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Warburg Pincus, a private equity firm, agreed to acquire K2 Insurance Services, an independent specialty insurance program manager, from Lee Equity Partners, a private equity firm. Financial terms were not disclosed.
"I am incredibly proud of our achievements and growth since K2 was founded over ten years ago. Partnering with Warburg Pincus, who has a long-standing track record of cultivating world-class businesses, reflects the hard work and strong culture of our team loyalty of our customers, and cements our position as a leading underwriting and distribution franchise in the program insurance market," Bob Kimmel, K2 CEO and Co-Founder.
Warburg Pincus is advised by Ernst & Young, JP Morgan, Marsh Berry & Co, TigerRisk Capital Markets, Locke Lord and Wachtell Lipton Rosen & Katz (led by Mark F. Veblen). Financial advisors are advised by Kirkland & Ellis. K2 is advised by KPMG, Morgan Stanley and Ropes & Gray.
US Bancorp, a parent company of US Bank National Association, completed the acquisition of MUFG Union Bank, a full-service bank, from Mitsubishi UFJ, a financial services group, for $8bn.
“The acquisition of MUFG Union Bank underscores our commitment to strengthen and grow our business on the West Coast, make investments to serve customers and local communities, and enhance competition in the financial services industry. With MUFG Union Bank, we will increase access to state-of-the-art financial products while maintaining US Bank’s strong track record of putting its customers and communities first. We are also committed to maintaining both organizations’ excellent records of serving low-income communities and supporting minority-led institutions,” Andy Cecere, US Bancorp Chairman, President and CEO.
State Street, a financial services and bank holding Company, failed to acquire the investor services business from Brown Brothers Harriman, a private investment bank, for $3.5bn.
“From the beginning of our discussions with BBH in 2021, I have been impressed by the quality of the BBH Investor Services business and its people. The decision not to proceed with this transaction was not taken lightly and is in no way a reflection of the quality of the BBH franchise. Since we announced the proposed acquisition, we maintained our focus on achieving a transaction that would meet our strategic and financial objectives. Our overall strategy is strong and differentiated, and we remain confident in the organic growth trajectory of our business. We will continue to be deliberate in managing our capital in the best interest of our shareholders," Ron O'Hanley, State Street Chairman and CEO.
New York Community Bancorp, a bank headquartered in Westbury, New York, completed the acquisition of Flagstar Bancorp, a bank headquartered in Michigan, for $2.6bn.
"For Flagstar, this is a unique opportunity. With our existing Flagstar platform, we had every expectation of continuing to build on our success as a leader in creating value in the mid-size bank space. Now, in partnership with NYCB, we are positioned to further accelerate everything we've been doing during my tenure as Flagstar's CEO to build a best-in-class commercial bank supported by one of the best mortgage and servicing businesses in the country," Alessandro DiNello, Flagstar Bancorp President and CEO.
Flagstar Bancorp was advised by Jefferies & Company, Morgan Stanley and Skadden Arps Slate Meagher & Flom (led by Sven Mickisch). New York Community Bancorp was advised by Goldman Sachs, Piper Sandler and Sullivan & Cromwell (led by Jared M. Fishman).
VICI Properties, a real estate investment trust, agreed to acquire a 49.9% stake in MGM Grand Las Vegas and Mandalay from Blackstone Real Estate Income Trust, a perpetual-life, institutional quality real estate investment platform, for $2.75bn.
“VICI Properties has been an outstanding partner on these assets and we are incredibly pleased to have delivered such exceptional returns for our BREIT investors. Las Vegas continues to be a high conviction market for Blackstone," Jon Gray, Blackstone President and COO.
VICI Properties is advised by Morgan Stanley and Hogan Lovells. BREIT is advised by Barclays, PJT Partners and Simpson Thacher & Bartlett.
Diamondback Energy, an independent oil and natural gas company headquartered in Midland, Texas, completed the acquisition of FireBird Energy, a Fort Worth, Texas-based upstream oil and gas company, for $1.6bn.
