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AMERICAS
Cisco Systems is set to secure unconditional EU antitrust approval for its $28bn bid for cybersecurity firm Splunk, Reuters reported.
The deal announced last year and Cisco's biggest ever will boost its software business amid a boom in artificial intelligence and also help offset a post-pandemic slowdown in demand. The European Commission is set to clear the deal after its preliminary review ends on March 13 after finding no anti-competitive issues.
Splunk is advised by Morgan Stanley (led by David Chen and Anthony Armstrong), Qatalyst Partners (led by George Boutros), Skadden Arps Slate Meagher & Flom (led by Mike Ringler and Peter Jones) and Joele Frank (led by Eric Brielmann). Financial advisors are advised by Cooley (led by Ben Beerle) and Freshfields Bruckhaus Deringer (led by Joseph Halloum). Cisco is advised by Citigroup, Consello, Goldman Sachs (led by Ryan Limaye), JP Morgan, RBC Capital Markets, Tidal Partners (led by Aakrit Kumar and David Handler), Clifford Chance (led by Nelson Jung and Katrin Schallenberg), Cravath Swaine & Moore (led by Margaret T. Segall), Simpson Thacher & Bartlett (led by Alan Klein, Anthony Vernace, Fred de Albuquerque and Leah Malone). Financial advisors are advised by Latham & Watkins (led by Justin Hamill).
A senior Nippon Steel executive is set to meet the United Steelworkers union chief this month to seek support for acquiring US Steel, expressing confidence the deal can be finalised by the end of September, Reuters reported.
Gaining their backing could help the world's fourth-largest steelmaker carry the $14.9bn purchase of its US rival over the line. The merger has drawn criticism from some Democratic and Republican lawmakers who worry about the national security implications of the takeover, even though the US and Japan are close allies, and the powerful USW, who worry how their workers could fare under Nippon Steel's management.
General Atlantic, a global growth investor, completed the acquisition of a minority stake in Plusgrade, a company engaged in powering ancillary revenue solutions for the travel industry, from Novacap, a private equity firm. Financial terms were not disclosed.
“Ancillary revenue has become a critical driver of financial robustness for travel companies in every sector, and as the global ancillary revenue powerhouse, Plusgrade plays a central role in helping our travel partners create, grow, and enable major new revenue opportunities. We believe we have significant opportunity ahead of us to continue innovating and building out our leading portfolio even further. Our team is deeply grateful to Novacap for their transformative partnership and all the new heights that we achieved together. We are thrilled to welcome General Atlantic as a strategic partner to help us accelerate our mission and vision by leveraging the firm’s deep expertise across travel, software, and technology," Ken Harris, Plusgrade Founder and CEO.
Plusgrade was advised by JP Morgan, Scotiabank and Davies Ward Phillips & Vineberg. General Atlantic was advised by Barclays, Goodmans and Paul Weiss Rifkind Wharton & Garrison (led by Matthew Abbott).
Sentinel Capital Partners, a private equity firm, agreed to acquire industrial fire business of Carrier, a provider of innovative heating, ventilating and air conditioning, refrigeration, and fire & security technologies, for $1.42bn.
"Industrial Fire is a great business with leadership positions in the markets in which it operates, and an engaged, experienced team focused on delivering differentiated solutions to customers. We look forward to watching its continued growth under the ownership of Sentinel. This transaction marks another milestone in our transformation as we become a more focused, higher growth company, and furthers our vision to become the global leader in intelligent climate and energy solutions," David Gitlin, Carrier Chairman & CEO.
Carrier is advised by Goldman Sachs, JP Morgan, Linklaters and Paul Weiss Rifkind Wharton & Garrison (led by Laura Turano).
SCF Partners, a private equity firm, completed the acquisition of pipeline and industrial materials business from Entegris, a supplier of advanced materials and process solutions for the semiconductor and other high-technology industries, for $285m.
Entegris is a leading supplier of advanced materials and process solutions for the semiconductor and other high-tech industries. Entegris has approximately 8k employees throughout its global operations.
Entegris was advised by Jefferies & Company and Wachtell Lipton Rosen & Katz (led by Brandon C. Price).
L Catterton, a global investment firm, agreed to acquire a majority stake in AmaWaterways, an award-winning luxury river cruise line, from Certares, an investment management company. Financial terms were not disclosed.
"This is an exciting new chapter for AmaWaterways. L Catterton brings unique insight into today's customers, as well as exciting ideas on how we can work together to capitalize on a number of growth opportunities across our business. They share our passion for innovation and an unwavering commitment to creating unparalleled guest experiences. We look forward to working with them to continuously expand and enhance our river cruise portfolio for our customers," Rudi Schreiner, AmaWaterways Co-Founder and CEO.
