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Top Highlights
Veritiv, a specialty packaging distribution firm, completed the acquisition of Orora Packaging Solutions, a North American packaging and distribution business. Financial terms were not disclosed.
Orora was advised by UBS. Veritiv was advised by BMO Capital Markets, Goldman Sachs, Morgan Stanley, RBC Capital Markets, Wells Fargo Securities, Debevoise & Plimpton (led by Brett Novick and Scott Selinger) and Kirkland & Ellis. Debt financing was provided by BMO Capital Markets, Goldman Sachs, RBC Capital Markets, UBS, Wells Fargo Securities, BNP Paribas, Citizens M&A, ING Bank, Mizuho Securities, Natixis Corporate & Investment Banking, Rabobank, Regions Bank, Stifel, TD Securities, Scotiabank and Morgan Stanley.
Monex-backed Coincheck, a provider of a currency exchange platform, went public via a SPAC merger with Thunder Bridge Capital Partners IV, a blank cheque company, in a $1.75bn deal.
Coincheck was advised by Deloitte. Thunder Bridge was advised by BTIG, Barclays, Cantor Fitzgerald, Galaxy Digital Partners, Goldman Sachs, Keefe Bruyette & Woods, KeyBanc Capital Markets, Allen & Overy, Littler Mendelson, Mori Hamada & Matsumoto and Nelson Mullins Riley & Scarborough. Financial advisors were advised by Cleary Gottlieb Steen & Hamilton. Monex was advised by JP Morgan, Anderson Mori & Tomotsune, De Brauw Blackstone Westbroek and Simpson Thacher & Bartlett.
Cinven, a private equity firm, completed the acquisition of a 70% stake in Idealista, an online real estate classifieds platform, from Oakley Capital, a pan-European private equity investor, EQT, a private equity company, and Apax, an investment firm, for €2bn ($2.17bn).
Deal Round up
AMERICAS
Hershey’s main owner rejects Mondelez’s offer as too low. ( Bloomberg)
Synopsys offers to sell two assets in bid for EU okay for $35bn Ansys deal. ( Reuters)
EMEA
Sycamore bid for Walgreens paves way for fresh Boots auction. (Sky News)
Pirelli investor Camfin plans to raise stake to 29.9%. (Reuters)
SoftwareOne said to near deal for nordic rival Crayon Group. (Bloomberg)
Iberdrola seeks UK smart meter unit sale. (Reuters)
Lonza to exit capsules and health ingredients business, focus on contract development. (Press Release)
TCorp completes the acquisition of a 4.92% stake in Euroclear from London Stock Exchange Group for €455m. (Press Release)
Stada sounding out investors ahead of €1.5bn-plus IPO. (Bloomberg)
APAC
Temasek firm’s deal values Malaysia 5G winner at $1.7bn. ( Press Release)
Huawei’s EV partner Seres is said to consider Hong Kong listing. ( Bloomberg)
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COMPANIES
INVESTORS
FINANCIAL ADVISORS
LEGAL ADVISORS
PR ADVISORS
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AMERICAS
TruArc Partners, a middle-market private equity firm, agreed to invest in DMI Personal Care, a contract developer and manufacturer of beauty and personal care products. Financial terms were not disclosed.
DMI Personal Care is advised by Carriage Hill and Akerman. TruArc Partners is advised by Guggenheim Partners, KPMG, Raymond James and Weil Gotshal and Manges (led by Emily Willey and Ramona Nee).
May River Capital-backed RLE Technologies, a critical facility monitoring solutions provider, completed the acquisition of NDSL, a cellwatch battery monitoring solutions provider. Financial terms were not disclosed.
NDSL was advised by Mesirow Financial and Laytons ETL. May River Capital was advised by Livingstone Partners and Paul Hastings. Debt financing was provided by Tree Line Capital Partners.
SEI Investments Company, a global provider of investment solutions, agreed to acquire LifeYield, a Boston-based tax-smart technology provider. Financial terms were not disclosed.
LifeYield is advised by PJT Partners and Nutter McClennen & Fish. SEI is advised by Holland & Knight and Vested.
AbbVie, an American pharmaceutical company, agreed to acquire Aliada Therapeutics, a biotechnology company focused on addressing delivery challenges in CNS drug development, from RA Capital, a multi-stage investment manager, for $1.4bn.
