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AMERICAS
US life sciences company Illumina is in talks with European Union antitrust regulators to divest Grail ahead of an expected EU veto next week of its $7.1bn acquisition of the biotechnology company, Reuters reported.
The European Commission is set to block the deal because remedies offered by Illumina do not fully address the EU competition enforcer's concerns.
Grail was advised by Morgan Stanley, Latham & Watkins, McDonald Hopkins, Proskauer Rose, Ropes & Gray and Sard Verbinnen & Co. Illumina was advised by Goldman Sachs, Cravath Swaine & Moore, Davis Polk & Wardwell and Joele Frank. Goldman Sachs was advised by Freshfields Bruckhaus Deringer. Debt was provided by Goldman Sachs.
3i Infrastructure, a closed-ended investment company, completed the acquisition of Global Cloud Xchange, an operator of information technology infrastructure and provider of business communication services, for $512m.
"GCX represents a great addition to the 3i Infrastructure portfolio. The company holds a valuable leadership position in an attractive and growing sector and we look forward to working with Carl Grivner and his experienced management team to continue GCX's growth," Scott Moseley, 3i Managing Partner and Co-Head of European Infrastructure.
3i Infrastructure was advised by Allen & Overy. GCX was advised by Moelis & Co and iMiller Public Relations.
Burlington Capital Partners, a private equity firm, completed the acquisition of Sokol & Company, a SQF Level III certified wet-fill manufacturer of food ingredients and retail-ready food products. Financial terms were not disclosed.
The investment will enable Sokol to pursue growth initiatives designed to leverage the company's expansive manufacturing and packaging capabilities and quality-first operating expertise established over five generations of family management.
Burlington Capital Partners was advised by Fredrikson & Byron and Koley Jessen.
Smooth Podcasting, a healthcare podcast production platform, completed the acquisition of Outcomes Rocket, a podcast that creates distinguished results through conversations with the most inspiring leaders in healthcare. Financial terms were not disclosed.
"We gladly welcome Outcomes Rocket and look forward to helping them continue their mission of education. We help businesses expand their reach and acquire new customers through the audio power of podcasting – at the lowest possible rates and with the highest success outcomes. With over 600 different podcasts published so far, Smooth Podcasting produces, scales, publishes, and manages podcasts for both companies and busy influencers looking to stand out in a noisy crowd," Daniela Perea, Smooth Podcasting Co-Founder.
Assa Abloy, a Swedish conglomerate, agreed to acquire Control iD, a developer of hardware and software solutions for access control and time & attendance. Financial terms were not disclosed.
"I look forward to welcoming Control iD and their employees into the ASSA ABLOY Group. Control iD is a strategic technological addition; reinforcing our current access control and biometrics offerings, providing complementary growth opportunities, and enabling us to grow our market leadership in emerging markets," Nico Delvaux, Assa Abloy President and CEO.
Veritas Capital is going to acquire Chromalloy from Carlyle. (FS)
Private equity firm Veritas Capital Fund Management agreed to buy aircraft parts manufacturer Chromalloy Gas Turbine from Carlyle Group for more than $1.6bn, including debt, Reuters reported.
Chromalloy will be Veritas Capital's latest acquisition in the aerospace and defense sector.
Fountainvest, TPG, Warburg among bidders for Carlyle's Ambio stake. (FS)
Private equity firms Fountainvest Capital Partners, TPG and Warburg Pincus are among final-round bidders for Carlyle Group's stake in AmbioPharm, Reuters reported.
Carlyle, which is targeting a valuation of $1bn for Ambio in a sale, is expecting binding bids in the coming days. A deal could be reached by end-September at the earliest.
EMEA
Philip Morris International, a Swiss-American multinational cigarette and tobacco manufacturing company, is considering lowering the acceptance threshold on its $17.4bn takeover bid for smokeless tobacco company Swedish Match, Bloomberg reported.
The Marlboro maker is studying the potential move as it seeks ways to increase the likelihood the acquisition will go through amid opposition from shareholders including Elliott Investment Management. Philip Morris will likely decide in the next few weeks whether to make any changes to the deal conditions.
Swedish Match is advised by Goldman Sachs, SEB Corporate Finance, KANTER Advokatbyra, Mannheimer Swartling and Sullivan & Cromwell. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton. Philip Morris International is advised by Bank of America, Citigroup, Clifford Chance, DLA Piper, Davis Polk & Wardwell and Roschier Attorneys. Debt financing is provided by Bank of America and Citigroup. Debt providers are advised by Simpson Thacher & Bartlett.
A proposed merger between two of France’s biggest television companies to better compete with fast-growing streaming services like Netflix looks increasingly unlikely in the face of regulatory opposition, Bloomberg reported.
The French Competition Authority raised significant concerns in advertising over a tie-up between Television Francaise 1 and Groupe M6 that’s threatening the viability of a deal. The final decision is due by October 17, but M6 is trading 17% below the offer price, signaling that the market sees the merger as unlikely to succeed.
