Coeur Mining, a US-based precious metals producer, agreed to acquire SilverCrest Metals, a Canadian precious metals producer, for $1.7bn.
"The acquisition of SilverCrest creates a leading global silver company by adding low-cost silver and gold production and significant free cash flow to our rapidly growing production and cash flow driven by the recent expansion of our Rochester silver and gold mine in Nevada. Together with SilverCrest's large and growing cash balance and no debt, our balance sheet is expected to be materially strengthened on day one. This immediate deleveraging, along with the significant combined expected free cash flow, will allow for rapid debt repayment and investment in other organic growth opportunities while offering shareholders an unparalleled re-rating opportunity. With over 15 years of experience operating our Palmarejo underground silver and gold operation next door in Chihuahua, we look forward to adding the high-quality Las Chispas mine to create a leading global silver company at a time when the demand for silver in renewable energy and a wide range of electrification end uses is rapidly rising," Mitchell J. Krebs, Coeur Chairman, President and CEO.
SilverCrest Metals is advised by Cormark Securities, Raymond James, Scotiabank, Cassels Brock & Blackwell and Paul Weiss Rifkind Wharton & Garrison. Coeur is advised by BMO Capital Markets, Goldman Sachs, Gibson Dunn & Crutcher and Goodmans.
Strategic Value Partners, a global alternative investment firm, agreed to acquire Revelyst, a collective of world-class maker brands that design and manufacture performance gear and precision technologies, from Vista Outdoor, a designer, manufacturer, and marketer of outdoor sports and recreation products, for $1.125bn.
"We look forward to working with Eric Nyman and the rest of the team leading this world-class outdoor gear and technology business. For almost a year, we closely followed Revelyst's progress with this complex transaction. During that time, Revelyst has gained share through a difficult period for consumer spending thanks to the strength of its leadership, its employees and efforts like GEAR UP. With this investment, we plan to put SVP's full operating resources and network behind Revelyst to help accelerate the success of this market leader," David Geenberg, SVP Head of North American Corporate Investments.
SVP is advised by Goldman Sachs, Paul Weiss Rifkind Wharton & Garrison and Kekst CNC (led by
Todd Fogarty). Vista Outdoor is advised by Moelis & Co, Morgan Stanley, Cravath Swaine & Moore and Gibson Dunn & Crutcher.
Commure, a provider of technology to healthcare systems, completed the acquisition of Augmedix, an ambient AI medical documentation and data solutions provider, for $139m.
"Ian and the Augmedix team have done an incredible job as pioneers in the clinical documentation space. We’re thrilled to embark on this partnership to pair Augmedix’s deep expertise with our industry-leading suite of AI solutions," Tanay Tandon, Commure CEO.
Natural gas company Tellurian's shareholders have voted in favor of the US LNG developer's proposed $1.2bn acquisition by Australian energy producer Woodside Energy Group,
Reuters reported..
The agreement is expected help solve Tellurian's financial woes. The US company has been searching for financial partners to fund the LNG facility.
Tellurian is advised by Lazard and Akin Gump Strauss Hauer & Feld (led by
Jim Wetwiska). Lazard is advised by Gibson Dunn & Crutcher (led by
Hillary Holmes). Woodside is advised by PJT Partners and Norton Rose Fulbright.
Innventure, a venture capital firm, went public via a SPAC merger with Learn CW Investment, a publicly traded special purpose acquisition company, in a $385m deal.
"We're thrilled to reach this milestone, which supports our goal to found, fund and operate companies that offer transformative technology solutions. We believe becoming a public company creates a unique opportunity to offer investors access to technologies with early-stage economics and late-stage risk. I'm grateful to our partners at Learn CW for recognizing the value of our unique business model and supporting our vision to be a conglomerate of majority-owned companies," Bill Haskell, Innventure CEO.
Innventure was advised by Jones Day (led by
Joel May and
Patrick Baldwin), Vedder Price and Solebury Trout (led by
Sloan Bohlen). Learn CW Investment was advised by Maples Group and Sidley Austin.
Sodalis, a European-based beauty and personal care platform, agreed to acquire HRB Brands, a hair care and skin cleansing firm, from Tengram Capital Partners, a private equity firm. Financial terms were not disclosed.
"I would like to thank Bill and the Tengram/Windsong team who have been a tremendous partner to HRB and instrumental in developing and executing our organic and acquisition growth strategies. Becoming part of the Sodalis Group provides a very exciting new chapter for us. Our combined teams are already working well together to leverage each other's talents and brand portfolios to rapidly grow our combined European, North and Latin America businesses," Jim Daniels, HRB Brands CEO.
Sodalis is advised by PricewaterhouseCoopers and Greenberg Traurig. HRB Brands is advised by Cascadia Capital, Lincoln International and Sidley Austin (led by
David M. Grinberg).
Martin Resource Management, a provider of transportation, terminalling, marketing and logistics management services for hydrocarbon products and by-products, chemical and other bulk liquids, agreed to acquire the remaining share in Martin Midstream Partners, a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. Financial terms were not disclosed.
