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AMERICAS
Chesapeake Energy's $7bn acquisition of rival natural gas producer Southwestern Energy is expected to close early in the fourth quarter, Reuters reported.
This development follows a second request for additional information in April by the US Federal Trade Commission, which had previously postponed the merger to the latter half of the year.
Chesapeake Energy is advised by Evercore, JP Morgan, Morgan Stanley, Latham & Watkins (led by Ryan J. Lynch, William Finnegan IV and Kevin M. Richardson), Wachtell Lipton Rosen & Katz (led by David A. Katz) and DrivePath. Southwestern Energy is advised by Bank of America, Goldman Sachs, RBC Capital Markets, Wells Fargo Securities, Kirkland & Ellis (led by Douglas Bacon, Kim Hicks and Patrick Salvo) and Joele Frank (led by Jed Repko and Andrew B. Siegel). Financial advisors are advised by Paul Weiss Rifkind Wharton & Garrison and White & Case (led by Denise A. Cerasani).
Bel Fuse, a manufacturer of electronic circuits, agreed to acquire a 80% stake in Enercon Technologies, a networking solutions provider to aerospace and defense markets from Fortissimo Capital, a private equity firm, for $320m.
"The acquisition of Enercon will extend Bel’s Power segment into the aerospace and defense end markets, deepening our partnership with customers who support critical applications. The addition will result in 30% of Bel’s Power segment revenue and approximately 37% of consolidated Bel revenue supporting the aerospace and defense end markets. We are excited to work with the Enercon management team and Fortissimo in growing the business in the years to come," Daniel Bernstein, Bel CEO.
Enercon Technologies is advised by Citigroup and Gornitzky & Co. Bel Fuse is advised by Evercore, Needham & Co, Meitar Law Offices, White & Case and Three Part Advisors.
Syntiant, a deep learning tech company, agreed to acquire the Consumer MEMS Microphones business of Knowles, a semiconductor company, for $150m.
"After performing an in-depth strategic review, we believe this Transaction with Syntiant is the best outcome for our shareholders, employees, customers, and suppliers. The Transaction provides Knowles with the ability to protect the intellectual property of our market-leading Hearing Health business while maximizing value for shareholders. Today's announcement represents another significant milestone in Knowles' transformation into a premier industrial technology company, building upon the success of our recent Cornell Dubilier acquisition," Jeffrey Niew, Knowles CEO.
Knowles is advised by Jefferies & Company and Sidley Austin. Syntiant is advised by Needham & Co, Latham & Watkins and PondelWilkinson. Debt financing is provided by Boardman Bay Capital Management and Structural Capital.
Vistra, a retail electricity and power generation company, agreed to acquire 15% stake in Vistra Vision, a manager of zero-carbon nuclear, energy storage, solar generation assets and retail business of Vistra, from Nuveen, an American asset manager, and Avenue Capital, a private equity firm, for $3.248bn.
"This is another key milestone in the evolution of our company. Through this transaction we are simplifying the overall structure by acquiring the minority interest at an attractive valuation and increasing our shareholder's ownership to 100% of highly valuable, carbon-free assets in the key growing markets across the US," Jim Burke, Vistra President and CEO.
Vistra is advised by Citigroup, Latham & Watkins and Sidley Austin. Avenue Capital and Nuveen are advised by PJT Partners, Evercore and Kramer Levin Naftalis & Frankel.
Snowhawk, a private equity firm, completed an investment in CleanArc Data Centers, a developer and operator of renewables-focused hyperscale data center campuses. Financial terms were not disclosed.
“We are delighted to further our partnership with James Trout and the CleanArc team. We see a generational opportunity to invest in the cloud and AI architecture underpinning our increasingly digital society. CleanArc is a pioneer in innovative and sustainable data center solutions for its customers, and we are excited to invest in platform expansion in its focus markets," Brian McMullen, Snowhawk Managing Partner & Co-Founder.
CleanArc Data Centers was advised by CBRE Group, TD Securities and BakerHostetler. Snowhawk was advised by PJT Partners and Kirkland & Ellis.
Matador Resources, an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources, completed the acquisition of Ameredev, an oil and natural gas company, from EnCap Investments, a private equity firm, for $1.9bn.
“Matador is very excited to work with EnCap again on this strategic bolt-on opportunity. As with the successful Advance Energy deal we completed in April of 2023, we view the Ameredev transaction as another unique opportunity to work with EnCap and another value-creating opportunity for Matador and its shareholders," Joseph Wm. Foran, Matador Founder, Chairman and CEO.
Arcline Investment-backed Fairbanks Morse, a premier naval engine supplier, agreed to acquire the Naval Propulsors and Handling business of Rolls-Royce, an engineering group. Financial terms were not disclosed.