AmaWaterways is advised by JP Morgan.
Dascoulias Realty, a real estate brokerage firm, completed the acquisition of ERA Advantage Realty Group, a property management company. Financial terms were not disclosed.
"We are excited to have Jim and the ERA Advantage Realty Group team joining our brokerage. It has always been our goal at DRG to bring authenticity and trust to the real estate market in Great Falls, and we're committed to going above and beyond for our clients. Jim's tenure in the community and his reputation of honesty and transparency align directly with our values at DRG," Melissa Dascoulias, Dascoulias Realty Broker and Owner.
Razor Group could buy Perch in a $1.7bn deal.
Berlin-based consumer holding company Razor Group is buying Boston-based technology-driven commerce company Perch in an all-stock deal, accelerating the consolidation of "aggregators" that snapped up popular online brands only to watch a pandemic-fueled sales boom evaporate, Bloomberg reported.
The transaction values the combined company at $1.7bn. The deal follows months of tense negotiations between global financial firms that poured billions into aggregators betting they could make a killing rolling up brands that were popular on Amazon.com.
Boeing's Spirit Aero bid could help supply chain.
Boeing's possible takeover of Spirit AeroSystems, along with delaying plans to ramp up production of 737 MAX jets, could help the planemaker manage its supply chain, but the move is no quick fix for its quality problems, Reuters reported.
Boeing is trying to manage a sprawling crisis that erupted after a door plug blew off a 737 MAX jet at 16k feet (4.8k meters) above the ground on January 5. US aviation regulators have curbed production as they scrutinize safety processes at Boeing and Spirit, which was a Boeing subsidiary until it was spun off in 2005.
Azul working with Citi, Guggenheim as it mulls bid for rival Gol.
Brazil air carrier Azul is working with Citigroup and Guggenheim Partners as it explores a potential offer for its troubled competitor Gol Linhas Aereas Inteligentes, Bloomberg reported.
The companies are advising Azul as it weighs several options, including an outright acquisition of its rival. Azul still could decide to shelve the idea.
Blackstone's giant property arm wants to double India warehouses. (FS)
Blackstone plans to more than double its holdings of Indian warehouses and may eventually take the logistics business public as the asset manager increases its bets on the world's fastest-growing major economy, Bloomberg reported.
The New York-based firm may boost the warehouse space to at least 100m sq. feet in India in two to three years. Blackstone would eventually look to raise money from the booming business through a large strategic sale or public offering in the next 12 to 24 months.
GIP closes its inaugural emerging markets fund at $2.1bn. (FS)
Global Infrastructure Partners, an infrastructure investor, announced that GIP Emerging Markets Fund I has completed fundraising for aggregate committed capital of more than $2.1bn.
"We are extremely gratified by the confidence that EM Fund investors have placed in us. The infrastructure opportunity in emerging markets countries is significant. While global economic growth may be decelerating, GIP believes that conditions in the Target Countries for GIP EM remain constructive and present an attractive investing environment," James Amine, GIP Partner and Head of Emerging Markets.
EMEA
VIAVI Solutions, a provider of communications test, measurement and optical technologies, agreed to acquire Spirent Communications, a global provider of automated test and assurance solutions for networks, cybersecurity and positioning, for $1.28bn.
“Combining with VIAVI brings together a highly complementary product offering which can be marketed globally. It will enable Spirent to build on the strategic progress we have made to date, with a partner that has the scale and resources to capitalize on the long-term growth opportunities ahead. The combination of VIAVI and Spirent creates a stronger business that will be better able to compete, and we are confident in the opportunities this will bring for our stakeholders,” Eric Updyke, Spirent CEO.
Young's Pubs, a British pub chain operating nearly 220 pubs, completed the acquisition of City Pubs, a company that owns and operates an estate of premium pubs across southern England, for £162m ($202m).
"We are excited to be announcing the proposed acquisition of City Pubs, with the full recommendation of their Board. City Pubs is an excellent business we have followed for some time, and one which aligns closely with Young's in terms of both strategy and culture. Like us, City Pubs operates premium, individual and well-invested pubs and rooms, with a focus on the highest standards of customer service. Both businesses have performed well in a tough trading environment recently, testament to the strength of our business models, people and approach to customers," Simon Dodd, Young's CEO.
Phoenix Tower International, a telecommunications company operating wireless infrastructure sites, agreed to acquire the Ireland business of Cellnex Telecom, an operator of towers and telecom infrastructures, for €971m ($1bn).