The merger agreement provides for an all-cash transaction whereby each holder of the public common units would receive $4.02 per common unit owned.
Martin Midstream is advised by Houlihan Lokey, Munsch Hardt Kopf & Harr and Potter Anderson & Corroon. MRMC is advised by Wells Fargo Securities and Baker Botts (led by
Preston Bernhisel).
LPL Financial, a provider of investment and business solutions for independent financial advisors, completed the acquisition of Atria Wealth Solutions, a wealth management solutions holding company. Financial terms were not disclosed.
"Joining forces with LPL Financial delivers significant value to all our constituents, especially Atria's advisors and institutions, their clients and our employees. LPL's well-respected position of industry leadership, investments in innovative technology and deep commitment to helping foster advisors' continued success align with the very purpose of why we founded Atria eight years ago. The benefit of our combined companies offers unprecedented opportunities for the clients we serve," Doug Ketterer, Atria Wealth Solutions CEO and Founding Partner.
LPL Financial was advised by Morgan Stanley and A&O Shearman (led by
Stephen Besen). Atria Wealth Solutions was advised by Ardea Partners, William Blair & Co and Ropes & Gray (led by
Scott Abramowitz).
CarelonRx, a pharmacy benefit manager subsidiary of Elevance Health, completed the acquisition of acquire the specialty pharmacy business of Kroger, an operator of supermarkets and convenience stores. Financial terms were not disclosed.
"Kroger Specialty Pharmacy has been part of our company since 2012, and we want to thank our management team and associates for their enduring commitment to their patients. As part of our regular review of assets, it became clear that our strong specialty pharmacy business unit will better meet its full potential outside of our business. One of the most important considerations was continued operations to ensure minimal disruption to our associates and patients. We are confident this transaction will help the business to grow and deliver better results for patients. We look forward to working toward a smooth transition for associates and patients," Colleen Lindholz, Kroger Health President.
Elevance Health was advised by White & Case (led by
Matthew Barnett). Kroger was advised by RBC Capital Markets, Arnold & Porter Kaye Scholer and Weil Gotshal and Manges (led by
Michael J. Aiello).
26North, an investment platform, completed the acquisition of Onelife Fitness, a health club operator, from Delos Capital, a private investment and financial advisory firm. Financial terms were not disclosed.
"Onelife is a fantastic opportunity to back what we believe to be a best-in-class operator and enduring platform in a growing category that is underpinned by a long-term consumer focus on physical fitness and wellness. We are excited to use 26North's Alpha Creation Team (ACT) to enhance Onelife's growth," Mark Weinberg, 26North Partner and Head of Private Equity.
Onelife Fitness was advised by Jefferies & Company and North Point Advisors. 26North was advised by Kirkland & Ellis.
The Watches of Switzerland Group, a luxury watch retailer, agreed to acquire Hodinkee, a global digital editorial content provider. Financial terms were not disclosed.
"I am thrilled to have Hodinkee join the Watches of Switzerland family. We have been avid followers of Hodinkee for many years and have long-respected Ben and his team's success in creating the undisputed destination for luxury watch enthusiasts," Brian Duffy, The Watches of Switzerland Group CEO.
The Watches of Switzerland Group is advised by Headland Consultancy (led by
Lucy Legh). Hodinkee is advised by PJT Partners.
Experian, a global data and technology company, agreed to acquire ClearSale, a fraud management and chargeback protection services company, for $350m.
"We have established a leading position in identity and fraud (ID&F) in Brazil, an attractive, high-growth market and one of our strategic growth priorities globally. The acquisition of ClearSale extends our ID&F suite, adding transaction fraud detection to our existing strengths in account opening and account takeover fraud prevention. ClearSale will add to our growth potential in Brazil and is a further step towards our ambition to provide comprehensive ID&F and credit risk solutions through our integrated platform," Brian Cassin, Experian CEO.
Audax-backed BlueCat Networks, a provider of mission-critical network infrastructure management, automation, and security solutions, agreed to acquire LiveAction, a provider of network observability and intelligence solutions, from Insight Partners, a software investor. Financial terms were not disclosed.
"Adding LiveAction's industry-leading network performance monitoring, packet capture and forensics offerings considerably strengthens BlueCat's mission-critical DDI and network infrastructure management solutions. Our acquisition of Indeni in 2023 (re-branded BlueCat Infrastructure Assurance) recognized that organizations need to be able to assure the health and performance of these core services as well as dependent load balancing and security devices. The acquisition of LiveAction goes a step further on this journey to provide deep insight into the network's impact on business services, enabling organizations to isolate the source of response time issues, inform network policy and optimize network capacity," Stephen Devito, BlueCat CEO.
LiveAction is advised by Moelis & Co.
Internet Brands, a fully integrated online media and software services company, agreed to acquire FindLaw, an online legal information provider, from Thomson Reuters, a global content and technology company. Financial terms were not disclosed.
"This transaction will allow both Thomson Reuters and Internet Brands to concentrate on their strategic priorities, ensuring customers continue to receive top-tier service and support from FindLaw," Thomson Reuters.
