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AMERICAS
WillScot Mobile Mini, a provider of innovative temporary space solutions, agreed to acquire McGrath RentCorp, a business-to-business rental company, for $3.8bn.
"This combination provides McGrath customers and employees a platform for continued growth and success, while providing McGrath shareholders with immediate cash value as well as participation in the upside potential of the combined company. This transaction validates the strength of our business, the hard work and dedication of our team members and the valuable solutions McGrath provides to our customers. For more than 40 years, we have pursued a relentless customer-centric approach and we look forward to extending our ability to provide the solutions that our customers so highly value," Joseph Hanna, McGrath President and CEO.
McGrath RentCorp is advised by Goldman Sachs and Morrison & Foerster. WillScot Mobile Mini is advised by Bank of America, Rothschild & Co and Allen & Overy. Debt financing is provided by BMO Capital Markets, Bank of America, Deutsche Bank, JP Morgan, MUFG Bank and Wells Fargo Securities.
Amazon, a multinational technology company, terminated the $1.7bn acquisition of iRobot, a consumer robot company.
"iRobot is an innovation pioneer with a clear vision to make consumer robots a reality. The termination of the agreement with Amazon is disappointing, but iRobot now turns toward the future with a focus and commitment to continue building thoughtful robots and intelligent home innovations that make life better, and that our customers around the world love," Colin Angle, iRobot Founder.
Holcim, a Swiss multinational company that manufactures building materials, is set to demerge its North American business.
The newly-listed business will be committed to driving long-term growth in the rapidly expanding North American market and unlocking value for all its stakeholders. Holcim post US listing of North America is expected to remain included in the Swiss Market Index and the leader in innovative and sustainable building solutions.
Holcim is advised by Goldman Sachs, Perella Weinberg Partners, Bar & Karrer and Skadden Arps Slate Meagher & Flom (led by Brandon Van Dyke and Kyle Hatton).
Roche, a Swiss multinational healthcare company, completed the acquisition of Carmot Therapeutics, a therapeutical company specialized in obesity and diabetes, for $3.1bn.
"Obesity is a heterogeneous disease, which contributes to many other diseases that together comprise a significant health burden worldwide. By combining Carmot's portfolio with programs in our Pharmaceuticals pipeline and our Diagnostics expertise and portfolio of products across cardiovascular and metabolic diseases, we are aiming to improve the standard of care and positively impact patients' lives," Thomas Schinecker, Roche Group CEO.
Carmot Therapeutics was advised by Centerview Partners, JP Morgan and Cooley (led by Ben Beerle and Jamie Leigh).
Arsenal Capital Partners, a private equity firm that specializes in investments in industrial and healthcare companies, completed the investment in Polycorp, a manufacturer of engineered elastomer solutions. Financial terms were not disclosed.
"The transaction with Arsenal will accelerate Polycorp's strategic growth initiatives and enable additional investment in our manufacturing and R&D capabilities, human capital, and strategic acquisitions," Peter Snucins, Polycorp Founder.
Polycorp was advised by William Blair & Co. Arsenal Capital was advised by Harris Williams & Co and Prosek Partners.
Educational Testing Service, an educational testing and assessment organization, completed the acquisition of PSI, a global provider of assessment content and talent consulting solutions, from Waud Capital, a private equity firm. Financial terms were not disclosed.
"PSI is thrilled to be joining forces with ETS and believes the fit and potential between the organizations is hugely exciting for our employees, customers, and partners. I am grateful for the incredibly warm welcome Amit Sevak and his team have given us," Janet Garcia, PSI CEO.
PSI was advised by Macquarie Capital, Kirkland & Ellis. ETS was advised by Jones Day.
BioRegenx, a healthcare company that sells and markets patented nutraceuticals, dietary supplements, and medical imaging devices, completed the acquisition of DocSun Biomedical, a social project that is developing AI-powered health monitor technology. Financial terms were not disclosed.
"I'm excited about the addition of DocSun to our family. Their accomplished management team and leading-edge technology now form an integral part of BioRegenx's product line, positioning DocSun as our third revenue-producing subsidiary," William Resides, BioRegenx CEO.
Forest River, an American shuttle bus and van manufacturer, completed the acquisition of Collins Bus, a school bus builder. Financial terms were not disclosed.