"This bolt-on acquisition adds significant, high-quality inventory right in our backyard. With over 350 locations adjacent to our current Midland Basin position, this asset adds more than a decade of inventory at our anticipated development pace, including inventory that competes for capital right away in Diamondback’s current development plan. Also, importantly, this transaction is accretive on all relevant 2023 and 2024 financial metrics, immediately increasing expected per share returns to our stockholders in the near-term while also improving the long-term duration of the company’s cash return profile," Travis Stice, Diamondback Chairman and CEO.
Eli Lilly and Company, a distributor of pharmaceutical products, completed the acquisition of Akouos, a genetic medicine company, for $610m.
"I am proud of the commitment and passion of our team, which has established Akouos as a pioneer in inner ear genetic medicine, as demonstrated by our work to advance the first investigational therapy for a genetic form of hearing loss into clinical development. Joining Lilly – a company that shares our purpose to make life better for people around the world – will help us accelerate the development of a broad pipeline of inner ear genetic medicines," Emmanuel Simons, Akouos Co-Founder, President and CEO.
PBF Energy, an independent petroleum refiner, and supplier, completed the acquisition of the remaining 52.3% stake in PBF Logistics, a firm that operates crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. Under the merger agreement, each outstanding common unit of PBF Logistics that PBF Energy didn't already beneficially own is converted into 0.27 shares of PBF Energy Class A common stock and $9.25 in cash, without interest.
"We are pleased to announce this strategic acquisition by PBF Energy, which represents a key objective in PBF Energy's plans to optimize our refining and logistics operations. This transaction will ultimately allow us to simplify our corporate structure and eliminate administrative, compliance, and cost burdens of running a separate public company. Following consummation of the merger, we believe that the combined company will have a significantly enhanced financial profile," Tom Nimbley, PBF Energy and PBF Logistics Chairman and CEO.
PBF Logistics was advised by Intrepid Partners and Baker Botts (led by Michael Swidler). Intrepid Partners was advised by Gibson Dunn & Crutcher (led by Hillary Holmes). PBF Energy was advised by Barclays and Hunton Andrews Kurth (led by Phil Haines).
Syncona, a healthcare company, completed the acquisition of Applied Genetic Technologies, a clinical-stage biotechnology company focused on the development and commercialization of adeno-associated virus-based gene therapies, for $73m.
"Our team has completed ground-breaking work for patients living with devastating retinal diseases. This transaction allows continued progress in advancing an important therapy for XLRP patients while also maximizing immediate and potential long-term value to our shareholders. On closing, AGTC will be Syncona's third Company focused on retinal gene therapy, and we look forward to transitioning the AGTC-501 XLRP product candidate to Syncona's experienced stewardship with the goal of advancing this differentiated product candidate to patients," Sue Washer, AGTC President and CEO.
Syncona was advised by BTIG, Mintz Levin and FTI Consulting (led by Ben Atwell). AGTC was advised by MTS Health Partners and Foley Hoag.
Byline Bancorp, a full-service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers, agreed to merge with Inland Bancorp, a commercial bank, in a $165m deal.
“Inland Bank and Trust is a well-established and trusted financial institution with deep client and community relationships, which we look forward to continuing. Joining forces with Inland Bancorp brings to all of our customers an expanded footprint across Chicago. We are very excited to welcome Inland Bancorp customers and colleagues to Byline," Roberto Herencia, Byline Bancorp Executive Chairman and CEO.
Inland Bancorp is advised by Piper Sandler and Barack Ferrazzano Kirschbaum & Nagelberg. Byline Bancorp is advised by Stephens and Vedder Price.
The Standard, an American insurance and financial company, completed the acquisition of the retirement plan recordkeeping business of Securian Financial, a mutual holding company that provides a range of financial products and services. Financial terms were not disclosed.
"We have been studying retirement plan growth opportunities in the US market for some time, and Securian Financial stood out as a like-minded partner focused on customer-first service and deep relationships with plan sponsors and key distribution partners alike. We look forward to a bright future and to welcoming Securian Financial’s Retirement Solutions employees, sales team and management to The Standard," Dan McMillan, The Standard President and CEO.
