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Daily Review is our daily roundup of M&A news. Announcements, rumors, insights, and data before your morning coffee. Subscribe and never miss a beat with MergerLinks.
7 October 2024

Coeur Mining to acquire SilverCrest Metals for $1.7bn.

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UK's competition regulator clears £2.5bn Barratt-Redrow deal.
 
Coeur Mining to acquire SilverCrest Metals for $1.7bn.
 
Tellurian shareholders back proposed $1.2bn Woodside deal.
 
Cisco set to invest in CoreWeave at $23bn.
 
Italgas nears $5.5bn deal for rival 2i Rete Gas.
 
Deal Round up
 
AMERICAS
 
Strategic Value Partners to acquire Revelyst from Vista Outdoor for $1.125bn. (Financial Sponsors)
 
Commure completed the acquisition of Augmedix for $139m.
 
Innventure went public via a SPAC merger with Learn CW Investment in a $385m deal. (FS)
 
Sodalis to acquire HRB Brands from Tengram Capital Partners. (FS)
 
Martin Resource Management to acquire the remaining share in Martin Midstream Partners.
 
LPL Financial completed the acquisition of Atria Wealth Solutions. (FS)
 
CarelonRx completed the acquisition of the specialty pharmacy business of Kroger.
 
26North completed the acquisition of Onelife Fitness from Delos Capital. (FS)
 
The Watches of Switzerland Group to acquire Hodinkee.
 
Experian to acquire ClearSale for $350m.
 
Audax-backed BlueCat Networks to acquire LiveAction from Insight Partners. (FS)
 
Internet Brands to acquire FindLaw from Thomson Reuters.
 
Blackstone-backed Power Grid Components completed the acquisition of Vizimax. (FS)
 
Cyient DLM completed the acquisition of Altek Electronics.
 
Peak Rock Capital-backed HuFriedyGroup completed the acquisition of SS White Dental. (FS)
 
Talen Energy completed the acquisition of the remaining 25% stake in Nautilus Cryptomine from TeraWulf for $85m.
 
XFS Global completed the acquisition of HeyTex USA.

Blue Owl in talks to buy IPI Partners for about $1bn. (FS)

Helix Energy Solutions explores options, including sale.
 
Rio Tinto in talks to buy lithium miner Arcadium.

TPG taps JP Morgan veteran Sohn to lead equity capital markets. (FS, People)
 
EMEA
 
Soho Square Capital completed the investment in Newmarket Holidays. (FS)
 
Denmark's DSV raises $5.5bn for Schenker acquisition.
 
UBE to acquire the Urethane Systems business of LANXESS for €460m.

Compare the Market investor plots sale of stake in £4.5bn price comparison site.

Tencent, Guillemot Family said to consider buyout of Ubisoft.

Mike Ashley's Frasers to buy about 4m Mulberry shares.

Elis ends acquisition talks with US rivals UniFirst, Vestis.

Santander-backed Ebury starts London IPO investor talks.
 
APAC

Temasek in talks for $1bn-plus stake in India's biggest snack maker.

JP Morgan acquires stake in Australia's cash-strapped Star Entertainment.

India's Jakson Green nears $476m fundraise for renewables capacity expansion.

Platinum Asset Management agrees to takeover talks with Regal. (FS)

Seven & i is considering supermarket stake sale ahead of IPO.

Hyundai is said to seek $19bn Value in India's biggest IPO.
 
COMPANIES
2i Rete Gas
Barratt
BlueCat Networks
Cisco 
Coeur Mining
CoreWeave
Cyient
Deutsche Bahn
DSV
Ebury 
Elevance Health
Elis
Experian
Frasers Group
Helix Energy
Hodinkee
HRB Brands
HuFriedyGroup
Hyundai
Internet Brands
Italgas
JPMorgan
Kroger
Lanxess 
LiveAction
LPL Financial
Martin Midstream
Mulberry
Nvidia
PGC
Revelyst
Rio Tinto
Santander
Seven & i
Sodalis
Talen Energy
Tata Steel 
Tellurian
Tencent
TeraWulf
Thomson Reuters
UBE
Ubisoft 
Vista Outdoor
Woodside Energy
WOSG
 
