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AMERICAS
Walmart, an American multinational retail corporation, agreed to acquire VIZIO, a consumer electronics company, for $2.3bn.
“We believe this is the ideal next chapter in VIZIO’s history. By bringing our capabilities and resources together, we’ll drive innovation and create even more value for our customers. Walmart’s approach is aligned with VIZIO’s mission and vision, and our technology will help bring a scaled, connected TV advertising platform to Walmart Connect. This transaction delivers immediate and compelling value to VIZIO stockholders and is a true testament to the hard work of the entire VIZIO team,” William Wang, VIZIO CEO.
Clearwater Paper, a producer of private label tissue and paperboard products, agreed to acquire bleached paperboard manufacturing facility from Graphic Packaging, a producer of consumer packaging, for $700m.
"Augusta is a great fit with our strategy and improves our position as a premier, independent paperboard supplier to North American converters. I look forward to welcoming the Augusta team to Clearwater Paper as we work together to build a more scaled paperboard business to service our customers," Arsen Kitch, Clearwater Paper CEO.
Clearwater Paper is advised by Stoel Rives, TD Securities, and Pillsbury Winthrop Shaw Pittman. Graphic Packaging is advised by Bank of America and Alston & Bird.
Wellspring Worldwide, a software products provider, completed the acquisition of Sopheon, an enterprise software and services company, for £115m ($140m).
“We are thrilled to welcome the Sopheon team as our new colleagues. Our complementary product and service offerings, end markets, and geographic footprints present exciting opportunities to unlock new growth,” Sean Downs, Wellspring Worldwide CEO.
Wellspring Worldwide was advised by Raymond James, King & Spalding and Prosek Partners. Sopheon was advised by Cavendish Corporate Finance (led by Henrik Persson and George Dollemore) and Squire Patton Boggs (led by Hannah Kendrick).
NexTier Bank, a financial services corporation, completed the merger with Mars Bank, a full-service community bank, in a $32m deal.
"Joining together with Mars Bank provides us the opportunity to expand into Mercer County. Mars Bank customers will have access to enhanced deposit and lending products, digital banking solutions, and Treasury Management services. We look forward to meeting the financial needs of Mars Bank customers and will continue the legacy customer service and community partnerships they've come to know and trust," Clem Rosenberger, NexTier President & CEO.
NexTier Bank was advised by Janney Montgomery Scott and Alston & Bird (led by Mark Kanaly). Mars Bank was advised by D.A. Davidson & Co and Silver Freedman Taff & Tiernan.
DarioHealth, a digital therapeutics company engaged in the development and commercialization of patented and proprietary technology, completed the acquisition of Twill, a technology healing firm that provides mental health services, and treatment options, for $30m.
"The Twill acquisition is an incredible opportunity to bring together our complementary solutions and create an unrivaled platform for the next generation of consumer-centric digital health. The addition of Twill instantly boosts revenue and margins, leveraging a robust SaaS-like model to fuel expected rapid growth and accelerating profitability. We are confident in our ability to integrate Twill and its employees and operations, as we have a track record of integrating previously acquired businesses," Erez Raphael, DarioHealth CEO.
DarioHealth was advised by Stifel and Sullivan & Worcester. Twill was advised by TD Cowen and Lowenstein Sandler.
Enpro, an industrial technology company, completed the acquisition of Advanced Micro Instruments, a provider of highly-engineered, application-specific analyzers and sensing technologies that monitor critical parameters to maintain infrastructure integrity, from McNally Capital, a private equity firm, for $210m.
“Acquiring AMI, an industry leader, will build on our strategy to invest in products and technologies that safeguard critical environments in key secular growth markets. AMI’s innovative analyzer and sensor solutions will add to our existing portfolio of critical process technologies in the Sealing Technologies segment, and this acquisition will be an important step forward in expanding our capabilities into compositional analysis. We look forward to welcoming the talented AMI team to the Enpro family of companies and capitalizing on our combined capabilities," Eric Vaillancourt, Enpro President and CEO.
Orica, a provider of commercial explosives and blasting systems to the mining and infrastructure markets, agreed to acquire Cyanco, a producer of sodium cyanide, a critical input in the gold and silver mining industry, for $640m.
"Cyanco is a highly complementary business, and by combining it with our established sodium cyanide business, Orica will create a leading integrated global sodium cyanide producer with world-class supply capabilities in mining. The acquisition will more than double Orica's existing sodium cyanide production capacity and provide us with the ability to cater to the highly attractive US and Canadian gold mining industries. By combining these two leading businesses, we expect to improve our ability to serve our customers by enhancing Orica's global network of transfer stations in key gold mining regions, supporting security of supply to mine sites. The acquisition is mutually beneficial to both Cyanco and Orica stakeholders, and we look forward to welcoming Cyanco's employees to Orica. We are excited about the opportunities this will create for Orica, our customers, and our shareholders," Sanjeev Gandhi, Orica Managing Director and CEO.
