Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
GTCR, a private equity firm, completed the acquisition of AssetMark, a wealth management technology platform for financial advisors, from Huatai Securities, a securities company, for $2.7bn.
“This transaction is a testament to the support and commitment of Huatai over the past seven years, and the hard work of the entire AssetMark team. Together with Huatai, we have accomplished remarkable results, and we look forward to partnering with GTCR on the next phase of growth,” Michael Kim, AssetMark CEO.
The White House is close to announcing President Joe Biden will block Nippon Steel's acquisition of US Steel citing national security concerns, amid growing bipartisan political opposition to the $14.9bn deal.
US Steel had earlier warned that a failure to conclude a deal with Japan-based Nippon would put thousands of US union jobs at risk and signaled that it would close some steel mills and potentially move its headquarters out of the politically important state of Pennsylvania.
Noble, an offshore drilling contractor, completed the acquisition of Diamond Offshore Drilling, an offshore drilling contractor, for $1.6bn.
"We are excited to close this highly strategic and accretive transaction ahead of schedule and commence our integration activities. On behalf of Noble's board of directors and employees, I would like to welcome the Diamond organization onboard and look forward to our exciting journey ahead as a combined team," Robert Eifler, Noble President and CEO.
Diamond Offshore Drilling was advised by Guggenheim Partners, Tudor Pickering Holt and Kirkland & Ellis. Noble was advised by Morgan Stanley, SpareBank 1 Markets, Wells Fargo Securities, A&O Shearman and Paul Weiss Rifkind Wharton & Garrison (led by Kyle Seifried and Scott Barshay). Financial advisors were advised by Alston & Bird (led by Stuart Rogers). Debt financing was provided by Morgan Stanley.
Verizon, an American telecommunications company, agreed to acquire Frontier, a telecommunications company that provides fiber internet, TV, and phone services to consumers and businesses, for $20bn.
“The acquisition of Frontier is a strategic fit. It will build on Verizon’s two decades of leadership at the forefront of fiber and is an opportunity to become more competitive in more markets throughout the United States, enhancing our ability to deliver premium offerings to millions more customers across a combined fiber network,” Hans Vestberg, Verizon Chairman and CEO.
Frontier is advised by Barclays, PJT Partners, Cravath Swaine & Moore and Paul Weiss Rifkind Wharton & Garrison (led by Jeffrey D. Marell). Financial advisor is advised by Skadden Arps Slate Meagher & Flom (led by Richard Oliver and Micah Kegley). Verizon is advised by Centerview Partners, Morgan Stanley and Debevoise & Plimpton.
TPG Capital-backed TPG Rise Climate, a climate investing platform, completed the acquisition of MIRATECH, an aftermarket emissions and noise reduction technology services provider. Financial terms were not disclosed.
“As energy demand related to AI and cloud migration increases, there is an opportunity to expand MIRATECH’s market leadership amongst data center emergency backup power providers. We are also seeing increasing emissions regulations and air quality standards around the world, including further caps on methane emissions, which our products are well-placed to address. With the capital and expertise from TPG Rise Climate, we look forward to capitalizing on the substantial growth and emissions reductions opportunities ahead," David Zenthoefer, MIRATECH CEO.
MIRATECH was advised by Robert W Baird, Locke Lord and The Garden Law Group. TPG Capital was advised by Paul Weiss Rifkind Wharton & Garrison and Simpson Thacher & Bartlett.
Energy Capital Partners, a private equity and credit investor, completed the acquisition of a majority stake in PROENERGY, a global dispatchable-power solutions provider, from Eos Partners, an alternative investment firm, and ACON Investments, a private equity firm. Financial terms were not disclosed.
“Our core values, culture, and commitment to safety remain unchanged. ECP’s extensive experience in the energy sector will be a tremendous asset. Together, we are dedicated to driving growth, fostering innovation, advancing sustainability, and delivering unparalleled value to our industry,” Jeff Canon, PROENERGY President and CEO.
PROENERGY was advised by PEI Global Partners, Orrick Herrington & Sutcliffe and Winston & Strawn. Energy Capital Partners was advised by Latham & Watkins and FGS Global (led by Nick Rust and Akash Lodh).