INVESTORS
26North 
Atria Wealth
Audax
BDC Capital
Blackstone
Blue Owl
CPPIB
Delos Capital
Insight Partners
IPI Partners
Lee Equity
Peak Rock
Platinum
Regal Partners
Soho Square
Strategic Value
Temasek
Tengram Capital
TPG
Yaletown Ventures
 
FINANCIAL ADVISORS
Ardea Partners
Bank of America
Barclays
BDO
BMO Capital 
Cascadia Capital
Centerview Partners
Clearwater
Cormark Securities
Evercore
Goldman Sachs
Grant Thornton
Houlihan Lokey
HSBC
Jefferies
JP Morgan
Lazard
Lincoln International
MHA
Moelis & Co
Morgan Stanley
Nomura 
Nomura Greentech
North Point 
Peel Hunt
PJT Partners
PwC
Raymond James
RBC Capital 
Scotiabank
UBS
Wells Fargo 
William Blair

 

LEGAL ADVISORS

A&O Shearman
Akin Gump
Arnold & Porter 
Baker Botts
Cassels Brock
Clifford Chance
Cravath
Davis Polk
Eversheds Sutherland
Gibson Dunn
Goodmans
Greenberg Traurig
Hengeler Mueller
Hogan Lovells
Jones Day
Kirkland & Ellis
Linklaters
Maples Group
Morrison & Foerster
Munsch Hardt
Norton Rose Fulbright
Paul Weiss
Potter Anderson
Ropes & Gray
Sidley Austin
Slaughter & May
Sullivan & Cromwell
Vedder Price
Weil Gotshal
White & Case

 

PR ADVISORS 

Brunswick 
FNK IR
Headland
Instinctif 
Joele Frank
Kekst CNC
Kepler 
Solebury Trout
Teneo
 
Read on...
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AMERICAS
 
Coeur Mining to acquire SilverCrest Metals for $1.7bn.

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 to acquire Revelyst from Vista Outdoor for $1.125bn. (FS)

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 completed the acquisition of Augmedix for $139m.

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.

Augmedix was advised by Evercore, Morrison & Foerster (led by Michael O'Bryan  and John Rafferty) and FNK IR. Financial advisors were advised by Sullivan & Cromwell (led by Stephen M. Kotran). Commure was advised by Morgan Stanley and Kirkland & Ellis (led by Marshall P. Shaffer).
 
Tellurian shareholders back proposed $1.2bn Woodside deal.

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 went public via a SPAC merger with Learn CW Investment in a $385m deal. (FS)

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 to acquire HRB Brands from Tengram Capital Partners. (FS)

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 to acquire the remaining share in Martin Midstream Partners.

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 completed the acquisition of Atria Wealth Solutions. (FS)

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 completed the acquisition of the specialty pharmacy business of Kroger.

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 completed the acquisition of Onelife Fitness from Delos Capital. (FS)

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 to acquire Hodinkee.

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 to acquire ClearSale for $350m.

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.

Experian is advised by Teneo (led by Graeme Wilson).
 
Audax-backed BlueCat Networks to acquire LiveAction from Insight Partners. (FS)

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 to acquire FindLaw from Thomson Reuters.

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 completed the acquisition of Vizimax. (FS)

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 completed the acquisition of Altek Electronics.

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 completed the acquisition of SS White Dental. (FS)

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.

HuFriedyGroup was advised by Kekst CNC (led by Daniel Yunger).
 
Talen Energy completed the acquisition of the remaining 25% stake in Nautilus Cryptomine from TeraWulf for $85m.

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 completed the acquisition of HeyTex USA.

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.
 
EMEA
 
UK's competition regulator clears £2.5bn Barratt-Redrow deal.

Britain's competition regulator said on October 4 it has cleared Barratt's £2.52bn ($3.32bn) all-stock acquisition of smaller rival Redrow, after accepting the undertakings offered by the two homebuilders, Reuters reported.

The Competition and Markets Authority said it has decided not to refer the deal, to an in-depth Phase 2 probe.

