EMEA
VINCI Airports acquired a controlling stake in Gatwick Airport from Global Infrastructure Partners, ADIA and other pension funds for £2.9bn. (Financial Sponsors)
NEC acquired KMD from Advent International and Sampension for $1.2bn. (FS)
Visa International acquired Earthport for £198m.
Maersk seeks acquisitions on land.
AMERICAS
Nomura aims for increased deal-related business in the US.
APAC
The biggest Saudi Arabia Banks in merger talks.
Indian Oil may drop its plans to acquire a 50% stake in the Mundra LNG terminal.
Sunway REIT acquired land worth $132m. (FS)
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EMEA
VINCI Airports acquired controlling stake in Gatwick Airport from Global Infrastructure Partners, ADIA and other pension funds for £2.9bn. (FS)
VINCI Airports, a subsidiary of VINCI Concessions, agreed to purchase 50% of the Gatwick Airport for £2.9bn ($3.7bn). The transaction is expected to close in the first half of 2019. Global Infrastructure Partners will manage the remaining 49%.
“Our Chairman and I, along with our senior management team, will all remain at Gatwick and look forward to improving services further for our passengers. There will be no changes to the immediate running of Gatwick and we expect the transaction to complete by the middle of next year. This is good news for the airport as it will mean both continuity but also a further investment for passengers over the coming years to improve our services further. We currently fly to over 220 destinations around the world and are ambitious to do even more in the years ahead." Stewart Wingate, Chief Executive, Gatwick Airport.
NEC acquired KMD from Advent International and Sampension for $1.2bn. (FS)
Advent International and the Danish pension fund Sampension have agreed to sell KMD, Danish IT group, to the global Japanese technology group NEC for approximately 8bn Danish Kroner ($1.2bn). NEC is stepping up its activities within the software for the public sector and sees KMD as one of the world’s leading software providers in this segment.
“Through the acquisition of KMD, NEC will gain access to technology, competencies, and products that are absolutely world-class. We see huge potential in rolling out KMD’s platforms and experiences from Scandinavia to the rest of Europe and also globally.” Takashi Niino, NEC Corporation President and CEO.
Visa International acquired Earthport for £198m.
Visa International Service Association and Earthport agreed on the terms of a recommended all-cash offer. The offer values the entire issued and to be issued ordinary share capital of Earthport at c.£198m ($251m).
"The Earthport Board believes the offer by Bidco represents an opportunity for shareholders to realize an immediate and attractive cash value in Earthport today. Visa shares our vision of growth and expansion for Earthport and, as such, we believe it is a suitable and appropriate partner for our employees, partners, customers, and other stakeholders." Sunil Sabharwal, Earthport Chairman.
Rothschild & Co, Bird & Bird, N+1 Singer, and Newgate Communications advised Earthport. Visa was advised by Goldman Sachs and Freshfields Bruckhaus Deringer.
Maersk seeks acquisitions on land.
Maersk is looking for acquisitions to boost its logistics operations on land as the world’s largest container shipping company tries to broaden its appeal to big shippers of goods.
“The future will be very much about scaling the land side of the equation. We for sure have to do some acquisitions in the logistics space, primarily to gain capability and scale" Soren Skou, chief executive of the Danish company. As for possible acquisition targets, he noted that Maersk was involved in each part of the land side of logistics such as trucks and warehousing “some at scale, some not.” He added: “Our vision is that customers can buy everything they need for their global supply chain from Maersk.”
AMERICAS
The Strategic Group, Puerto Rico-based private equity firm, acquired Paskewitz Asset Management, a registered Commodity Trading Advisor with $135m (as of close) in assets under management.
“We have worked with The Strategic Group over this last year to explore options to complement our existing resources and expand our product offerings. This strategic partnership will enable PAM to increase its institutional management practices and to scale and expand. Additionally, The Strategic Group’s platform and expertise allow us to grow more efficiently and enhance our value proposition to our clients,” Brad Paskewitz, Paskewitz Asset Management founder and CIO.
Nomura aims for increased deal-related business in the US.
"Nomura Holdings aims to increase its share of business arranging foreign exchange hedging, acquisition finance and other deal-related services for corporate clients in the United States", said Koji Nagai, Nomura CEO.
“Our keywords are ‘America’, ‘corporate clients’ and ‘solutions business’. Rather, our focus is on advisory and primary business, which are not subject to market risks to the same degree and do not use our balance sheet much” he added.
APAC
Carlyle Group and GIC are buying a 10% stake in SBI Life Insurance Co from BNP Paribas Cardiff for $742m. Carlyle and GIC have beat rival bids from KKR and Temasek. The proposal from Carlyle and GIC has been sent to the Insurance Regulatory and Development Authority.
CITIC Securities Co. signed a preliminary agreement to buy smaller rival Guangzhou Securities, the latest in a series of acquisitions by China’s largest brokerage.
CITIC Securities plans to fund the purchase by issuing shares to the current owners of Guangzhou Securities.
The biggest Saudi Arabia Banks in merger talks.
National Commercial Bank, Saudi Arabia's biggest lender, started initial talks with Riyad Bank for a merger, a deal that would create the Gulf's third-biggest lender with $182bn in assets.
In addition, Saudi Arabia is exploring potential mergers to boost its financial services industry after the combination of Saudi British Bank and Alawwal Bank.
The Kingdom’s main sovereign wealth fund, which owns stakes in some of the biggest lenders, is weighing which banks could be merged to increase scale and competition. Authorities are also likely to look favorably upon potential mergers among banks outside the state’s control.
Indian Oil may drop its plans to acquire a 50% stake in the Mundra LNG terminal.
State-run Indian Oil Corp may drop its plan to acquire as much as 50% stake in the Mundra LNG terminal in Gujarat. In August 2017, Indian Oil said it has received in-principle approval from its board to buy a 50% stake in the 5m tonnes per annum terminal.
Currently, GSPC owns a 50% stake in the project, while Adani group holds 25%. Adani and GSPC were looking at inducting a strategic partner such as Indian Oil. “Indian Oil recently informed GSPC LNG that it would not like to go ahead with its plans of picking up a stake in the terminal,” said a Gujarat government official.
Sunway REIT acquired land worth $132m. (FS)
Sunway REIT has acquired land and buildings from Malaysian conglomerate Sunway Bhd’s wholly-owned subsidiary Sunway Destiny Sdn Bhd for RM550m ($132m) in cash.
According to Sunway REIT, the acquisition was in line with its strategy to pursue assets that are yield accretive with the potential to contribute to the long-term growth in its distribution per unit and/or net asset value per unit.
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