Ever.Ag, an agtech provider dedicated to empowering agriculture, food, and beverage supply chains, agreed to acquire Integrated Control & Information Systems, a technology company that enables detailed monitoring and targeted improvement of energy consumption. Financial terms were not disclosed.
"Ever.Ag is continuously looking for opportunities to enhance our offerings and expand our reach in the global food supply chain. This acquisition aligns perfectly with our mission to provide the most advanced and integrated solutions to our clients. Their expertise in energy management and sustainability is unparalleled and will be invaluable in our journey to innovate and lead in this sector," Scott Sexton, Ever.Ag CEO.
Harwood Capital, an investment company, agreed to acquire Crest Foods, a grocery stores chain operator, from Brown Gibbons Lang & Company, an independent investment bank and financial advisory firm. Financial terms were not disclosed.
"The transaction highlights BGL's ability to offer a full suite of integrated advisory services to both buy-side and sell-side food & beverage companies, including acquisition financing and real estate financing solutions," Brown Gibbons Lang & Company.
Occidental explores $20bn-plus sale of Western Midstream. (FS)
Occidental Petroleum is exploring a sale of Western Midstream Partners, a US natural gas-focused pipeline operator that has a market value of close to $20bn, including debt, Reuters reported.
The divestment would help Occidental, which is backed by Warren Buffett's Berkshire Hathaway, slash the $18.5bn debt pile it has accumulated because of acquisitions.
FTC, states could sue over Kroger-Albertsons $24.6bn deal next week.
The United States Federal Trade Commission and a group of states could sue as soon as next week to block grocer Kroger's proposed $24.6bn deal to buy smaller rival Albertsons, Reuters reported.
An agreement to not close the deal between the FTC and the two companies expires on February 28, and the report said a suit to block the deal is expected before that.
Hindalco’s Novelis is said to pick BofA, Citi for US IPO.
Novelis, an American aluminum products maker owned by Hindalco Industries, has selected banks for its US initial public offering, Bloomberg reported.
Bank of America and Citigroup are working on the Atlanta-based company’s share sale. Deliberations are ongoing and more banks could be added.
US-based Ibex Investors closes $106m venture fund to invest in early-stage Israeli startups. (FS)
Ibex Investors, a US-based multi-stage and multi-strategy investment firm, announced on February 21 the close of its fourth Israel focused fund, Ibex Israel VC II LP, with $106m in capital commitments to invest in early-stage Israeli startups.
The Fund follows Ibex’s $100m Israel early-stage fund raised in 2020 and the roster of limited partners includes founders and current and former executives across a wide range of sectors.
Vistra appoints Managing Director and Global Head of Funds. (People)
Global fund services provider Vistra has appointed Abdel Hmitti as Managing Director and Global Head of Funds. In his new role, Hmitti, who joins from State Street, will report to William Douglas, Chief Commercial Officer at Vistra.
According to a press statement, Hmitti will lead Vistra’s funds business, overseeing the teams responsible for commercial, relationship management, product development, and digital solutions. He will guide the strategic direction of the business unit, and drive product development.
EMEA
Jim Ratcliffe, a British billionaire, completed the acquisition of a 25% stake in Manchester United, a football club, from the Glazer family for £1.2bn ($1.5bn).
“To become co-owner of Manchester United is a great honour and comes with great responsibility. This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European and world football, with world-class facilities for our fans. Work to achieve those objectives will accelerate from today,” Jim Ratcliffe.
H&T Group, a new and pre-owned jewellery and watches retailer, agreed to acquire the pawnbroking business of Maxcroft, a pawnbroker, for £11m ($14m).
"We are very pleased to be able to announce these two transactions, both of which underline the Group's focus on growing and broadening its core pawnbroking business and investment in the store estate. We are also delighted to have further diversified and enhanced the Group's funding arrangements through the relationship with Pricoa. We look forward to updating the market further on the 12th March, when we announce our results for the year ended 31st December 2023," Chris Gillespie, H&T Group CEO.
Fidelity Management & Research Company, an American multinational financial services corporation, led a $110m Series C round in Medical Microinstruments, a robotics company.
“Against a backdrop of plateauing investments in medical robotics, this support builds on our confidence in a new, less invasive solution for open surgery, a significant market that can benefit from the smallest wristed microinstruments. Our Symani Surgical System is uniquely positioned to expand patient access to care by accelerating the number of surgeons able to perform complex, delicate procedures. With the support of our investors, we will continue to advance our technology through a growing body of clinical evidence and expanded hospital partnerships,” Mark Toland, MMI CEO.
MMI was advised by Matter Communications.
MCR, an international hotel owner-operator company, agreed to acquire BT Tower, a distinctive building located in London, from BT Group, a telecommunication and network provider and a provider of global communications services and solutions, for £275m ($347m).
