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AMERICAS
Waste Management, a provider of comprehensive environmental solutions, completed the acquisition of Stericycle, a business-to-business services company and a provider of compliance-based solutions that protect people and brands, promote health and well-being and safeguard the environment, for $7.2bn.
“With today’s announcement, WM is well-positioned to win in the growing medical waste industry and deliver tailored and effective solutions in secure information destruction that further our sustainability leadership. We look forward to delivering on the compelling strategic and financial benefits of the combined business while protecting the health, safety and well-being of the communities we serve,” Rafa Carrasco, WM Senior Vice President.
EU antitrust regulators will decide by December 6 whether to clear Novo Holdings' acquisition of contract drug manufacturer Catalent, Reuters reported.
Novo, a holding and investment company that is responsible for managing the assets and wealth of the Novo Nordisk Foundation, agreed to acquire Catalent, a global provider of delivery technologies, development, drug manufacturing, biologics, gene therapies and consumer health products, for $16.5bn.
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, agreed to acquire ATSG, a medium widebody freighter aircraft leasing, air transport operations, and support services company, for $3.1bn.
“This transaction reflects the tremendous value of our fleet of in-demand midsize freighter and passenger aircraft, and the strength of our talented teams across ATSG’s businesses. In Stonepeak, we have found a partner that recognizes the power of our Lease+Plus strategy to provide comprehensive aircraft leasing and operating solutions to our customers. With Stonepeak’s investment and extensive expertise in transportation and logistics and asset leasing, ATSG will be well positioned to further expand its global presence in the air cargo leasing market and enhance its service offerings to customers. We would like to thank our employees for helping us achieve this significant milestone and for their continued dedication as we prepare to enter this new chapter as a private company,” Mike Berger, ATSG CEO.
SK Capital Partners, a private investment firm, completed the acquisition of the North America composites & fuel containment division of Parker Hannifin Corporation, a provider of engineered carbon fiber composite components and fuel containment solutions for the defense and commercial aerospace markets. Financial terms were not disclosed.
“We are pleased to have completed this sale for the North America Composites and Fuel Containment Division. One element of our strategy is assessing whether we are the best owner for certain businesses or whether they could be more successful as part of another organization. We wish the CFC team continued success under the ownership of SK Capital Partners, whom we are confident has the expertise to help this already strong business achieve its full potential,” Jenny Parmentier, Parker Hannifin Chairman and CEO.
SK Capital Partners was advised by JP Morgan, Latham & Watkins (led by Nicholas Luongo and Elizabeth More) and BackBay Communications (led by Jeremy Milner). Debt financing was provided by HPS Investment Partners. Parker Hannifin was advised by Lazard and Jones Day (led by Patrick Leddy).
Private equity firms HIG Capital and Thoma Bravo agreed to acquire the certification and training business and products of CompTIA, a company that issues professional certifications for the information technology industry. Financial terms were not disclosed.
"We are thrilled to be joining forces with two leading, experienced investors in the technology space, whose expertise and resources will allow us to expand our impact on the global IT industry. Through this transaction, we will be well-positioned to accelerate and expand the rollout of products and services to train the highly skilled workers of the future, and further strengthen our reputation across the industry as the leading provider of certifications and trainings," Todd Thibodeaux, CompTIA President and CEO.
HIG Capital and Thoma Bravo are advised by Macquarie Group, Polsinelli PC and Ropes & Gray. Thoma Bravo is advised by FGS Global (led by Akash Lodh). CompTIA is advised by JP Morgan and Husch Blackwell.
Monomoy, a private investment firm focused on private equity and credit investing in the middle market, completed the acquisition of Oliver Packaging and Equipment, a manufacturer of heat seal food packaging systems and bakery equipment. Financial terms were not disclosed.
“We are excited to welcome Oliver to the Monomoy portfolio. Oliver is a clear market leader with a unique customer value proposition and tremendous growth potential. We look forward to working with the management team to ensure Oliver continues to accelerate its growth as a standalone platform,” Mel Bartoul, Monomoy Managing Director.
Oliver Packaging was advised by TD Cowen and Dechert. Monomoy was advised by Mesirow Financial, Kirkland & Ellis and MiddleM Creative (led by Jan Morris).
Littlejohn, a private investment firm, completed the acquisition of Sunbelt Modular, a designer and manufacturer of modular solutions. Financial terms were not disclosed.
