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AMERICAS
Adobe’s proposed $20bn merger with Figma would harm competition in product design software by uniting two of the main companies in the sector, said UK’s antitrust regulator. The acquisition in its current form would also threaten competition in image editing and illustration.
"The digital design sector is worth nearly £60bn to the UK - representing 2.7% of the national economy - and employs over 850k people in highly skilled work. The software this sector uses is pivotal to its success, so the CMA has from the outset been very focused on ensuring this merger doesn't adversely affect such an important part of the UK economy," Margot Daly, chair of the independent group conducting the investigation.
Norwest Equity, a middle market investment platform, completed the acquisition of United Sports Brands, a dynamic portfolio of category-defining sporting goods and active lifestyle brands, from Bregal Partners, a private equity firm. Financial terms were not disclosed.
“We are excited to add another sporting goods and active lifestyle platform to the NEP family of portfolio companies. NEP is thrilled to have the opportunity to partner again with USB and create long-term value for all stakeholders,” Adam Garcia Eveloff, NEP Managing Director.
United Sports was advised by Jefferies & Company and Lazard. Norwest Equity was advised by Robert W Baird (led by Matthew Elberts) and Jones Day (led by Lisa Lathrop). Debt financing was provided by Antares Capital and BMO Capital Markets.
Bestpass, a toll management and payment platform for commercial vehicles, completed the acquisition of Fleetworthy Solutions, a provider of fleet safety, compliance, and risk management solutions. Financial terms were not disclosed.
"We're thrilled to welcome Fleetworthy to the Bestpass family we know fleet and driver safety is a top priority with our customers. It's why we sought collaboration with a premier provider to incorporate safety and compliance solutions into our comprehensive range of services. Fleetworthy emerged as the ideal partner, and we eagerly anticipate the valuable contributions this integrated offering will make for our customers," Tom Fogarty, Bestpass CEO.
Fleetworthy Solutions was advised by DC Advisory and Raymond James. Bestpass was advised by SiefkesPetit Communications.
Arlington Capital-backed Eqlipse Technologies, a provider of differentiated products and high‑end engineering solutions, completed the acquisition of SR Technologies, a provider of communications technologies for mission-critical government applications. Financial terms were not disclosed.
"We're thrilled to welcome SRT to the Eqlipse team and stand ready to get the Company's innovative, next-generation solutions into the hands of customers across our critical mission spaces. The addition of SRT adds cutting-edge EW products to our portfolio and expands our customer footprint. Importantly, the Company's mission-critical products and highly experienced workforce will provide tremendous value for all aspects of Eqlipse - acting as an innovation accelerant across the platform," Dennis Kelly, Eqlipse CEO.
SR Technologies was advised by Cadence Bank and Polsinelli PC. Eqlipse Technologies was advised by Goodwin Procter.
EcoR1 Capital, a biotech-focused investment advisory firm, and RTW Investments, an investment firm focused on investments in the biopharma space, completed a $350m investment in Arvinas, a biopharmaceutical company specializing in protein degradation-based treatments, with participation from Adage Capital Partners, ArrowMark Partners, Avidity Partners, BB Biotech, Boxer Capital, Citadel Global Equities, Great Point Partners, Nextech Invest, RA Capital Management, and Surveyor Capital.
The infusion of capital is earmarked for the advancement of Arvinas’ clinical and preclinical programs, which include promising drug candidates such as ARV-766 for prostate cancer and vepdegestrant (ARV-471), which targets breast cancer. These programs are part of Arvinas’ innovative approach to cancer treatment, utilizing their PROTAC Discovery Engine platform that focuses on protein degradation mechanisms.
Arvinas was advised by the Bank of America and Goldman Sachs.
Gemspring Capital-backed AMPAM Parks Mechanical, a full-service provider of design-build plumbing solutions serving the multifamily end market, completed the acquisition of Multi Mechanical, a HVAC services provider focused on the multifamily market. Financial terms were not disclosed.
"We are excited to combine forces with Multi Mechanical and have them join the AMPAM platform. We have known the Multi Mechanical team for almost two decades, and believe they are the ideal partner with which to launch AMPAM's HVAC offering. We're confident that expanding our solutions with complementary HVAC services will diversify our business and enhance our ability to provide exceptional value to our customers," Buddy Parks and John Parks, AMPAM Co-Founders.
System One, a provider of outsourced services and workforce solutions, completed the acquisition of KeyLogic, an established consulting and data management supporting critical missions in the energy, commerce, and defense sectors. Financial terms were not disclosed.
