private credit fund by tapping into increased investor demand for exposure to the asset class.
The company filing reveals that the company established the Allianz Global Diversified Private Debt Fund II in Luxembourg in mid-June, with a first close planned before the end of the year. This marks the point at which it will begin making investments for Allianz Global Investors.
Hayfin Capital Management raises $6.6bn for the latest fund. (FS)
Hayfin Capital Management exceeded its fundraising target of $6.6bn for its latest fund, Hayfin Direct Lending Fund IV.
Hayfin expects total available capital to be at or near the strategy’s hard cap of $7.6bn by the end of the year.
GP Fund Solutions secures CBI authorisation to provide fund admin in Ireland. (FS)
GP Fund Solutions, a provider of fund services to global private equity, private debt and real asset investment managers has received authorisation from the Central Bank of Ireland to offer regulated fund admin in Ireland.
Operations at GPFS Ireland will be led by industry veteran Vincent Allen's who has over 20 years experience in servicing global fund vehicles.
UK's Nest pension scheme to ramp up PE allocations. (FS)
The National Employment Savings Trust, one of the UK's largest workplace pension schemes, is planning to boost its allocation to private equity investments in a bid to improve long-term returns.
As much as a fifth of younger members’ pension pots will be invested in private businesses as part of a plan by the £31.5bn ($40.1bn) state-backed fund to take on more risk.
APAC
Titan Co, an Indian company that mainly manufactures fashion accessories such as jewelry, watches and eyewear, agreed to acquire an additional 27.18% stake in CaratLane, an Indian physical and online jewelry retailer, for $560m.
"Titan has always prided itself in building strong brands that are amongst the leaders in their categories. We have great faith in the India Consumer story and believe that the growth journey of CaratLane has only begun and has a long way to go," C K Venkataraman, Titan Managing Director.
CaratLane is advised by Avendus.
Matrix Partners, a US-based private equity investment firm, and Beite Fund, a buyout fund, led a $137m Series B round in Echint, a company mainly engaged in integrated circuit board-level advanced system assembly.
"Echint will continue to drive development through innovation, continuously optimize product research and development capabilities, collaborate with upstream and downstream industries in innovation, and help China's semiconductor assembly and testing industry further strengthen international competitiveness," Liangchao Li, Echint President.
SS&C Technologies, a global provider of investment and financial software-enabled services and software focused exclusively on the global financial, agreed to acquire the managed funds administration business from Iress, a principal supplier of sophisticated share market and wealth management systems in Australia. Financial terms were not disclosed.
"We are delighted to welcome the MFA team and their customers to SS&C. Today's announcement enables SS&C to further develop its fund servicing footprint in Australia and elevate our global transfer agency capabilities. We are deeply committed to this region and look forward to expanding Australian asset managers' access to best-in-class digital servicing, data solutions and servicing support across the investment management lifecycle. Our mission is to deliver the same high-quality processing and investor experience to our global clients wherever they conduct their business," Bill Stone, SS&C Technologies Chairman and CEO.
Marsh, a provider of insurance brokering and risk management services for enterprises, agreed to acquire Honan Insurance Group, a commercial insurance broker, from TA Associates. Financial terms were not disclosed.
"This transaction is good news for both our clients and colleagues who will benefit from the combination of our experience with Marsh's global resources and solutions. It is also significant recognition for the hard work and dedication of the entire Honan team, which has helped us create a valuable proposition for clients. With the support of TA over the last three years, Honan has undergone a period of accelerated growth, completing several acquisitions and increasing revenue and profitability. I look forward to building on our joint dedication to innovation and excellent client service, while supporting colleagues in their career development, and contributing to their continued success. The senior leadership team at Honan are committed to this exciting next phase of growth within Marsh," Andrew Fluitsma, Honan CEO.
GQG Partners buys additional stake in Adani Ports. (FS)
Investment firm GQG Partners raised its stake in Adani Ports And Special Economic Zone on August 17 to 5.03% after buying more shares. GQG Partners, which held a 4.93% stake in Adani Ports, acquired another 0.10% or 2.2 m shares of the company through a bulk deal, Reuters reported.
The investment comes after Deloitte quit as auditor for Adani Ports, in the first such move after US short-seller Hindenburg Research's critical report on the Adani group that was published in January.
Malaysia may sue Goldman Sachs over a multi-billion-dollar 1MDB scandal.
Malaysia may pursue lawsuits against Goldman Sachs over the US investment bank's role in the multi-billion dollar corruption scandal at state fund 1MDB, Prime Minister Anwar Ibrahim said.
Goldman settled with Malaysia in 2020 by agreeing to pay $2.5bn in cash and guaranteeing the return of $1.4bn in assets to the country in exchange for dropping all criminal charges against the bank.
Courier giant SF Express files for $3bn Hong Kong listing. (FS)
SF Holding, China’s largest express delivery company, has filed for a Hong Kong second listing.
The Shenzhen-listed company, also known as SF Express, is working with Goldman Sachs, Huatai Securities, and JP Morgan on the potential share sale, according to pre-listing documents published in Hong Kong. The filing didn’t provide details on the fundraising size or timeline. The share sale could raise $2bn to $3bn, Bloomberg reported.
China's Winreal Investment hits second close of new CNY fund at nearly $250m. (FS)
China's Winreal Investment, which mainly invests in the hard tech and digital tech industries, has announced the second close of its new CNY-denominated fund at CNY1.8bn ($249m), DealStreetAsia reported.
With the second close, the new CNY fund is already 50% larger than the
2020-vintage, CNY1.2bn ($167m) predecessor fund, Over 77% of existing limited partners committed to the new fund, said Winreal.
UBS co-head of Asia ECM syndicate Agostinelli is leaving. (People)
UBS Group co-head of equity capital markets syndicate for Asia Carlo Agostinelli is leaving the bank, Bloomberg reported.
The Hong Kong-based banker’s fellow co-head Kevin Cui will become sole head for Asia ECM syndicate.
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