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AMERICAS
Enbridge, a multinational pipeline and energy company, completed the acquisition of Questar Gas Company, an integrated natural gas company, from Dominion Energy, a power and energy company, for $4.2bn.
"We are excited to welcome another strong gas utility to Enbridge. Questar Gas and Wexpro enhance the scale and breadth of our existing low risk utility business model and support our long-term dividend growth profile by providing stable, predictable cash flows. We welcome Questar Gas and Wexpro employees into the Enbridge family of companies and look forward to building long‑term productive relationships with all of their stakeholders in Utah, Wyoming, and Idaho," Michele Harradence, Enbridge Executive Vice President and President.
Enbridge was advised by Morgan Stanley, RBC Capital Markets, McCarthy Tetrault (led by Toby Allan and John Osler) and Sullivan & Cromwell (led by George J. Sampas and Audra D. Cohen). Dominion Energy was advised by Citigroup, Goldman Sachs (led by Dan Korich), McGuireWoods and Brunswick Group. Financial advisors were advised by White & Case. Debt financing was provided by Morgan Stanley and RBC Capital Markets.
Honeywell, a technology and manufacturing company that offers energy, safety, and security solutions and technologies, completed the acquisition of the global access solutions business from Carrier, an intelligent climate and energy solutions provider, for $4.95bn.
"As the world's security needs evolve from a focus on protecting people to protecting both people and critical assets, we see strong growth prospects for our Access Solutions acquisition. By building on our strong track record of delivering high-value building automation products, solutions, and services globally, this acquisition creates an exciting opportunity for us to achieve faster growth and further margin expansion, while generating better outcomes for our Building Automation customers," Vimal Kapur, Honeywell CEO.
Blackstone on June 3 raised its offer for Hipgnosis Songs Fund by a cent to $1.31 per share, valuing the music rights owner of artists such as Shakira and Red Hot Chili Peppers at $1.58bn, Reuters reported.
The revised offer in part reflects "Hipgnosis incurring lower adviser fees in respect of the transaction than previously expected", the private equity fund said in a statement.
Hipgnosis is advised by Shot Tower Capital (led by David Dunn), Singer Capital Markets (led by James Moat), Carey Olsen, Shoosmiths and Headland Consultancy (led by Charlie Twigg). Blackstone is advised by Jefferies & Company (led by Philip Noblet), Kirkland & Ellis, Ogier, Shoosmiths and Teneo (led by Ed Cropley).
BD, a global medical technology company, agreed to acquire Critical Care Product Group of Edwards Lifesciences, a provider of advanced monitoring solutions, for $4.2bn.
"Critical Care expands BD's portfolio of smart connected care solutions with its growing set of leading monitoring technologies, advanced AI-enabled clinical decision tools and robust innovation pipeline that complement BD's existing technologies serving operating rooms and intensive care units," Tom Polen, BD Chairman, CEO and President.
Greenbriar Equity Group, a private equity firm, completed the acquisition of Renuity, a tech-enabled home services platform, from York Capital, a private equity firm. Financial terms were not disclosed.
“Renuity’s highly differentiated tech-enabled business model is a terrific fit for Greenbriar's strategy of partnering with businesses poised for significant growth. We are excited to partner with Daniel and his management team to further accelerate Renuity’s impressive track record of expansion while delivering extraordinary service and value to its customer base,” Niall McComiskey, Greenbriar Managing Partner.
Greenbriar was advised by Houlihan Lokey, Akerman, Kirkland & Ellis, Skadden Arps Slate Meagher & Flom and Prosek Partners (led by Mike Geller). York Capital was advised by Gasthalter & Co (led by Nathaniel Garnick).
Waste Management, a provider of comprehensive environmental solutions, agreed to acquire Stericycle, a business-to-business services company and a leading provider of compliance-based solutions that protect people and brands, promote health and well-being and safeguard the environment, for $7.2bn.
“Our sustained focus and commitment to transforming our business over the past five years has uniquely positioned Stericycle for this transaction, which creates significant value for shareholders, unlocks new opportunities to deliver diversified services to customers, and supports investment in the growth and development of our team members,” Cindy J. Miller, Stericycle President and CEO.
Kelly, a global specialty talent solutions provider, completed the acquisition of Motion Recruitment Partners, a global talent solution provider, from Littlejohn, a private equity firm, for $425m.
