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AMERICAS
Kaman, an aerospace company, completed the acquisition of the aircraft wheel & brake division of Parker-Hannifin, a motion-control company, for $440m.
"We are executing on our strategic priority of growing through accretive M&A, by expanding our Engineered Products segment by adding capabilities in markets that we know well. The complementary acquisition of Aircraft Wheel & Brake will advance this strategy by expanding the breadth of our product offerings, increasing our exposure to attractive markets, and driving meaningful near-term margin and cash flow accretion. We are excited to add the experienced Aircraft Wheel & Brake management team to our organization while utilizing their leading proprietary technology and strong customer relationships," Ian Walsh, Kaman Chairman, President and CEO.
Kaman was advised by JP Morgan and K&L Gates. Parker-Hannifin was advised by Citigroup, Freshfields Bruckhaus Deringer and Jones Day (led by Patrick Leddy and Michael Gleason).
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, agreed to acquire the safety business of Apollo-backed Intrado, a provider of technology-enabled services, for $2.4bn.
"I am pleased that the Safety team will continue to advance their vision as part of the Stonepeak portfolio, benefitting from their experience and success in investing in a wide range of digital infrastructure companies over the past decade. I remain excited about Intrado's future given Digital Workflows, Notified, and Mosaicx are industry leaders in each market they serve," John Shlonsky, Intrado President and CEO.
Stonepeak is advised by Simpson Thacher & Bartlett (led by Brian Chisling). Intrado is advised by LionTree Advisors, RBC Capital Markets and Paul Weiss Rifkind Wharton & Garrison (led by Brian Scrivani and Taurie Zeitzer).
Vista Equity Partners, an American investment firm, offered to acquire KnowBe4, the provider of the world's largest security awareness training and simulated phishing platform, for $4.2bn.
KnowBe4's Board of Directors regularly considers opportunities to enhance value for its stockholders. In response to an inquiry from Vista, the Board formed a special committee of the Board, comprised solely of independent directors, to engage with Vista and take other actions that it deems appropriate, with the assistance of independent financial and legal advisors.
KnowBe4 is advised by Morgan Stanley, Potter Anderson & Corroon, Wilson Sonsini Goodrich & Rosati and Joele Frank (led by Eric Brielmann).
Ontario Teachers, an organisation responsible for administering defined-benefit pensions, completed the acquisition of a majority stake in GPA Global, a packaging services provider, from EQT, an investment organisation. Financial terms were not disclosed.
“GPA has undergone a transformation over the past five years, from an Asia-centric consumer electronics packaging specialist, into its position today as a truly global packaging platform that has a strong market position across a diversified mix of attractive end-markets. EQT has been instrumental in supporting this journey and have been great partners in the development of our business," Tom Wang, GPA Co-Founder and President.
EQT was advised by Evercore and Baker McKenzie. GPA was advised by Evercore.
Teck Resources, a diversified natural resources company headquartered in Vancouver, and Agnico Eagle Mines, a Canadian-based gold producer with operations in Canada, Finland and Mexico, agreed to form a joint venture in a $580m deal.
"San Nicolás is a high-quality project, located in a leading mining jurisdiction, with high grades, extremely competitive capital intensity, and first quartile costs. The opportunity to add the operating and development experience of Agnico Eagle should generate substantial benefits for the project including for all stakeholders throughout the project life cycle," Don Lindsay, Teck President and CEO.
Teck Resources is advised by Rothschild & Co.
Coliseum Capital, a hedge fund, offered to acquire Purple Innovation, a designer and manufacturer of a variety of comfort products, for $362m.
The Purple Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of Purple and all Purple shareholders.
AngloGold Ashanti, a global gold mining company, agreed to acquire the Crown and Sterling holdings of Coeur Mining, a precious metals mining company listed on the New York Stock exchange, for $200m.
"The divestiture of Crown Sterling unlocks significant value for Coeur stockholders and demonstrates our ongoing commitment to allocating capital into our existing portfolio of near-term core growth projects, highlighted by the Rochester expansion in northern Nevada. The consideration represents a significant gain on our original investment," Mitchell J. Krebs, President and CEO.
Coeur Mining is advised by Gibson Dunn & Crutcher.
Cryptyde, a blockchain technology company focused on consumer adoption of smart contract technologies, agreed to acquire Forever 8 Fund, an e-commerce fintech company, for $93m.