“When you look at the 150-year history of Fairbanks Morse Defense, you will find a handful of distinctive moments that completely transformed this company. We believe the acquisition of Rolls-Royce naval propulsors and handling businesses will become one of those moments. Combining our capabilities allows Fairbanks Morse Defense to substantially increase what we offer to our US maritime defense customers while also offering our systems and components solutions to Rolls-Royce's global customer base," George Whittier, Fairbanks Morse CEO.
Fairbanks Morse is advised by Jefferies & Company and Mercom Communications.
Epson, a Japanese multinational electronics company, agreed to acquire Fiery, a provider of digital front ends and workflow solutions for the global print industry, from Siris, a private equity firm, for $591m.
"We are delighted to welcome Fiery into the Epson Group. We are confident that this agreement will not only drive further growth in our commercial and industrial printing businesses but also accelerate the digital transformation of the analog printing market in an innovative way. Together with Fiery, we remain committed to contributing to our customers' success and enhancing corporate value as we pursue new opportunities in the evolving printing landscape," Yasunori Ogawa, Epson President and Representative Director.
Siris is advised by Sidley Austin.
Goldman Sachs Alternatives, an alternative investment advisory services provider, completed the investment in Interplay Learning, a virtual reality training and education platform. Financial terms were not disclosed.
"Our vision is to support corporations that not only uphold core economic principles but also serve social needs, and in doing so, prove that this approach to investing will also provide strong returns. We believe Interplay represents that investment thesis and our investment will aid it in its mission to be the formidable global leader in its space," Greg Shell, Goldman Sachs Alternatives Partner and Head of Inclusive Growth Strategy.
Interplay Learning is advised by Ripley PR.
Oracle-backed chipmaker Ampere explores potential sale.
Ampere Computing, the semiconductor startup backed by Larry Ellison’s Oracle, is exploring a potential sale, Bloomberg reported.
The chip designer has been working with a financial adviser in recent months to help field takeover interest. Santa Clara, California-based Ampere is open to talks with a larger industry player about a possible transaction.
Blockchain firm Blockdaemon weighs 2026 for a potential listing.
Blockchain infrastructure provider Blockdaemon may pursue an initial public offering in 2026, Bloomberg reported.
“Let’s see how 2025 holds up and then I think 2026 would be a year where we might want to pursue something like that. That would be a good time-frame. The company would be eight, nine years old, by then,” Konstantin Richter, Blockdaemon founder.
BioAge seeks $158m in IPO. (FS)
BioAge Labs, a clinical-stage biotechnology company developing therapies for obesity and metabolic disease, is seeking to raise as much as $158m in its initial public offering and a private placement, Bloomberg reported.
The company is offering 7.5m shares for $17 to $19 apiece. Separately, Sofinnova Venture Partners XI, an existing shareholder, is expected to purchase about $15m worth of shares at the IPO price in a private placement.
Headline closes $865m to invest in growth-stage tech companies. (FS)
Headline today announced Headline Global Growth IV with $865m of capital committed to the strategy to support companies at their Growth inflection points, Series B and beyond.
“The European tech ecosystem is still in its early stages, with lots of unrealized potential. As we have seen in the past 20 years, venture markets can shift rapidly, but technology as a whole continues growing. AI is transforming every industry and creating a massive reset,” Christian Leybold, Headline Founding Partner.
Target names PepsiCo’s Jim Lee as finance chief. (People)
Target has hired veteran PepsiCo executive Jim Lee as the retailer’s top finance officer, WSJ reported.
Target said that Lee will join the company on September 22 as chief financial officer and a member of leadership team after more than 25 years at PepsiCo, where he most recently served as deputy finance chief.
EMEA
NewRiver, a real estate investment trust, agreed to acquire Capital & Regional, a UK-focused retail property REIT specialising in shopping centres, for £147m ($194).
Shareholder of Capital & Regional would be entitled to receive and retain an interim dividend declared by Capital & Regional for the six months that ended June 30. Once Capital & Regional shareholders become NewRiver shareholders, they will be entitled to an interim dividend to be declared by NewRiver for the first six months ending September 30.
Capital & Regional is advised by Deutsche Numis, Java Capital, Stifel, CMS and FTI Consulting. NewRiver is advised by Jefferies & Company, Kinmont, Panmure Liberum, Shore Capital & Corporate, Eversheds Sutherland and FTI Consulting.
Playtika, a mobile gaming entertainment and technology company, agreed to acquire SuperPlay, an Israeli mobile games developer, for $700m.
“We see the acquisition of SuperPlay as a key move in strengthening Playtika’s leadership in mobile gaming, driving growth with scaled titles, and unlocking new opportunities. SuperPlay’s proven talent and success in navigating complex environments align seamlessly with our team. Together, we’re expanding our ability to deliver exceptional experiences to players worldwide,” Robert Antokol, Playtika CEO.
