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AMERICAS
Shenandoah Telecommunications, a broadband services provider, agreed to acquire Horizon Telcom, a commercial fiber provider, from GCM Grosvenor, a global alternative asset management solutions provider, and Energy Capital Partners, an equity and credit investor, for $385m.
"The acquisition of Horizon is a transformative transaction that we believe will allow us to accelerate our Fiber First strategy by doubling the size of our commercial fiber business and creating a new beachhead for our Glo Fiber business. We now expect to pass 150k additional homes with fiber in greenfield markets, targeting 600k total passings by the end of 2026. We are excited to combine Horizon's robust fiber network and commercial fiber business with our 9k route-mile, multi-state fiber network and accelerate our Glo Fiber expansion. Horizon and Shentel share a similar history and a passion for outstanding local customer service while providing state-of-the-art technologies. We believe our teams' core competencies will complement one another, translating to a stronger combined business," Christopher E. French, Shentel President and CEO.
Horizon Telcom is advised by Bank Street Group and Baker Botts. Shentel is advised by Rothschild & Co and Hunton Andrews Kurth (led by Steven Haas and J. A. Glaccum). Debt financing is provided by Bank of America, Citizens M&A, CoBank ACB and Fifth Third Bancorp. GCM Grosvenor is advised by Houlihan Lokey and Greenberg Traurig.
OptimizeRx, a provider of healthcare technology solutions helping life sciences companies reach and engage healthcare professionals and patients, completed the acquisition of Medicx Health, a healthcare consumer-focused omnichannel marketing and analytics company, for $95m.
"Theresa brings a wealth of knowledge and demonstrated results directing commercial and business strategies for organizations focused on data and technology solutions for life sciences. I'm confident that her balanced approach, knowledge of our customers, and commitment to growth will position us to bring our organizations together as a commercial powerhouse focused on meeting the strategic engagement needs of our customers and expanding our footprint within our combined books of business," Will Febbo, OptimizeRx CEO.
Medicx Health was advised by Canaccord Genuity and Weiss Brown. OptimizeRx was advised by RBC Capital Markets, Blank Rome and LifeSci Public Relations (led by Ashley Robinson). Debt financing was advised by Blue Torch Capital.
Ares Management, a global alternative investment manager, agreed to acquire a minority stake in Interstate Waste Services, a provider of solid waste collection, transfer, recycling and disposal services, from Littlejohn, a private investment firm. Financial terms were not disclosed.
"We are thrilled to work with Littlejohn and to join the Interstate family. Mike, Brian and the rest of the team have built an incredible solid waste platform, that we believe is well-positioned to leverage its great culture and service-focus to take advantage of the exciting growth opportunities ahead. Together, we believe the combination of Ares, Littlejohn and IWS will be great not only for the company, but importantly for all its stakeholders, including customers, employees, and the communities that IWS serves," Natasha Li, Ares Partner.
IWS is advised by Brown Gibbons Lang & Company, Houlihan Lokey and Sheppard Mullin Richter & Hampton. Ares is advised by Robert W Baird and Kirkland & Ellis. Littlejohn is advised by Gasthalter & Co (led by Nathaniel Garnick).
Arthur J. Gallagher, an American global insurance brokerage and risk management services firm, agreed to acquire Cadence Insurance, an insurance company, from Cadence Bank, a financial services provider, for $904m.
"Cadence Insurance is a fast-growing agency with strong niche capabilities across Construction, Real Estate, Manufacturing, Healthcare and Professional Services. With a similar culture, a high-performing team and a significant Southeastern presence there are immense long-term growth opportunities as part of Gallagher. I look forward to welcoming Markham, Chris and the nearly 800 Cadence Insurance colleagues to our growing Gallagher family of professionals," J. Patrick Gallagher, Arthur J. Gallagher Chairman, President and CEO.
Arthur J. Gallagher is advised by Winston & Strawn (led by Kyle Gann). Cadence Bank is advised by Ernst & Young, MarshBerry, Morgan Stanley and Hodgson Russ.
Innventure, a venture capital firm, agreed to go public via a SPAC merger with Learn CW Investment, a publicly traded special purpose acquisition company, in a $385m deal.
"Since our 2015 launch, our journey validates our unique value creation model. We expect this transaction to catalyze Innventure's ability by providing a strong balance sheet to navigate market fluctuations while aggressively building new companies," Bill Haskell, Innventure CEO.
Innventure is advised by Jones Day (led by Joel May) and Vedder Price. Learn CW Investment is advised by Sidley Austin.
Risk Strategies, a specialty insurance brokerage and risk management and consulting firm, completed the acquisition of the North Bay business unit from InterWest Insurance Services, a full-service insurance brokerage. Financial terms were not disclosed.
"We're excited by this opportunity to add significant expertise to our existing specialty capabilities in the wine industry. This team is well known in this specialty and our combined strength positions us to be the go-to broker for wineries and vintners throughout the region," Patrick Roth, Risk Strategies West Region Leader.