ConnectOne Bancorp, a provider of provider of creative financial products and customized solutions, agreed to acquire First of Long Island, a bank holding company, in a $284m deal.
The deal will create a combined bank with about $14 billion in total assets and bolster ConnectOne's presence in New York City.
First of Long Island is advised by Piper Sandler and Luse Gorman. ConnectOne Bancorp is advised by Keefe Bruyette & Woods and Windels Marx Lane & Mittendorf.
Welsh, Carson, Anderson & Stowe, a technology-focused private equity firm, completed the acquisition of a majority stake in EquiLend, a securities lending platform. Financial terms were not disclosed.
"With the necessary regulatory approvals now in place, EquiLend is poised to accelerate its growth and further the automation of the securities finance market. We believe this partnership will support EquiLend's mission to innovate and enhance industry efficiency. We look forward to working closely with EquiLend's customers, shareholders and leadership team during this exciting period of growth," Ryan Harper, WCAS General Partner.
BNY Mellon, a global financial services company, agreed to acquire Archer, a technology-enabled service provider that helps investment managers deliver solutions aligned with investor needs. Financial terms were not disclosed.
"Today's asset and wealth managers have a strong desire to create multi-asset solutions across a variety of products, along with direct indexing and tax optimized portfolios, to meet the needs of their distribution partners and investors. As a new addition to the BNY platform, Archer's expertise, capabilities and scale will be leveraged across all of BNY to help even more clients drive long-term growth for their businesses," Bryan Dori, Archer President and CEO.
Archer is advised by Raymond James and DLA Piper. BNY Mellon is advised by Bank of America and Sullivan & Cromwell.
PPC Enterprises-backed Indus Valley Partners, a global provider of software and technology solutions, agreed to acquire IntegriDATA, a provider of alternative investment software solutions. Financial terms were not disclosed.
“We are excited to join forces with IVP. Together, our shared vision and combined strengths will enable us to deliver more comprehensive solutions for our investment management clients,” Mitch Schulman, IntegriDATA Founder & CEO.
IntegriDATA is advised by Finn Dixon & Herling. Indus Valley Partners is advised by Novitas, Simpson Thacher & Bartlett and Buttonwood Communications Group.
Fortive, a provider of essential technologies for connected workflow solutions across a range of attractive end-markets, is set to spin-off its precision technologies segment. Financial terms were not disclosed.
“Over the last eight years, we’ve created a more durable, higher-growth company with an intense commitment to innovation. Our unique culture rooted in our powerful Fortive Business System (FBS) has been critical to the value we’ve driven over this period. Today’s announcement marks the next step forward in Fortive’s evolution. Once the spin-off is complete, Fortive will be more focused on recurring revenue and software businesses, and better positioned to accelerate growth and consistently grow earnings and free cash flow. Similarly, our Precision Technologies business will thrive as a standalone public company, focused on key secular growth trends powering the world’s technology advancements. We are confident that this plan will best position each company for the future and deliver enhanced value for all stakeholders,” James A. Lico, Fortive President and CEO.
Bansk Group, a consumer-focused private investment firm, agreed to acquire Foundation Wellness, a consumer health & wellness platform managing a family of specialty orthotics brands, from Gridiron Capital, a private equity firm. Financial terms were not disclosed.
"As we see consumers increasingly focus on health, wellness and fitness, along with an aging U.S. population seeking to live a more active lifestyle, demand for effective, pain-relieving orthotic solutions is poised for long-term, secular growth. For nearly 90 years, Foundation Wellness has built a reputation for prioritizing the health and wellness of consumers. We look forward to leveraging our track record in the consumer health sector to capitalize on strong demand for Foundation Wellness' clinical orthotics offering and thoughtfully expand the Company's platform in adjacent categories," Chris Kelly, Bansk Senior Partner.
Foundation Wellness is advised by Robert W Baird. Bansk Group is advised by Kirkland & Ellis and Joele Frank.
BRANDED, a digital consumer products platform, completed the acquisition of Heyday, a digital brand creation platform. Financial terms were not disclosed.