“We are thrilled to partner with Sunbelt and its dedicated team as they continue to build a market-leading modular manufacturing platform. The Company’s in-house technical expertise, comprehensive product offering, and national footprint positions it as a highly valued partner to their long tenured customer base. We look forward to expanding Sunbelt’s capabilities and geographic reach as it seeks to execute on its growth plan,” Steven Kalter, Littlejohn Managing Director.
Sunbelt Modular was advised by Robert W Baird. Littlejohn was advised by Vestra Advisors, Sheppard Mullin Richter & Hampton and Gasthalter & Co (led by Nathaniel Garnick).
Oben Group, a modern industrial company, completed the acquisition of Terphane, the flexible packaging films business of Tredegar, an industrial manufacturer, for $116m.
“The sale of Terphane completes a strategic goal that we’ve been working on for well over a year. We believe that Terphane will have greater scale and growth opportunities with Oben, a global player in the highly competitive flexible films industry. We wish the best for the employees and stakeholders of Terphane and Oben,” John Steitz, Tredegar President and CEO.
Teledyne, a provider of sophisticated digital imaging products and software, instrumentation, aerospace and defense electronics, and engineered systems, agreed to merge with Micropac, a diversified, high technology company specializing in high reliability microcircuit products and electronic assemblies, power products, sensors, displays, optical data transport products and optoelectronic components and assemblies, in a $57m deal.
“We will be delighted to welcome Micropac and its employees to the Teledyne family. Micropac’s products are complementary to our own, and we serve common customers in defense, space and healthcare markets,” Robert Mehrabian, Teledyne Executive Chairman.
Micropac is advised by Mesirow Financial and Haynes and Boone (led by Tom D. Harris and Dan Malone). Teledyne is advised by McGuireWoods.
Hilcorp, an energy exploration and production company, completed the acquisition of Nikaitchuq and Oooguruk assets from Eni, a multinational energy company, for $1bn.
The transaction, which received the approval of all relevant authorities, is in line with Eni’s strategy focused on the rationalization of the upstream activities by rebalancing its portfolio and divesting non-strategic assets.
Eni was advised by Jefferies & Company.
PM Hotel Group, a hospitality management company, completed the merger with Sightline Hospitality, a travel and innovative property management company. Financial terms were not disclosed.
“Joining forces with Sightline Hospitality represents a significant milestone in PM Hotel Group's ongoing mission to elevate hospitality management standards. Our companies share a vision for redefining guest experiences and a dedication to operational excellence. This partnership allows us to leverage our combined expertise, expanding our footprint from coast to coast with a diverse portfolio of distinctive properties," Joseph Bojanowski, PM Hotel Group President.
PM Hotel Group was advised by The Point PR.
Covisian, a technology company specializing in providing services and technologies to improve customer experiences, completed the acquisition of Centrinex, a contact center management company. Financial terms were not disclosed.
“Working under the umbrella of the Covisian Group will allow us to continue to modernize our operations and embrace technologies that elevate the customer experience. The application of AI-enabled CX solutions along with our highly skilled agent base gives us a competitive edge in the market,” Bart N. Miller, Centrinex CEO.
BCE, a provider of wireless, broadband, television, and landline phone services in Canada, agreed to acquire Ziply Fiber, an American telecommunications company, for CAD7bn.
"This acquisition marks a bold milestone in Bell's history as we lean into our fibre expertise and expand our reach beyond our Canadian borders. Fibre is at the heart of what we do, and we're proud to connect people and businesses and enable them to do more through our fibre networks. By bringing together Bell and Ziply Fiber's exceptional talent, we'll accelerate our growth while continuing to deliver significant value for our customers and shareholders," Mirko Bibic, BCE President & CEO.
Boston Scientific, a global medical solutions company, agreed to acquire Cortex, a medical technology company. Financial terms were not disclosed.
"Cortex was established to provide physicians with a more intelligent and precise solution for patients with AF. Joining Boston Scientific will allow us to further develop this technology, which we believe has the ability to transform the treatment of AF for patients around the world," Duke Rohlen, Cortex CEO.
KKR, a private equity firm, completed the investment in eRESI, an innovative mortgage funding platform. Financial terms were not disclosed.
"With KKR’s support, we have achieved remarkable goals, and we look forward to accomplishing even more in the future. Our best-in-class platform empowers us to deliver exceptional products and services to our customers and partners and this commitment will continue to drive our growth and strengthen our market-leading position," Gregory Tsang, eRESI CEO and Tim Wang, eRESI President.