"The addition of Collins Bus to the Forest River Bus family highlights another milestone in our overall growth and leadership,” Pete Liegl, Forest River President and CEO.
US bank regulator to boost transparency of merger reviews, scrap automatic approvals.
A top US bank regulator will propose new regulations for bank mergers and acquisitions in a bid to increase transparency around the process while ensuring some deals do not slide through automatically without sufficient scrutiny, Reuters reported.
The move by the Office of the Comptroller of the Currency comes amid industry criticism that regulators are too opaque in their handling of bank deals, and as analysts expect more consolidation among small lenders struggling with flagging margins.
ION markets extends $1.8bn loan sale deadline.
ION Markets, a unit of Andrea Pignataro’s ION, has extended the deadline for a new $1.82bn leveraged loan sale by three days, giving investors more time to decide whether to participate in the deal, Bloomberg reported.
The delay comes at a time when borrowers have generally seen strong demand for new loan sales. It brings the official deadline for investors to submit their orders to Friday.
American Healthcare REIT targets to raise up to $840m in US IPO.
American Healthcare REIT was aiming to raise up to $840m in an initial public offering in New York, Reuters reported.
The move comes against the backdrop of a nascent recovery in the IPO market amid firming bets of a soft landing for the economy. Companies waiting to list their shares have finally started to move ahead with their plans as markets rally.
Fractyl Health targets up to $762m valuation in US IPO. (FS)
Therapy developer Fractyl Health was aiming for a market valuation of up to $762m in its US initial public offering. The company plans to raise up to $132m by selling about 7m shares priced between $16 and $18 each, Reuters reported.
The US IPO market is looking to rebound in 2024 after two subpar years. Last week, Healthcare companies CG Oncology and KKR-backed BrightSpring Health Services made contrasting market debuts, signaling investors remained cautious.
Goldman Sachs senior executive Jim Esposito to retire. (People)
Jim Esposito, co-head of Goldman Sachs' global banking and markets division, plans to retire after almost three decades at the bank, Reuters reported.
Esposito, who jointly runs Goldman's powerhouse trading and investment banking unit alongside Dan Dees and Ashok Varadhan, will become a senior director. Esposito has also served as the co-chair of Goldman's partnership committee since 2021.
EMEA
Novozymes, a Danish food ingredients and enzymes maker, completed the acquisition of Chr. Hansen, a bioscience company, for $12.3bn.
"We have successfully combined Novozymes and Chr. Hansen and today we come together as one leading global biosolutions partner. Novonesis combines our joint strengths and the wonders of biology, and we are set to lead a new era of biosolutions. We will innovate and develop transformative biosolutions that improve the way we all produce, consume and live. And we have gathered the brightest minds and together with my 10k colleagues, we will unlock the limitless potential of biosolutions," Ester Baiget, Novonesis President and CEO.
Chr. Hansen was advised by Goldman Sachs (led by Andre Kelleners), Baker McKenzie, Gorrissen Federspiel (led by Anders Ørjan Jensen) and Impact Partners. Goldman Sachs was advised by Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg). Novozymes was advised by Danske Bank, FIH Partners (led by Kasper Kristian Elton Koch), Gordon Dyal & Co (led by Gordon Dyal), Nordea Bank (led by Kasper B. Dichow), Oxera, Davis Polk & Wardwell (led by Will Pearce and Connie Milonakis), Linklaters (led by Nicole Kar), Plesner (led by Thomas Holst Laursen), FGS Global (led by Charlie Chichester) and Point Communications. Financial advisors were advised by Simpson Thacher & Bartlett (led by Jakob Rendtorff and Caroline Gottschalk).
Kingswood Capital Management, a private equity firm, agreed to acquire the emulsifier business of Corbion, a global ingredient solutions provider, for $362m.
"Corbion takes immense pride in its heritage as a pioneer and leader in the emulsifier industry, and we appreciate the dedicated employees and loyal customers who contributed to this successful chapter in our history," Andy Muller, Corbion President of Sustainable Food Solutions.
Kingswood Capital is advised by Configure Partners and Kirkland & Ellis. Corbion is advised by Lazard and Stinson.
Maaden, an investment firm, completed the acquisition of a 23.9% stake in Polymetal, an Anglo-Russian precious mining company, from ICT, an industrial-technology solutions provider. Financial terms were not disclosed.
