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
Ardian-backed Biofarma Group, a manufacturer of food supplements, medical devices, probiotic-based drugs and cosmetics, agreed to acquire US Pharma Lab, a pharmaceutical company. Financial terms were not disclosed.
"We are delighted to partner with Amol and the US Pharma Lab team. The combination of Biofarma Group and US Pharma Lab will create the only global CDMO fully focused on Nutraceuticals which will be able to offer significant additional benefits to new and existing customers through a broad range of nutraceutical technologies and R&D capabilities, in addition to providing a harmonized service globally," Gianfranco Nazzi, Biofarma Group CEO.
US Pharma Lab is advised by Wilkin & Guttenplan, Rothschild & Co, Walter Advisors, Sheppard Mullin Richter & Hampton (led by Ariel Yehezkel) and CohnReznick. Ardian is advised by Image Building (led by Cristina Fossati). Biofarma Group is advised by PricewaterhouseCoopers, Advancy, Axis Arbor, Jefferies & Company, Gattai Minoli Agostinelli & Partners, Latham & Watkins, Weil Gotshal and Manges and Noesis.
Hg Capital, a private equity firm, completed an investment in GTreasury, a treasury, payments, and risk management software provider. Financial terms were not disclosed.
"This is a great moment for the team at GTreasury as it will support further product development and geographic expansion, helping us to continue innovating and bringing new products and features to an ever-growing customer base. Hg's global software specialization and deep knowledge in this area will help accelerate this strategy significantly," Renaat Ver Eecke, GTreasury CEO.
GTreasury was advised by Clement | Peterson (led by Bret Clement). Hg Capital was advised by McKinsey & Company, Ernst & Young, William Blair & Co, Skadden Arps Slate Meagher & Flom (led by Richard Youle and Blair Thetford) and Brunswick Group (led by Harry Mayfield). Mainsail Partners was advised by Guggenheim Partners and Wilson Sonsini Goodrich & Rosati (led by Todd Cleary and Rich Mullen).
Manulife Investment Management, a private equity firm, agreed to acquire a majority stake in Serverfarm, a data center owner and operator. Financial terms were not disclosed.
"Partnering with Manulife Investment Management, an investor that shares Serverfarm's vision for growth and customer service, will allow us to effectively address the next wave of demand from our existing and new customers. Our new relationship with Manulife Investment Management provides Serverfarm with additional expertise and new capital to execute on a number of attractive development opportunities and give our customers a long-term growth runway," Avner Papouchado, Serverfarm Founder and CEO.
Serverfarm is advised by Citigroup, TD Securities, Alston & Bird and Dentons. Manulife Investment Management is advised by TAP Advisors and Paul Weiss Rifkind Wharton & Garrison (led by Cullen Sinclair).
nVent, a provider of electrical connection and protection solutions, completed the acquisition of ECM Industries, a global manufacturer and supplier of electrical products for construction and maintenance, irrigation and landscape supply, from Sentinel Capital Partners, a private equity firm, for $1.1bn.
"I am excited to welcome the ECM team to nVent. ECM's complementary electrical power connection and grounding solutions portfolio further positions nVent with the electrification of everything. The addition of ECM is exciting, and we are confident it will deliver significant value for our customers, employees and shareholders," Beth Wozniak, nVent Chairperson and CEO.
ECM was advised by Lincoln International (led by Robert Reifman and Sean Bennis) and Robert W Baird (led by Mike Lindemann). nVent was advised by Foley & Lardner. Debt financing was provided by JP Morgan. Sentinel Capital was advised by Broadgate Consultants (led by Roland Tomforde).
Suntuity Renewables, a provider of renewable energy solutions, agreed to go public via a SPAC merger with Beard Energy Transition Acquisition, a blank cheque company, in a $249m deal.