“Joining forces with BRANDED strengthens our platform, and, importantly, our balance sheet, putting us in a prime position to take advantage of the accelerating wave of digital-native brand acquisition opportunities,” Sebastian Rymarz, Heyday Co-Founder & CEO.
Heyday was advised by The Raine Group and Power Digital.
Medera, a clinical-stage biopharmaceutical company, to go public via SPAC merger with Keen Vision Acquisition, a blank check company, in a $623m deal.
"Achieving a Nasdaq listing will allow Medera to be better positioned for advancing our various clinical and preclinical programs, enabling more efficient development aimed at bringing novel therapeutic solutions to patients with unmet needs," Ronald Li, PhD, Medera Founder and CEO.
KVAC is advised by EF Hutton.
Paylocity, a cloud-based HR and payroll software solutions provider, agreed to acquire Airbase, a finance and spend management software solution provider, for $325m.
“I’m very excited about the acquisition of Airbase, which we believe will allow us to provide companies with an integrated software platform to manage all aspects of their operational spend. Many companies use disparate software solutions or manual processes to manage their labor costs and non-labor vendor and procurement spend, and we expect this acquisition will give us the ability to provide a comprehensive solution and modern client experience for managing all spend on a single integrated platform. Airbase represents an exciting opportunity to expand our relationship with our nearly 40,000 clients to offer an integrated software platform for running their business operations, while also offering a very compelling value proposition for prospects across our target market,” Toby Williams, Paylocity President and CEO.
Airbase is advised by JP Morgan.
Cvent, a meetings, events, and hospitality technology provider, completed the acquisition of Splash, an event marketing technology company. Financial terms were not disclosed.
"The technology-driven convergence of marketing and events is an exciting growth opportunity. Pairing Splash’s expertise in field marketing events with our robust event and marketing platform further strengthens our ability to empower marketers to create and execute on-brand, high-impact event programs that deliver real results," Reggie Aggarwal, Cvent CEO & Founder.
Cvent was advised by Simpson Thacher & Bartlett.
Venture capital firms NFDG, a16z, Sequoia, DST Global, and SV Angel completed the $1bn investment in Safe Superintelligence, a company that develops safe superintelligence through innovative engineering and research.
SSI, which currently has 10 employees, plans to use the funds to acquire computing power and hire top talent. It will focus on building a small highly trusted team of researchers and engineers split between Palo Alto, California and Tel Aviv, Israel.
Bluestone Investment Partners-backed Precise Systems, a professional services company, completed the acquisition of Tucson Embedded Systems, a hardware and software engineering firm. Financial terms were not disclosed.
"We are excited to welcome TES employees into Precise as our third add-on acquisition in the last year. TES brings significant capability in the advanced engineering domain and specifically within open architecture software development standards. These capabilities are increasingly in demand across Precise Systems' existing client base and the overall sector. This acquisition deepens our expertise in this area, and we look forward to bringing these solutions and expertise to current and new customers," Scott Pfister, Precise Systems President and CEO.
Granicus, a government experience technologies and services provider, completed the acquisition of Simpleview, an integrated destination marketing solutions provider. Financial terms were not disclosed.
"We are incredibly excited by the opportunity to combine the highly complementary missions of Simpleview and Granicus. By combining the power and focus of both platforms, we can more holistically deliver data-driven, actionable insights to community leaders that empower thriving, unified communities for all members," Mark Hynes, Granicus CEO.
Stonepeak, a private equity firm, completed the acquisition of logistics portfolio in Fort Worth, two logistics assets totaling 1.1m sq.ft. Financial terms were not disclosed.
“We are excited to add these assets to our growing portfolio. We believe that high-quality real estate adjacent to transport infrastructure will continue to outperform given its mission-critical role in local and national supply chains,” Phill Solomond, Stonepeak Senior Managing Director and Head of Real Estate.
LiRo Group, an architecture, engineering and construction firm, and northeast region of Hill International, a construction consulting firm, completed the merger to form LiRo-Hill. Financial terms were not disclosed.