Playtika is advised by Morgan Stanley and FWMK Law Offices. SuperPlay is advised by Aream & Co, The Raine Group and Raz Dlugin.
PJT Partners, an asset management firm, agreed to acquire deNovo Partners, an investment banking firm. Financial terms were not disclosed.
“We are pleased to welcome the deNovo team to PJT Partners as we continue to expand our global footprint. We look forward to building upon our strong partnership to better serve clients in the Middle East as well as international clients with business interests in the region,” Paul J. Taubman, PJT Partners Chairman and CEO.
deNovo Partners is advised by Kekst CNC. PJT Partners is advised by Joele Frank.
Ricola, a manufacturer of cough drops, agreed to acquire the Karl Roth-Strasse production plant of Hero Group, a consumer food manufacturer. Financial terms were not disclosed.
"We are proud to have found in Ricola the perfect buyer for our production plant in Lenzburg. Hero's headquarters will, of course, remain at the birthplace of our company and we look forward to having Ricola as neighbours," Rob Versloot, Hero Group CEO.
Hero Group is advised by CBRE Group and Bar & Karrer.
Oaktree, an American private equity firm, agreed to acquire Close Brothers Asset Management, a wealth manager providing personal financial advice and investment management services, from Close Brothers, a UK merchant banking group, for £200m ($264m).
“We are delighted that Close Brothers chose to partner with us on this important transaction. We have observed CBAM’s progress over several years and hold the franchise in high regard. The business is well known for its client centric culture which we absolutely intend to preserve and nurture as we invest in its service capabilities and technology to build a vertically integrated UK wealth business of scale. In the coming months we will bring to bear our extensive operational experience in the sector to work closely with Close Brothers and ensure a successful separation and transition of the business,” Federico Alvarez-Demalde, Oaktree Managing Director.
Close Brothers is advised by Goldman Sachs.
Shell's planned sale of a stake in the Schwedt refinery in Germany to Prax Group is being delayed by pending lawsuits by third parties stalling a divestment the company has waited years for, Reuters reported.
The deal has been complicated by Berlin's stripping Schwedt's majority owner Rosneft of its control following the severing of energy ties between Germany and Moscow in 2022.
Swiss Post, the national postal service of Switzerland, agreed to acquire Open Systems, a network and cyber security solutions provider, from EQT, a private equity firm. Financial terms were not disclosed.
"I would like to thank EQT for their support over the years and their hands-on involvement in our development. Swiss Post's investment is a validation of our long-term strategy to become a leading SASE software provider with the best customer experience. With Swiss Post, we have found a sustainable partner in Switzerland who shares our values and will support us in continuously delivering best-in-class technology and services to our customers while continuing to drive innovation," Daniel Neuhaus, Open Systems CEO.
EQT is advised by Bar & Karrer.
KKR and CPPIB, a global investment firms, agreed to acquire a majority stake in classified advertising business of Axel Springer, a German digital publishing house. Financial terms were not disclosed.
“We are proud to have partnered with Friede and Mathias since 2019 in pursuit of Axel Springer’s vision to become a leading global provider of digital content and classifieds. We have jointly reached this goal by acquiring industry leaders such as POLITICO to expand across geographies and segments, transforming the group’s operations, and attracting market leading talent. We are excited to continue the partnership as we further grow the classifieds businesses, working with the talented teams at Stepstone, AVIV, finanzen and Awin in our shared pursuit of future value creation,” Philipp Freise, KKR Partner and Co-Head of European Private Equity.
TDR, I Squared Capital said to consider $10bn Aggreko exit. (FS)
TDR Capital and I Squared Capital are considering options to exit their ownership in Aggreko, one of the world’s biggest suppliers of portable power generators, Bloomberg reported.
The investment firms are talking to potential advisers on alternatives including selling a minority stake, a full sale or an initial public offering of the Glasgow-based business, which could have an equity value of about $10bn or more. The asset could attract both financial investors and other companies in the same industry.
Advent is nearing sale of Idemia Biometric unit to IN Groupe. (FS)
Buyout firm Advent International is nearing an agreement to sell the European identity authentication business of Idemia to IN Groupe, Bloomberg reported.
A sale could be announced as soon as this week. A final agreement hasn’t been reached and the details could still change. Bloomberg reported in March that the Idemia unit could be valued at as much as €1bn ($1.1bn) in a sale.
Vista picks Evercore to help sell Finastra’s capital markets arm. (FS)
Vista Equity Partners is working with Evercore to help sell the fintech Finastra’s Treasury and Capital Markets business, Bloomberg reported.