Thomson Reuters is advised by Centerview Partners.
Blackstone-backed Power Grid Components, a multi-product line supplier of highly engineered, quality power equipment, completed the acquisition of Vizimax, a provider of innovative solutions to measure, control and switch high- and medium-voltage electric power systems. Financial terms were not disclosed.
"At PGC, we seek partners who share our values and commitment to delivering innovative solutions to build, maintain, and protect the electrical grid. By adding Vizimax to our portfolio of companies, we gain exceptional talent, including an experienced leadership team led by Jean-Guy, and a product that offers unparalleled protection for critical power devices utilized in electrical systems around the world. We look forward to helping Jean-Guy and his team accelerate the growth of Vizimax, particularly here in the United States," Rick McClure, Power Grid Components Founder and CEO.
PGC was advised by Nomura Greentech.
Cyient DLM, an integrated electronics manufacturing company, completed the acquisition of Altek Electronics, an electronic manufacturing services company. Financial terms were not disclosed.
"This acquisition is a pivotal moment for Cyient DLM. It expands our global footprint, brings us closer to our strategic customers, and significantly strengthens our capabilities. With this acquisition, Cyient DLM is not only broadening its reach into the Medical & Healthcare and Industrial sectors but also bolstering its capabilities for the Defense sector through ITAR compliance. Altek Electronics' proven track record with key industry leading clients will accelerate Cyient DLM's ability to deliver high-performance, reliable services across these sectors," Krishna Bodanapu, Cyient DLM Executive Chairman.
Cyient DLM was advised by Kaizzen PR.
Peak Rock Capital-backed HuFriedyGroup, a global manufacturer of dental products, completed the acquisition of SS White Dental, a manufacturer of branded, differentiated carbide and diamond burs and endodontic instruments and lab related tools for the dental industry. Financial terms were not disclosed.
"We are excited to welcome SS White into the HuFriedyGroup family. HuFriedyGroup and SS White share a long legacy of innovation in the dental space and a primary focus on creating high quality products and services for dental professionals worldwide. This strategic acquisition will create new opportunities to bring more value to our customers and support for dental clinicians," Andy Xilas, HuFriedyGroup CEO.
Talen Energy, an independent power producer, completed the acquisition of the remaining 25% stake in Nautilus Cryptomine, a 200-megawatt bitcoin mining facility, from TeraWulf, an infrastructure-focused bitcoin mining company, for $85m.
"We are pleased to complete this strategic transaction. The transaction allows Talen the ability to reset a legacy below-market power purchase agreement and provides us with increased flexibility as we explore strategic alternatives in order to maximize the value per megawatt for our Susquehanna nuclear generation facility," Cole Muller, Talen Executive Vice President, Strategic Ventures.
XFS Global, a service-disabled veteran-owned manufacturer of state-of-the-art, fully integrated semi-permanent engineered fabric shelter and support equipment technologies, completed the acquisition of HeyTex USA, the manufacturer of Bondcote performance engineered fabrics. Financial terms were not disclosed.
"The Bondcote Performance Textiles organization has offered Berry Amendment compliant fabrics, integral to our shelter solutions that facilitate military operations worldwide. With this acquisition, XFS Global continues to enhance our vertical integration and streamline operations to the benefit of our customers, particularly the US military and Allied forces," Jacob Furbee, XFS Global President and CEO.
Cisco set to invest in CoreWeave at $23bn.
Cisco Systems is set to invest in CoreWeave, valuing the cloud services provider at $23bn,
Reuters reported
Nvidia-backed CoreWeave has partnerships with AI startups and competing cloud providers to build clusters designed to power AI workloads.
Blue Owl in talks to buy IPI Partners for about $1bn. (FS)
Blue Owl Capital is in talks to acquire IPI Partners, a firm that invests in data centers and other digital infrastructure, for about $1bn,
Bloomberg reported.
A deal, should it be finalized, could be announced this month. Terms could change and talks could still fall apart.
Helix Energy Solutions explores options, including sale.
Helix Energy Solutions Group is exploring strategic options, including a potential sale,
Bloomberg reported.
The Houston-based offshore drilling services provider is working with advisers to gauge interest from potential buyers.
Rio Tinto in talks to buy lithium miner Arcadium.
Rio Tinto has been holding talks to buy lithium miner Arcadium, a deal that would make Rio the third-largest producer of the electric vehicle battery metal,
Reuters reported.
Arcadium shares surged 36% in extended trading on Ocotober 4. Talks have been ongoing and continued in London this week during the LME Week conference. An offer is expected to come in the near future. Talks are ongoing and may not necessarily result in a deal.
TPG taps JP Morgan veteran Sohn to lead equity capital markets. (FS, People)
TPG has hired JP Morgan's co-head of technology equity capital markets Eugene Sohn,
Bloomberg reported.
The banker is set to join TPG in January as head of equity capital markets, and will be based in New York. He succeeds Julie Hong, who is co-head of client and capital formation.