Risk Strategies was advised by Matter Communications.
RTX to sell its cybersecurity business for $1.3bn.
RTX said it has entered into a definitive agreement to sell the cybersecurity, intelligence and services business within its Raytheon segment. The sale price is subject to regulatory approvals and other customary closing conditions.
"We regularly review our portfolio to ensure our business is best positioned to deliver for our customers, stakeholders and employees. Based on that review, we decided to divest our Cybersecurity, Intelligence and Services business. We believe this gives the business greater autonomy to deliver on customer missions and allows it to serve as a platform for innovation well into the future," RTX.
Bank of Montreal is exploring sale of RV loan portfolio.
Canada incorporated bank Bank of Montreal is exploring the sale of a portfolio of recreational vehicle loans, Bloomberg reported.
The bank is in discussions with buyers including the credit arms of alternative asset managers. The face value of the portfolio is at least $5bn. KKR is among potential bidders.
Macquarie to invest $275m in SwyftFiber. (FS)
Macquarie Asset Management, an Australian global financial services group, agreed to invest in fiber internet business SwyftFiber, a high-speed internet and television streaming services provider, Bloomberg reported.
Macquarie is acquiring a majority stake in the company through a roughly $275m structured equity investment. The transaction remains subject to regulatory approvals.
OrbiMed raises $4.3bn across private investment funds. (FS)
OrbiMed, a global healthcare investment firm, is pleased to announce it has raised more than $4.3bn in commitments for its latest private investment funds, including OrbiMed Private Investments IX, OrbiMed Asia Partners V and OrbiMed Royalty & Credit Opportunities IV.
Consistent with their predecessors, these new funds enable OrbiMed to invest globally, from seed stage for start-ups incubated by OrbiMed through growth capital opportunities. OrbiMed works closely with its portfolio companies to provide tailored financing solutions, which can include equity, credit and royalty-based financing. OrbiMed focuses on innovative and growth-oriented opportunities across healthcare sub-sectors, including biopharmaceuticals, medical devices, diagnostics and technology-enabled healthcare services.
Centerview hires Citigroup telecoms banker Gordon Kroft. (FS, People)
Centerview Partners has hired Citigroup investment banker Gordon Kroft to cover telecommunications and digital infrastructure, Bloomberg reported.
Kroft will join the firm led by Blair Effron and Robert Pruzan as a partner in the coming months. He will be based in New York. Kroft was most recently co-head of media and communications at Citigroup, having joined the bank in 2013 from Barclays.
Goldman names Kamo as global head of dealmaking for financial sponsors. (People)
Goldman Sachs has appointed David Kamo as its global head of financial sponsor mergers and acquisitions within its investment bank.
The role will see Kamo lead efforts at Goldman to work with clients such as private equity firms and alternative asset managers, as they seek to buy and sell companies across their various portfolios, Reuters reported.
EMEA
Hitachi Energy, a global technology company, agreed to acquire eks Energy, a power electronic devices developer, from Powin, an energy storage technology company. Financial terms were not disclosed.
"This is an incredible opportunity for Powin and Hitachi Energy to partner on shaping the future of the PCS solution. Powin has played a pivotal role in EKS's remarkable success, facilitating their impressive growth, and advancing their global expansion. Hitachi Energy's expertise in research and development and impressive grid-edge capabilities will accelerate EKS' continued growth and aid our shared mission to reinvent the global energy storage industry with safe, reliable, and scalable solutions," Jeff Waters, Powin CEO.
Powin is advised by Evercore. Hitachi Energy is advised by Nomura and Shearman & Sterling (led by Daniel Mitz).
Strategic Value Partners, a global alternative investment firm, agreed to acquire APCOA Parking, a parking infrastructure operator. Financial terms were not disclosed.
"We are excited to partner with the team at APCOA to unlock significant value, particularly around increasing automation, capitalizing on underutilized space and monetizing EV charging. Through organic growth, operational improvements and investing heavily in innovative technologies, we look forward to helping the APCOA team take the business to the next level," John Brantl, SVP Co-Head of European Investment.
Rosatom, a nuclear power company, and DP World, a logistics management services provider, formed a joint venture. Financial terms were not disclosed.
"The two companies' collaboration is aimed at developing an additional trade route for maritime container shipping via the Northern Sea Route. Completing the design of the infrastructure facilities along the route, as well as clarifying the volume of investments and work schedule, are among the immediate tasks of the JV," Rosatom.
Orange and MasMovil pick Digi as asset buyer to allay EU concerns.
French telecoms group Orange and Spanish peer MasMovil have picked Romania's Digi to buy assets they plan to divest to address EU antitrust concerns over their Spanish tie-up, Reuters reported.
The deal is seen as an important test case of whether EU antitrust regulators will relax their tough approach towards mergers that shrink the number of mobile players in a country from four to three. Regulators worry that this may reduce competition.
Orange and MasMovil, the second and fourth-largest telecoms providers in Spain, announced the deal, which has an enterprise value of €18.6bn ($19.7bn), in July 2022.