“As the largest firm of our kind, this merger marks a significant milestone and allows us to address the needs of our clients in a more meaningful way. The creation of LiRo-Hill represents our commitment to excellence and our vision of building a more equitable and sustainable future. We look forward to delivering even more value to our client partners, and to expanding our reach in the industry,” Richard Cavallaro, LiRo-Hill CEO.
Circle K owner says it's hunting for US deals, but stays quiet on Seven & i.
Alimentation Couche-Tard, a Circle K owner, that has approached 7-Eleven's parent company about a deal, said a weaker US economy may improve the prospects for making a large acquisition, Bloomberg reported.
The US "offers significant consolidation opportunities, and the challenging economic landscape is accelerating this trend," Brian Hannasch, Alimentation Couche-Tard CEO.
Kroger, Albertsons CEOs tout deal to counter Amazon, Walmart.
According to Kroger's CEO Rodney McMullen, Albertsons purchase will give his company national coverage, and it will let them compete better against Costco, Amazon and Walmart, Bloomberg reported.
There is an ongoing Federal Trade Commission's lawsuit to block Kroger from buying grocery rival Albertsons as antitrust enforcers allege the $24.6bn deal would combine the two largest traditional supermarket chains and lead to higher prices for consumers and lower wages for workers.
Sandy Spring works with adviser to entertain sale talks.
Sandy Spring, a small bank with operations in the mid-Atlantic US, has been working with financial advisers as it considers takeover talks with potential buyers, Bloomberg reported.
With consolidation accelerating among small and midsize banks, the Olney, Maryland-based company has held discussions with suitors including Atlantic Union Bankshares. Talks are preliminary with no deal imminent and Sandy Spring could opt to remain independent.
Targa Resources rebuffed takeover interest from larger rival Williams.
Targa Resources rebuffed informal takeover interest from larger rival Williams Companies as another signal of the sustained appetite for consolidation in the pipeline industry, Bloomberg reported.
The Houston-based natural gas pipeline operator viewed the overture from Williams as undervaluing the company. Williams is still discussing the feasibility of a transaction.
Samsonite is said to pick JP Morgan and Morgan Stanley for dual listing in US.
Samsonite International's board approved the US dual listing plan in August as the company seeks to improve liquidity and become more accessible to global investors.
Samsonite has selected JP Morgan and Morgan Stanley to help arrange its listing. Other banks are also looking to join the lineup, Bloomberg reported.
Private credit firm HPS has begun discussing IPO with prospective investors. (FS)
HPS Investment Partners, a private credit manager carved out of JPMorgan Chase in 2016, has begun discussing an initial public offering with potential investors.
The firm could publicly disclose its financials as soon as next week. A potential listing could value it at $10bn or more, Bloomberg reported.
Warburg Pincus closes first Capital Solutions Fund at $4bn. (FS)
Warburg Pincus has announced the close of its Capital Solutions Founders Fund (WPCS FF), with commitments of over $4bn, significantly exceeding its initial target of $2bn, DealStreetAsia reported.
WPCS FF was launched in 2023 and follows the success of the firm's global flagship, Warburg Pincus Global Growth 14, which closed at $17.3bn, also exceeding its initial target fund size of $16bn.
EMEA
Warburg Pincus, a private equity firm, completed the acquisition of a minority stake in Aztec Group, a fund and corporate services provider. Financial terms were not disclosed.
"Welcoming Warburg Pincus highlights the increasing strength of Aztec and the significant potential that lies ahead. We are excited to partner with a global investor in Warburg Pincus, which has a strong track record in supporting businesses like ours to further their growth trajectories. In becoming a significant client of Aztec, Warburg Pincus is fully committed to retaining what makes Aztec so special: the strength of our teams and our proud record of providing world-class client service. We look forward to working together to capture the significant opportunities in Private Capital moving forwards," Kathryn Purves, Aztec Group CEO.
Aztec Group was advised by Evercore, Liberty Corporate Finance, PricewaterhouseCoopers, Carey Olsen, Latham & Watkins, Priestly Soundy and Ernst & Young. Warburg Pincus was advised by Alvarez & Marsal, Oliver Wyman, Ernst & Young and Kirkland & Ellis.
