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AMERICAS
Scholastic, the global children's publishing, education and media company, completed the acquisition of 9 Story Media Group, an independent creator, producer and distributor of premium children's content, for $186m.
"We are thrilled to add 9 Story's industry-leading children's content production, distribution and licensing capabilities, extensive content library, and highly talented team to Scholastic's portfolio. Together, we can leverage our combined scale to grow Scholastic's children's franchises, drive book sales and create new opportunities to introduce millions of children to our stories. I'm confident that our shared mission and collective expertise will spark innovation and creativity across the entire IP life cycle, supporting our 360-degree content creation strategy and our opportunity to meet the strong demand for high-quality kids and family entertainment," Peter Warwick, Scholastic President and CEO.
9 Story Media Group was advised by Barclays, Goodmans, McCarthy Tetrault and Sidley Austin. Scholastic was advised by CDX Advisors, Baker McKenzie and Mason Hayes & Curran.
Novacap-backed Cadent, a provider of platform-based converged TV advertising solutions, completed the acquisition of AdTheorent, a machine learning pioneer delivering measurable value for programmatic advertisers, for $324m.
"The AdTheorent Board determined that this transaction delivers immediate, certain and significant value to the company's shareholders reflecting the tremendous commitment and work of our employees and stakeholders. The transaction and the upcoming "go shop" process underscores the Board's commitment to maximizing value for shareholders," Eric Tencer, AdTheorent Chairman of the Board.
Apollo Senior Floating Rate Fund and Apollo Tactical Income Fund, two diversified closed-end management investment companies, announce stockholder approval of mergers with MidCap Financial Investment, a diversified management investment company. Approximately 87% of AIF's common shares represented at its special meeting (excluding votes abstained or withheld), or approximately 53% of AIF's common shares outstanding, voted in favor of the proposal, satisfying AIF's stockholder approval requirement.
The mergers are currently expected to close in late July, subject to the satisfaction of customary closing conditions. Following the closing of the mergers, the surviving entity will continue to trade on the Nasdaq Global Select Market under the ticker symbol "MFIC."
Altaris Capital Partners, a private equity firm, agreed to acquire Sharecare, a digital health company, for $540m.
“Today’s announcement not only delivers value for Sharecare’s stockholders but also will result in exciting opportunities for our employees and customers. This transaction is an important step forward to enable the continued growth and evolution of Sharecare, and further strengthens us as we deploy our innovative technology across the healthcare sector," Brent Layton, Sharecare CEO.
Sharecare is advised by Houlihan Lokey, MTS Health Partners, King & Spalding, and Wachtell Lipton Rosen & Katz (led by Daniel A. Neff, Mark Gordon and Meng Lu). Altaris is advised by Kirkland & Ellis.
PDI Technologies, a software development company, completed the acquisition of Nuspire, amanaged security services provider. Financial terms were not disclosed.
"Over the last three and half years, we've been organically growing both our security offerings and our customer base as we secure the convenience retail ecosystem and beyond. Nuspire has been committed to innovation and service in adjacent industries, and we are thrilled to welcome their skilled team, robust capabilities, and distinguished portfolio to PDI. We look forward to growing and diversifying our roadmap and business together," Linnea Geiss, PDI Technologies Chief Operating Officer.
Nuspire is advised by Harris Williams & Co and Houlihan Lokey. PDI is advised by Berenson & Co.
PPC Enterprises, a private equity firm, completed an investment in Indus Valley Partners, a provider of software and technology solutions to the investment managers. Financial terms were not disclosed.
“This is an exciting opportunity to accelerate IVP’s technology and service offerings to serve a broad array of the financial ecosystem. The PPC team brings a wealth of experience through prior and current investments in related spaces, including Viteos and Aduro Advisors. The PPC team will provide strategic guidance and capital to support IVP’s continued growth and development," Gurvinder Singh, Indus Valley Partners Founder and CEO.
Indus Valley Partners is advised by Jefferies & Company and Simpson Thacher & Bartlett. PPC Enterprises is advised by Covington & Burling.