"The BT Tower sits at the heart of London and we've been immensely proud to be the owners of this important landmark since 1984. It's played a vital role in carrying the nation's calls, messages and TV signals, but increasingly we're delivering content and communication via other means. This deal with MCR will enable BT Tower to take on a new purpose, preserving this iconic building for decades to come," Brent Mathews, BT Group Property Director.
HPI Group, a hydraulic components producer, agreed to acquire European hydraulics business of Dana, an automotive industry company, from Apogee Group, an investment company, and EiM Capital, a private equity firm. Financial terms were not disclosed.
"The sale of our European hydraulics production facilities allows us to focus on industrial system sales while having access to a broader portfolio through a supply agreement. We look forward to continuing our relationship with HPI by selling and supplying hydraulic components through Dana's global network of service and assembly centers around the globe," Jeroen Decleer, Dana Senior Vice President and President.
Samsung sells down entire ASML stake to expand in new arenas.
Samsung Electronics sold its entire remaining stake in ASML Holding in the December quarter as part of its push to expand into new areas of chipmaking, Bloomberg reported.
The world’s largest memory maker sold about 1.58m shares, or 0.4%, of ASML, according to its most recent quarterly financial report filed to regulators. The stake was valued at around $930m as of the end of September.
Mizuho taps Credit Suisse Israel investment banking head. (People)
Ben Chakir, who was most recently head of Israel investment banking at Credit Suisse, is joining Mizuho Financial Group, Bloomberg reported.
The Tel Aviv-based banker is set to help Mizuho cover fast-growing Israeli companies.
Jazz Pharmaceuticals names Eli Lilly’s Philip Johnson as next CFO. (People)
Jazz Pharmaceuticals has hired Philip Johnson as executive vice president and chief financial officer, effective March 1, WSJ reported.
Jazz said Johnson was most recently group vice president of finance at Eli Lilly, leading the drugmaker’s treasury and investor-relations operations.
APAC
Saint-Gobain, an offeror of design, manufacturing, and distributing building materials internationally, offered to acquire CSR, a manufacturer of building products for home buildings, renovations and commercial construction, for $2.8bn.
Saint-Gobain believes that the combination is an attractive opportunity for both companies leveraging our long-term partnership with similar business models, cultural fit and development opportunities. This acquisition would be fully aligned with Saint-Gobain's strategy as a worldwide leader in light and sustainable construction and an opportunity to enter the Australian market.
India's Flipkart looking to buy Reliance-backed Dunzo.
Walmart-backed Indian e-commerce firm Flipkart has held discussions over potentially acquiring the on-demand delivery platform Dunzo, Reuters reported.
While talks are still ongoing, complexities surrounding Dunzo's ownership structure have impeded the two parties from coming to an understanding over a deal. The retail arm of Reliance Industries, which picked up a 26% stake in Dunzo in 2022 for $200m, has not approved the deal yet.
ESR owners weighs options for $5bn logistics firm.
ESR Group's top shareholders are studying options for the Asian warehouse developer following major declines in the company’s shares, Bloomberg reported.
Some of ESR’s largest investors have been fielding pitches from potential advisers on options including taking the company private. ESR has also attracted preliminary interest from suitors looking at the company or some of its major assets.
KKR kicks off process to divest stake in Indonesia-listed bread maker Nippon Indosari. (FS)
Private equity giant KKR & Co is weighing an exit from its nearly six-year-old investment in Indonesia-listed bread maker PT Nippon Indosari Corpindo Tbk, which owns the popular Sari Roti brand.
US PE firm Thoma Bravo weighs $8bn sale of JD Power. (FS)
Thoma Bravo is considering a sale of consulting firm J.D. Power and is working with a financial adviser to find a buyer, DealStreetAsia reported.
The technology-focused US private equity firm is seeking a deal of about $8bn including debt for J.D. Power, the report said, adding that talks are at an early stage and there’s no certainty over the deal.
CVC raises $6.8bn for sixth Asia fund. (FS)
Private equity major CVC Capital Partners has closed $6.8bn for its sixth flagship Asia fund to make control, co-control, and partnership investments in core consumer and services sectors across the region, DealStreetAsia reported.
The fund most recently received a $125m commitment from the Teacher Retirement System (TRS) of Texas. Other limited partners in the fund include the California State Teachers’ Retirement System, Canadian Pension Plan Investment Board (CPPIB) and The Oregon Public Employees Retirement System.
Dutch pension fund APG commits $400m to ESR's Korean logistics fund. (FS)
Dutch pension investor APG Asset Management has invested $400m in the ESR Korea Logistics Core Fund launched last week, DealStreetAsia reported.
The fund was set up by ESR Kendall Square, the Seoul-based subsidiary of Hong Kong-based real asset manager ESR Group, and is South Korea’s first perpetual open-ended core fund.
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