“Today marks a transformational step forward on our journey to sharpen Kelly’s focus on higher-margin, higher-growth specialty outcome-based and staffing services in North America, and global RPO and MSP solutions. I’m excited to welcome MRP to the Kelly team and look forward to the significant growth and value creation we will deliver together,” Peter Quigley, Kelly President and CEO.
Motion Recruitment Partners was advised by Robert W Baird and Baker Hostetler. Kelly was advised by Houlihan Lokey and Jasso Lopez.
Peak Rock Capital, a private equity firm, completed the acquisition of HuFriedyGroup, a dental instrument manufacturing company, from STERIS, a medical equipment company, for $800m.
"This investment exemplifies Peak Rock's deep experience and capability in executing complex carve-out transactions. It also highlights our continuing efforts to expand our investments in medical technology and global manufacturing businesses. We believe that HuFriedyGroup represents an excellent platform for growth through near-term organic initiatives and strategic acquisitions," Anthony DiSimone, Peak Rock CEO.
US Signal, a data center services provider, agreed to acquire OneNeck, a Chicago-based telecommunications service company. Financial terms were not disclosed.
"As part of our capital allocation process, we are prioritizing assets to determine what is strategic and can improve our competitiveness. The sale of OneNeck provides additional capital that can be used to support TDS Telecom's fiber program, which includes investing in communities throughout the US with quality broadband connectivity. I believe that OneNeck's business complements US Signal and I am excited about future opportunities for both associates and the operations," Vicki L. Villacrez, TDS Executive Vice President and CFO.
US Signal is advised by DC Advisory and Mayer Brown. Telephone and Data Systems is advised by TD Securities.
Kanders, a single-family office, completed the acquisition of the antenna and test equipment businesses from L3Harris Technologies, a technology company, defense contractor, and information technology services provider, for $200m.
"We are pleased to complete this transaction and launch Fisica, a defense industry platform positioned to grow organically and through targeted acquisitions. Alongside the talented existing management team, I look forward to leveraging and building on Fisica's outstanding portfolio to serve a growing need in the electronic warfare and communications industry. I view these businesses as an excellent starting point to think expansively and opportunistically about growth in the broader defense space," Warren B. Kanders, Kanders President.
Marsh McLennan Agency, a provider of business insurance, employee health & benefits, retirement & wealth, and private client insurance solutions, completed the acquisition of Fisher Brown Bottrell Insurance, an insurance agency, from Trustmark National Bank, a diversified financial services company, for $316m.
"FBBINSURANCE’s strong regional presence, client-focused approach, and terrific leadership were very attractive as we looked for a high-quality agency to expand our presence in the Southeast," Peter Krause, Marsh McLennan Agency Southeast region President & CEO.
Trustmark was advised by Covington & Burling (led by Michael Reed).
The Estée Lauder Companies, a manufacturer, marketer, and seller of quality skin care, makeup, fragrance, and hair care products, completed the acquisition of a remaining stake in DECIEM, a manufacturer of beauty products, for $860m.
“We are incredibly proud of what DECIEM is accomplishing. In our seven years of partnership, DECIEM has achieved impressive growth while continuing its core mission of reimagining effective, high-quality skin care for today’s diverse and sophisticated consumers. As a digitally native organization with a highly engaged following among millennial and Gen Z consumers, DECIEM helps to strategically expand our skin care portfolio, and we believe there are many more exciting growth opportunities ahead,” Fabrizio Freda, ELC President and CEO.
Nucor, a steel production company, agreed to acquire Rytec, a high-cycle, high-speed doors manufacturer, for $565m.
"Rytec is a leader in high-performance commercial doors and serves several growing end-user markets. This acquisition further executes our strategy to expand beyond our core steelmaking businesses into related downstream businesses. Adding high-performance doors will create cross-selling opportunities with other Nucor businesses and greatly expand Nucor's product portfolio serving the commercial arena. Rytec has a strong cultural fit with Nucor, and we are excited to welcome the Rytec teammates to the Nucor family," Leon Topalian, Nucor Chair, President and CEO.
ProPetro, a provider of premium integrated completion services, completed the acquisition of Aqua Prop, a provider of cost-effective wet sand solutions, for $36m.