American Express, an American bank holding company, agreed to acquire Tock, a reservation, table, and event management technology provider, from Squarespace, a website building and hosting company, for $400m.
"Since adding Tock as a Squarespace company in 2021, we have been honored to partner together to serve the hospitality industry. We are thankful for Matt's leadership and the team's emphasis on innovative products and world class customer care. Our shared commitment to help small businesses grow has been core to our partnership and we believe the Tock business will continue to thrive in its exciting next chapter with American Express," Anthony Casalena, Squarespace Founder and CEO.
American Express is advised by Morgan Stanley and Sullivan & Cromwell.
Nextracker, a provider of intelligent solar tracker and software solutions, completed the acquisition of Ojjo, a renewable energy company, for $119m.
"We are thrilled to welcome Ojjo to Nextracker. Our customers greatly value proven integrated solutions to improve project design, simplify procurement, and reduce risk for their projects. This partnership builds on our successful product collaboration with Ojjo. Their team brings geotechnical products and expertise in foundation systems that are especially well-suited to rocky sites, with control system intellectual property that is broadly applicable to a range of equipment. This acquisition furthers our successful global tracker foundation business with next-generation, differentiated technology," Dan Shugar, Nextracker Founder and CEO.
Nextracker was advised by Davis Polk & Wardwell.
AssetMark, a wealth management platform, agreed to acquire a majority stake in Morningstar Wealth Turnkey Asset Management Platform, a advisor technology and business consulting services provider, from Morningstar, a American financial services firm. Financial terms were not disclosed.
“Morningstar has a rich heritage of providing comprehensive investment insights and services to advisors and financial professionals around the globe. This relationship represents best-in-class firms strategically aligning to provide innovative solutions and high-quality service to financial advisors and their clients," Michael Kim, AssetMark CEO.
AssetMark is advised by Davis Polk & Wardwell.
CBRE Group, a commercial real estate services and investment firm, completed the acquisition of Direct Line Global, a provider of installation, maintenance and management solutions for data centers, from Guardian Capital, a private equity firm. Financial terms were not disclosed.
“This acquisition fits squarely with our strategy of enhancing our capabilities in asset classes that benefit from secular tailwinds – in this case, the increasing digitization of the global economy. Direct Line Global perfectly complements our existing data center management capabilities and provides us with best-in-class technical capabilities that differentiate our service offering," Vikram Kohli, CBRE COO.
CBRE Group was advised by Sullivan & Cromwell.
American Express, an American bank holding company, agreed to acquire Rooam, a contactless payment solution provider. Financial terms were not disclosed.
“We built Rooam to make it easy for restaurants and entertainment venues to use major point of sale providers with other key technology systems crucial to hospitality operations. Combining our capabilities with American Express and Resy will power payments, marketing, and loyalty programs for hospitality providers, bringing together the digital tools they need in one platform,” Junaid Shams, Rooam Co-Founder and CEO.
American Express is advised by Sullivan & Cromwell.
Oil and gas companies Flowco Production Solutions, Estis Compression and Flogistix, agreed to merge to form Flowco, a provider of production optimization and artificial lift solutions. Financial terms were not disclosed.
"The merger forming Flowco represents a strategic alignment with GEC to form an industry leader in the production optimization and artificial lift solutions sector. By uniting our three companies, each expert in their field and in complementary lines of business, we can offer comprehensive solutions for clients throughout the entire lifecycle of an oil and gas well. We look forward to working with GEC and our employee partners on the next phase of Flowco's development," Ben Guill, White Deer Co-Founder.
Flogistix is advised by Vinson & Elkins.
Hanwha Systems, a defense electronics and IT technologies company, and Hanwha Ocean, a shipbuilder, completed the acquisition of Philly Shipyard, a shipbuilder, for $100m.
"The opportunity to collaborate with Philly Shipyard, a significant shipbuilder with a storied history, is an exciting strategic opportunity that will allow Hanwha Systems to deploy its state-of-the-art naval systems and associated technologies in the US market," Charlie SC EOH, Hanwha Systems CEO.