"By combining forces with KeyLogic, our organizations can leverage unique capabilities and customer relationships to support even more significant growth and success than each company could achieve individually," Troy Gregory, System One Chairman and CEO.
Movement Climbing, Yoga, and Fitness, a nationwide community of indoor climbing gyms, completed the acquisition of The Cliffs Climbing + Fitness, a rock climbing gym in New York. Financial terms were not disclosed.
"We are thrilled to bring The Cliffs outstanding gyms, dedicated team members, and passionate climbing community on board," Jeremy Levitt, Movement CEO.
Dell inks $150m hardware deal with AI startup Imbue.
Dell Technologies has landed a $150m deal to provide computing hardware to artificial intelligence startup Imbue, a win for the technology giant as it looks to grow its footprint in the AI market, Bloomberg reported.
Dell is supplying Imbue with servers to enable the startup to process the vast amount of data needed to develop its AI systems and build models with advanced reasoning capabilities. Imbue, which raised $200m in a recent funding round from firms including Nvidia, is one of a handful of artificial intelligence startups building their own AI foundation models from scratch — an ambitious effort that requires a large volume of computing power.
Castlelake is exploring a sale. (FS)
Castlelake, which has about $22bn in assets under management, is exploring options including a sale, Bloomberg reported.
The firm, founded in 2005 by co-Chief Executive Officers Rory O’Neill and Evan Carruthers, is mulling selling a controlling stake in itself. Castlelake has been among the private-credit lenders that have taken advantage of the regional-bank pullback, buying up bundles of consumer loans from financial technology firms such as Upstart and Oportun Financial.
Patricof, athletes including Kelce, Prescott bet on IMG Academy. (FS)
Patricof and more than 50 of its current and former athlete clients, including Philadelphia Eagles center Jason Kelce and golfer Michelle Wie West, invested in sports-education company IMG Academy, Bloomberg reported.
The Patricof investment was made alongside private equity firm BPEA EQT, which purchased IMG Academy in partnership with Nord Anglia Education for $1.25bn including debt earlier this year. The size of the investment wasn’t disclosed.
Reddit leads class of 2024 IPO candidates testing the water.
Reddit is again holding talks with potential investors for an initial public offering for the social media company, as hopefuls prepare for a long-awaited reopening of the market for new listings, Bloomberg reported.
The San Francisco-based firm, whose users helped fuel the meme-stock frenzy that made 2021 a banner year for equities, is weighing an IPO as soon as in the first quarter. Reddit was working with Morgan Stanley and Goldman Sachs on the listing and was considering a valuation of as much as $15bn.
Former NBCUniversal chief in talks to join RedBird Capital Partners. (FS, People)
Jeff Shell is in advanced talks to join private-equity firm RedBird Capital Partners, leading its sports and entertainment investment business.
RedBird has expanded its media holdings in recent years and owns stakes in the production companies Skydance Media and Artists Equity, the studio launched by Ben Affleck and Matt Damon. It also has partnerships with several sports leagues including the NFL and ownership positions in regional sports networks including YES, the television home of the New York Yankees, WSJ reported.
Climate Investment Funds appoints Tariye Gbadegesin as CEO. (FS, People)
The $11bn multilateral lender Climate Investment Funds, which works with the World Bank and others to accelerate investment in the developing world, has appointed Tariye Gbadegesin as its new chief executive, the first African to take the helm, Reuters reported.
Gbadegesin, a dual US and Nigerian national, was appointed in the week the COP28 climate talks kick off. Development banks have been criticized for being led by people born and based in the Global North.
EMEA
Fajr Capital, a private equity investor, agreed to acquire a 65% stake in Gulf business from Aster DM Healthcare, a healthcare company, for $1bn.
“The Moopen family has built a world-class company, with a rich legacy of delivering high quality healthcare to millions of patients. Large family-led platform businesses is an area where we have deep experience and we believe that Aster has significant potential to meet the growing demand for integrated healthcare services across the Gulf region. We are grateful to the Moopen family for their trust and look forward to working with them, our consortium partners and the management team to accelerate Aster’s ambitions through continued investment, innovation and expansion," Iqbal Khan, Fajr Capital CEO.
Fajr Capital is advised by HSBC, PricewaterhouseCoopers and Allen & Overy. Aster DM is advised by Credit Suisse, Ernst & Young, ICICI Bank, Moelis & Co, PricewaterhouseCoopers, AZB & Partners, Baker McKenzie and Cyril Amarchand Mangaldas.