"The acquisition of Aqua Prop aligns seamlessly with our strategy of pursuing more innovation and integration for our disciplined operating model and high-grading our capital allocations. This acquisition, while highly complementary to our core business, is also aimed squarely at industrializing our operations with the ultimate goal of bringing more value to our customers and ProPetro. As part of the transaction, ProPetro will own and provide onsite sand storage and handling, while also leveraging strategic agreements for both logistics and preferred access to wet sand supply. ProPetro is continuing to build on our reputation of delivering best-in-class integrated completions services desired by operators in the Permian Basin. We look forward to working closely with the Aqua Prop team to achieve our shared goals and drive further success for our company," Sam Sledge, ProPetro CEO.
Ackman's Pershing Square raises $1.05bn in stake sale ahead of potential IPO. (FS)
Billionaire Bill Ackman's Pershing Square Capital Management has raised $1.05bn by selling 10% stake in the hedge fund to a consortium of institutional investors and family offices, Reuters reported.
The sale is a precursor to a potential initial public offering that could happen next year or in 2026. Investors are valuing the firm at $10.5bn.
OneWater in talks to buy rival boat dealer MarineMax.
OneWater Marine is in talks to acquire its larger rival MarineMax, Bloomberg reported.
OneWater has made an all-cash, $40-a-share offer for MarineMax following months of private discussions. The combined company would be valued at about $2.5bn, including debt.
Hertz hires finance chief from Spirit Airlines. (People)
Hertz Global has hired the chief financial officer of Spirit Airlines to helm its finances after Alexandra Brooks departs later this month, WSJ reported.
The rental car company said Monday that Scott Haralson will join the C-suite at the end of the month after he leaves Spirit on June 14. Brooks is leaving Hertz to pursue other opportunities, but will stick around through June to ensure an orderly transition.
The Property Franchise Group, a multi-brand estate agency, agreed to acquire The Guild of Property Professionals, a real estate agency, and Fine & Country, a licensed real estate offices network, for £20m ($25m).
"The Acquisition continues to deliver on our wider strategy of delivering breadth and depth to our network. It further enhances TPFG's recurring revenue streams, adds the additional dimension of licensing to its platform and one significant complementary service, printed marketing materials. I am really excited about working alongside Iain McKenzie and the team to continue the growth across the Group and providing additional benefits to our network," Gareth Samples, The Property Franchise Group CEO.
The Property Franchise Group is advised by Singer Capital Markets (led by Rick Thompson), Canaccord Genuity (led by Max Hartley) and Alma PR (led by Justine James). Debt financing is provided by Barclays.
Cadence Design Systems, an American multinational computational software company, completed the acquisition of BETA CAE Systems, a multi-domain, engineering simulation solutions provider, for $1.24bn.
“For more than two decades we’ve led the evolution of engineering simulation, first by establishing our reputation in the land mobility sector, and then successfully expanding to broad deployments across aerospace, defense, biomechanics, electronics, energy and other industries. We are very excited to join the Cadence team and are looking forward to advancing success through our shared values and passion for innovation and engineering, and our unwavering commitment to customers and partners,” Panagiotis Kouvrakis, BETA CAE Systems Chairman.
Curtiss-Wright, a global integrated business that provides highly engineered products, solutions and services mainly to aerospace & defense markets, to acquire Ultra Energy, a designer and manufacturer of reactor protection systems, neutron monitoring systems, radiation monitoring systems, for $200m.
“The acquisition of Ultra Energy significantly increases the breadth of Curtiss-Wright’s global portfolio with highly complementary, critical measurement and control solutions supporting the modernization of existing commercial nuclear power plants, as well as the design of new and advanced power plants including small modular reactors, in both the US and Europe,” Lynn M. Bamford, Curtiss-Wright Chair and CEO.
Russia is said to seek French-held uranium assets in Niger.
Russia is seeking to take over uranium assets in Niger held by a state-controlled French company, in a further challenge to Western interests in Africa.
Rosatom, Russia’s state nuclear company, has had contacts with Niger’s military-led authorities about acquiring assets held by France’s Orano. A western diplomat based in the region said talks were likely centered around mining permits. Niger accounted for about 4% of global uranium mine production in 2022, Bloomberg reported.
Telecom Italia CEO says grid deal frees firm for future M&A.
Telecom Italia will be ready for new deals after it completes its landmark €22bn ($23.8bn) network selloff, a move aimed at freeing the carrier from billions of euros in debt, Bloomberg reported.
Slashing the debt pile will allow the company to “play an active role in Italy’s market consolidation process which will certainly take place in the coming years,” Pietro Labriola, CEO.
Online fashion giant Shein to file prospectus for £50bn London float.