Spirax-Sarco, a thermal energy management, and niche pumping specialist, completed the acquisition of Durex International, a specialist in custom electric thermal solutions for ultra-high criticality industrial equipment, for $342m.
"We are excited about this opportunity to further strengthen our ETS Business and look forward to welcoming colleagues from Durex into our Group. We have great respect and admiration for Durex, which has grown and developed under the skilful leadership of Ed Hinz, who founded the business over 40 years ago. Ed's impending retirement provided an excellent opportunity for us to broaden our capabilities in key target sectors, accelerating the development of our ETS business in line with our long-term plans," Nicholas Anderson, Spirax-Sarco CEO.
Durex International was advised by William Blair & Co. Spirax-Sarco was advised by Rothschild & Co and Citigate Dewe Rogerson (led by Lorna Cobbett).
Integra LifeSciences, a global medical technology company, agreed to acquire Surgical Innovation Associates, a developer of a resorbable knitted mesh, for $140m.
“Integra LifeSciences warrants great respect among physicians, and shares SIA’s origins in plastic surgery. We are excited to align with them as we continue our journey to make DuraSorb a leading option within the surgeon’s armamentarium for soft tissue reconstruction," Alexei Mlodinow, SIA Co-Founder and Board Director.
Integra LifeSciences is advised by Wyrick Robbins Yates & Ponton. Surgical Innovation Associates is advised by Bank of America and Proskauer Rose.
Liminatus Pharma, a clinical-stage biopharmaceutical company, agreed to go public via a SPAC merger with Arrow Capital-backed Iris Acquisition, a publicly traded special purpose acquisition company, in a $334m deal.
“The agreement with Iris and the treatments we are now set to develop which have originated from leading global cancer scientists at the Thomas Jefferson University in the US and from Innobation in South Korea, will be a game changer for this area of the healthcare market. There is a significant unmet need for improved treatment for the cancer indications we are targeting, and with the increased capital, we are hopeful that the timelines for getting these potentially life-saving medicines to market have been accelerated,” Chris Kim, Liminatus CEO.
Liminatus Pharma is advised by Triquartista Consulting (led by Chris Wilson).
Leeds Equity Partners-backed LRN, a provider of ethics and compliance solutions, completed the acquisition of the compliance learning business from Thomson Reuters, a provider of integrated tax compliance and accounting information, software, and services for professionals. Financial terms were not disclosed.
Together, this powerful network provides all clients with behavioural data that can illuminate where their organizations have the most potential in using culture as the ultimate elevator of performance. The newly combined offering provides unmatched breadth and depth of training resources and E&C program guidance – on issues ranging from data protection and privacy to anti-money laundering and business ethics – giving businesses confidence that ethical foundations, compliance knowledge, and understanding are embedded across their organisations.
The Access Group, a British software company, completed the acquisition of Construction Industry Solutions, a software company. Financial terms were not disclosed.
“I am excited to be joining my peers at The Access Group and the opportunities that this acquisition creates for our staff, customers, and business partners. Access and COINS share the same vision of delivering a suite of market-leading, end-to-end, construction-focused solutions, that enable construction companies to achieve higher levels of productivity, margin and cash flow,” Robert Brown, Construction Industry Solutions CEO.
The Access Group was advised by Tank PR (led by Martin Stone).
Mazars, an international, integrated and independent organisation, specialising in audit, accountancy, tax, legal and advisory services, completed the acquisition of Samet & Company, an accounting and financial services provider. Financial terms were not disclosed.
"Joining Mazars allows our team to expand the services and capabilities we can offer to our clients both in Boston and beyond. We're looking forward to bringing our expertise and talent to Mazars, contributing to future growth and enhancing the offerings we provide to our clients to help them achieve their goals," Jay Kessler, Samet & Company Managing Partner.
Mazars and Samet & Company was advised by Jay Nisberg and Associates.
Palladium Equity Partners, a private equity firm, agreed to invest in Southwest Strategies, a public relations firm. Financial terms were not disclosed.