Atlantic International, a strategic staffing, outsourced services and workforce solutions company, completed the acquisition of Lyneer Staffing Solutions, a strategic staffing outsourced services and workforce solutions company, from IDC Technologies, a manpower solutions & IT consulting firm, for $95m.
"With the acquisition, we are very excited to get to work building a leading staffing, outsourced services and workforce solutions enterprise for our over 1.1k customers. We believe that Lyneer is well positioned as a platform for our consolidation strategy and there are significant attractive merger and acquisition opportunities among leading medical, IT and engineering staffing, outsourced services and workforce solutions companies. The acquisition provides Atlantic with enhanced resources to pursue its growth and acquisition strategy," Jeffrey Jagid, Atlantic CEO.
OpenAI, an artificial intelligence research organization, completed the acquisition of Rockset, a real-time indexing database. Financial terms were not disclosed.
"Rockset's infrastructure empowers companies to transform their data into actionable intelligence. We're excited to bring these benefits to our customers by integrating Rockset's foundation into OpenAI products," Brad Lightcap, OpenAI COO.
Sabesp kicks off $3bn Brazil share sale.
Sabesp, Latin America’s biggest water utility by market value, launched a share offering that may become the region’s largest in two years.
Sao Paulo state, which owns a controlling stake in Cia de Saneamento Basico do Estado de Sao Paulo, as the Brazil utility is formally known, is offering 192m existing shares for sale. If an over-allotment is fully sold, it could add as many as 29m shares to the transaction. At current market prices, that means the transaction could raise up to $3bn, while Sao Paulo’s stake in Sabesp could fall to 18% from the current 50.3%, effectively privatizing the company. The deal is expected to price on July 18.
Sabesp is working with BTG Pactual, UBS, Bank of America, Citigroup and Banco Itau on the equity deal. Bradesco BBI, Goldman Sachs, JP Morgan, J. Safra, Morgan Stanley, Santander and XP are the joint bookrunners, Bloomberg reported.
Boeing-Spirit Aero deal nears close as Airbus unit talks advance.
Airbus is edging closer to an agreement with Spirit AeroSystems to take over parts of the aerospace supplier’s business, paving the way for an acquisition of the bulk of the company by arch-rival Boeing as early as next week. Loss-making Spirit has been looking to unwind its Airbus related operations ever since Boeing said it would buy back the company that it spun out almost two decades ago.
The European planemaker is set to take on Spirit’s unit in Belfast that produces wings for its smallest A220 model, as well as facilities in Kinston, North Carolina, and Saint-Nazaire in France that supply critical components for the advanced A350 widebody and Preswick in Scotland for the workhorse A320 model, Bloomberg reported.
Ivory Coast readies pre-emptive right over potential Eni sale.
Ivory Coast expects to be first in line should Eni decide to sell a stake in its exploration business there. The Italian oil company is exploring divesting as much as 30% of the operation. Should it go ahead, Ivory Coast would seek to exercise its right to pre-empt a sale to anyone else
Ivory Coast already holds a 17% stake in the operations and is prepared to accelerate fund-raising and ultimatelytransfer the assets to state-owned Petroci. The government would be interested in taking the entire 30% stake that’s potentially up for sale, Bloomberg reported.
Invesco loses bid to seize control of Robertshaw’s restructuring. (FS)
Invesco lost a bid to regain control of Robertshaw after the firm was stripped of its power to steer the restructuring of the troubled appliance parts maker by rivals Bain Capital, Eaton Vance Management and Canyon Capital Advisors.
Judge Christopher Lopez ruled Thursday that Bain, Eaton Vance, Canyon and Robertshaw’s private equity owner OneRock Capital Partners can continue steering the company’s Chapter 11 restructuring. The ruling is a setback to Invesco, which sued to block a December debt deal - devised by the rival lenders - that effectively pushed Invesco out of the restructuring. Lopez ruled that Bain, Eaton Vance, Canyon and One Rock didn’t breach Robertshaw’s underlying credit agreement and remain the company’s “required lenders,” which give them the right to sway the appliance parts maker’s restructuring, Bloomberg reported.