Atos is renegotiating the terms of a deal with Czech billionaire Daniel Křetínský to buy the French group’s lossmaking IT services business Tech Foundations as it seeks to raise funds to service its debt.
The company said it had relaunched talks over the agreement and would consider additional asset sales and tapping debt and equity markets to address its capital raising plans and debts of €2.25bn ($2.46bn) maturing in 2025.
The Jordan Company, a private equity firm, agreed to acquire Global Transport Solutions, an international logistics service provider specializing in supply chain and forwarding solutions for the maritime industry. Financial terms were not disclosed.
“We are thrilled to be partnering with the GTS team. John and Vegard have built a leader in marine spare parts logistics, combining innovative, proprietary technology with top tier customer service. TJC looks forward to supporting GTS’s continued growth by leveraging TJC’s resources and support services," Pete Suffredini, TJC Partner.
TJC is advised by Stifel, Allen & Gledhill, Kirkland & Ellis, Loyens & Loeff (led by Rob Schrooten), Wiersholm and Prosek Partners (led by Jonathan Marino).
Thoma Bravo-backed Flexera, an IT management software provider, agreed to acquire Snow Software, a cloud-native platform delivering actionable insights on the IT environment. Financial terms were not disclosed.
"Through this acquisition, our people, portfolios and our combined strengths give customers even more choices and an expanded foundation for ITAM and FinOps. The world-class partner network, innovative technology, excellent customer base and talented employees of Snow provide great value to the marketplace. We are excited about the opportunity to grow the value we deliver to customers even further,” Jim Ryan, Flexera President and CEO.
Flexera is advised by Barclays, Goldman Sachs, Jefferies & Company, Mizuho Securities and UBS. Snow Software is advised by JP Morgan.
Ardian, a private investment house, agreed to acquire Verne Global, a company that provides data center solutions for enterprise and hyperscalers, from Triple Point-backed Digital 9 Infrastructure, an investment trust, for $575m.
"The Verne transaction is the result of a competitive process which sought to maximise shareholder value from the sale of Verne Global," Digital 9 Infrastructure.
Digital 9 Infrastructure is advised by Goldman Sachs (led by Alex Lucas) and FTI Consulting (led by Ed Berry).
The Dutch government said that, after an assessment, it won't block Chinese-owned Nexperia's acquisition of Delft-based start-up Nowi. "There are no legal objections to the acquisition of Nowi by Nexperia," Micky Adriaansens, Economic Affairs Minister.
"We are pleased that, after an period of uncertainty, there is finally clarity. It allows us to realise our ambitions in the Netherlands and our plans in the field of energy efficiency. While we've always said that Nowi's and Nexperia's technology is harmless, today's announcement confirms this. It is important that there is a clear policy that strengthens the Dutch investment climate. In these uncertain times, a transparent, fact-based dialogue between government and business is of paramount importance. We are fully committed to this," Charles Smit, Nexperia Director.
Nexperia was advised by Publitek.
Signa’s Benko hands stake in holding company to Swiss investor.
Austrian property tycoon Rene Benko transferred an 11.5% stake in Signa to Swiss businessman Arthur Eugster in a sign of maneuvering around the embattled property and retail group as it holds last-ditch talks to secure emergency funding.
AE Familienholding and Eugster/Frismag — two companies controlled by the Swiss coffee-machine component maker — acquired the stakes from an entity controlled by the Benko Family Trust, Bloomberg reported.
South African plan paves way for $80bn on energy transition.
An $80bn South African investment plan to begin transitioning the economy away from fossil fuels over five years sets out how bns of dollars in climate finance will be tracked and details potential investments, Bloomberg reported.
They include ArcelorMittal's plan to make steel on the country’s west coast using green hydrogen produced by Mainstream Renewable Power in a project worth as much as $3.7bn, and Hive Energy’s ammonia facility at the southern port of Coega.
Saudi PIF raises up to $5bn loan with Korea export agency. (FS)
Saudi Arabia’s sovereign wealth fund raised a loan of up to $5bn from a group of nine banks in a deal that involves the Korean export credit agency to help boost trade between the two countries.
The Public Investment Fund, which manages about $778bn in assets, has agreed the initial $3bn loan with a tenor of 13 years with Korea Trade Insurance and has an option to boost it to $5bn, Bloomberg reported.
Saga appoints finance chief Hazell new CEO as Sutherland steps down. (People)
Saga said on November 28 Euan Sutherland would stand down as the over-50s tourism and insurance company's chief executive officer and would be replaced by Mike Hazell, who took over as the group CFO just a month ago.
