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AMERICAS
The US Federal Trade Commission is preparing to sue to block Coach parent Tapestry's $8.5bn deal to buy Michael Kors owner Capri, Reuters reported.
The deal, which would bring together top luxury labels such as Tapestry's Kate Spade, Stuart Weitzman and Capri's Jimmy Choo and Versace, received regulatory clearance from the European Union and Japan on April 15.
7-Eleven, an American international chain of convenience stores, completed the acquisition of 204 convenience stores from Sunoco, a limited partnership company which sells motor fuels in retail and wholesale channels, for $1bn.
"Stripes and Laredo Taco Company have been a great addition to our family of brands since they initially joined us back in 2018. We're excited to welcome the remaining Stripes stores and Laredo Taco Company Restaurants to the family, and we look forward to serving even more customers across West Texas, New Mexico and Oklahoma," Joe DePinto, 7-Eleven CEO.
TPG, a private equity firm, completed the acquisition of a majority stake in Sayari, a provider of financial intelligence and supply chain risk solutions for analysts and investigators, for $235m.
"As the global business landscape continues to evolve, companies are facing an increasingly complex set of risks and are being held accountable for the counterparties with which they partner. Sayari sits at the intersection of these trends. Through its unique data assets built over many years, Sayari's platform drives greater insights into emerging threats and gives organizations more power to protect the people, businesses, and nations they serve. TPG has invested behind leading information services and government technology businesses for more than two decades, and we look forward to partnering with the Sayari team on their journey," Mike Zappert, TPG Partner.
Mallplaza, a Chilean chain of malls operated in South America, agreed to acquire operations in Perú from Falabella, a multinational chain of department stores, for $848m.
“In line with our objective of becoming increasingly streamlined and efficient in our structure and operation, this transaction will allow us to consolidate our real estate operations in Peru under a single company. This reorganization will benefit both companies,” Alejandro González, Falabella Chief Executive Officer.
Mallplaza is advised by JP Morgan. Falabella is advised by Link Capital.
Colbeck Capital-backed Future Pak, a contract manufacturer and packager of pharmaceutical and nutraceutical products, agreed to acquire Vanda Pharmaceuticals, a biopharmaceutical company, for $446m.
Future Pak has access to retail, specialty and institutional customers through its expansive partner network. Leveraging its existing infrastructure, Future Pak seeks to make a positive impact on patients by utilizing its reliable supply chain and its quality-first approach.
Future Pak is advised by Moelis & Co and Honigman Miller Schwartz & Cohn.
Wynnchurch Capital, a private equity firm, completed the acquisition of Handgards, a specialist in manufacturing and distribution of food safety products along with printing and plastic film extrusion, from Wind Point Partners, a private equity firm. Financial terms were not disclosed.
"From our first meeting with Wynnchurch, I knew we had found a fantastic partner for our next chapter of growth. Wynnchurch brings significant commercial and operational expertise in distribution and has substantial resources to support Handgards' growth plans. Importantly, they also share our core values of providing best-in-class service and quality products to our customers," Joe Kubicek, Handgards CEO.
Wynnchurch Capital was advised by Houlihan Lokey and Foley & Lardner.
Armis, an asset intelligence cybersecurity company, completed the acquisition of Silk Security, a platform for cyber risk prioritization and remediation, for $150m.
“Global enterprises and governments need a platform that can address the entire lifecycle of cybersecurity threats. Given today’s complicated, dynamic threat landscape, legacy technologies and point solutions are no longer fit for purpose. To ensure the entire attack surface is both defended and managed in real time, organizations need a comprehensive solution that quantifies and reduces risk continually through the ability to prioritize and remediate the most important security findings at any given time, in any environment," Yevgeny Dibrov, Armis CEO and Co-Founder.
Boyne Capital-backed Pilot Energy, a provider of energy procurement advisory services, completed the acquisition of Worthington Energy Consultants, an energy consulting group. Financial terms were not disclosed.
"We are thrilled to welcome Worthington to the Pilot family. We look forward to integrating Worthington's wealth of expertise into our platform to deliver even stronger solutions for our customers and stakeholders," Zaheer Dhruv, Pilot CEO.
Torque Capital Group-backed Netform, a developer of enterprise software for social network analysis and operational efficiency, completed the acquisition of Vickers Engineering, a CNC machining, fabrication, and automation services provider for the automotive industry. Financial terms were not disclosed.