Origin Enterprises, the international group championing sustainable land use solutions, completed the acquisition of Avian Ecology and Bowland Ecology, specialist ecological consultancies working throughout the UK. Financial terms were not disclosed.
"We are delighted to welcome the Avian and Bowland teams to the environmental side of our Living Landscapes division, where they will complement our Neo Environmental and Keystone Environmental businesses. We look forward to growing their teams, utilising their expertise and building out the services we offer across this sector into the future," TJ Kelly, Living Landscapes Divisional Managing Director.
MRI Software-backed Orchard Information Systems, a software house that produces state of the art solutions for organisations involved in public service, completed the acquisition of Capita One, a standalone software business, from Capita, a business process outsourcing and professional services company, for £180m ($236m).
“We believe technology innovation plays a key role in creating safe, thriving communities, and we look forward to helping local authorities and social housing providers drive efficiencies and reduce complexity through combined offerings from MRI and Capita One. Our open and connected approach to software strives to equip clients with flexible solutions that evolve as requirements change," Patrick Ghilani, MRI Software CEO.
MRI Software was advised by Platform Communications. Capita was advised by Barclays and Latham & Watkins.
HEARTLAND, a private equity firm, agreed to acquire a 75% stake in clothing brands Topshop and Topman from ASOS, an online fashion retailer, for £135m ($177m). The remaining 25% stake will be held by current Topshop and Topman owner ASOS Holdings.
"We're pleased to be making this announcement today which is an important step in ASOS' continued transformation. The joint venture and the launch of the refinancing will accelerate our strategy to both offer customers the best and most relevant product and to turn ASOS into a company that delivers sustainable, profitable growth," José Antonio Ramos Calamonte, ASOS CEO.
ASOS is advised by JP Morgan and Teneo.
Spectris, a supplier of precision instrumentation and controls, agreed to acquire Piezocryst Advanced Sensorics, a provider of piezoelectric sensors, from AVL List, an automotive company, for €134m ($148m.
"Piezocryst is a proven, high-quality business that we have long-admired and will broaden our customer offering through its unique and cutting-edge technology, enabling us to further penetrate the high-temperature, high-precision sensor markets. We are delighted to welcome Piezocryst to the group. Together with the recently completed acquisitions of SciAps and Micromeritics, 2024 has been a strong year for acquisitions and underpins our commitment to generating long-term shareholder value through disciplined use of our capital. We are focused on delivering on the significant potential of these businesses, including the realisation of synergies, aligned to our strategy to compound growth through value enhancing M&A," Andrew Heath, Spectris CEO.
Spectris is advised by Teneo.
Valeo Foods, a producer of quality sweets, treats and snacks, agreed to acquire I.D.C. Holding, an independent producer of wafers, biscuits, confectionary and chocolate in Central and Eastern Europe. Financial terms were not disclosed.
“This is a transformative acquisition for Valeo Foods Group. The inclusion of I.D.C. Holding within Valeo Foods Group will enhance our industry position, drive further growth in our portfolio and international footprint and allow us to meet growing consumer demand in this segment. We are delighted that the team at I.D.C. Holding share our confidence and ambition to be the major sweet treats player in Europe,” Ronald Kers, Valeo Foods Group CEO.
Valeo Foods is advised by ReputationInc.
eSky, a platform that enables travelers to book airline tickets, hotels, cars, and insurance services in Poland, completed the acquisition of Thomas Cook, the oldest travel brand. Financial terms were not disclosed.
"The synergy of Thomas Cook's brand heritage with our technology will drive Thomas Cook's growth and allow us to strengthen eSky's position in Western Europe. This acquisition is part of our strategy to diversify from just selling flights to offering package holidays across our existing markets in Europe and Latin America, as well as expand further into Western Europe," Łukasz Habaj, eSky CEO.
Exyte, a provider of engineering, design, and delivery of high-tech facilities, agreed to acquire TTP Group, a provider of consulting and engineering for the pharmaceutical and chemical industry in Europe. Financial terms were not disclosed.