"In taking this next step to become a publicly traded company, we intend to accelerate our growth, broaden our focus to include comprehensive home electrification solutions and services across the country, and establish ourselves as a significant industry participant in the renewable energy transformation. The Beard team shares our vision to support the clean energy transition infrastructure buildout, and we'll be working with them to close this transaction and execute against our long-term growth plans," Dan Javan, Suntuity President and CEO.
Suntuity Renewables is advised by ROTH Capital Partners, Loeb & Loeb and Gateway Investor Relations. Beard Energy Transition Acquisition is advised by Vinson & Elkins (led by Stancell Haigwood).
Miami International Holdings, a financial exchanges and execution services provider, completed the acquisition of LedgerX, a developer of an institutional derivatives exchange platform for digital currencies, from FTX Trading, a cryptocurrency exchange and crypto hedge fund, for $50m.
"The acquisition of LedgerX represents an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry. We are pleased to complete this acquisition and welcome the LedgerX team to the MIH family as we continue to execute on our strategy of operating regulated financial markets both in the US and internationally," Thomas P. Gallagher, MIH Chairman and CEO.
MIH was advised by Piper Sandler, Cleary Gottlieb Steen & Hamilton and Gallagher, Briody & Butler. FTX Trading was advised by Joele Frank.
EisnerAmper, a global business advisory firm, to merge with Morrison & Morrison, a medium-sized certified public accounting and consulting firm. Financial terms were not disclosed.
"Morrison & Morrison has deep roots and a long-standing reputation for client service excellence in the Windy City. We're thrilled to be partnering with a firm of such stature to expand our presence and service offerings in the Midwest," Jay Weinstein, Eisner Advisory Group Vice Chairperson.
EisnerAmper and Morrison & Morrison are advised by Koltin Consulting Group (led by Allan D. Koltin).
Bart & Associates, an information technology systems integrator, completed the acquisition of iDoxSolutions, an IT services provider. Financial terms were not disclosed.
"This acquisition represents a significant step forward in our mission to provide our clients with consistent person-centric services to help fulfill their mission. By combining our expertise and resources, we are well-positioned to continue to drive innovation and create even greater value for our customers. I am grateful for the opportunity to work alongside such a driven and dedicated leader, Mike Brant, and we're looking forward to achieving our shared vision for the future," Jonathan Evans, B&A President and CEO.
Bart & Associates was advised by Morrison & Foerster.
University of Idaho, a land-grant, national research university, agreed to acquire University of Phoenix, a university for working adult learners, for $550m.
"Higher education across the country is changing. This, together with the impending national enrollment cliff, where smaller class sizes mean fewer traditional students, creates an opportunity for us to innovate. By affiliating with University of Phoenix, a leader in online higher education, we bring together the best of both systems and build on our common desire to educate students," Scott Green, U of I President.
Private equity firms, Boyne Capital and Breakwater North completed the formation of Integral Energy Services, a renewable energy equipment manufacturer. Financial terms were not disclosed.
"We believe that IES is well-positioned to support the clean energy transition, serving a diverse set of assets across the nuclear, wind, battery storage and solar sectors. With up to $3tn of clean energy investment expected over the next decade driven by the Inflation Reduction Act, there is a clear need to bolster the current clean energy services supply chain to ensure that new and existing assets are properly constructed, maintained and optimized," Derek McDowell, Boyne Managing Partner and CEO.
SmartStop Self Storage-backed Strategic Storage Growth Trust III, a real estate investment trust, completed the acquisition of a 65.8k net rentable sq. foot storage facility, located at 97 State Route 35 in Eatontown, New Jersey. Financial terms were not disclosed.
"This facility will provide residents with a safe and secure place to store their belongings, and it will also offer a variety of amenities that are not available at other storage facilities in the area, including climate-controlled units, 24-hour security, video surveillance, and online account access. We believe this new facility will be a valuable asset to the community and provide value to our stockholders," Wayne Johnson, SSGT III Chief Investment Officer.
JP Morgan investors to scrutinize First Republic takeover.
