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AMERICAS
The US Surface Transportation Board issued a decision approving the CP and KCS joint merger application, authorizing the two railways to combine to form Canadian Pacific Kansas City, the first single-line railway connecting the US, Mexico and Canada.
"These benefits are unparalleled for our employees, rail customers, communities and the North American economy at a time when the supply chains of these three great nations have never needed it more. A combined CPKC will connect North America through a unique rail network able to enhance competition, provide improved reliable rail service, take trucks off public roads and improve rail safety by expanding CP's industry-leading safety practices," Keith Creel, CP President and CEO.
Kansas City Southern is advised by Bank of America (led by Steven Baronoff), Morgan Stanley, Baker & Miller, Davies Ward Phillips & Vineberg (led by Vincent A. Mercier), Wachtell Lipton Rosen & Katz (led by Elina Tetelbaum and Steven A. Rosenblum), White & Case (led by Vicente Corta), WilmerHale, Joele Frank (led by Joele Frank) and MacKenzie Partners (led by Daniel Burch and Laurie Connell). Financial advisors are advised by Willkie Farr & Gallagher (led by Steven Seidman and Laura Delanoy). Canadian Pacific is advised by BMO Capital Markets, Evercore, Goldman Sachs, Bennett Jones (led by Jeffrey Kerbel), Blake Cassels & Graydon, Creel Garcia-Cuellar Aiza y Enriquez, David L Meyer, Sullivan & Cromwell (led by Frank Aquila and C. Andrew Gerlach) and Edelman (led by Laurie Hays and Nina Godard). Financial advisors are advised by Fried Frank Harris Shriver & Jacobson (led by Philip Richter). Canadian National Railway is advised by Centerview Partners, JP Morgan, RBC Capital Markets, Agon Partners, Cravath Swaine & Moore (led by Damien R. Zoubek and Jenny Hochenberg), Norton Rose Fulbright (led by Stephen Kelly), Sidley Austin (led by Raymond A. Atkins), Stikeman Elliott, Torys (led by Philip D A Symmonds, Michael Amm and Jared Fontaine), Brunswick Group (led by Jonathan Doorley) and Longview Communications (led by Martin Cej). Financial advisors are advised by Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg).
Global asset management and disposition company Ritchie Bros announced that, based on the preliminary vote count provided by its proxy solicitors, Ritchie Bros shareholders voted to approve the proposed acquisition of IAA, a global digital marketplace connecting vehicle buyers and sellers.
"We thank our shareholders for their confidence in the Ritchie Bros team, our strategy and the significant value creation potential we can unlock through the Ritchie Bros + IAA combination. We have a proven record of delivering on our stakeholder commitments and look forward to continuing this record with IAA – providing outstanding returns for our investors, exciting opportunities for our employees and enabling our customers to be even more successful by tapping into Ritchie Bros.' marketplace of value-added insights, services and transaction solutions," Ann Fandozzi, Ritchie Bros CEO.
IAA is advised by JP Morgan, Latham & Watkins (led by Bradley Faris and Christopher Drewry), Blake Cassels & Graydon, Cooley (led by Ian A. Nussbaum and Jamie Leigh) and ICR (led by Farah Soi). JP Morgan is advised by Simpson Thacher & Bartlett (led by Caroline Gottschalk and Jakob Rendtorff). Ritchie is advised by Evercore, Goldman Sachs, Guggenheim Partners, RBC Capital Markets, Dorsey & Whitney (led by Michael R. Mills and Christopher L. Doerksen), Goodwin Procter (led by Stuart Cable, Lisa Haddad and Mark Opper), McCarthy Tetrault (led by David Frost and Shea T. Small), Skadden Arps Slate Meagher & Flom (led by Gregg Noel) and Joele Frank (led by Daniel Katcher and Joele Frank). Financial advisors are advised by Freshfields Bruckhaus Deringer (led by Paul Tiger).
Werfen, a developer, manufacturer and distributor of Specialized Diagnostic instruments, related reagents, automation workcells, and data management solutions, completed the acquisition of Immucor, a provider of transfusion and transplantation diagnostic products, from TPG, an alternative asset management firm, for $2bn.
"As a global leader in the research, development, manufacturing and distribution of innovative, Specialized Diagnostics solutions for hospitals and clinical laboratories, Immucor is a natural fit with our existing business model. We highly value Immucor's commitment to enhancing care for all patients in need of a transfusion or transplant. This fits squarely with our long-term vision and strategy, aligns with our focus, and complements Werfen's values," Marc Rubiralta, Werfen President.