"TTP and Exyte share the same values and the ambition to offer innovative and sustainable solutions to their customers. Together, we will continue our growth trajectory in the booming pharmaceutical facilities market. The combination of our strengths is a positive signal for our customers. We look forward to a shared future with Exyte," Dr. Andreas Bonhoff, TTP Group CEO.
Green Street, a provider of commercial real estate intelligence and analytics, completed the acquisition of IJGlobal, a provider of global infrastructure data, news and events, from Delinian, a media company. Financial terms were not disclosed.
“In line with our continued strategy of ‘invest, grow and divest’ for each of our portfolio companies, we are delighted that Green Street represents such a great fit for IJGlobal. It offers the business an exciting opportunity to further expand its depth and reach of infrastructure insights, data and events, with access to resources and expertise within a broader property-level data and analytics ecosystem. We wish the IJGlobal team every success as they now transition to Green Street,” Andrew Pinder, Delinian CEO.
CVC sees room for selective M&A to expand offerings. (FS)
CVC Capital Partners has room to pursue selective acquisitions as it looks to expand its offerings as a multistrategy private equity firm, Bloomberg reported.
In its first-half earnings report published on September 5 CVC said it sees “significant opportunity” to scale existing strategies, citing growth potential in secondaries, credit and infrastructure in particular.
Silicon Valley star A16Z eyes stake in British start-up 11xAI. (FS)
An early-stage backer of Airbnb and Facebook is considering taking a stake in a British artificial intelligence start-up which builds automated digital workers, Sky News reported.
Earlier this year, Andreessen Horowitz - commonly known as A16Z, raised more than $7bn to invest in tech start-ups, with a particular focus on AI-enabled businesses.
Sixth Street lays foundations to rival Persimmon in race for Cala. (FS)
An American investment firm, has joined forces with one of the remaining bidders for Cala Group, the privately owned housebuilder which has been put on the market, Sky News reported.
Sixth Street has teamed up with Patron Capital Partners - Cala's former owner - in an effort to trump a rival offer from Persimmon, the FTSE-100 housebuilder.
Private equity giant CVC raises €7.4bn in first six months. (FS)
CVC Capital Partners raised €7.4bn ($8.2bn) in capital in the first six months of this year in its first set of earnings as a listed company, Bloomberg reported.
Total revenue grew 27% year-on-year to about €638m ($706m) in the first half of the year, while fee-paying assets under management increased by 45% to €142bn ($157bn) from €98bn ($108bn) at the end of 2023.
Deutsche Bank hires Citi’s TMT dealmaker Dadgar in M&A push. (People)
Deutsche Bank has hired Peyman Dadgar, a managing director at Citigroup, to lead its telecom, media and technology investment banking coverage in Europe, Middle East and Africa, Bloomberg reported.
Dadgar has been working at Citi since April 2010, and most recently he was a Managing Director for the M&A group in EMEA. The lender earlier this year hired Alison Harding-Jones, the former head of mergers and acquisitions in Europe at Citi, as its global head of M&A.
APAC
SenseCapital invests in ENGINEAI and 38 other Greater China deals worth over $2.7bn. (FS)
SenseCapital, the private equity investment under Chinese artificial intelligence company SenseTime, has co-led the angel and angel+ rounds of embodied AI firm ENGINEAI Robotics Technology, DealStreetAsia reported.
Founded in October 2023, the Shenzhen-based firm is into the development and production of general-purpose intelligent robots and industry-specific solutions, including humanoid robots.
China's Midea Group to launch at least $3bn share offering in HK.
Chinese home appliance maker Midea Group, which is already listed in Shenzhen, plans to launch a share offering in Hong Kong to raise at least $3bn, DealStreetAsia reported.
Bank of America and China International Capital Corp are the sponsors of the listing that could be the largest share offering in Hong Kong since Chinese lithium battery maker CALB raised almost $1.3bn in October 2022.
ADIA-backed India fund to seek $4bn for infrastructure. (FS)
India’s quasi-sovereign fund plans to seek about $4bn in its largest-ever fundraise amid the government’s drive to upgrade infrastructure across the country, Bloomberg reported.
The National Investment & Infrastructure Fund, backed by the Indian government and several global investors, is looking to raise money early next year.
|