"We are thrilled to partner with a like-minded group that can assist Vickers as we continue to expand and enhance our relationships with current and future customers. Vickers has built incredible product capabilities and highly automated manufacturing processes that we look forward to leveraging across a larger more diversified customer base. The Netform partnership will amplify our capabilities, enabling us to leverage Netform's industry leading engineering and manufacturing expertise to continue pushing the boundaries of innovation and service," Matt Tyler, Vickers Engineering President & CEO.
Rippling in funding talks at more than $13bn valuation.
Business software startup Rippling is in talks to raise new funding at a valuation of between $13bn and $14bn, Bloomberg reported.
The company’s new round, which has not yet closed, would inject $200m into Rippling with another $670m worth of shares being sold by existing stockholders. This will be Rippling’s Series F and could raise its valuation to as high as $13.4bn on a post-money basis, up from the $11.25bn valuation it reached when it last raised capital in a $500m Series E just a year ago. Rippling had raised $1.2bn total previous to this round.
Riverside explores potential sale of its private credit arm. (FS)
Riverside is exploring strategic options including a sale of its direct lending arm, Riverside Credit Solutions. The firm is negotiating with potential buyers of the unit, Bloomberg reported.
The possible transaction is part of a trend as asset managers and insurance companies seek to broaden their exposure to firms involved in private credit. Riverside Credit Solutions, led by managing partner Dave Dobies, was founded in 2016 and provides financing to private equity-owned companies and other borrowers, with a focus on those that operate in the lower-middle market.
Two US lawmakers raise concerns over Disney, Fox, Warner sports streaming venture.
US lawmakers Jerry Nadler and Joaquin Castro raised competition concerns over the sports streaming joint venture planned by Walt Disney, Fox and Warner Bros Discovery, Reuters reported.
The congressmen questioned how the new offering would affect access, competition, and choice in the sports streaming market in a letter to the media companies' CEOs.
"We are concerned that this consolidation will result in higher prices for consumers and less fair licensing terms for upstream sports leagues and downstream video distributors," Jerry Nadler and Joaquin Castro.
Red Lobster considers bankruptcy to deal with leases and labor costs.
Seafood restaurant chain Red Lobster is mulling a Chapter 11 bankruptcy filing as it looks to restructure its debt, Bloomberg reported.
Red Lobster has been getting advice from law firm King & Spalding. The dining chain is considering a possible Chapter 11 filing to shed some long-term contracts and renegotiate a swath of leases.
EMEA
VINCI Airports, a company that manages the entire life cycle of airport sites, agreed to acquire a 50.01% stake in Edinburgh Airport, an international airport located in Scotland, from Global Infrastructure Partners, an infrastructure investment fund, for £1.27bn ($1.58bn).
"This partnership underlines our commitment to Scotland and its capital city airport. We are excited to extend our partnership with VINCI to deliver on our shared aspirations for the future of Edinburgh Airport, including our promise to support the airport's 2030 sustainability commitments. We are pleased the senior leadership team will remain in place under the chairmanship of Sir John Elvidge. Their focus remains on the long-term growth, modernisation and sustainability of the airport and on continuing to improve passenger service," Michael McGhee, Global Infrastructure Partners Deputy Chairman and Founding Partner.
Global Infrastructure Partners is advised by JP Morgan and Charlotte Street Partners (led by Malcolm Robertson). VINCI Airports is advised by Credit Agricole.
The Regent Group, supplier of gas and metering services to industrial and commercial customers, agreed to acquire TClarke, an engineering services company, for £91m ($113m).
“TClarke is a business we have long admired since we started to invest in 2018. It is well run, has a strong culture helped by a commitment to a well-established apprentice scheme which offers career progression and a high degree of staff loyalty. Given our admiration for TClarke, as part of our plans, we would like TClarke to continue its business in the manner in which it has been conducted. We will support the management team in their ambitions to strengthen the balance sheet, and continue to grow the business," Deep Valecha, Regent CEO.
TClarke is advised by RMS Partners (led by Simon Courtenay). The Regent Group is advised by Spark Advisory Partners (led by Matt Davis).
Certares, an investment management company, agreed to invest €125m ($133m) in FTI GROUP, a tour operator.
“We are delighted to announce our partnership with the Certares-led Consortium. Certares is a leading investor in the global travel and tourism sector. With support from Certares and its extensive experience in the sector and capital provided by the Consortium, FTI is uniquely positioned for future growth and profitability which benefits all the stakeholders, including our customers, commercial partners and employees. We are committed to start our next chapter of success and to further consolidate our position as a leading player in the German and European tourism sector," Karl Markgraf, FTI GROUP CEO.