"Partnering with Palladium Heritage provides an outstanding opportunity for Southwest Strategies to broaden its offerings to existing clients, while expanding into new markets. Palladium's standing as a Certified B Corporation is also attractive to our team as it aligns with our core values of hard work, diversity and being socially responsible," Chris Wahl, Southwest Strategies CEO.
Palladium Equity Partners is advised by Kekst CNC (led by Todd Fogarty).
Interfor, a firm that produces and sells lumber, timber, and other wood products, completed the acquisition of Chaleur Forest Products, an operator of sawmill company, from Kilmer Group, a private equity firm, for C$325m ($240m).
“This acquisition is consistent with Interfor’s growth-focused strategy as a pure-play lumber producer and builds upon our recent expansion into Eastern Canada with further geographic diversity. New Brunswick has a secure, high-quality, and competitive log supply, a supportive investment environment, and proximity to key eastern markets. These are well-managed and efficient mills with a desirable SPF product mix, which fit extraordinarily well within our existing portfolio. Chaleur’s strong management team further bolsters our core lumber strength, and we look forward to welcoming the team into our company," Ian Fillinger, Interfor President & CEO.
Hillenbrand, a global diversified industrial company, completed the acquisition of the peerless food equipment division of Illinois Tool Works, an industrial products and equipment manufacturer, for $59m.
"The equipment and solutions offered by Peerless are highly complementary to those offered under our LINXIS Group brands. With our significant scale in the food end market achieved by combining Peerless with our existing Coperion, LINXIS, and Gabler technologies, we can deliver more comprehensive solutions to our customers. Given our track record of successfully integrating acquisitions, we are confident in our ability to create shareholder value with Peerless as we deploy the Hillenbrand Operating Model and leverage our scalable foundation," Kim Ryan, Hillenbrand President and CEO.
General Atlantic, a global growth equity firm, and Dragoneer Investment, a public and private investor, offered to acquire Arco Platform, an educational software developer. General Atlantic and Dragoneer offer $11 in cash per share, representing an approximately 22% premium.
The company cautions its shareholders and others considering trading in its securities that no decisions have been made with respect to the company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed, or that this or any other transaction will be approved or consummated.
CoinDesk might be heading for a buyout at a $300m purchase price.
Crypto news site CoinDesk has reportedly sparked buyout interest following the platform’s report on FTX and Alameda ties.
CoinDesk is drawing buyout interest from potential new owners. Owned by Digital Currency Group has notably received a $300m purchase price offer from one of its potential buyers. However, the digital currencies news site considered the offer to be too low. CoinDesk is already making around $50m yearly from a combination of its popular Consensus conference and traditional online advertising.
EQT in talks to acquire Radius Global Infrastructure. (FS)
EQT is in talks to acquire Radius Global Infrastructure, which leases cell sites to wireless-tower companies and mobile-network operators, Bloomberg reported.
The Stockholm-based investment firm is speaking to banks about financing. No deal has been reached and talks could still collapse. The company, led by CEO Bill Berkman, has been exploring strategic options including a sale since at least May.
General Electric, L3Harris among suitors vying for Aerojet. (FS)
Industrial conglomerate General Electric and defense contractor L3Harris Technologies are among those competing to acquire rocket maker Aerojet Rocketdyne.
Aircraft producer Textron and private equity firm Veritas Capital are also vying to acquire El Segundo, California-based Aerojet, which has a market value of about $4bn, Reuters reported.
HPE expressed interest in cloud provider Nutanix and held talks.
Hewlett Packard Enterprise has expressed takeover interest in cloud computing company Nutanix, Bloomberg reported.
HPE has held talks with Nutanix in recent months. The talks between the companies have been on and off and it’s unclear whether they will be able to reach an agreement over price. Nutanix could also opt to stay independent or another potential buyer could emerge.
Altice USA to keep Suddenlink business after strategic review.
Altice USA will retain its regional internet and cable business, Suddenlink, the broadband service operator said, following a strategic review, Reuters reported.