Redrow is advised by Barclays (led by Alisdair Gayne), Peel Hunt (led by Marc Jones), Eversheds Sutherland (led by Stephen Nash and Daniel Hall), Slaughter & May (led by Sally Wokes) and Instinctif Partners (led by Bryn Woodward). Barratt is advised by Morgan Stanley (led by Matthew Jarman and Shirav Patel), UBS (led by Jonathan Retter and Joe Hannon), Linklaters (led by James Inglis) and Brunswick Group (led by Jonathan Glass). Financial advisors are advised by Davis Polk & Wardwell (led by Will Pearce and Dan Hirschovits).
 
Soho Square Capital completed the investment in Newmarket Holidays. (FS)

Soho Square Capital, an investment firm, completed the investment in Newmarket Holidays, an escorted tour operator offering international group holidays. Financial terms were not disclosed.

"With rapid growth, expanding margins and a very loyal customer base, Newmarket Holidays is going from strength to strength, and we are excited to be joining them on this journey. Supported by a strong and experienced management team, Niel has driven improvements in product, technology, branding and processes. This has been reflected in the impressive level of customers booking directly with Newmarket both via its new website and from within its loyal customer base. With our support and fresh perspective, we're confident that we can help Newmarket Holidays to realise new opportunities and deliver considerable growth," David Steel, Soho Square Director.

Newmarket Holidays was advised by CIL Management Consultants (led by Liam McGuinness), BDO (led by Harry Stoakes) and MHA Moore and Smalley (led by Rob Dawes). Soho Square was advised by Clearwater (led by Christopher Jones), Grant Thornton (led by Carl Parker and Sofie Morgan), Hogan Lovells and Kepler Communications (led by Charlotte Balbirnie).
 
Denmark's DSV raises $5.5bn for Schenker acquisition.

Denmark's DSV had raised $5.5bn in a share issue to partially finance its acquisition of Schenker, a €14.3bn deal that would make it the world's biggest logistics company, Reuters reported.

New shares were sold at 1,410.5 Danish crowns each, in line with Thursday's stock market close, raising $5.52bn, equivalent to 12.3% of its market value of some $44m.

DSV is advised by HSBC and Brunswick Group. HSBC is advised by Clifford Chance (led by Jim MacHale). Deutsche Bahn is advised by Morgan Stanley, Cravath Swaine & Moore (led by Aaron Gruber) and Hengeler Mueller (led by Hans-Jorg Ziegenhain and Georg A. Frowein).
 
UBE to acquire the Urethane Systems business of LANXESS for €460m.

UBE, a Japanese chemical company, agreed to acquire the Urethane Systems business of LANXESS, a German specialty chemicals company, for €460m ($509m).

"The sale of Urethane Systems marks another milestone in our fast transformation into a pure-play specialty chemicals company, as we are divesting the last remaining polymer business in our portfolio. We are convinced that the Urethanes business will have significantly enhanced opportunities for growth and development under the umbrella of UBE. At the same time, we are using the proceeds from the transaction to strengthen our balance sheet by further reducing our net debt," Matthias Zachert, LANXESS Chairman.

UBE is advised by Nomura.

Italgas nears $5.5bn deal for rival 2i Rete Gas.

Europe's biggest gas distributor Italgas is nearing an agreement on a proposed €5bn ($5.51bn) deal to acquire its main domestic rival 2i Rete Gas, Reuters reported.

Italgas is expected to seal the deal with 2i Rete Gas in the coming days, and the transaction's total value includes debt.

Compare the Market investor plots sale of stake in £4.5bn price comparison site.

An investor in one of Britain's most popular price comparison sites is exploring the sale of its stake in a deal that could value it at more than £4bn ($5.25bn). Canada Pension Plan Investment Board is lining up advisers to assess whether to sell its 30% holding in Compare the Market, SkyNews reported.

The site - best-known for its advertising campaigns featuring Aleksandr Orlov, an animated meerkat - has provided quotes to 32m visitors in the last three years, making it one of the UK's most-visited consumer technology platforms.