Immucor was advised by Evercore (led by Francois Maisonrouge) and Ropes & Gray (led by Michael Roh and James Davis). Werfen was advised by Barclays and Milbank. Debt financing was provided by BBVA, BNP Paribas, Caixabank and HSBC.
T-Mobile US, a wireless network operator, agreed to acquire Ka'ena, the owner of Mint Mobile and Ultra Mobile, for $1.35bn.
"Mint has built an incredibly successful digital direct-to-consumer business that continues to deliver for customers on the Un-carrier's leading 5G network and now we are excited to use our scale and owners' economics to help supercharge it - and Ultra Mobile - into the future. Over the long-term, we'll also benefit from applying the marketing formula Mint has become famous for across more parts of T-Mobile. We think customers are really going to win with a more competitive and expansive Mint and Ultra," Mike Sievert, T-Mobile CEO.
Ka'ena is advised by Bank of America, LionTree Advisors, TAP Advisors, Bernstein Shur Sawyer & Nelson and Latham & Watkins (led by Robert Katz and Saad Khanani) and Abernathy MacGregor. T-Mobile is advised by Cleary Gottlieb Steen & Hamilton.
Searchlight Pharma, a Canadian-based specialty healthcare company, completed the acquisition of Miravo Healthcare, a pharmaceutical company, for $91m.
“Today marks the beginning of a new chapter for Miravo as it officially combines with Searchlight and continues as a private company. Searchlight plus Miravo will be a diversified, large and strong company – based on IQVIA CDH sales data, we will rank in the top three of Canadian specialty pharma companies – and this positions us well to continue to execute our successful business model and to deliver on our leadership objective in the sector. On behalf of the Searchlight team, I express our thanks to all Miravo stakeholders for their cooperation throughout this acquisition process, and I warmly welcome our new Miravo colleagues to the Searchlight family," Mark Nawacki, Searchlight Pharma President and CEO.
Searchlight Pharma was advised by PricewaterhouseCoopersa and McCarthy Tetrault. Miravo Healthcare was advised by Bloom Burton and Goodmans.
PointClickCare, a healthcare technology platform, completed the acquisition of Patient Pattern, a care EHR and integrated care management platform. Financial terms were not disclosed.
"Senior care providers need support as they navigate new models of care and ultimately take on more risk-bearing responsibilities, inclusive of technology that helps them deliver exceptional care, particularly to high-needs populations. As our customers continue to embrace value-based care and see the success of this model, we are excited to deploy Patient Pattern's care management platform. Care models will continue to evolve, and this strategic investment is another example of our commitment to helping our customers thrive in this evolving market, specifically, the opportunity to succeed with this shift to risk," Travis Palmquist, PointClickCare Senior Vice President and General Manager of Senior Care.
Patient Pattern was advised by Nemphos Braue. PointClickCare was advised by PricewaterhouseCoopers, Goodwin Procter and PAN Communications.
Ontario Teachers' Pension Plan, a global investor, completed the acquisition of a 25% stake in Sweetwater Royalties, a base metals and industrial minerals royalty company, from Orion Resource Partners, a global asset management firm, for $222m.
"We are excited to partner with Orion in the ownership of Sweetwater and work together to support the growth of the business. Sweetwater has a unique mineral acreage position across the largest natural trona deposit globally and significant growth optionality across its asset base," Christopher Metrakos, OTPP Senior Managing Director of Natural Resources.
Cerberus-backed Brooklyn Bedding, a manufacturer of mattresses, completed the acquisition of Leesa Sleep, a mattresses manufacturer. Financial terms were not disclosed.
"We're excited to welcome another iconic brand to the 3Z family. Leesa is an exceptional company built on the pillars of delivering better sleep for customers and creating a positive impact in communities. With its advanced design expertise and high-quality products, we're looking forward to supporting Leesa's continued growth with our best-in-class manufacturing expertise and digital capabilities. This addition marks our third acquisition within the last year, demonstrating 3Z's commitment to building a leading DTC platform that meets each customer's tailored sleeping needs," John Merwin, 3Z Brands CEO.
Playtech, a gambling software development company, completed the acquisition of a minority stake in Hard Rock Digital, a vehicle for interactive gaming and sports betting, for $85m.