Equity Group-backed Ardent Health filed for IPO in a $5bn valuation. (FS)
Hospital operator Ardent Health Partners, whose majority owner is Equity Group Investments, has filed for an initial public offering. Ardent could seek to raise $400m or more in the offering, with the company valued at about $5bn.
Ardent Health intends to use the net proceeds from the proposed offering to repay certain existing indebtedness and for general corporate purposes.
Ardent’s IPO is being led by JP Morgan, Bank of America, Morgan Stanley, Capital One, Loop Capital, Stephens, Citigroup, Leerink Partners, RBC Capital Markets, Truist Securities, and Mizuho.
EMEA
British soft drinks maker Britvic has rejected a $3.93bn takeover proposal from Carlsberg Group, the second approach from the Danish brewer it has turned down.
The Danish company said it was weighing its options after Britvic rejected two proposals it had put forth. It added that any formal offer, if made, would be in cash and fully financed through debt, Reuters reported.
Britvic is advised by Europa Partners, Morgan Stanley, Linklaters and Headland Consultancy. Carlsberg is advised by Nomura, Baker McKenzie and Brunswick Group.
Bregal Unternehmerkapital, a private equity firm, agreed to acquire a 53.24% stake in Relatech, a digital transformation firm, for €109m ($117m).
“Since our founding in 2001, Relatech has undergone a remarkable journey, and we are thrilled to announce the partnership with BU as a stepping stone in the Company’s continued success. With the support of BU, we look forward to accelerating growth organically and via acquisitions, extending our international reach and strengthening our position as customers’ partner of choice for digital innovation, thereby leading the Digital Renaissance. We look forward to the exciting opportunities that lie ahead and are confident that this new phase will bring unparalleled benefits to all our stakeholders," Pasquale Lambardi, Relatech Founder, Chairman and CEO.
Bregal Unternehmerkapital is advised by Alvarez & Marsal, Mediobanca, Chiomenti, Legance, IWK Communication Partner and Deloitte. Debt financing is provided by Essentia Advisory.
KKR to acquire Superstruct Entertainment, a live entertainment group owning and operating over 80 music festivals, from Providence Equity Partners, a private equity firm. Financial terms were not disclosed.
"We are delighted to partner with Roderik Schlösser, James Barton and the team at Superstruct who have established themselves as a leader in delivering unparalleled live music experiences globally. With a robust foundation as a top-tier live entertainment platform, we see significant growth opportunities ahead for Superstruct. Drawing on our strong partnership approach and experience in the digital entertainment and ticketing space, such as BMG, ProSiebenSat1, GetYourGuide, and Trainline, as well as KKR’s global resources and extensive network, we will support the company and its entrepreneurial team to bring their compelling portfolio of live event formats to a wider audience and drive further growth," Philipp Freise, KKR Partner and Co-Head of European Private Equity.
KKR is advised by Goldman Sachs and Kirkland & Ellis. Providence Equity Partners is advised by HSBC, LionTree Advisors and White & Case.
GED Capital, a private equity firm, agreed to acquire Argilun, a Basque lighting company. Financial terms were not disclosed.
The acquisition is part of a favourable environment for audiovisual productions, as this market is expected to grow by an average of over 10% in the next few years.
GED Capital is advised by Baker Tilly and Addleshaw Goddard.
Seri Industrial, a holding company, agreed to acquire a 98% stake in Industria Italiana Autobus, a public road transport manufacturer, from Leonardo, a multinational company specialising in aerospace, defence and security. Financial terms were not disclosed.
“The disposal of Industria Italiana Autobus is part of our plan to rationalize Leonardo’s participations portfolio and to focus on our core business, in line with the industrial plan," Roberto Cingolani, Leonardo CEO.
Seri Industrial is advised by Mediobanca.