Homrich Berg, an Atlanta-based fee-only wealth advisor, has entered into a definitive agreement to acquire WMS Partners, a multi-family office and registered investment adviser. Financial terms were not disclosed.
"HB is highly selective as we evaluate potential partners, and we are thrilled to join forces with WMS Partners who we have long admired for their unwavering commitment to serving as a fiduciary to client families," Thomas Carroll, Homrich Berg President and CEO.
WMS Partners is advised by Willkie Farr & Gallagher. Homrich Berg is advised by Alston & Bird and Gregory FCA.
RLH Equity Partners, a private equity firm specializing in high-growth business services companies, agreed to acquire a minority stake in The Asia Group, a strategic advisory firm operating across the Indo-Pacific region. Financial terms were not disclosed.
The Asia Group is advised by Robert W Baird and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian.
Comcast, a media company, agreed to acquire Nitel, a Chicago-based managed services provider specializing in network-as-a-service solutions, from Cinven, a private equity firm. Financial terms were not disclosed.
Comcast is advised by Davis Polk & Wardwell (led by Brian Wolfe). Cinven is advised by Joele Frank.
Private equity firm Ares Management, Joe Tsai and Oliver Weisberg to acquire a 13% stake in Miami Dolphins, a professional American football team. Financial terms were not disclosed.
Ares will acquire a 10% stake, while Tsai and Weisberg together will hold a 3% interest, pending final closing of the agreements.
Miami Dolphins is advised by BDT & MSD Partners and Wachtell Lipton Rosen & Katz.
Bain Capital Life Sciences, an investment firm focusing on pharmaceutical, biotechnology, medical device, diagnostic, and life science tool companies, led a $120m Series C round in Angitia Biopharmaceuticals, a clinical-stage biotechnology company, with participation from Janus Henderson, OrbiMed, 3H Health Investment, Yonghua Capital, Legend Capital, and Elikon Venture.
Angitia was advised by Solebury Strategic Communications (led by William Windham).
Hershey’s main owner rejects Mondelez’s offer as too low. ( Bloomberg)
The primary owner of US chocolate maker Hershey has declined a preliminary takeover bid from Mondelez International, potentially halting efforts to create a food giant with nearly $50bn in combined sales.
The Hershey Trust, which controls around 80% of the company’s voting power, rejected the offer, deeming it too low. As the holder of nearly all of Hershey’s Class B shares, the trust’s approval is crucial for any potential deal.
Historically, The Hershey Company has worked with Houlihan Lokey, Gibson Dunn & Crutcher, JP Morgan and Perella Weinberg Partners, according to MergerLinks data.
Synopsys offers to sell two assets in bid for EU okay for $35bn Ansys deal. ( Reuters)
Chip design software company Synopsys has proposed selling an Ansys unit in addition to one of its own divisions to secure EU approval for its $35bn acquisition of the chip design software firm.
The European Commission, serving as the EU's competition authority, is currently gathering feedback from competitors and customers on Synopsys’ proposal, with a deadline for responses set for December 16.
Historically, Synopsys has worked with Evercore, Hogan Lovells and Cleary Gottlieb Steen & Hamilton, according to MergerLinks data.
EMEA
Railsr, a software company, J.C. Flowers, a private equity firm, and TowerBrook Capital Partners, an investment management firm, agreed to acquire Equals Group, a financial services company, for £283m ($361m).
Equals Group is advised by Canaccord Genuity (led by Bill Gardiner), Lazard (led by Nicholas Millar), Ashurst and Burson Buchanan (led by Henry Harrison-Topham). Railsr is advised by Mishcon de Reya. TowerBrook is advised by PJT Partners, Rothschild & Co, Norton Rose Fulbright and Brunswick Group. J.C. Flowers is advised by Perella Weinberg Partners (led by Timm Schipporeit) and Macfarlanes.
CoStar Group, a global provider of online real estate marketplaces, information, and analytics, completed the acquisition of OnTheMarket, a residential property portal, for £100m ($105m).
OnTheMarket was advised by Shore Capital & Corporate, Zeus Capital, Eversheds Sutherland and Teneo. CoStar Group was advised by Goldman Sachs, Latham & Watkins and FGS Global. Goldman Sachs was advised by Ashurst.