Tencent, Guillemot Family said to consider buyout of Ubisoft.

Tencent and Ubisoft's founding Guillemot family are considering options including a potential buyout of the French video game developer after it lost more than half its market value this year, Bloomberg reported.

The Chinese tech company and Guillemot Brothers have been speaking with advisers to help explore ways to stabilize Ubisoft and bolster its value. One of the possibilities being discussed would involve teaming up to take the company private.

Mike Ashley's Frasers to buy about 4m Mulberry shares.

British sportswear and apparel retailer Frasers said it would buy about 4m shares in Mulberry at 100 pence ($1.31) each, days after its takeover proposal was rejected by the luxury brand, Reuters reported.

Frasers said the subscription would slightly raise its stake in Mulberry to between 36.9% and 37.3% depending on the outcome of the retail offer. It currently holds 36.8% of Mulberry.

Elis ends acquisition talks with US rivals UniFirst, Vestis.

Elis, the Paris-listed provider of uniform and linen cleaning services, has scrapped acquisition talks with two US competitors, Bloomberg reported.

The French company held discussions with both UniFirst and Vestis as part of its exploration of an entry into the US market. Talks with both companies have now been terminated, as "neither would have allowed Elis to complete a transaction that would be in line with the company's strict financial discipline."

Santander-backed Ebury starts London IPO investor talks.

Banco Santander-backed British payments group Ebury is starting to sound out potential investors for an initial public offering in London, as the Spanish bank and its founders continue to weigh options for the business, Bloomberg reported.

Ebury is working with firms including Goldman Sachs and Bank of America on the possible listing. Should it proceed, an Ebury IPO could take place as soon as the first half of next year.
 
APAC
 
Temasek in talks for $1bn-plus stake in India's biggest snack maker.

Temasek is in talks to buy a minority stake in Haldiram Snacks, a transaction that may value India's biggest snack maker at about $11bn, Bloomberg reported.

The Singapore state investor is holding preliminary talks to buy from 10% to 15% in Haldiram. The investment may serve as a stepping stone towards a potential initial public offering of the company.

JP Morgan acquires stake in Australia's cash-strapped Star Entertainment.

US bank JP Morgan Chase has become a substantial shareholder in Star Entertainment, as shares of the embattled Australian casino operator have fallen sharply in last few years amid liquidity issues. JP Morgan became a shareholder with a 5.47% voting power, Reuters reported.

Star's shares have experienced a downtrend since 2022 after facing multiple inquiries over anti-money laundering violations, and have lost nearly 50% this year. The stock slumped 52% and 66% in 2022 and 2023, respectively.

India's Jakson Green nears $476m fundraise for renewables capacity expansion.

India's Jakson Green is closing in on a more than $476m fundraise to expand its renewable energy capacity, Reuters reported.

"We are working with a strategic partner to bring in the investment. For this 1 GW, the investment will be around $476m in a mix of 75% debt and 25% equity," Jakson Green.

Platinum Asset Management agrees to takeover talks with Regal. (FS)

Australian funds manager Platinum Asset Management has granted spurned bidder Regal Partners a period of due diligence, opening the door to a potentially sweetened offer, Bloomberg reported.

The two firms have agreed to a confidentiality deed in order to undertake mutual due diligence so that Regal can potentially improve upon its initial $360m offer.

Seven & i is considering supermarket stake sale ahead of IPO.

Japan's Seven & i is considering selling a stake in its supermarket unit ahead of a planned listing of the business, as the 7-Eleven owner aims to speed up an overhaul after rejecting a takeover from Alimentation Couche-Tard, Reuters reported.

Neither the timeline of the potential sale nor the size of the stake were immediately clear. Seven & i was considering selling to an investor such as a fund.

Hyundai is said to seek $19bn Value in India's biggest IPO.

Hyundai is seeking a valuation of $19bn for the initial public offering of its India unit, in what could be the nation's biggest listing, Bloomberg reported.

The carmaker, which plans to sell a 17.5% stake in the business, may raise about $3.3bn at the current valuation target. The listing of Hyundai Motor India is likely to take place in Mumbai on October 22.

 

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