The company, controlled by Franco-Israeli telecoms tycoon Patrick Drahi, had hired Goldman Sachs to run the divestment process, with the business likely fetching a valuation of $20bn including debt.
Apollo appoints Connecticut state treasurer as chief pensions strategist. (FS, People)
Apollo Global Management has appointed Connecticut state treasurer Shawn Wooden as a partner and its new chief public pension strategist to help expand the private equity firm's business with retirement systems.
Wooden will assume his new role in late January to comply with all relevant restrictions. Wooden, who practiced as a lawyer focused on public pension plan investments before winning election to state office as a Democrat in 2018, announced back in April that he wouldn't be seeking re-election as state treasurer when his term ends in early January.
Dechert announces new global leadership team. (People)
Global law firm Dechert has announced that from 1 July, 2023, partners David W Forti and Mark Thierfelder will become co-chairs, and that partners Sabina Comis and Vincent H Cohen, Jr will become the firm’s first global managing partners.
Thierfelder is presently chair of the firm’s corporate and securities group and chair of the global private equity practice where he represents funds and their portfolio companies, as well as strategic buyers and sellers – in mergers and acquisitions, recapitalisations, leveraged financings and restructurings.
EMEA
Karnov, a provider of information and advisory services, completed the acquisition of the businesses of Thomson Reuters, a multinational media conglomerate, in Spain, and Wolters Kluwer in Spain and France, a global information services company, for $181m.
“With the contemplated transaction we capture a very attractive opportunity to combine the best of Wolters Kluwer’s and Thomson Reuters’ platform and content with best practices within Karnov to create a best-in-class offering. The contemplated transaction would transform us from a Nordic market leader to a European player, providing a platform for accelerated expansion and significant value creation for our customers and shareholders," Pontus Bodelsson, Karnov CEO.
Saur, a provider of drinking and wastewater management services, completed the acquisition of the European mobile water services division from Veolia, a water company, for €190m.
"I am looking forward to welcoming all MWS Europe's talented employees into our Group. The acquisition of MWS Europe will strengthen our offering for industrial customers with essential mobile water infrastructure solutions. It is also a key step to increase the unique positioning and recurring nature of Saur's Industrial Water activities," Patrick Blethon, Saur Executive Chairman.
Blackstone completed the acquisition of a minority stake in Esdec, a rooftop solar mounting systems provider, from Rivean, a private equity firm. Financial terms were not disclosed.
"On behalf of the management board, I am very happy to announce this important step in the Company’s growth strategy. For Esdec, this is the best of both worlds. We can continue our successful partnership with Rivean, that has provided indispensable support during the expansion of our business in the past few years. Additionally, we can now work with Blackstone and make good use of their great knowledge of the renewable space and strong footing in the United States, one of our most important markets. I am looking forward to further growing our business and benefiting from Blackstone’s widespread, relevant network," Stijn Vos, Esdec CEO.
The European Commission had opened an in-depth investigation to assess Vivendi's planned acquisition of rival Lagardere, a content publishing, production, and broadcasting company, a deal that would combine France's two biggest publishing groups, Reuters reported.
"The Commission is concerned that the proposed acquisition may reduce competition on a number of markets across the entire book value chain in French-speaking countries of the European Economic Area and in a segment of magazine publishing in France," EU watchdog.
Lagardere is advised by Image Sept (led by Anne Meaux). Vivendi is advised by BNP Paribas, Societe Generale (led by Stephane Krief) and Cleary Gottlieb Steen & Hamilton.
Suez, a waste management company, completed the acquisition of the hazardous waste assets in France from Veolia, a French transnational company with activities in three main services and utilities, for $725m.
"The reintegration of the France hazardous waste teams and activities is a source of great satisfaction for all of the Group. By buying back these activities and key skills, we strengthen our offering in France for our industrial customers. At an international scale, the comprehensive business expertise of our teams will support our ambition in this fast-growing market. SUEZ hereby confirms its desire to pursue an offensive development strategy in its core businesses of water and waste," Sabrina Soussan, Suez Chairman and CEO.