Groupe M6 is advised by Lazard, Bredin Prat, Allen & Overy, Arsene Taxand and Deprez Guignot. Groupe TF1 is advised by Rotshild & Co, Darrois Villey Maillot Brochier, Vogel & Vogel, and Flichy Grange Avocats. Bouygues is advised by JP Morgan and White & Case.
Vistry Group, a British housebuilding company based in Kings Hill, agreed to acquire Countryside Partnerships, UK's mixed-tenure developer, for £1.25bn ($1.4bn).
"This proposed Combination has a highly compelling strategic rationale. It will create a leader in the Partnerships housing sector, with the scale and expertise to accelerate profitable growth across both Partnerships and Housebuilding, and expand the delivery of much needed affordable housing across England. The proposed Combination will add the strength of the Countryside brand to Vistry's own well-established Bovis Homes and Linden Homes brands and will leverage the skills and market knowledge of both the Countryside and Vistry teams," Greg Fitzgerald, Vistry CEO.
Countryside Partnerships is advised by Barclays, Numis Securities, Rothscild & Co, Norton Rose Fulbright and Brunswick Group. Vistry is advised by HSBC, Peel Hunt, Lazard, Linklaters and Powerscourt. Debt financing is provided by HSBC.
GlobalData, a provider of industry intelligence, completed the acquisition of TSL Research Group, an economic research firm. Financial terms were not disclosed.
"I am very pleased to welcome new colleagues from TS Lombard to GlobalData. In economic climates such as the environment facing international corporations and the global asset management industry, the intelligence and insight offered by businesses such as ours becomes even more valuable. With TS Lombard, we have taken a significant step in boosting our expertise and the product that will be available via the GlobalData platform. It's an investment that drives our high retention rates through economic cycles and provides our business with added resilient growth. With new financing agreed earlier in the year to fund future M&A, we have the capacity to deliver on more strategic value-enhancing M&A that benefits all stakeholders - customers, employees, investors and partners across the globe," Mike Danson, GlobalData CEO.
GlobalData was advised by JP Morgan, Numis Securities, Panmure Gordon & Co and FTI Consulting.
Epredia, a biotechnology company that provides labeling, tracking, pathology, cancer diagnostics and tissue diagnostics services, completed the acquisition of Microm Microtech France, an anatomical pathology supplier, and Laurypath, a tissue processing reagents and fixatives manufacturer. Financial terms were not disclosed.
"We are pleased to bring MMFrance and Laurypath into PHC Group to contribute to the growth of Epredia's global business. Our customers in anatomical pathology laboratories need a consistent supply of high-quality diagnostics products, and we are excited to be able to provide a locally manufactured option that eliminates some of the logistical challenges our industry continues to face globally," Steven Lynum, Epredia President.
Oliver Wyman, a global management consulting firm, completed the acquisition of the MENA strategy consulting business of Booz Allen Hamilton, an American management and information technology consulting firm. Financial terms were not disclosed.
"The Middle East is one of the most aspirational, ambitious and exciting markets we support. To help service this trajectory, we are deeply pleased to be investing in and bringing aboard talent of this caliber that will enable us to have even greater impact and exceed client expectations. Booz Allen's experience and expertise will help propel both our firm's strategic direction but most importantly the path of the clients we serve in this rapidly evolving and dynamic market," Nick Studer, Oliver Wyman President and CEO.
AnaCap-backed MRH Trowe, an owner-managed commercial lines insurance broker in Germany, completed the acquisition of a majority stake in afm Holding, an industrial insurance broker. Financial terms were not disclosed.
This latest investment follows the strategic roadmap undertaken by the group, aimed at expanding its in-house capabilities and strengthening its geographical coverage. With this acquisition, MRHT is further increasing its coverage in Northern Germany, aided by the creation of a strong footprint in Hamburg.
Aston Martin raising $660m in rights issue. (FS)
Aston Martin is raising $660m in a rights issue as major investors including Saudi Arabia’s sovereign wealth fund keep faith with the struggling luxury British carmaker, Private Equity Insights reported.
The rights issue is part of a previously announced equity raising of $753m, which makes Saudi Arabia’s Public Investment Fund one of the company’s largest shareholders.
Dubai set to sell 20% in road-toll firm in third IPO of the year.
Dubai is selling a 20% stake in its road-toll collection system in a deal that could raise about $1bn for the government, as part of the city’s ongoing efforts to boost trading volumes, Bloomberg reported.
The emirate will sell 1.5bn shares in the company, known as Salik. The offering starts on September 13, with an expected listing on the Dubai stock exchange on September 29.
Golding closes two infrastructure funds well above target at combined €1.5bn. (FS)
Golding Capital Partners, an independent asset manager for alternative investments, has held successful final closings for its two current infrastructure funds, with total commitments of some €1.5bn ($1.5bn).