NKT, a power cable solutions and accessories company, completed the acquisition of SolidAl, a power cable company, from Njord Partners, an investment manager, for €192m (($206m).
"SolidAl provides a strong strategic fit in terms of capacity and competence, strengthening NKT's position in serving customers with end-to-end grid solutions, particularly the growing demand for medium- and high-voltage power cables up to 225 kV. We look forward to welcoming SolidAl's highly skilled employees to NKT and continuing our growth journey together. With more than 50 years in the industry, SolidAl will complement the competitiveness of the product mix from NKT's existing factories in Asnaes, Velke Mezirici and Cologne focusing on delivering the full range of power cables for the grid at a larger scale," Claes Westerlind, NKT President and CEO.
ABN Amro nears deal to buy HSBC's Trinkaus & Burkhardt.
Dutch bank ABN Amro is seeking to further expand in Germany as it is nearing a deal to acquire HSBC's wealth management unit in the country.
The takeover of the business, formerly known as Trinkaus & Burkhardt, could be announced over the next two to three weeks.
A transaction would extend ABN Amro's foray into Germany, Europe's largest wealth management market, after it last month signed a deal to buy Fosun's, opens new tab private bank Hauck Aufhaeuser Lampe for $730m, Reuters reported.
Bidders line up for HSBC's INKA and custody units.
State Street, BNP Paribas and Caceis are lining up as potential bidders for the sale of HSBC Germany's fund administration unit INKA and custody business. Other fund administrators including Universal Investment, owned by private equity firm Montagu, could emerge as bidders for INKA, while BNP Paribas and State Street are mainly interested in HSBC's custody business.
The process is due to launch in the next couple of weeks, as soon as HSBC decides with its advisers whether to sell the assets together or separately. HSBC is hoping the overall valuation for INKA and the custody unit could be more than $751m, Reuters reported.
Revolut looks to sell $500m of existing shares.
Revolut, one of Europe’s most-valuable startups, has hired bankers to help it sell about $500m worth of existing shares, including some held by staffers.
The challenger bank is working with Morgan Stanley on the sale, which may value Revolut at more than $40bn. The London-based startup was last valued at $33bn in a 2021 funding round.
The reported share sale comes after one of Revolut’s shareholders - an investment trust managed by Schroders - signaled that it thinks the firm should be valued at about $25.7bn, Bloomberg reported.
China Three Gorges studies bid for Brookfield’s Saeta. (FS)
State-owned China Three Gorges is considering a bid for Spanish clean-energy producer Saeta Yield.
CTG is exploring the possibility of teaming up with a partner for a potential offer. The company would need a co-bidder because Saeta owns assets in Portugal, where China already invests in the grid and would face curbs on further expansion, Bloomberg reported.
Everton enters exclusive sale talks with AS Roma owner Dan Friedkin. (FS)
Everton Football Club has given AS Roma owner Dan Friedkin a period of exclusivity to acquire a majority shareholding in the Premier League football club.
The club has been in play since the end of May, after owner Farhad Moshiri’s earlier exclusive talks with Miami-based investor 777 Partners collapsed, opening the door to other bidders, Bloomberg reported.
Bank of Cyprus investors to explore a sale of their stakes. (FS)
Two of the top investors at Bank of Cyprus Holdings are exploring a sale of their stakes in the country’s biggest bank. CarVal Investors and Caius Capital are working with an adviser to gauge interest in their combined 15% holding. They have approached potential buyers including Greece’s Alpha Bank.
Their stakes are worth about £233m ($294m) based on Thursday’s closing price in London. Any buyer of the two investors’ shares could use a transaction as a first step to amassing a larger holding and eventually making an offer for the rest of the bank’s shares, Bloomberg reported.
Spar Group is planning acquisitions to increase market share.
Spar Group is planning to acquire smaller retailers to help South Africa’s second-largest grocer by revenue expand beyond the food segment and win market share in a struggling economy.