“The Playtech team is thrilled to announce our strategic partnership with HRD. Hard Rock International has cemented itself as a marquee name worldwide, not just in gambling, but more widely in entertainment. HRD will combine the strength of this global brand with a proven management team, some of whom we at Playtech have known for many years and believe to be among the strongest in the online gambling industry," Mor Weizer, Playtech CEO.
Cover Genius, an insurtech for embedded protection, completed the acquisition of Clyde, a warranty provider. Financial terms were not disclosed.
“With XCover already available at Amazon, eBay, Wayfair, Descartes ShipRush and many more, our global distribution platform has delivered outstanding growth for merchants with its AI-based pricing for any type of protection globally, and an NPS of +65. This strategic acquisition is a natural fit for Cover Genius in America," Angus McDonald, Cover Genius CEO and Co-Founder.
Albertsons, Kroger to divest some stores ahead of merger.
Albertsons Companies said it would divest some stores owned by the company and Kroger to obtain the regulatory clearance needed to go ahead with the merger of the two firms, Reuters reported.
Kroger Company, or simply Kroger, is an retail company that operates supermarkets and multi-department stores throughout the United States, and Albertsons is an grocery company.
SVB says Goldman Sachs was buyer of portfolio it booked losses on.
SVB Financial Group said that Goldman Sachs Group was the acquirer of a bond portfolio on which it booked a $1.8bn loss, a transaction that set in motion the failure of SVB.
The loss on the portfolio was the reason SVB, a technology-focused lender known as Silicon Valley Bank, attempted a $2.25bn stock sale using Goldman Sachs as an advisor. The capital raise was thwarted as depositors fled and investors fretted SVB would have needed even more capital, Reuters reported.
Microsoft signs Japanese licensing agreement amid Activision deal.
Microsoft signed a 10-year licensing deal to bring Activision's Call of Duty franchise to Japanese cloud gaming provider Ubitus, the latest move by the company to address regulatory worries about its bid for the games maker, Reuters reported.
While Xbox maker Microsoft is likely to secure EU antitrust approval for acquiring Activision with such licensing deals and other behavioural remedies, it is facing headwinds in the United States and Britain.
HYBE seeks US deals after withdrawing bid for SM Entertainment.
South Korea's largest music label HYBE, which manages hit boy band BTS, will announce a "substantial number of acquisitions and investments" this year as the K-pop giant looks to boost its US presence, said its chairman.
The company's efforts to expand its portfolio of music labels and fan community platforms come after HYBE withdrew its plan to take over rival label SM Entertainment after a weeks-long battle with social media giant Kakao, DealStreetAsia reported.
US regulators start soliciting interest for Signature Bank bids.
US regulators have begun soliciting interest from potential buyers of Signature Bank, the New York-based lender that was seized by the government, Bloomberg reported.
The Federal Deposit Insurance has opened a so-called data room, enabling potential bidders to begin due diligence of the bank.
First Republic spoke to private equity before securing financing.
First Republic Bank spoke to at least one private equity firm about raising capital before it secured financing from JP Morgan and US authorities intervened with support for the industry, Reuters reported.
The conversations, shed new light on the frenzied activity that took place over the weekend after the collapse of Silicon Valley Bank, as other lenders under pressure looked for ways to restore investor confidence.
Charles Schwab CEO says firm has liquidity, not seeking capital or deals.
Charles Schwab has ample liquidity, said the chief executive of the bank and brokerage, moving to allay concerns about a "doomsday scenario" that has weighed broadly on bank stocks after the failure of two US, Reuters reported.
"We have not raised capital and we are not in the market at this point for M&A transactions," Walt Bettinger, Charles Schwab CEO.
Vale weighs IPO of metals unit after sale of 10% stake.
Vale is considering a spinoff or initial public offering of its sprawling base metals business after it completes the sale of a minority stake, Bloomberg reported.
The Brazilian mining giant is in talks to sell a 10% stake in the unit and expects final bids in that process to be submitted by mid-April. Once the transaction is completed, Vale will likely list the unit or spin it off in 2024.
General Catalyst targets at least $5bn for flagship fund. (FS)
General Catalyst, a venture capital firm that led a petition to back Silicon Valley Bank, aims to raise at least $5bn for its next flagship fund, Bloomberg reported.
The firm has begun sounding out existing investors about its 12th vehicle. Its last fund raised $4.6bn and closed in February 2022.
EMEA
Czech Media-backed IMI, an investment company, agreed to acquire Editis, a group of publishing companies, from Vivendi, a mass media company. Financial terms were not disclosed.