Suez was advised by Nomura and Cleary Gottlieb Steen & Hamilton. Veolia was advised by Morgan Stanley and Cleary Gottlieb Steen & Hamilton (led by Pierre-Yves Chabert).
Aptiv, an Irish-American automotive technology supplier, completed the acquisition of an 85% stake in Intercable Automotive Solutions, an automotive parts distributor, for $593m.
“Intercable Automotive Solutions is an excellent strategic fit with Aptiv’s Signal & Power Solutions segment,” Kevin Clark, Aptiv CEO.
Intercable Automotive Solutions was advised by BNP Paribas (led by Doris Salzburger) and Advant NCTM. Aptiv was advised by Goldman Sachs and Clifford Chance (led by Volkmar Bruckner).
Stora Enso has received regulatory approval from the EU Commission to proceed with the acquisition of De Jong Packaging Group, announced in September 2022.
“In line with our strategy, we are investing in growing our market share in renewable and circular packaging solutions. De Jong Packaging has a solid presence in the corrugated packaging sector and an impressive customer base. Acquiring their operations supports our future strategic direction to advance renewable packaging solutions within Europe," Annica Bresky, Stora Enso President and CEO.
De Jong Packaging Group is advised by Nielen Schuman. Stora Enso is advised by KPMG, Stifel (led by Santiago Poyan) and Allen & Overy (led by Gijs Linse).
The Access Group, a software developer, completed the acquisition of Pay360, a payment technology services provider, from Capita, a business process outsourcing, and professional services company, for £150m.
“We are pleased to have agreed the sale of Pay360 to Access. We announced our intention to sell Pay360 during our half-year results as part of our strategy to simplify and strengthen Capita. The sale is a great opportunity for the new owners to help Pay360 realize its full potential, and our colleagues at Pay360 will also benefit from the focus that this change of ownership will bring. Capita will utilize the cash proceeds of the sale to benefit our digital offerings for clients and further reduce net debt. The Pay360 senior management team and employees will remain with the business as they transfer to new ownership," Jon Lewis, Capita CEO.
Cummins-backed Meritor, a global supplier of drivetrain, mobility, braking, aftermarket, and electric powertrain solutions for commercial vehicle and industrial markets, completed the acquisition of the commercial vehicles business of Siemens, an industrial manufacturing company, for $200m.
"The Siemens Commercial Vehicles business offers capabilities and technology that will enhance our ability to offer superior electric solutions to the global commercial vehicle market," Chris Villavarayan, Meritor President and CEO.
BC Partners prepares £3bn sale of UK’s VetPartners. (FS)
BC Partners is considering a sale of UK-based veterinary services firm VetPartners amid interest from potential buyers.
The London-based buyout firm is working with advisers as it weighs a sale of VetPartners next year. A transaction could value the business at £3bn ($3.59bn). Strategic buyers and private equity firms have shown preliminary interest in acquiring the company. Deliberations are in the early stages and BC Partners could still decide against a sale.
BMS owners weighs £600m sale of insurance broker. (FS)
British Columbia Investment Management and Preservation Capital Partners are considering a sale of BMS Group that could value the insurance broker at more than $720m.
The investment firms are working with Evercore to evaluate strategic options for the business. BMS generates about $119m in annual earnings. Financing for a deal is attracting the interest of both banks and private debt providers, Bloomberg reported.
Juventus has no requirement of additional capital.
Serie A soccer club Juventus does not need a fresh capital injection, the chief executive of controlling shareholder Exor said, Reuters reported.
Exor on proposed accountant Gianluca Ferrero as the new chairman of Juventus, marking the end of the long reign of Andrea Agnelli as the Italian soccer club tries to get to grips with its financial and legal troubles.
TDR raises €4.2bn for new buyout fund. (FS)
TDR Capital has raised €4.2bn($4.3bn) for a new buyout fund that will focus on both new deals and bolt-on acquisitions for its existing portfolio of consumer-related companies.