Arthur J. Gallagher, a global insurance brokerage, risk management and consulting services firm, completed the acquisition of Statewide Commercial Insurance Brokers, a retail property/casualty insurance agency. Financial terms were not disclosed.
"Statewide Commercial Insurance Brokers is a well-regarded agency with niche expertise that complements our retail brokerage capabilities in Southern California. I am very pleased to welcome Lana and her associates to Gallagher," J. Patrick Gallagher, Jr., Arthur J. Gallagher Chairman and CEO.
Blackstone in advanced talks to acquire shopping center owner Retail Opportunity. (FS)
Blackstone is in advanced talks to acquire Retail Opportunity Investments, which owns US shopping centers and has a market value of $3.4bn including debt, Reuters reported.
EMEA
Marsh & McLennan-backed Mercer, a provider of investment advisory services, completed the acquisition of Cardano, a privately-owned investment management and advisory business with a focus on risk and sustainability. Financial terms were not disclosed.
“Mercer is the ideal long-term home for our business and clients. We share an aligned culture with Mercer, focused on delivering excellent outcomes for clients, and together, we are committed to being the best solutions provider for UK and Dutch pension schemes. I am thrilled our clients and colleagues will have access to everything Mercer offers, including global resources, a deep bench of investment talent, strategic advice, manager research and alternative investment advice. We look forward to being one multi-disciplinary team and helping our clients navigate the evolving pension and investment landscape,” Michaël De Lathauwer, Cardano CEO.
Cardano was advised by Hogan Lovells. Mercer was advised by Norton Rose Fulbright (led by Matthew Foster).
Eesti Gaas, an oil & energy company, agreed to acquire Polish energy business of EWE Group, a service provider active in the business areas of sustainable energy supply. Financial terms were not disclosed.
"EWE has set itself the goal of significantly increasing its investments in an increasingly climate-neutral and more digitalised energy future. To this end, we are focussing on defined strategic growth areas such as the expansion of renewable energies and the development of a hydrogen economy on the one hand, and on our core regions on the other, where we bear special responsibility for the success of the transformation. This means that we are also making portfolio decisions. EWE Polska complements the core business and growth ambitions of Eesti Gaas, so that the change of ownership would open up new growth opportunities for the company on the Polish energy market," Stefan Dohler, EWE Chairman of the Board of Management.
EWE is advised by Rothschild & Co.
M&G, a global investment manager, completed the acquisition of BauMont, a European investment manager specialising in value-add strategies. Financial terms were not disclosed.
“Collaborating with M&G Real Estate is an exciting milestone for us as they share our commitment to excellence and innovation in real estate investing. We will be able to leverage M&G’s extensive resources and expertise to source a wider set of opportunities as we seek to deliver enhanced value to our investors," Robert Balick, BauMont Managing Partner.
GoldenTree to buy €800m of Bank of Ireland’s UK loans. (FS)
GoldenTree Asset Management agreed to buy a portfolio equivalent to about €800m ($872m) of UK consumer loans from Bank of Ireland Group, Bloomberg reported.
Citigroup is arranging financing for the deal through a securitization using the Bank of Ireland loans as collateral. The asset-backed deal will be carved into varying portions. GoldenTree’s managed funds intend to buy the junior part while Citigroup will arrange the rest of the transaction.
Zahawi in talks to help Efune clinch £550m Telegraph takeover.
The former chancellor Nadhim Zahawi and Sir Mohamed Mansour, the former Tory treasurer, have emerged as prospective backers of the New York-based media investor Dovid Efune takeover of the Daily and Sunday Telegraph newspapers, Sky News reported.
Zahawi has been working for several weeks with LionTree, Efune's investment banking adviser, on the deal, which is expected to be worth in the region of £550m ($711m).
Burberry shares jump on Moncler bid report.
Shares in Burberry rose as much as 8% on November 4 after rumour saying that Italy's Moncler was considering a bid for the London-listed luxury group to create an outdoor clothing specialist giant, Reuters reported
Moncler, known for its puffer jackets, on November 3 said it would not comment on "unsubstantiated rumours" of a possible deal between the two luxury brands. Its shares were down 0.35% at 0930 GMT, slightly underperforming the sector.
Commerzbank looks to free up capital to fend off UniCredit.
Commerzbank Chief Executive Officer Bettina Orlopp is seeking to unlock more capital to pay out or invest, as she makes the case for an independent bank in the face of a potential takeover by rival UniCredit, Bloomberg reported.