"Forever 8 fills a crucial need for anyone selling products on the internet. They have proven there is a demand for their financing model with impressive growth over the past 18 months. This is a phenomenal opportunity for us as Cryptyde begins to develop and deploy its core suite of products that will help power the future of Web3," Brian McFadden, Cryptyde President and CEO.
Cryptyde is advised by Dittoe PR.
Helios Technologies, an industrial valve manufacturing company, completed the acquisition of Daman Products, a hydraulic valve manifolds manufacturer. Financial terms were not disclosed.
"We are making excellent progress with our augmented strategy. The addition of Daman to the Helios family demonstrates our ability to expand our technologies and markets through another high-quality flywheel acquisition. Daman is a very strong standalone business with a healthy margin profile. Within the Helios Business System, we expect to be able leverage Daman from a very successful small business to closer to a hundred-million-dollar business over the next five years. As we fold them into our global manufacturing and operating strategy this provides another avenue to produce integrated package offerings with other Helios brands over time," Josef Matosevic, Helios President and CEO.
McKesson, a company distributing pharmaceuticals and providing health information technology, agreed to acquire Rx Savings Solutions, a healthcare software firm, for $875m.
“Rx Savings Solutions’ offerings for employers and patients will strengthen McKesson’s ability to help solve the most common medication challenges related to access, affordability and adherence. We expect the acquisition of Rx Savings Solutions to accelerate McKesson’s growth priority in biopharma services by extending our ecosystem of differentiated medication access solutions to patients. Together with Rx Savings Solutions, McKesson will amplify our efforts to advance health outcomes for all," Brian Tyler, McKesson CEO.
H&E Equipment, an equipment company, agreed to acquire One Source Equipment Rental, a provider of non-residential construction and industrial equipment, for $130m.
“For more than 20 years, One Source has emphasized a culture where equipment reliability and customer support and satisfaction are vital features for success, resulting in an equipment rental operation with strong consumer loyalty throughout its branch network. These important attributes, which are underscored by a dedicated base of employee owners, offer an exceptional cultural fit with H&E," Brad Barber, H&E Equipment Services CEO.
Ryan, a tax services and software provider, completed the acquisition of OneSource product lines from Thomson Reuters, a media company. Financial terms were not disclosed.
“This acquisition supports Ryan’s efforts to further develop and deploy comprehensive software solutions as part of our core property tax and transfer pricing offerings. The advent of these two product lines puts Ryan in an even stronger position to provide our clients with an integrated suite of global tax services that combines best-in-class software and services capabilities. Notably, this acquisition makes Ryan the largest property tax software provider in North America. Combined with having the largest property tax services team in the world, Ryan is well-equipped to continue offering clients industry-leading results that minimize our clients’ property tax burdens and free their capital to invest, grow, and thrive," G. Brint Ryan, Ryan Chairman and CEO.
Fleming Investment, a financial planning firm, completed the merger with 360 Financial, a boutique wealth management firm. Financial terms were not disclosed.
"We are excited to join forces with Fleming Investment Group. This opportunity is great for our firm to expand into the Northwest metro area, collaborate with an outstanding advisory team, and provide additional resources to our respective clients. Brian has built a tremendous client-focused planning practice and together we believe we will create a win-win environment for our firm and, more importantly, our clients," Mike Rogers, 360 Financial President.
Smurfit Kappa, one of the world's largest suppliers of paper-based packaging, agreed to acquire PaperBox, a packaging plant located in Saquarema, 70km east of Rio de Janeiro. Financial terms were not disclosed.
"We are very proud to expand our footprint in Brazil to meet the growing demand for innovative and sustainable packaging. This acquisition will broaden and strengthen our presence in the country, improve our production capabilities and enable us to continue to create new opportunities and form new partnerships with customers," Laurent Sellier, Smurfit Kappa Americas CEO.
UST HealthProof, a provider of core administrative solutions and Business-Process-as-a-Service for health plans, agreed to acquire Advantasure, a healthcare technology and business process services company. Financial terms were not disclosed.
"Bringing Advantasure into the UST HealthProof family allows us to combine our innovative and consumer-centric platform with Advantasure's proven solutions expanding our capabilities into the important Risk and Quality arena," Kevin Adams, UST HealthProof CEO.
Blue Earth Resources, a refined fuel procurement company, agreed to acquire Fuel Trader Supply, a supplier of bulk gasoline and diesel products within the Colonial and Plantation pipeline systems, and Fuel Trader Resource Management, a provider of full-service bulk fuel inventory management solutions. Financial terms were not disclosed.