JP Morgan CEO Jamie Dimon expect plenty of questions about its purchase of failed First Republic Bank during the bank's investor day on May 22, 2023, Reuters reported.
Analysts will seek more details about the deal which JP Morgan has agreed to undertake $173bn of the failed bank's loans, $30bn of securities and $92bn of deposits after First Republic, and JP Morgan's plans to integrate the business into the largest US bank. JP Morgan's succession plans will also be in focus after Morgan Stanley's CEO said he would step down within a year.
IFF weighs sale of $1bn Lucas Meyer Cosmetics unit.
IFF is weighing a sale of a unit making ingredients for the cosmetics and personal care industry. IFF is working with an adviser as it explores options for Lucas Meyer Cosmetics, which could be valued at about $1bn.
The unit may attract interest from rivals including UK specialty chemicals group Croda and European fragrance companies Givaudan Lavirotte of Switzerland and Germany's Symrise, Bloomberg reported.
Blackstone nears a $750m deal for New Tradition Media. (FS)
A fund managed by Blackstone is nearing an agreement to buy a majority stake in private billboard operator and owner New Tradition Media. A transaction would value the out-of-home advertising firm at $500m to $750m.
An announcement could come as soon as this month. Management including Chief Executive Officer Evan Richheimer and Chief Operating Officer Bret Richheimer will continue to run the company, Bloomberg reported.
Insight Partners raises $1.3bn for its Continuation Fund II. (FS)
Insight Partners, a private equity firm, announced the closing of its Continuation Fund II with HarbourVest Partners and Lexington Partners leading a group of limited partners investing in the fund. The transaction closed with total commitments of approximately $1.3bn.
"Insight's Continuation Fund II is a vehicle we are proud to launch, allowing us to extend our relationship with portfolio companies from earlier funds, while enabling us to provide the option of more near-term liquidity to our LPs. We are grateful for the shared conviction in the value of this portfolio with HarbourVest and Lexington and the continued commitment by a large portion of existing LPs in these specific assets. We look forward to working together to see these companies reach their fullest potential," Ian Sandler, Insight Partners Managing Director and COO.
Insight Partners was advised by Lazard and Willkie Farr and Gallagher. HarbourVest and Lexington was advised by Ropes & Gray.
EMEA
Viasat, a global communications company, and Inmarsat, a leading provider of global mobile satellite communications services, announced that Viasat's proposed $7.3bn acquisition of Inmarsat has received approval from the US Federal Communications Commission.
The FCC's decision leaves the European Commission's competition review as the key ongoing regulatory process in relation to the transaction. The transaction is expected to close later in May.
Inmarsat is advised by Barclays (led by Osvaldo Ramos), JP Morgan, Trinity Advisors Corporation, Clifford Chance (led by David Lewis), Kirkland & Ellis (led by Stuart Boyd, Rory Mullarkey, Jacob Traff, Carlo Zenkner and Edward J. Lee), Steptoe & Johnson (led by Alfred Mamlet), Kekst CNC (led by Oliver Mann) and Teneo (led by Tim Burt and Katherine Kim). Viasat is advised by PJT Partners (led by John Trousdale and James Murray), Latham & Watkins (led by Craig Garner, Ann Buckingham and Nick Cline), Linklaters (led by Simon Pritchard and Nicole Kar) and Brunswick Group (led by Jonathan Doorley, Christopher Charles Blundell and Paul Durman).
Sony Music Masterworks, a record label, completed the acquisition of a majority stake in Proactiv Entertainment, a producer of live music and experiential events. Financial terms were not disclosed.
"We are thrilled to partner with Nico and Horacio Renna to take Proactiv Entertainment's business to the next level and help more leading artists and brands connect with fans through high-quality productions globally. They have a strong vision and key creative relationships around the world. Taken together with Sony Music's expertise, resources, and broad portfolio of live entertainment properties, we look forward to creating even more innovative live experiences for audiences everywhere," Mark Cavell, Sony Music Masterworks President.