Seplat Energy, a Nigerian energy company, completed the acquisition of Mobil Producing Nigeria, a Nigerian offshore shallow water business of ExxonMobil, from ExxonMobil, an international petroleum and petrochemical company, for $672m.
Gerresheimer, a manufacturer of primary packaging products for medication and drug delivery devices, completed the acquisition of Bormioli Pharma Group, a manufacturer of pharmaceutical products, from Triton, a private equity firm, for €800m ($841m).
Gerresheimer was advised by Morgan Stanley. Debt financing was provided by Commerzbank and UniCredit. Triton was advised by Kekst CNC.
Amulet Capital Partners, a middle-market private equity firm specializing in healthcare, completed an investment in Theoria Management, an innovative, tech-enabled management service organization providing value-based primary care services to senior living communities across the United States. Financial terms were not disclosed.
Theoria Management was advised by Cain Brothers. Amulet Capital was advised by Houlihan Lokey, McDermott Will & Emery and Joele Frank.
AlpInvest, a global private equity company, led a €900m ($946m) funding round in Gyrus Capital-backed Essential Pharma, an international specialty pharmaceutical group, with participation from Sixth Street.
Gyrus Capital was advised by Rothschild & Co. Essential Pharma was advised by ICR (led by Tracy Cheung).
Warburg Pincus, a private equity firm, agreed to acquire a minority stake in United Trust Bank, a UK-based specialist bank. Financial terms were not disclosed.
United Trust Bank is advised by Lazard and CMS.
Zalando, an European online fashion platform, has announced its intention to acquire ABOUT YOU, a German online fashion retailer, for €1.2bn ($1.3bn).
BIC, a consumer goods company, agreed to acquire Tangle Teezer, a premium detangling haircare company, from Mayfair Equity Partners, a private equity firm, for €200m ($210m).
BIC is advised by Rothschild & Co.
Access Bank, a Nigerian multinational commercial bank, agreed to acquire Bidvest Bank, a South African business niche bank, for ZAR2.8bn ($157m).
Fiblac, a family holding company managing insurance, wine and real estate companies, Krefeld, a family office of Hermès families, and Fairfax, a Canadian holding company specializing in insurance and re-insurance, offered to acquire a 70% stake in Albingia, a French insurance company specializing in risk management, from Eurazeo, a French private equity firm. Financial terms were not disclosed.
Sycamore bid for Walgreens paves way for fresh Boots auction. ( Sky News)
A takeover bid exceeding $10bn for one of America’s largest pharmacy chains is expected to reignite efforts to auction off Boots the Chemist, following several failed attempts to sell the British retail giant.
Sycamore Partners, the private equity firm behind the bid, is likely to pursue separate ownership for Boots if it successfully takes Walgreens Boots Alliance, its current New York-listed parent company, private.
Historically, Sycamore has worked with Robert W. Baird, Kirkland & Ellis, Cleary Gottlieb Steen & Hamilton and Paul Weiss Rifkind Wharton & Garrison, according to MergerLinks data.
Pirelli investor Camfin plans to raise stake to 29.9%. (Reuters)
Camfin, the investment vehicle of Pirelli's executive vice chairman Marco Tronchetti Provera, plans to raise its stake in the tire manufacturer from 26.1% to 29.9%.
To finance the stake increase and reduce its debt costs, Camfin is seeking €650m ($682.96m) in funding from a consortium of banks led by UniCredit and Intesa Sanpaolo, with Banco BPM also participating.
Historically, Pirelli has worked with Allen & Overy, Deutsche Bank, Goldman Sachs and JP Morgan, according to MergerLinks data.
SoftwareOne said to near deal for nordic rival Crayon Group. (Bloomberg)
SoftwareOne Holding is close to finalizing a deal to acquire Norwegian competitor Crayon Group Holding, aiming to establish a leading pan-European software reseller.
The Swiss company is preparing a bid to take Crayon Group private and may announce the merger plans as soon as this month. The acquisition is expected to be paid mostly or entirely in stock.
Historically, Iberdrola has worked with Cuatrecasas Goncalves Pereira, Lenz & Staehelin, Rothschild & Co and KPMG, according to MergerLinks data.