"Fuel Trader has long been a trusted strategic partner of ours. The synergies of products and staff will significantly enhance our opportunities to serve our customers. The two companies have shared a close relationship since BERI commenced operations in Tennessee, and we will combine their product lines with ours to bring the best of each to the industry," Scott M. Boruff, Blue Earth Resources CEO.
H-CYTE, a medical biosciences company, agreed to acquire SkinDisc, a patent-pending tissue regeneration technology provider. Financial terms were not disclosed.
"The acquisition of SkinDisc represents another significant addition to our portfolio of potentially life-saving technologies under development. With the rising prevalence of acute, chronic, and surgical wounds over the last decade, and a total addressable market opportunity of $2bn, the H-CYTE team is excited to help foster affordable treatments for those in need of wound care and limb salvaging. To best serve those who can benefit from this proprietary technology, the Company plans to work with surgeons, podiatrists, and physicians to treat patients with severe trauma-based wounds and non-healing chronic wounds," Michael Yurkowsky, H-CYTE CEO.
Achronix acquires key IP and expertise from Accolade Technology.
Achronix Semiconductor, a provider of high-performance FPGAs and eFPGA IP, announced it had acquired key IP assets from Accolade Technology, as well as Accolade's technology team. Accolade has deep expertise in networking applications for FPGAs, and the acquisition allows Achronix to offer a robust hardware and software solution to networking customers.
"Today, chip designers are being asked to deliver solutions that are flexible, offer high performance and get to market quickly. Solving these challenges simultaneously is a complex process, which Accolade's FPGA IP accelerates significantly," Steve Mensor, Achronix Vice President of Marketing and Strategic Planning.
Gulf of Mexico oil driller QuarterNorth explores sale.
QuarterNorth Energy is exploring a potential sale which could value the oil and gas producer in the deepwater US Gulf of Mexico at more than $2bn, including debt, Reuters reported.
The privately held company has been working with an investment bank on its strategic options in recent weeks and is soliciting bids from potential buyers.
Instacart plans to focus IPO on selling employee shares.
Instacart doesn’t plan to raise much capital in its initial public offering and instead plans to have most of the listing come from the sale of employees’ shares, WSJ.
In meetings with prospective investors in recent weeks, Instacart executives said they didn’t plan to issue many new shares in their IPO. The sale of mostly employee shares would allow Instacart’s staff, including some of its earliest hires, to at last cash out of some of the shares they have been accumulating.
US pension fund CalSTRS commits $325m to vehicles of PAG, Greystar. (FS)
California State Teacher's, one of the largest US pension funds, has committed a total of $325m to Asia-focused real estate funds managed by PAG and Greystar, Deal Street Asia reported.
In its 2022 semi-annual report, CalSTRS said it committed $200m to PAG Real Estate Partners III and another $125m to Greystar EP Asia I through its real estate programme.
EMEA
Uniphar, a healthcare business focused on multinational pharmaceutical and med-tech manufacturers, agreed to acquire McCauley Pharmacy Group, a provider of pharmacy and retail services in Ireland, for €50m ($50m).
"The acquisition of McCauley further improves our leading position in the Irish retail pharmacy market. McCauley is widely recognised as a leading brand across health, well-being, and beauty. Their expertise and advanced digital offering will complement our fast-growing consumer business in the Supply Chain & Retail division. The acquisition will be earnings accretive from completion, with further efficiencies to be delivered in the medium term and will deliver a Return on Capital Employed of 12-15% within three years," Ger Rabbette, Uniphar CEO.
Curaleaf, a provider of consumer products in cannabis, completed the acquisition of a 55% stake in Four 20 Pharma, a fully EU-GMP & GDP licensed German producer and distributor of medical cannabis. Financial terms were not disclosed.
"Four 20 Pharma is a leading German distributor with a branded product that consumers love. They've captured significant market share in Germany by sourcing product from top EU-GMP certified suppliers around the world and building strong connections with German medical consumers by providing the highest quality flower in a namesake branded offering. As such, Four 20 Pharma is uniquely positioned to capitalize on Germany's conversion from a medical to an adult use market and we're thrilled to be partnering with their talented management team," Miles Worne, Curaleaf President.
GENFIT, a late-stage biopharmaceutical company, agreed to acquire Versantis, a private Swiss-based clinical-stage biotechnology company, for CHF105m ($109m).