Tycoons Potanin and Alekperov bids value Yandex at $7bn.
Yandex has received bids from billionaires Vladimir Potanin and Vagit Alekperov to buy a controlling stake in Russia's dominant search engine that value the company's Russian assets at about $7bn. Interested parties include former Chelsea Football Club owner Roman Abramovich and businessman Alexander Abramov.
Given Kremlin measures that oblige foreign companies leaving Russia to sell their assets at a 50% discount, Yandex's Dutch-registered holding company Yandex - whose shareholders are mostly Western investment funds - could ultimately make some $7bn from a full divestment, Reuters reported.
About 15 investors have come forward, some seeking small shares, others a stake of as much as 25%. The $7bn Yandex is expected to receive for its Russian assets accounted for the 50% discount, and that as a deal for about half of the company was being discussed, it might initially see $3.5bn.
Len Blavatnik unloads last major Russia asset with Rusal sale.
Billionaire Len Blavatnik has sold his stake in Russian aluminum producer United Co. Rusal International, divesting his last major asset in the country where he seeded his $33.5bn fortune, Bloomberg reported.
Blavatnik sold the shares in the second half of last year. His interest in Rusal amounted to about 1.2bn shares, which had a market value of about $610m at the end of 2022.
E.ON weighs a sale of Npower.
E.ON, an energy company focused on smart grids and customer solutions to drive the energy transition in Europe, is exploring a sale of NPower, an energy company, to large businesses.
The German group is working with advisers to gauge buyer interest in Npower. Discussions about a possible sale of Npower are ongoing and there's no certainty they'll result in a transaction.
E.ON's deliberations come at a time when energy suppliers are reassessing their relationships with business customers. They've been reluctant to lock in contracts because of pricing volatility, while businesses are asking for more "blend and extend" deals to help them spread payments over a longer period, Bloomberg reported.
Fidelidade plans a $1.1bn IPO of Luz Saude.
Portuguese insurer Fidelidade is exploring a $1.1bn potential stock market listing of its private healthcare subsidiary Luz Saude.
Fidelidade is set to name investment banks to arrange an initial public offering after recently inviting pitches. An IPO would mark a return of Luz Saude to the stock market after the healthcare group stopped trading on Euronext Lisbon in 2018, Reuters reported.
Bregal Milestone closes €770m Fund II. (FS)
Bregal Milestone, a private equity firm, raised $770m to continue partnering with founders and management teams of fast growing and profitable European technology champions. Fund II, which represents a 56% increase from its predecessor fund, secured new commitments from a diverse group of investors including asset managers, family offices, fund of funds, and pension plans, and brings Milestone's assets under management to $1.4bn.
"We are extremely grateful for the support we have received during the course of this fundraise and look forward to building long-term relationships with our valued partners. We are excited about the opportunity to continue investing in a rapidly expanding and underserved European technology ecosystem, at a time when our strong track record of delivering capital efficient growth is increasingly valued by both management teams and investors. We maintain a high degree of conviction that our pan-European approach, high intensity direct sourcing strategy, and operational focus means that we are well placed to capitalise on these opportunities through pricing discipline and relative value optimisation," Cyrus Shey, Milestone's Founders and Managing Partners.
Bregal Milestone was advised by Houlihan Lokey and Goodwin Procter.
APAC
Brookfield India REIT, an India-based institutionally managed real estate investment trust, and GIC, a Singaporean sovereign wealth fund, agreed to acquire two commercial assets from Brookfield Asset Management, a global alternative asset manager, for $1.4bn.
"We are pleased to partner Brookfield India REIT as Brookfield is a leading market player with a strong track record in India. In addition, this marks our first joint venture with a public REIT in India and will allow us to scale up our investments through this avenue. We look forward to adding value to the assets, which are well-located within key gateway cities," Goh Chin Kiong, GIC Deputy Chief Investment Officer of Real Estate.