The private equity firm is in the early stages of weighing a sale of the TCM unit, which could fetch at least $2bn. The division generates about $200m in annual earnings before interest, taxes, depreciation and amortization. A final decision hasn’t been made and Vista could opt against a sale of the unit.
UniCredit has Germany's trust, won't go hostile on Commerzbank.
UniCredit was able to buy 4.5% of Commerzbank from the German state because the government trusts the Italian bank, its CEO said, ruling out any "aggressive" moves such as an unsolicited buyout bid.
UniCredit CEO Andrea Orcel told Italian daily Il Messaggero that his bank had been speaking with the German government for a while, Reuters reported.
AlShaya Starbucks franchise stake sale talks on hold.
The sale of a stake in the Middle East, North Africa and central Asia Starbucks franchise operated by Kuwait's AlShaya Group is on hold, Reuters reported.
Boycotts and geopolitical unrest in the region continue to impact the franchise, hindering bidders' ability to value the business, and AlShaya is not in a rush to sell.
Vonovia deal offers way out for Elliott’s Deutsche Wohnen bet. (FS)
German residential landlord Vonovia said it’s prepared to offer sweeteners to minority shareholders of a subsidiary in exchange for tighter control, following a yearslong campaign by activist shareholder Elliott Investment Management, Bloomberg reported.
Vonovia agreed to enter discussions to conclude a so-called domination and profit and loss transfer agreement involving its Deutsche Wohnen unit. Under such a deal, minority investors of Deutsche Wohnen - including Elliott - could sell their shares in exchange for newly issued Vonovia stock and receive an annual compensation payment.
Germany eyes Uniper IPO after historic energy crisis bailout.
Germany’s government took a first step toward privatizing Uniper, the utility it nationalized at the peak of Europe’s energy crisis in 2022 after Russia curbed gas flows to the region, Bloomberg reported.
The nation’s finance ministry said an initial public offering is its preferred option for selling the company. It’s also considering off-market sale alternatives.
Denmark’s Topsoe CEO wants to delay IPO to stay private for now.
Topsoe’s chief executive officer plans to hold off on an initial public offering for now, and focus on improving key units before listing the Danish engineering company, which last month cut its revenue forecast, Bloomberg reported.
The firm, which makes catalysts and technology for the green transition, is currently revamping its business by introducing new technologies and entering new markets, and that process is better done “in the shade of a private owner,” CEO Roeland Baan said in an interview.
BGO announces €2bn fundraise for its fourth european value-add strategy. (FS)
BGO, a global real estate investment management advisor and provider of real estate services, has today announced that it has successfully raised €2bn ($2.2bn) for its European investment program through its fourth European Value-Add Strategy.
With this announcement, the Value-Add Fund has raised a total of €1.5bn ($1.7bn) in commitments and €520m ($578m) through co-investment opportunities in high-quality industrial and data centre platforms in Europe. This is the fourth fund in BGO’s European Value-Add strategy, which has invested over c. €4bn ($4.4bn) since 2014.
APAC
Bain Capital, a private investment firm, agreed to acquire Trancom, a logistics service firm, for $706m. (FS)
The board of directors at Tokyo-listed Trancom, whose network includes 57 logistics centres and 51 information centres across Japan, recommended acceptance of Bain’s offer of JPY10,300 ($72.6) a share, according to stock filings.
Korea Zinc shares surge on speculation MBK to sweeten offer. (FS)
Korea Zinc shares jumped to a record on speculation private equity firm MBK Partners will raise its offer to gain control of the world’s biggest refiner of the metal, Bloomberg reported.
MBK teamed up with Young Poong, Korea Zinc’s largest shareholder, to launch an offer last week. The bid came as two branches of the founding family of the metal producer are locked in a dispute over the management of the business founded more than 50 years ago. The deal is also attracting political opposition.
Carlyle seeking $2.1bn market value for Japan's Rigaku in IPO. (FS)
Japan's Rigaku, a maker of X-ray testing tools backed by buyout firm Carlyle Group, is preparing for a domestic initial public offering in October, Reuters reported.
Carlyle is targeting a market value for Rigaku of around JPY300bn ($2.1bn) in the IPO. A listing is not certain and, depending on market conditions, may be cancelled or rescheduled.
DCM Ventures to exit China’s Kuaishou via $479m placement. (FS)
DCM Ventures is seeking to sell all its remaining shares in Chinese short video platform Kuaisohu Technology to raise up to $479m.
The Silicon Valley-based venture capital is offloading 91.7m shares in Kuaishou with offer price ranging from HKD40.3 ($5.17) to HKD41.1 ($5.27) per share. The number of shares represent 2.1% of Kuaisou’s existing outstanding shares.
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