TDR already has significant exposure to the retail and consumer sectors, having been behind some of the UK's highest profile buyouts. Its list of past debt-financed investments include gym owner David Lloyd Leisure, supermarket Asda Group, and Norwegian cruise line Hurtigruten Group. The report says a significant proportion of those bonds are now trading near or in distressed territory because of the global sell off prompted by soaring inflation and rising interest rates.
APAC
India's RBI gives conditional nod to Carlyle and Advent for $1.1bn stake in Yes Bank. (FS)
India's central bank has given conditional approval to US private equity firms Carlyle Group and Advent International for their purchase of a combined 20% stake in Yes Bank, the private-sector lender, for $1.1bn.
"The investors are evaluating the conditions," Yes Bank, adding that the bank and the investors will engage with the Reserve Bank of India to seek an early resolution of the conditions and get final approval, Reuters reported.
Yes Bank is advised by Bank of America, Ernst & Young and AZB & Partners. Carlyle is advised by McKinsey & Company, PricewaterhouseCoopers, AZB & Partners (led by Zia Mody, Vaidhyanadhan Iyer and Gautam Ganjawala), Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas & Co and Adfactors PR. Advent is advised by Ketchum Sampark (led by Khushal Devera).
ESG to go public via a SPAC merger with Genesis Unicorn Capital in a $161m deal.
Environmental Solutions Group, a provider of sustainable waste solutions, agreed to go public via a SPAC merger with Genesis Unicorn Capital in a $161m deal.
“The partnership we announced with GENQ today is a remarkable milestone in ESG’s sustainability and circularity journey. We believe the GENQ board’s recognition of our ambition through this merger will allow us to accelerate our growth, expand our reach into Southeast Asia, and continue to build on our disruptive solutions for the circular economy. This is an exciting time for the ESG team, our partners and everyone else who believes that the circular economy is a critical pillar to support and accelerate towards becoming a net zero region," Leng Chuang Quek, ESG CEO and Chairman.
ESG is advised by MSPC Certified Public Accountants and Advisors, ARC Group, Altum Law, Saul Ewing Arnstein & Lehr and Taylor Wessing. Genesis Unicorn Capital is advised by EF Hutton, Marshall & Stevens Transaction Advisory Services and Loeb & Loeb.
Carbon Revolution to go public via a SPAC merger with Twin Ridge Capital Acquisition in a $270m deal.
Carbon Revolution, a Tier 1 OEM supplier and global manufacturer of lightweight advanced technology carbon fiber wheels, agreed to go public via a SPAC merger with Twin Ridge Capital Acquisition in a $270m deal.
“Carbon Revolution is a sector leader in the production of revolutionary carbon fiber wheels, the next-generation of wheel technology, and has an opportunity to play an important role as the global automotive industry accelerates the shift to electric vehicles. We believe that following this transaction, Carbon Revolution will be well-positioned for rapid growth and adoption as it further enhances its automotive solutions, capitalizes on market opportunities, and continues to accelerate growth as a US-listed public company," Dale Morrison, Twin Ridge Capital Acquisition Chairman.
Carbon Revolution is advised by E&P Corporate Advisory, Arthur Cox (led by Connor Manning and Ailish Finnerty), Goodwin Procter and Herbert Smith Freehills. Twin Ridge Capital Acquisition is advised by Ashurst and Kirkland & Ellis.
Gaw Capital Partners, a Real Estate investment firm, completed the acquisition of logistics portfolio in Tokyo. Financial terms were not disclosed.
“We are delighted to have completed our first logistics portfolio in Japan. With rising demand driven by continued urbanization and e-commerce, logistics assets in Japan continue to mature as an institutional asset class, increasingly attracting capital from both domestic and international investors. With the support from our experienced in-house team and local logistics partners, I believe we would fully unlock the returns,” Isabella Lo, Gaw Capital Managing Director.
Domino's Pizza Enterprises to raise $112m to fund German unit acquisition.
Australia's Domino's Pizza Enterprises would raise AUD165m ($112m) to fund the acquisition of its Germany-based joint venture that it owns with Domino's Pizza Group, Reuters reported.