Brookfield India REIT is advised by Bank of America and Shardul Amarchand Mangaldas & Co. Brookfield Asset Management is advised by Morgan Stanley and Khaitan & Co.
KKR completed the $120m investment in EQuest Education Group, a private educational institution.
"This substantial investment will position CIS as the most financially robust international school system in Vietnam, ensuring long-term financial stability without compromising on the highest educational standards. This will instill strong confidence in parents seeking a holistic international education for their children," Tham My Linh, EQuest Managing Director of CIS system.
The US Justice Department is considering suing to block Korean Air's planned acquisition of Asiana Airlines, Reuters reported.
The US Department of Justice has been investigating the November 2020 deal for roughly two years, and is concerned that it will hurt competition on overlapping routes to the United States.
IMCD, a distributor, formulator, and solutions provider of specialty chemicals and ingredients, agreed to acquire Euro Chemo-Pharma, a supplier in chemical and raw materials distribution. Financial terms were not disclosed.
"Euro Chemo-Pharma's strategic positioning is fully aligned with IMCD, providing us the complementary portfolio to accelerate growth in the Malaysian market. In addition, we aim to leverage the suppliers' synergies we gain from them to develop further our life science business in the Asia Pacific markets," Andreas Igerl, IMCD APAC President.
Fujitsu General's $1.1bn sale said to stall.
The sale of Fujitsu's majority stake in its air-conditioner manufacturing unit has stalled as the bidders have been unable to agree on a price with the Japanese firm. A rise in the shares of Fujitsu General has weighed on the negotiations for the 42%.
Japanese IT firm Fujitsu had been in talks with potential suitors including private equity firms Bain Capital and KKR and Swedish manufacturer Nibe Industrier. No final decisions have been made and discussions could resume anytime. Fujitsu could still look for other suitors for the assets, The Business Times reported.
Fivetran raises $125m debt financing from Vista Credit Partners. (FS)
Fivetran, a global leader in automated data movement with a presence in India, announced raising $125m in debt financing from Vista Credit Partners, a subsidiary of US-based Vista Equity Partners, DealStreetAsia reported.
The investment will be used to support Fivetran's continued innovation and enterprise growth, bolstering its leadership position in the automated data movement market.
India regulator 'draws a blank' in foreign links probe into Adani.
India's markets watchdog has "drawn a blank" in investigations into suspected violations in overseas investments in the Adani group and its ongoing pursuit of the case could be a "journey without a destination", Reuters reported.
The group's listed companies lost more than $100bn in market value earlier this year after US-based Hindenburg Research raised several governance concerns. The group has denied wrongdoing, though the controversy sparked a political fight between the ruling party and the opposition that wanted a parliamentary investigation.
Syngenta seeks $9.3bn in Shanghai listing.
Syngenta Group is seeking to raise $9.3bn in its initial public offering, in what would be the world's biggest listing this year.
The Chinese-owned seed giant will sell as many as 2.78bn shares on the main board in Shanghai. Syngenta said it had withdrawn its earlier Star board IPO application in favor of applying to the main board. The fundraising target is unchanged from the figure in its previous prospectus.
The Swiss-headquartered firm plans to use proceeds from the IPO for high-end agricultural technology research, global acquisitions and long-term debt repayment as well as business expansion and upgrades, Bloomberg reported.
Horizon Construction set to raise $210m.
Horizon Construction Development, a construction services provider, to raise $210m and plans to price its IPO shares at the bottom of their marketed range of $0.6 per share.
Horizon sold 364.6m shares in the IPO and the price gives the company a market capitalisation of $1.8bn, DealStreetAsia reported.
Hashkey Group seeks funds at $1bn valuation. (FS)
The Hong Kong-based investment firm Hashkey Group is looking to raise $100m to $200m at a valuation above $1bn.
The move comes as Hong Kong looks to push investments in the digital asset space to strengthen its reputation as a forward-looking financial hub. That reputation took a hit after years of pandemic-related slowdown and talent migration.
|