Iberdrola seeks UK smart meter unit sale. (Reuters)
Spanish utility Iberdrola plans to sell its UK smart metering business, aiming to capitalize on growing investor interest in the sector.
The company is targeting proceeds of approximately £1bn ($1.27bn) and has enlisted RBC as its adviser for the deal.
Historically, Iberdrola has worked with Clifford Chance, JP Morgan, Santander and Latham & Watkins, according to MergerLinks data.
Lonza to exit capsules and health ingredients business, focus on contract development. (Press Release)
Swiss contract drugmaker Lonza announced plans on December 12 to divest its capsules and health ingredients business, following a decline in demand for pharmaceutical supplies after the pandemic-driven surge.
"We need to come to the conclusion that Lonza is not the best owner at this point in time," Philippe Deecke, Lonza CFO.
Historically, Lonza has worked with UBS, Bank of America, Jenner & Block and FTI Consulting, according to MergerLinks data.
TCorp completes the acquisition of a 4.92% stake in Euroclear from London Stock Exchange Group for €455m. ( Press Release)
TCorp, the financial services partner to the New South Wales government, completed the acquisition of a 4.92% stake in Euroclear, a financial services provider, from London Stock Exchange Group, a diversified financial group, for €455m ($478m).
“We are delighted to welcome TCorp as a new shareholder. It is a sophisticated global investor with a long-term investment horizon and anchored in the APAC region. This aligns well to our strategic vision of long-term value creation through providing more liquid and stable markets for Europe and beyond," Valérie Urbain, Euroclear CEO.
LSEG was advised by JP Morgan and BNP Paribas.
Stada sounding out investors ahead of €1.5bn-plus IPO. (Bloomberg)
Stada Arzneimittel is gauging investor interest for an initial public offering that could raise approximately €1.5bn ($1.6bn) in fresh capital for the consumer health-focused pharmaceutical company.
In recent weeks, the company has been meeting with prospective investors across Europe and the US. The deal size could grow if Stada’s private equity owners, Bain Capital and Cinven, decide to include some of their existing shares in the offering.
APAC
Cement Australia, a joint venture between Heidelberg Materials Australia and Holcim Australia, agreed to acquire the cementitious division of BGC, a diversified construction and manufacturing group, for AUD800m ($509m).
Cement Australia is advised by UBS. BGC is advised by Macquarie Group.
Blackstone, an American alternative investment firm, agreed to acquire Tokyo Garden Terrace Kioicho from Seibu, a Japanese multinational holding company, for $2.6bn.
Korean Air, a flag carrier of South Korea, completed the acquisition of a 63.88% stake in Asiana Airlines, a South Korean airline, for KRW1.5tn ($1bn).
Temasek, a Singaporean investment company, led a $210m funding round in Rebel Foods, an Indian online restaurant company.
Rebel Foods was advised by Avendus Capital.
Automobile companies Hyundai and BAIC, agreed to invest $1.1bn in Beijing Hyundai Motor, a joint venture between Hyundai Motor Company and BAIC Motor, to produce and sell Hyundai vehicles in China.
This capital injection, split equally between the two companies, will increase the joint venture's registered capital to $4bn. The investment aims to introduce products tailored to Chinese consumer preferences and expand exports to international markets.
Temasek firm’s deal values Malaysia 5G winner at $1.7bn. ( Press Release)
A Temasek Holdings subsidiary has agreed to a stake sale that values U Mobile at approximately MYR7.5bn ($1.7bn), following the Malaysian telecom company's recent win of a significant 5G contract.
Straits Mobile Investments, a unit of Singapore Technologies Telemedia and wholly owned by Temasek, is reducing its stake after Prime Minister Anwar Ibrahim’s administration selected U Mobile last month to develop Malaysia’s second 5G network.
Historically, Temasek has worked with Latham & Watkins, Morgan Stanley, Khaitan & Co and Cooley, according to MergerLinks data.
Huawei’s EV partner Seres is said to consider Hong Kong listing. ( Bloomberg)
Huawei Technologies' electric-vehicle partner, Seres Group, is exploring a secondary listing in Hong Kong, joining the growing trend of mainland-listed companies pursuing such moves.
The Chongqing-based company has been in discussions with potential advisers about a share sale that could raise over $1bn. If Seres moves forward, the Hong Kong listing could happen as early as next year.
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