“The sale of our business in Ireland – at an appropriate valuation– is one further step within the company’s ‘Next Chapter’, in line with our strategy, to achieve the goal of consolidating, simplifying our corporate structure and focusing our efforts in the existing growth opportunities in the main markets in which we operate. We want to recognize PTI’s readiness and swift decision making and look forward to closing the deal on due time," Marco Patuano, Cellnex CEO.
Phoenix Tower International is advised by Nomura and Arthur Cox. Cellnex is advised by Barclays, Santander and Matheson.
EU antitrust regulators last month temporarily halted their investigation into British Airways owner IAG's €400m ($434m) bid to buy out Air Europa, Reuters reported.
The EU competition enforcer had been poised to hit IAG with an antitrust warning regarding the deal in a sign that it wanted the carrier to beef up its package of remedies submitted last month.
Intel, a semiconductor corporation, completed the acquisition of Silicon Mobility, a company that designs and develops flexible, real-time, safe and open solutions technologies for automotive applications, from Cipio Partners, a private equity firm. Financial terms were not disclosed.
“The transaction is a win for France’s deep tech technology ecosystem. Cipio Partners is proud to be one of the leading foreign growth investors in the French market," Roland Dennert, Cipio Managing Partner.
Silicon Mobility was advised by Ancoris Capital Partners and Jones Day (led by Renaud Bonnet).
French media group Vivendi's Canal+ has raised its offer to buy all the shares of South Africa's MultiChoice that it does not already own, Reuters reported.
Canal+, the biggest shareholder in MultiChoice, will offer $6.5 per share, valuing the pending shares at about $1.77bn according to Reuters calculations, after its previous offer of $5.5 was rejected last month.
MultiChoice is advised by Morgan Stanley.
Ennismore said to seek capital for expansion.
Ennismore, the luxury lifestyle hotel company backed by France's Accor, is seeking to raise capital for expansion in the US and is talking to potential strategic partners, Bloomberg reported.
The operator of The Hoxton and Mama Shelter hotel chains aims to raise new money that could value it at about $3bn or more. Accor will retain majority ownership in London-based Ennismore.
Vitol close to buying Exxon, QatarEnergy stakes in Italy LNG terminal.
Vitol-backed energy storage company VTTI is close to acquiring a majority stake in Italy's biggest liquefied natural gas import terminal from Exxon Mobil and QatarEnergy, Reuters reported.
The deal, which could value the entire terminal at about €800m ($868m), would give VTTI a role in the European LNG market at a time when flows of the liquefied gas to Italy are on the rise.
First Quantum touts interest in its Zambia copper operations.
First Quantum Minerals has attracted interest from multiple parties wanting to buy a minority stake in its Zambian copper operations, as the Canadian miner continues efforts to shore up its balance sheet, Bloomberg reported.
"First Quantum has signed non-disclosure agreements with several groups interested in the African mines, and expects to soon provide access to a data room for due diligence," Robert Harding, First Quantum Chairman.
Qatar launches investment programme for seed, growth-stage startups.
Qatar has launched a new programme that seeks to fund tech startups in both seed and growth stages as part of efforts to attract these companies to establish or expand operations in the country, DealStreetAsia reported
The startup Qatar Investment Program, which is powered by Qatar Development Bank, aims to provide $500k to startups in the seed stage and up to $5m in the growth stage.
Ebury said to eye London IPO at £2bn valuation.
Ebury, a cross-border payments platform backed by Banco Santander, has been meeting with banks as it prepares for a London initial public offering that could value it as much as £2bn ($2.5bn), Bloomberg reported.
It has been interviewing banks as part of a so-called pre-RFP process. That’s a relatively new development where a company speaks to a wide range of underwriters before later paring down the list to a select group it then invites for more detailed pitches for an IPO mandate.
IWG weighs US listing as it ramps up new sites.
The London-listed flexible office company IWG is preparing to make a final call on pursuing a stock market listing in the US as the company seeks to persuade investors it should be valued more like tech darlings Uber Technologies or Airbnb, Bloomberg reported.
IWG has switched the currency in which it reports to dollars and is reviewing adopting US GAAP accounting standards to reflect the fact that most of its earnings are generated in the region. The group, which owns the Regus serviced office brand, will likely make an "announcement regarding the company's intentions" on whether to adopt GAAP during the first half of this year.
Dubai's $429 parking IPO sells out within minutes.
The Dubai government's latest initial public offering sold out as soon as books opened, with investors rushing to snap up shares in the city's public-parking business, Bloomberg reported.
Books for the listing of Parkin, which could raise as much as $429m, were covered across the price range within minutes of opening for subscriptions on March 5.