Certares is advised by Jefferies & Company.
MSCI, a mission-critical decision support tools and services provider, completed the acquisition of Foxberry, a front-office index technology provider. Financial terms were not disclosed.
"This acquisition marks the opening of new pathways to index innovation and more client centric solutions. We look forward to the next phase of our journey, focused on our commitment to developing and enhancing our customized portfolio solutions for investors globally," Jana Haines, MSCI Head of Index.
State Street said to explore acquisition of SocGen’s custody arm. (FS)
State Street is exploring a potential acquisition of Societe Generale's custody business, as the French lender pushes to streamline its operations, Bloomberg reported.
Boston-based State Street has been discussing terms of a possible purchase of Societe Generale Securities Services, known as SGSS. Societe Generale has been seeking more than €1bn ($1.1bn) for the business.
Permira considers sale of German chemicals firm CABB. (FS)
Buyout firm Permira is considering a sale of specialty chemicals manufacturer CABB for more than €1bn ($1.06bn) after plans to list the company in Switzerland didn’t bear fruit in 2022, Bloomberg reported.
The private equity group is working with an adviser on a potential deal and has held initial talks with potential buyers. First-round bids are due in early May and other private equity firms are expected to express interest.
Lufthansa's new ITA remedies not too different from earlier.
Lufthansa's new remedies on its ITA Airways stake buy are not markedly different from an earlier package rejected by EU antitrust regulators which have also discounted Ryanair as a rival in its scrutiny of the deal, Reuters reported.
The two factors are key to whether the German carrier can secure EU antitrust approval for its €325m ($346m) bid to acquire a 41% stake in Italian state-owned ITA, the successor to Alitalia.
The airline sector has seen a slew of acquisitions in recent months, with the Lufthansa deal and British Airways owner IAG's bid to buy out Spain's Air Europa the most high-profile ones.
UniCredit and Alpha Bank Chiefs eye Romania growth after tie-up.
The tie-up with Alpha Bank is going well and cooperation could end up going much further than the distribution agreement they had initially planned. After creating the No. 3 lender in Romania, the two firms may even team up on another takeover in that country once the integration of their two units is completed, Bloomberg reported.
The two sides also agreed to a network partnership and a joint venture for retirement savings products. Alpha Bank received €300m ($319m) in cash for the Romanian operation and retained 9.9% of the merged company.
Turkish mall backer stung by lira’s drop hunts for growth abroad.
A top developer of Turkish shopping malls is eying an expansion into the Gulf as its domestic business has faltered alongside the lira’s precipitous decline in recent years, Bloomberg reported.
Esas Properties, which owns seven shopping centers across Turkey, is now looking to make similar investments in the Gulf market, especially in Saudi Arabia and the United Arab Emirates. The company has already signed a contract to manage a shopping mall in Duhok, a city in the northern region of Iraq.
Abu Dhabi's TAQA confirms Naturgy shareholder talks as it eyes full takeover. (FS)
Abu Dhabi's TAQA is in discussions with the three largest shareholders of Spanish energy firm Naturgy with a view to a possible full takeover bid for the company, Reuters reported.
Criteria, the main shareholder in lender Caixabank, owns a 26.7% stake in Naturgy, which has a current overall market value of €22bn ($23.42bn). Private equity firms CVC and GIP each own a further 20%, at a combined value of almost €9bn ($9.56bn). TAQA said it is in talks with the pair regarding the possible acquisition of the stakes. Spanish supervisor CNMV on April 17, suspended trade in Naturgy awaiting the disclosure of relevant information.
UK's Games Global discloses over 80% jump in annual revenue in US IPO filing.
Games Global, the UK-based maker of online casino-styled games, recorded a more than 80% jump in revenue in 2023, it revealed on April 16 in its paperwork for an initial public offering in the United States, Reuters reported.
The US IPO market is expected to recover in 2024, after a two-year a dry spell, amid growing expectations of a soft-landing for the economy. But the company's plan to list in the US deals yet another blow to London capital markets, which have seen a string of high-profile defections last year by domestic or locally listed companies to New York in search of deeper liquidity and higher valuations.
Covestro in no hurry for ADNOC talks, will take necessary time.
Covestro said that it is under no legal deadlines to come to a decision in talks with suitor Abu Dhabi National Oil Company and that it would take the time it needs to consider a potential takeover by ADNOC, Reuters reported.
"We will take the time that is needed to come to the best possible solution for shareholders and other stakeholders," Markus Steilemann, Covestro CEO.