Hazell, 50, will assume the new role with immediate effect, while Sutherland will stay on until January 31 to support the transition to new leadership, Reuters reported.
"I am delighted to take over from Euan (Sutherland) and will continue to deliver against the group strategy to maximise the performance of our existing businesses and reduce debt," Mike Hazell, Saga CEO.
APAC
The fate of the planned merger between Sony Group's India unit and Zee Entertainment Enterprises may be known as early as next week, as the companies face a looming deadline to resolve their standoff or scuttle a long-awaited deal to create a $10bn media giant, Bloomberg reported.
Unless the two sides can agree on who’ll lead the merged entity and give the final touches to the merger, Sony is likely to send a letter next week to Zee saying the stipulated demands for the merger couldn’t be met. That could be the death knell for the deal since there won’t be enough time to tie all the loose ends by the formal December 21 deadline.
Nippon Life Insurance, a provider of insurance and asset management services, agreed to acquire Nichii, a healthcare services provider, from Bain Capital, an investment firm, for $1.41bn.
This acquisition echoes the ongoing trend of consolidation within the healthcare industry as enterprises strive to fortify their standing in a market forecasted to experience a surge in demand for elderly care services. By acquiring Nichii Gakkan, Nippon Life seeks to diversify its portfolio, augmenting its revenue streams and offerings. The deal also paves the way for the creation of a comprehensive platform that seamlessly merges insurance and care services, thereby bolstering its appeal to the elderly demographic.
Toyota group companies plan $4.7bn sale of Denso stake.
Toyota Motor and two affiliates plan to sell about 10% of components maker Denso by year-end, a stake likely worth about $4.7bn, Reuters reported.
The sale of shares in Denso would mark the latest step by the world's top selling automaker to cash in on stakes in group companies as it ramps up production of fully electric vehicles, a capital-intensive endeavour that spans research and development to an overhaul of the factory floor.
Lotus Tech secures $870m ahead of deal completion with L Catterton SPAC.
Lotus Technology, the luxury electric vehicle arm of sports car brand Lotus, said on November 28 it has secured $870m in financing ahead of the completion of its merger with blank check company L Catterton Asia Acquisition, Reuters reported.
All of the financing was secured based on a $5.5bn valuation. Investors will be issued public shares upon closing of the business combination with LCAA, and result in Lotus Technology having a free float of over 19%, excluding existing LCAA shareholders.
KKR sees private credit returns in Asia beating US and Europe. (FS)
Investing in Asian private credit can offer a premium over similar deals in Europe and the US, in part because the supply of private debt capital is lower in Asia, Bloomberg reported.
KKR estimated that the ratio of the private equity to private debt assets under management is 30.8 times for the Asia-Pacific region compared with 5.2 times for the US and 3.5 times for Europe.
Bamboo Air’s new CEO seeks investors as network and fleet shrink.
Vietnam’s Bamboo Airways is rebuilding under its new chief executive officer, who is intent on proving the indebted six-year-old carrier has a future after shedding two-thirds of its fleet and 80% of its network, Bloomberg reported.
“We need our passengers to believe in our future. We need to make our investors, shareholders and potential investors believe in our future. We definitely have to move fast,” Luong Hoai Nam, Bamboo Air CEO.
Fashion retailer Shein files confidentially for US IPO.
Fast-fashion retailer Shein has filed confidentially with US regulators for an initial public offering that could take place next year, Bloomberg reported.
The online retailer, which was founded in China but is now headquartered in Singapore, is working with Goldman Sachs, JP Morgan and Morgan Stanley on the listing.
Obscure coal stock with 2,900% gains is world’s star IPO in 2023.
The world’s best-performing IPO stock this year is a little known Indonesian coal mining company that’s backed by one of Southeast Asia’s richest men.
PT Petrindo Jaya Kreasi has soared more than 2,900% since it listed in March following a $25m offering. Yet it still has no analyst coverage, is richly valued and has relatively low trading volumes. Counting Indonesian billionaire Prajogo Pangestu as its main shareholder, the company’s market value has grown by more than 25 times to $5.4bn in just nine months, Bloomberg reported.
Investors agree to further redemptions delay at $2.1bn Lendlease Australian property fund. (FS)
Five years after they first requested money from a A$4.2bn ($2.73bn) commercial property fund run by developer Lendlease, investors have agreed to further delay the payment deadline to next year, Reuters reported.
The Lendlease Australia Prime Property Fund - Retail caters to institutional investors and its portfolio of malls was worth about A$4.2bn ($2.73bn) in 2018, when a rare withdrawal window opened and about half the fund asked for their money back.
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