Czech Media Invest is a holding company that focuses on the acquisition and management of media assets across CEE. Founded and majority owned by the Czech billionaire Daniel Kretinsky, its interests are predominantly in the print and radio sectors but also include the streaming service Mall.TV.
Vivendi is advised by Credit Agricole.
BlackRock eyes deal to buy into biggest Africa wind power farm in Kenya. (FS)
A public-private partnership backed by BlackRock Alternatives plans to buy a 31.25% stake in Lake Turkana Wind Power, Africa's largest wind farm located in northern Kenya.
The Climate Finance Partnership, conceived by BlackRock and the governments of France, Germany and Japan as well as US impact organizations, will acquire the equity stakes of Finnfund, Vestas, and the Investment Fund for Developing countries, Bloomberg reported.
Crown Agents Bank owner explores sale of British payments group. (FS)
Private equity and venture capital firm Helios Investment Partners has been working with advisers to sell a stake in Crown Agents Bank, a British provider of cross-border payments, Reuters reported.
The private equity investor has engaged Barclays and JP Morgan to explore strategic options, including a private sale and a domestic float.
Purplebricks says Strike not part of sale process after potential deal talks.
Purplebricks Group, Britain's biggest online-only estate agency, held talks over a possible takeover offer with Strike but the smaller rival was not currently participating in the formal sale process, Reuters reported.
Shares in Purplebricks rose more than 14% in morning trade on the news. Strike was interested in combining the Purplebricks brand with its own fee-free model, but was being stifled by the bidding process.
Credit Suisse in fight to win back confidence as shares plunge.
Credit Suisse Group's fragile recovery is hitting wider market concerns about financial firms, leaving the bank's leaders with an uphill battle to convince investors it can pull off an extensive turnaround.
The Swiss bank's stock plunged to the lowest level on record and its credit spreads surged as the company's top shareholder ruled out increasing its stake because of regulatory constraints. That helped drag all European banks lower as investors show a quick trigger on shying away from risk after the turmoil, Bloomberg reported.
MAPFRE launches €350m private debt fund. (FS)
MAPFRE, is launching MAPFRE Private Debt, a new fund that will bring together all the existing private debt investments of the insurance group's subsidiaries, as well as new investments, up to an amount of €350m ($375m).
"This commitment to private debt helps us further diversify our portfolio as part of our range of alternative investments, without compromising at all on our conservative nature. It will also provide us with a little more profitability," Álvaro Anguita, MAPFRE CEO.
APAC
I Squared weighs stake sale in $1bn India's Think Gas. (FS)
I Squared Capital is considering selling a minority stake in Think Gas Distribution that could value the Indian natural gas supplier at more than $1bn, Bloomberg reported.
The private equity firm is working with an adviser to sell as much as a 30% stake in Think Gas. The asset could attract investment funds and pension funds.
G42 buys into ByteDance at $220bn value.
ByteDance was valued at around $220bn in a recent private-market investment by Abu Dhabi AI firm G42, a significant discount to the $300bn that TikTok's owner set during a recent share buyback program.
G42, controlled by United Arab Emirates royal Sheikh Tahnoon bin Zayed Al Nahyan, acquired a $100m-plus stake from existing investors in recent months through its 42XFund. Another fund bought into ByteDance at a $225bn shortly after, Bloomberg reported.
HKBN draws PAG interest after I Squared buyout approach. (FS)
HKBN is attracting interest from private equity firm PAG, setting up a potential bidding war with I Squared Capital for the Hong Kong broadband provider.
PAG is doing preliminary work including analyzing the company and sounding out sources of financing. Potential suitors may seek to team up with HKBN management in a buyout, Bloomberg reported.
Creador-backed Eco-Shop considers $179m Malaysian IPO. (FS)
Eco-Shop Marketing, a budget retail chain in Malaysia, is weighing an initial public offering in Kuala Lumpur that could raise as much as $179m, Bloomberg reported.
The company, which is backed by private equity firm Creador Capital Group, is working with financial advisers on the planned first-time share sale. A listing could take place as early as September.
Mirova makes first close of Asia, Africa sustainability debt fund at $171m. (FS)
Sustainability-focused investment manager Mirova announced that it raised $171m in the first close of its blended finance debt fund, the Mirova Gigaton Fund.
The fund aims to provide medium to long-term debt financing for clean energy projects primarily in emerging countries in Asia and Africa, as well as in Latin America and the Middle East, DealStreetAsia reported.
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