Acre Impact Capital announces the first closing of its Export Finance fund I. (FS)
Acre Impact Capital, a private-debt impact investment manager, announces the first closing of its Export Finance fund I, with commitments of $100m, with a target size of $300m.
The fund has attracted a diverse group of investors including institutional investors, major Development Finance Institutions, family offices and impact-first investors such as Trimtab Impact and Ceniarth. DFIs include the European Investment Bank and FSD Africa Investments. The fund has also secured significant commitments from several African investors, reflecting the attractive risk-return profile and expected impact of the strategy.
APAC
Affinity Equity, a private equity firm, agreed to acquire SK Rent-a-Car, a car rental company, from SK Networks, a corporation with a wide span of businesses including mobility, home appliances, blockchain, for $610m.
SK Networks will likely spend the raised funds on the AI business as the company has selected this as its major business focus.
Shifting market spurs Dai-ichi to adjust $219bn portfolio.
Japan’s largest listed life insurer has a dilemma — its traditional investment strategies aren’t working, Bloomberg reported.
Yields on Japanese government debt are too low. Foreign bonds have too much currency risk. And the company is cutting its holdings of domestic equities, which are surging, to avoid too much exposure to the asset class. As a consequence, Dai-ichi Life has begun to include more alternative investments in its JPY 33.9tn ($219bn) portfolio. The company is also looking at increasing mergers and acquisitions and will only start buying 30-year JGBs again once yields rise to 2%.
China Vanke seeks to sell 21% stake in logistics operator GLP.
China Vanke is seeking to sell its entire stake in logistics firm GLP as the state-backed developer seeks to amass cash to stave off a debt crisis, Bloomberg reported.
Abu Dhabi Islamic Bank in talks to buy $1.1bn stake in Indonesian lender BSI.
Abu Dhabi’s largest Islamic bank is in talks to buy a minority stake valued at around $1.1bn in Indonesia’s top Islamic lender, Bank Syariah Indonesia, with an aim to tap into a fast-growing market for such services in Southeast Asia, DealStreetAsia reported.
The potential acquisition of a 15% stake in Bank Syariah Indonesia from Bank Rakyat Indonesia is one of the options that Abu Dhabi Islamic Bank is considering.
India's IIFL Finance looks to raise $152m via share sale.
India’s IIFL Finance will raise INR12.72bn ($152m) by selling shares, the non-bank lender said aiming to shore up capital a month after the central bank barred it from offering gold loans, DealStreetAsia reported.
In mid-March, IIFL had said it would raise up to INR15bn ($180bn) via a rights issue, which gives preferential treatment to existing shareholders, but had not finalised the amount.
Invictus sale talks stall as potential PE buyers weigh core terms. (FS)
The sale process of Invictus International School, a Singapore-based education business owned by Chip Eng Seng Education, is said to have stalled as interested buyers, including private equity firms, are taking time to examine certain deal terms linked to the entity’s only profitable campus, DealStreetAsia reported.
Singapore’s Growtheum Capital Partners and Malaysia-based Navis Capital Partners are among the parties that have passed on the deal. Hong Kong-based Temple Water has reviewed the sale proposal even though it could not be ascertained if the investor evinced interest in the asset.
Prudential Financial’s PGIM struggles to sell Singapore towers. (RE)
PGIM Real Estate has been trying to sell a pair of prime office towers in Singapore since last year without success, the latest sign of the country’s softening property market, Bloomberg reported.
Efforts to divest 78 Shenton Way in the central business district have stalled as prospective buyers bid below what the real estate manager bought it for.
Masan said to consider record Vietnam IPO for consumer unit. (FS)
Vietnam’s Masan Group is considering listing its consumer unit in what could potentially be the country’s biggest-ever initial public offering, Bloomberg reported.
The conglomerate, based in Ho Chi Minh City, is working with banks including Jefferies Financial Group, Morgan Stanley and UBS Group on an IPO of Masan Consumer that could raise $1bn to $1.5bn. The share sale may take place early next year if market conditions suit.
Evolvence India raises $226m so far for fourth PE fund. (FS)
India-focused private equity fund of funds Evolvence India has so far raised $226m from US investors for its fourth vehicle, DealStreetAsia reported.
Evolvence India Fund IV, which started raising capital in March 2022, seeks to raise $250m in total commitments. The filing showed that the vehicle has already secured commitments from at least 25 investors. US SEC filings typically cover commitments raised from investors based in the US.
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