Orlopp is working on a plan to keep the expected growth in risk-weighted assets several billion euros below the current 2027 goal. She wants to achieve that partly by using more significant risk transfers and potentially backing away from some low-yielding clients.
Lulu’s Abu Dhabi IPO set to price at top, raising $1.43bn.
Lulu Retail’s Abu Dhabi initial public offering is likely to price at the top end of a planned range and raise $1.43bn, making it the United Arab Emirates’ biggest listing of the year, Bloomberg reported.
The deal is expected to price at $0.56 a share. That’s the top end of a range that started at $0.53, and implies a market capitalization for the grocer of $5.7bn.
OQ to sell up to 49% of Methanol unit in IPO rush.
Oman’s state energy company OQ unveiled plans for an initial public offering of its methanol and liquefied petroleum gas unit, extending the boom of news share sales in the Middle East, Bloomberg reported.
The firm will sell up to 49% in OQ Base Industries. The business is expected to be valued between $1bn and $1.5bn.
Ben-Gacem is said to plan $1bn Abu Dhabi fund. (FS)
The former co-chief executive officer of the Middle East’s top alternative asset manager is setting up a $1bn permanent capital fund to buy stakes in financial services firms across the Global South, Bloomberg reported.
Hazem Ben-Gacem, who stepped down as co-chief executive officer of Investcorp in September, is in talks with investors across the US, Asia, Europe, and the Middle East to raise funds for BlueFive Capital.
APAC
A consortium led by Palisade Impact, a company focused on unlisted investments that intentionally target solutions to environmental and social challenges, agreed to acquire Energy Locals, a non-traditional electricity retailer, from Quinbrook Infrastructure Partners, an investor and asset manager. Financial terms were not disclosed.
"Quinbrook identified very early the key rol e community energy networks play in accelerating the energy transition through enabling new approaches to energy distribution and sustainability, and the journey of Energy Locals is a testament to Quinbrook’s commitment to active management and value creation. From concept to this pivotal agreement we have worked closely with the management team to develop a unique business model that is well positioned to continue to grow and deliver a cleaner energy future for its customers. The consortium led by Palisade Impact are natural stewards to drive the company into its next phase and we wish them continued success," David Scaysbrook, Quinbrook Co-Founder and Managing Partner.
Quinbrook is advised by Jefferies & Company and Honner.
Zashvin, a company engaged in the purchase and sale of real estate and the production of crops, agreed to acquire an additional 33.3% stake in Jellinbah Group, a coal company, from Anglo American, a global mining company, for $1.1bn.
"We are delighted to have agreed terms with our JV partner, Zashvin, for the sale of our minority interest in Jellinbah. The cash proceeds of $1.1bn reflect the exceptional quality of the Jellinbah business. Our process to sell the rest of our steelmaking coal business - being the portfolio of steelmaking coal mines that we operate in Australia - is now at an advanced stage and we are on track to agree terms in the coming months," Duncan Wanblad, Anglo American Chief Executive.
DATA Communications, a provider of print and digital solutions that help simplify complex marketing communications and workflow, completed the acquisition of Zavy, a SaaS marketing technology company. Financial terms were not disclosed.
“As businesses of all sizes devote an increasing share of their marketing budgets to social amplification, the need for advanced social media metrics and analytics is critical to driving business value and ROI. Zavy is well positioned for growth in this fast-paced market, and we are excited to bring the platform to North America to help marketers analyze and optimize their social media activity,” Richard Kellam, DCM President & CEO.
Bureau Veritas, a provider of inspection, certification, and laboratory testing services, agreed to acquire The App Group, a business consulting and services firm. The transaction is subject to regulatory approval and is expected to be closed by year end. Financial terms were not disclosed.
“When closed, The APP Group acquisition will mark a significant milestone in our LEAP | 28 growth strategy for the Buildings & Infrastructure business in Asia Pacific. This move will not only strengthen our position in the Australian market but will also provide us with a robust platform to expand our B&I services across the region. The APP Group’s recognized expertise and reputation will perfectly complement our existing capabilities, allowing us to offer more comprehensive solutions to our clients,” Hinda Gharbi, Bureau Veritas CEO.
Reliance Jio IPO set for 2025, retail debut much later.
Indian billionaire Mukesh Ambani targets a 2025 Mumbai listing for his telecom business Jio, valued by analysts at over $100bn, and plans to launch his retail unit's IPO much later, Reuters reported.
Reliance Industries' boss Ambani hasn't updated his IPO timelines after saying in 2019 that Reliance Jio and Reliance Retail would "move towards" a listing within five years.
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