The flagship fund of funds “Golding Infrastructure 2020” closed at €943m ($941m), significantly above its target of €700m ($698m), making it the biggest fund in Golding’s company history and one of the largest fund of funds on today’s infrastructure market overall.
APAC
Amber Infrastructure, a specialist international investment manager, and DIF Capital Partners, a global independent investment manager, agreed to acquire Rail First, a provider of full-service vertically integrated rolling stock leasing and maintenance solutions to the rail industry, from Anchorage Capital Partners, a specialized private equity firm. Financial terms were not disclosed.
"This transaction is a significant milestone for Rail First and reinforces our commitment to our people and customers. We thank Anchorage for their contributions to our business over the last three years, and we are excited to partner with Amber and DIF to take Rail First into its next phase of growth," Mark Kirkpatrick, Rail First CEO.
Rail First is advised by Teneo.
KH Investment Group, a South Korean private equity firm, completed the acquisition of a 95% stake in Daehan Shipbuilding, a mid-sized Korean shipbuilder, from Korea Development Bank, a wholly state-owned policy development bank in South Korea, for $148m.
Daehan, which was an affiliate of Daejoo Group, entered a debt workout program during its restructuring in 2009. Korea Development Bank became its lead investor in 2014 when the shipyard emerged from court management. KH Investment was named the preferred bidder in January and signed the contract for the buyout in May.
Universal Entertainment regains control in $3.3bn Okada Manila after an ownership dispute.
Japan's Universal Entertainment said its local representatives in the Philippines have taken over the operations of the Okada Manila gambling resort, the latest step in a long-running ownership dispute, Reuters reported.
The regulator, Philippine Amusement and Gaming, said in its order that it was withdrawing its recognition of board members of Tiger Resort Leisure and Entertainment, the developer and operator of Okada Manila, previously installed by a group including Japanese tycoon Kazuo Okada.
KKR considers sale of pub chain Australian venue. (FS)
KKR & Co has hired investment bank Jefferies to help evaluate a potential sale of Australian Venue, an owner of pubs and other entertainment venues.
The US private equity giant is keen to sound out potential buyers after two failed attempts at listing the company in Sydney, Bloomberg reported.
Hong Kong’s ESR closes $509m sustainability-linked loan. (FS)
Hong Kong-based ESR Group announced the completion of its HKD4bn ($510m) sustainability-linked loan, with a possibility to upsize it to HKD7bn ($892m), DealStreetAsia reported.
The five-year unsecured facility, with a Hong Kong Interbank Offered Rate at 1.8% plus, has a tiered incentive mechanism where ESR will be entitled to an interest reduction should the firm achieve its sustainability target. The proceeds will be leveraged on the firm’s refinancing of existing borrowings, investments, working capital and general corporate purposes.
China-focused Welkin Fund plans $300m London IPO. (FS)
Welkin China Private Equity, an investment company focused on buying stakes in private Chinese companies, is planning to seek as much as $300m in a London initial public offering, Bloomberg reported.
The newly established vehicle aims to list on the London Stock Exchange’s premium segment and expects to publish its prospectus in the coming days. It will be managed by Welkin Capital Management (Asia), a growth investment firm started by financier Johnny Kong.
Chinese VC YuanBio Venture raises $219m so far for latest fund. (FS)
Chinese life sciences and healthcare-focused venture investor YuanBio Venture Capital, also known as bioVenture, has so far raised $219m for its latest fund, DealStreetAsia reported.
The amount only include US investors' capital investment.
Saudi Arabia pledges to back Indonesian soonicorns & unicorns with new joint fund. (FS)
Saudi Arabia has pledged to back later-stage startups in Indonesia through a proposed joint fund with Indonesia-focused venture capital firms as part of the Kingdom’s digital push towards a post-oil economy, DealStreetAsia reported.
The fund was mentioned during a signing ceremony between the Center of Digital Entrepreneurship at the Saudi Ministry of Communications and Information Technology and the Nexticorn Foundation held in Bali late Friday.
Adani is searching for new group M&A chief. (People)
Asia’s richest man Gautam Adani is scouting for a new leader for his mergers and acquisitions strategy as the incumbent will soon take a new role within the group, Bloomberg reported.
Vinod Bahety, who’s been helming Adani Enterprises' M&A activity, will move to a new business vertical and a formal announcement could come as soon as this month. Adani Group has reached out to potential candidates for the job as the ports-to-power conglomerate is looking to expedite its dealmaking.
Macquarie Asset Management appoints private credit and asset finance head. (FS, People)
Macquarie Asset Management has appointed Peter Glaser as Global Head of its Private Credit and Asset Finance team. The firm's private credit offering spans solutions for clients across infrastructure, real estate, and structured credit, with $11.4bn of assets under management.
Macquarie Asset Management also invests in movable transportation assets via its $1.7bn asset finance business, leasing aircraft, rotorcraft, and rail assets.
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