"Versantis has an exciting portfolio that is complementary to GENFIT's. We are also thrilled to welcome a talented team that has developed a strong scientific expertise in ACLF. We believe that significant synergies exist and that this acquisition will accelerate the development of several promising drug candidates in areas of high unmet needs," Pascal Prigent, GENFIT CEO.
Mercedes-Benz to build wind farm in northwestern Germany, examining solar options.
Mercedes-Benz is planning to build a wind farm in the northwestern German state of Lower Saxony, by 2025 that is able to produce a hundred megawatts of electricity, equivalent to over 15% of the carmaker's annual demand in Germany, Reuters reported.
Mercedes will invest a three-digit million figure in a power purchase agreement with an as-yet-unnamed partner to buy the electricity generated by the turbines, the carmaker said.
Volkswagen sets price range for Porsche IPO, valuing car maker at up to $78bn.
Porsche shares are set to begin trading September 29 in one of the largest European public listings in years, raising up to $9.4bn and valuing the sports car maker at as much as $78bn, WSJ reported.
Porsche’s parent, German car giant Volkswagen priced the public offering of preferred stock in line with average analyst expectations. Combined with a private sale of Porsche ordinary stock to VW’s largest investor, Porsche Automobil Holding, the sale of 25% of Porsche could raise $19.6bn for VW.
Atom Bank finance chief McCarthy quits months before potential float. (People)
David McCarthy, who has been Atom Bank's finance director since its establishment eight years ago, is to leave just months before a potential stock exchange listing, Sky News reported
Atom Bank's finance chief since its launch nearly a decade ago is stepping down just months before a possible flotation of the digital-only lender.
APAC
Australia's Link Administration, a provider of record-keeping technology and information solutions, said that Canadian software firm Dye & Durham has lowered its buyout offer, now valuing the share registry firm at $1.3bn, citing the UK financial watchdog's conditions for the takeover.
The Australian competition regulator last week approved the previous buyout, ending a nine-month saga involving multiple offers for Link's stake in online property settlement firm PEXA Group, Deal Street Asia reported.
Link is advised by Macquarie Group, UBS, Herbert Smith Freehills (led by Tony Damian and Nicole Pedler) and GRACosway (led by Ben Wilson). Dye & Durham is advised by Barrenjoey Capital Partners, Canaccord Genuity, Clayton Utz, DLA Piper, Dentons (led by Ora Wexler and Darren Acres) and LodeRock Advisors. Debt financing is provided by Ares Capital, Goldman Sachs and JP Morgan.
Epiroc, a manufacturer of mining and infrastructure equipment, agreed to acquire a 53% stake in Radlink, a company that provides mines with wireless connectivity solutions. Financial terms are not disclosed.
“Radlink’s powerful network connectivity solutions will support Epiroc as we continue to provide mining companies with automation and digital solutions that make operations safer and more efficient. We look forward to welcoming the strong team at Radlink to Epiroc,” Helena Hedblom, Epiroc President and CEO.
Astra International, an Indonesian conglomerate, completed the acquisition of a 49.56% stake in Bank Jasa Jakarta, a lender, for $259m.
"Investment in BJJ is in line with Astra aspirations in financial services pillars to become leading retail financial providers in Indonesia and support the growth of financial services industry as well as the economy of Indonesia," Djony Bunarto Tjondro, Astra President Director.
Chubu Electric joins all-Japan Toshiba buyout consortium. (FS)
Chubu Electric Power, a Japanese electric utilities provider for the middle Chūbu region of the Honshu island of Japan, said it is joining private equity firm Japan Industrial Partners in conducting due diligence for a potential buyout of Japanese conglomerate Toshiba.
Toshiba, which is exploring going private and other options, has selected Bain Capital, CVC Capital Partners, Brookfield Asset Management and a consortium involving JIP and state-backed Japan Investment to proceed to a second bidding round, Reuters reported.
Kaisa offshore creditors offer $2bn to take over stalled projects.
An offshore bondholders' group of cash-strapped Kaisa is offering up to $2bn to acquire stalled housing projects of the Shenzhen-based developer to facilitate their completion, Reuters reported.
The takeover talks are in early stages.
Onewo Space-Tech launches $783m Hong Kong IPO.
Chinese property services firm Onewo Space–Tech Service has launched Hong Kong’s largest initial public offering of 2022 as it aims to raise up to HKD6.15bn ($784m), Deal Street Asia reported.
The company, a division of developer China Vanke, has set a price range of HKD47.1 ($5.9) to HKD52.7 ($6.7) a piece for the sale of 117m shares.
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