Shein, the online fashion behemoth, is on the verge of taking a huge stride towards a London flotation that would value it at about £50bn ($63bn) and rank among the most significant – and contentious – deals in the UK’s capital markets for years, Sky News reported.
Shein, which was founded in China but is headquartered in Singapore, is preparing to file a prospectus with the Financial Conduct Authority for approval ahead of its potential float.
Etihad CEO says plans progressing for possible stock listing.
Etihad Airways is moving along with a possible initial public offering, the first for a major airline in the Middle East, in a listing that would help the Abu Dhabi flag carrier raise additional funds to expand, Bloomberg reported.
“We’re working very hard to make it happen whenever it is the time, is never an endgame, it’s just another source for us to raise capital,” Antonoaldo Neves, Etihad Chief Executive Officer.
PC maker Raspberry Pi, backers seek £157m in rare UK IPO.
British personal computer maker Raspberry Pi and its shareholders are looking to raise £157m ($200m) via an initial public offering in London, offering a ray of hope for tech listings in the financial hub.
Raspberry Pi is looking to raise $40m of fresh funding, while Raspberry Pi Foundation, a UK charity aimed at promoting computer science to young people and the firm’s main shareholder, will also sell some existing shares. The total deal size will be about £157m ($200m), Bloomberg reported.
ADIA, Pemberton raise $1bn to lend to private equity. (FS)
Pemberton Asset Management is raising at least $1bn along with Abu Dhabi Investment Authority to back private equity firms with a niche form of lending, Bloomberg reported.
The new strategy will focus on net asset value financing and will provide buyout firms with capital that will help them increase their commitments or do bolt-on acquisitions, Pemberton said in a statement. ADIA will anchor the strategy, which is expected to close in the coming weeks.
APAC
Temasek, a global investment company, and Fidelity, an American multinational financial services corporation, completed a $200m investment in Lenskart, an Indian eyewear retailer.
Lenskart has been able to keep prices low by bringing greater efficiency to the sector, Bansal told TechCrunch in an earlier interview. The startup manufactures its own glasses and contact lenses, and has the exclusive licensing rights for many global eyewear technologies in India.
Regal Partners, an ASX-listed, specialist alternative investment manager, agreed to acquire Merricks Capital, an investment company, for $156m.
“This is a transformational development for the Merricks Capital business and one that will significantly accelerate the scale and opportunity set available to its investors. Regal’s extensive corporate relationships, diverse access to deal-flow opportunities and deeply experienced industry specialists will provide Merricks with a strong foundation for continued growth. Merricks Capital will retain its key people, branding and local presence, at the same time benefiting from access to Regal’s well-regarded corporate and operating platforms," Adrian Redlich, Merricks Capital Executive Chairman and CIO.
Blackstone is considering the sale of Alinamin Pharmaceutical. (FS)
Blackstone is considering a sale of Japanese consumer health-care firm Alinamin Pharmaceutical, which used to be owned by Takeda Pharmaceutical.
Blackstone, the world’s biggest alternative asset manager, is working with financial advisers on a potential sale of Tokyo-based Alinamin, which could be valued at about JPY300bn ($1.9bn), Bloomberg reported.
KKR weighs entering private credit in Japan to challenge banks. (FS)
KKR is considering entering the private credit market in Japan to provide an alternative to bank loans, Bloomberg reported.
“It will be a medium to long-term initiative. I think it is very important in Japan that we do it ourselves,” Hiro Hirano, KKR Head of Japan.
Australia orders China-linked investor to sell rare earths stake.
Australia has ordered Chinese-linked Yuxiao Fund and its associates to sell their stakes in rare earths miner Northern Minerals, part of an effort by US allies to counter the Asian nation’s dominance of critical minerals.
Treasurer Jim Chalmers cited protecting the national interest as behind his decision, announced Monday. Along with Yuxiao Fund, its associates Indian Ocean International Shipping and Service, Black Stone Resources, and Chinese nationals Xi Wang and Ximei Liu were ordered to sell their stock in the Sydney-listed company, Bloomberg reported.
Chinese courier giant SF Holding gets regulatory nod for Hong Kong listing.
China's SF Holding, the country's largest express delivery company, said it has received regulatory approval for a second listing in Hong Kong, which it expects to complete in the next year, DealStreetAsia reported.
It is the latest company to receive the go-ahead for a listing outside the mainland from the China Security Regulatory Commission after the regulator slowed the approvals process last year, creating a logjam.
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