UBS hands Qatari Sheikh $9bn credit line in Mideast push.
UBS Group is extending a $9bn credit line to one of the Middle East’s most influential investors as CEO Sergio Ermotti seeks to retain the region’s ultra wealthy following the takeover of Credit Suisse, Bloomberg reported.
The Swiss lender recently agreed to provide the financing to former Qatari prime minister Sheikh Hamad bin Jassim bin Jaber Al Thani. The credit facility is at least 50% more than the total of existing lines from UBS and Credit Suisse that it replaces.
Exxon, Chevron invest in the West as global conflicts increase.
The oil majors are spending more in the Americas as international exploration becomes fraught with new risks. As the world becomes more dangerous, the two largest Western crude producers are focusing their investments closer to home, WSJ reported.
Chevron was acquiring Hess in a $53bn deal that gives it access to one of this century’s biggest oil finds in the South American country of Guyana and allows it to double down on shale by expanding its presence to North Dakota.
APAC
Decathlon weighs minority stake sale in $1bn China business.
Decathlon is exploring selling a minority stake in its China business, as the French sporting goods retailer seeks a strategic partner to boost growth in the world’s second-largest economy, Bloomberg reported.
The firm is working with an adviser on a potential stake sale that could give the China unit a valuation of at least $1bn.
Stellantis nears deal to buy 20% of Chinese EV maker Leapmotor.
Stellantis is nearing a deal to acquire a roughly 20% stake in Chinese electric vehicle company Zhejiang Leapmotor Technologies, marking the latest attempt by the carmaker to boost its presence in the world’s biggest auto market, Bloomberg reported.
Leapmotor shares have climbed about 22% in Hong Kong this year, giving the Hangzhou-based company a market value of $5.4bn. A 20% stake would be worth upwards of $1bn.
Leapmotor and Stellantis are also discussing setting up a joint venture as part of the transaction. A partnership could allow Stellantis to manufacture and sell some Leapmotor cars outside China, while also giving it access to the EV maker’s parts and certain technologies.
AirAsia parent plans to raise more than $1bn in debt and equity. (FS)
Capital A Berhad, the parent of AirAsia, is planning to raise more than $1bn in debt and equity, and will list some of its businesses through a blank-cheque company, Reuters reported.
Capital A CEO Tony Fernandes has agreed to a deal with Aetherium Acquisition, a special purpose acquisition company, and plans to list several businesses through it next year. This includes a new business extending the AirAsia brand to companies hoping to start airline franchises in developing countries.
KKR is close to invest $400m in OMS. (FS)
KKR is nearing a deal to invest about $400m in Malaysian sub-sea cable company OMS Group, in what could be the latest transaction in the digital infrastructure industry in Asia, Bloomberg reported.
The US-based private equity giant is in advanced talks to buy a stake in OMS, which could be valued at about $1bn in the deal. The fresh capital can help accelerate the sub-sea cable firm’s expansion plans and an agreement could be reached soon.
Tycoon Quek’s Hong Leong considers sale of Southern Steel. (FS)
Southern Steel surged by a record after rumour said Hong Leong Group, a conglomerate controlled by billionaire Quek Leng Chan, is considering selling its majority stake in the unit and seeking a valuation of as much as $200m, Bloomberg reported.
The Malaysian company is working with advisers on the planned divestment of its 70% stake in the Kuala Lumpur-listed arm. A deal could value Southern Steel between $100m to $200m. At the top of the range, it would be more than double the firm’s current market capitalization of about $89m.
Telenor CEO sees decision on sale of Pakistan unit this year.
Telenor expects to make a decision on the divestment of the Norwegian telecommunication giant’s operations in Pakistan by the end of this year, Bloomberg reported.
“We are in contact with various parties — that’s a part of the strategic review we are doing now — and we have several options on the table. Before the end of this year, we will have made the decision,” Sigve Brekke, Telenor CEO.
Hong Kong’s de facto sovereign wealth fund seeks to set up joint GBA fund.
Hong Kong’s de facto sovereign wealth fund is considering using $639m it set aside for its GBA Investment Fund to set up a joint investment fund with the government of Guangdong to invest in Greater Bay Area projects, DealStreetAsia reported.
The former British colony’s chief executive, John Lee, took to the stage on Wednesday for his second annual policy address, where he presented a raft of measures including ones to draw foreign talent and companies to set up or expand their operations in the city, plotting for Hong Kong’s comeback as a financial hub.
China's Detong Capital raises just over $200m for new RMB fund, eyes $274m final close. (FS)
Shanghai-based private equity firm Detong Capital announced that it has raised over CNY1.5bn ($205.2m) for its latest RMB-denominated fund, as the firm targets a final close of up to CNY2bn ($273.6m), DealStreetAsia reported.
"The new RMB fund, named “Changzhou Detong Hexin II Venture Capital Partnership,” will continue to focus on emerging industries that are deemed strategically important to China’s national development," Detong Capital.
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