Air Baltic posts first profit since 2018, IPO plan proceeds.
Latvia flag carrier Air Baltic is pursuing its plan for an initial public offering after recording its first annual profit since 2018, Bloomberg reported.
The airline reported net income of $37m last year, after a net loss of $59m in 2022.
Sandoz shares fall after announced finance chief change. (People)
Generic pharmaceuticals and biosimilars company Sandoz Group shares fell on March 5 after the company said Chief Financial Officer Colin Bond would retire at the end of June and be replaced by Remco Steenbergen, from Deutsche Lufthansa, WSJ reported.
Shares in Sandoz were trading down 3.4% at $31, having fallen as much as 5.1% earlier, but the stock remained up 1.4% since the beginning of the year.
Singapore's competition watchdog said on March 5 it has approved the merger between Tata Group-owned Air India and sister airline Vistara, a joint venture between Tata and Singapore Airlines, opens new tab, subject to certain conditions.
Singapore's flagship carrier announced its plan to merge Vistara and Air India in November 2022, in a bid to create a dominant full-service airline in the domestic and international markets.
Mitsui-backed MOL Chemical Tankers, a company specialising in ocean transport of liquefied chemicals and oil, completed the acquisition of Fairfield Chemical Carriers, a chemical tanker shipping business, from Fairfield-Maxwell, a consulting company that provides financial strategies to enhance business growth for organizations, for $400m.
“Now, MOL Chemical Tankers and Fairfield Chemical Carriers are one company. This is the beginning of a new era in our great company. Our aim is to become an excellent operator in every aspect. By combining the companies, MOL Chemical Tankers will now have a broader, stronger fleet and service network for customers," Akira Sasa, MOLCT CEO.
Fairfield Chemical was advised by MUFG Bank. Fairfield-Maxwell was advised by Morgan Stanley.
Alibaba backs $2.5bn MiniMax. (FS)
Alibaba Group is leading a financing round of at least $600m for Chinese AI startup MiniMax, spearheading its second major deal in the space this year as it unleashes capital in pursuit of growth, Bloomberg reported.
The two-year-old firm has secured funds from Alibaba and other investors at a valuation of more than $2.5bn. The fundraise remains in progress but Alibaba and HongShan, formerly Sequoia China, have committed to the financing. The terms could still change because negotiations with more investors are proceeding.
ANZ selling 9% stake in Malaysia's AmBank.
Australia's fourth-biggest bank ANZ Group is selling around 298m shares or 9% stake worth up to $242m in Malaysian lender AMMB or AmBank, Reuters reported.
The shares are being offered at between $0.8 and $0.81 per AMMB share, which is equivalent to a discount of 8.3% to 9.5% to the closing price of AMMB's shares of $0.88 on March 5.
Ambani-Disney merger may capture 50% of India's streaming market.
Nearly half of India's internet users watched movies, television shows, news and sports on streaming platforms owned by Indian billionaire Mukesh Ambani's Reliance Industries and Walt Disney before they merged to form a media giant, Bloomberg reported.
Adani dollar bonds see robust demand.
India conglomerate Adani group saw massive demand on March 4 for its first dollar bond since a short-seller attack last year, in what two banking sources said was being seen internally as a test for the conglomerate's access to global capital markets, Reuters reported.
Adani Green Energy priced a $409m 18-year bond after receiving nearly $3bn of demand for it.
Tata Sons may be valued at up to $96bn in IPO.
Tata Sons may fetch a valuation of as much as $96bn in an initial public offering that could potentially take place within the next 18 months, Bloomberg reported.
The Indian conglomerate — which owns stakes in software major Tata Consultancy Services and Jaguar Land Rover maker Tata Motors — was classified as an "upper-layer" non-banking financial company by the central bank in September 2022. The category, among other requirements, mandates that such firms seek a public listing within a period of three years.
Ather picks HSBC, JP Morgan, Nomura, Indian banks for IPO.
Indian electric-scooter maker Ather Energy has picked HSBC, Nomura and JP Morgan to help arrange its initial public offering.
The Bengaluru-based company has also selected local banks including JM Financial and Axis Bank for the first-time share sale. An IPO could take place as soon as the second half of the year in Mumbai, depending on market conditions.
ADB Ventures looking to raise $200m for new climate fund. (FS)
ADB Ventures, the tech investment arm of Asian Development Bank, is targeting to raise $200m for a new fund to back climate-focused startups in Asia, DealStreetAsia reported.
"We expect the fund to generate significant climate impact with a focus on climate-tech solutions disrupting traditional industries, greening regional supply chains, and supporting climate adaptation and resilience," ADB Ventures.
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