The company, which is selling its loss-making Polish unit, wants to increase South Africa’s contribution to its revenue to 70% in five years from 60%, Chief Executive Officer Angelo Swartz said. Spar, which also owns a chain of building materials stores, plans to expand into pet shops and two other categories, Bloomberg reported.
Generali is said to seek buyers for Turkey, Philippines units.
The sales are part of Generali’s drive to streamline its structure and focus on core markets and segments. Generali last year sold both Tua Assicurazioni, a unit inherited from its purchase of a smaller Italian rival, and its Deutschland Pensionskasse unit, Bloomberg reported.
APAC
United Hydrogen, a comprehensive hydrogen solution company, agreed to go public via a SPAC merger with Aimei Health Technology, a special purpose acquisition company, in a $1.6bn deal.
"United Hydrogen has been expanding alongside the hydrogen energy market for several years. Our mission, Living in Harmony with Nature, represents our consistent endeavor to build a clean and bright future. We have accumulated extensive knowledge and expertise across the entire hydrogen value chain, assisting clients from various sectors in achieving their green business objectives. Our comprehensive involvement from hydrogen production to end-user applications has led to consistent growth and performance. We are thrilled to partner with AFJK, as we have aligned visions for the market and business model. We are confident that the AFJK team will be instrumental in helping us achieve our long-term goals and success," Ma Xia, United Hydrogen Founder.
United Hydrogen is advised by Chain Stone Capital, Harneys, MagStone Law and Yongxing Law Firm. Aimei Health Technology is advised by Grandall Law, Hunter Taubman Fischer & Li and Ogier.
Thunder Power, a developer of premium passenger EVs, went public via a SPAC merger with Feutune Light Acquisition, a publicly traded special purpose acquisition company, for $600m.
"We are delighted by our closing and impending listing on Nasdaq. Our new access to the capital markets will enable the next phase of our vehicle development. Our vehicles, with their innovative design, advanced technology and AI integration, are coming at the perfect time in our focused markets such as Taiwan," Wellen Sham, TPHL Founder.
Thunder Power was advised by ARC Group and Brown Rudnick. Feutune Light was advised by EF Hutton, US Tiger Securities and Robinson+Cole.
bitFlyer, a provider of internet financial services and digital currency transaction, agreed to acquire FTX Japan, a Japanese-based crypto exchange. Financial terms were not disclosed.
“While we will need to wait for the establishment of the legal system, including tax regulations, if crypto asset spot ETFs are approved in Japan, services related to crypto asset spot ETFs that meet the needs of financial institutions, including trust banks, will also be offered under New Custody Company,” BitFlyer.
bitFlyer is advised by Davis Polk & Wardwell.
Ant Group weigns exiting Baihang Credit.
Ant Group is considering selling its stake in Baihang Credit, a personal credit reporting company, as it awaits a license approval for another similar entity.
The company will need to offload its 8% holding because of policy guidance that entities can only hold one license in each business category, Bloomberg reported.
Ola Electric to face investor pushback on IPO valuation. (FS)
Ola Electric, India’s largest electric scooter maker, is facing investor pushback on its targeted valuation for its upcoming initial public offering.
The company’s founder has been aiming for a potential valuation of as much as $7bn in a Mumbai listing. That would compare with a valuation of about $5bn based on initial feedback from investors. At $5bn, Ola Electric’s current investors may opt not to sell existing shares in the company. Considerations are ongoing and no final decisions have been made.
Backed by SoftBank Group and Tiger Global Management, Ola Electric is looking to raise $659m by selling new shares in the IPO, according to its prospectus.
Ola Electric is advised by Kotak Mahindra Capital, Citigroup, Bank of America and Goldman Sachs, Bloomberg reported.
Pine Labs weighs $1bn IPO in India.
Pine Labs, an Asian digital payments provider backed by Peak XV Partners and Mastercard, is considering raising about $1bn in an initial public offering in India.
The company may seek a valuation of more than $6bn in an IPO. Pine Labs may issue both new and secondary shares. It could also opt to do a pre-IPO fundraising round ahead of any listing, Bloomberg reported.
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