The Australian franchise of Domino's said it would issue new shares at a price of AUD65.05 ($43.74) per share, a 2% discount to the stock's last closing price on November 30. In November, the company received an option exercise notice from Domino's Pizza Group requiring the purchase of all of its shares in the Germany joint venture.
Temasek unit picks up stake in Zomato after Alibaba pares holding. (FS)
Temasek Holdings has bought a 1.14% stake in India’s Zomato, a day after Alipay Singapore Holding offloaded 3.07% of its shares in the food delivery startup, DealStreetAsia reported.
Camas Investments, an arm of Singapore’s state-owned fund Temasek Holdings, bought 98m shares of Zomato on Wednesday for over $74m. Following the deal, Temasek’s stake in the company will increase to 4%.
SoftBank plans to sell 5% stake in India's PB Fintech via block deal.
SoftBank Group plans to sell a 5% stake in India’s PB Fintech, the parent of online insurance aggregator Policybazaar, through a block deal, DealStreetAsia reported.
The block deal on Friday could be at a base price of INR440($5.40) per share, CNBC-TV18 said in a tweet. PB Fintech‘s shares closed at INR461 ($5.65).
HSBC reviews New Zealand retail business in streamlining push.
HSBC is reviewing its New Zealand retail banking operations as the lender looks for ways to streamline its footprint while heading off calls for a full-blown breakup.
The London-based bank is studying strategic options for the business, a spokesperson for HSBC confirmed in response to Bloomberg queries, Bloomberg reported.
Indonesia’s top Islamic group trains sights on tech investments.
Muhammadiyah, Indonesia’s second-largest Islamic organisation, is scouting for investments in the country’s tech startup space even as it plans to launch an endowment fund to invest across various sectors.
The organisation made its first investment in a digital startup earlier this year when it joined the pre-Series A round of health tech firm Zi.Care, DealStreetAsia reported.
Tech start-ups shun Singapore and Hong Kong for US SPACs.
Singapore and Hong Kong start-ups are sidestepping their home stock exchanges to merge with special purpose acquisition companies in the US, as fundraising vehicles in the Asian financial hubs have yielded little on their exit plans, FT reported.
Many SPAC deals have favoured high-flying upstarts in the tech space, with such companies seen as having high growth potential, which naturally excites investors. This segment of business deals boomed in the early days of the Covid-19 pandemic, as tech companies saw a surge in demand for digital services when people were in lockdown.
Chinese nickel producer Lygend Resources debuts in Hong Kong.
Lygend Resources & Technology, a Chinese nickel producer and trader, advanced in its Hong Kong debut, the first among eight newcomers to list in the Asian financial hub, Bloomberg reported.
The stock ended at HKD15.8 ($2.02) each, the same price they were sold at and close to the bottom of a marketed range. The Ningbo-based company’s offering raised about HKD3.67bn ($470m), Hong Kong’s largest listing since CALB in early October.
Taiwan’s Gogoro teams up with Ayala, Globe unit to tap PH market.
Taiwanese electric vehicle firm Gogoro has teamed up with Globe Telecom’s 917Ventures and conglomerate Ayala to bring its smart scooter and battery-swapping technology in the Philippines, DealStreetAsia reported.
Carabao founder’s CJ Express weighs $500m Thai IPO.
CJ Express Group, a retail chain founded by Sathien Setthasit, is considering an initial public offering in Bangkok to raise at least $500m, Bloomberg reported.
The Thai supermarket company whose biggest shareholder is also Carabao Group’s chief executive officer is working with advisers on an offering that could take place as soon as next year. CJ Express’s IPO could raise $500m to $800m.
GoTo's pre-IPO investors opt out of secondary offering, shares drop 6.62%.
Shares of Indonesia-listed technology group GoTo Gojek Tokopedia declined nearly 7% in early trade on Thursday after the company decided not to pursue the plan for a coordinated secondary offering of shares after a lock-up period ends on November 30.
GOTO shares hit a fresh low and opened at IDR141 ($0.0089) on Thursday, down 6.62%. Trading in the stock was suspended for the day after it hit the lower circuit, DealStreetAsia reported.
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