“We welcome our new significant shareholders led by Mercury Investments International LLC and we look forward to our engagement with our new Omani investors. We are pleased that the shareholder has confirmed its full support of Polymetal’s strategy, which includes de-risking the Company’s business by disposing its Russian operation and further developing its asset base in Kazakhstan and the wider region,” Vitaly Nesis, Polymetal Group CEO.
Dynatrace, a global technology company that provides a software observability platform based on artificial intelligence and automation, agreed to acquire Runecast, a provider of AI-powered security and compliance solutions. Financial terms were not disclosed.
“At Runecast, we aim to provide organizations with real-time, automated, and actionable insights for security compliance, vulnerability assessment, and configuration management of their hybrid and multicloud environments,” Stanimir Markov, Runecast CEO.
French billionaire Xavier Niel said his investment company, NJJ Capital, agreed to pay $500m for Turkcell Iletisim Hizmetleri’s Ukraine units, Bloomberg reported.
Niel’s telecom operations are already in neighboring Poland through Iliad, and the large amount of roaming traffic between the countries means that the deal “makes sense,” Xavier Niel said. He said the price was “cheap” compared to the profits of Lifecell, the Ukrainian carrier.
UK government asks city firms for NatWest share sale proposals.
The UK government has asked City of London firms to submit proposals to work on a potential retail offering of NatWest shares, in what would be the country’s most high-profile privatization this year, Bloomberg reported.
The advisers must present their bids by late February, with the Treasury hoping to run an announcement about the share sale alongside its budget on March 6.
Sonae to pause hunt for big acquisitions if it succeeds in buying pet-care firm Musti.
Sonae will likely stay out of any further big acquisitions in the coming years if it completes the planned purchase of Finnish pet-supplies retailer Musti Group, even as the owner of Portugal’s largest supermarket chain sees easing competition for deals, Bloomberg reported.
Credit Suisse’s restructuring deal with Sanjeev Gupta's GFG in doubt.
A restructuring deal between Sanjeev Gupta’s GFG Alliance and Credit Suisse has been thrown into doubt, after the steel group failed to make a payment on time, Bloomberg reported.
GFG missed the date for the upfront payment under the restructuring agreement, putting the planned deal on hold, Credit Suisse said. GFG, a group of steel companies controlled by Gupta, had agreed a restructuring in principle in 2022 with Credit Suisse’s asset management arm for its UK and US businesses, but that deal looks to be in jeopardy.
Air Astana aims to land $962m valuation in float.
Kazakhstan's Air Astana set the price range for joint stock exchange listings in the UK and its home market, preparing the ground for a float that would boost London's sluggish IPO market and raise about $120m for the carrier, Reuters reported.
Air Astana is aiming for a market valuation of between $770m and $962m. The listing, first announced earlier in January, will enable Kazakhstan's sovereign wealth fund and British defence giant BAE Systems to reduce their current stakes in the airline.
APAC
BYJU'S to raise $200m through rights issue.
Think & Learn, the parent company of embattled Indian edtech firm BYJU'S, announced plans to raise $200m via a rights issue to all its equity shareholders, DealStreetAsia reported.
"The funds raised will be exclusively utilised to clear immediate liabilities and meet operational requirements, while maintaining the current rights of our valued shareholders. I am also happy to share that BYJU'S is now less than a quarter away from achieving operational profitability, reflecting the effectiveness of our strategic initiatives and the resilience of our business model," Byju Raveendran, BYJU'S Founder.
Aeon in exclusive talks to buy Tsuruha stake from Oasis. (FS)
Japanese retail giant Aeon has entered into exclusive talks with Oasis Management to acquire shares the Hong Kong-based activist investor holds in drugstore chain Tsuruha, Reuters reported.
Details of how many shares it will acquire and how much it will pay per share will be subject to negotiations, said Aeon. Oasis and Aeon each have about a 13% holding in Tsuruha.
China to merge three major asset managers into China Investment. (FS)
China plans to merge three of the nation's biggest bad debt managers into sovereign wealth fund China Investment, as part of a plan to reform financial institutions, Reuters reported.
Three asset management companies - China Cinda Asset Management, China Orient Asset Management and China Great Wall Asset Management - will be incorporated into CIC.
China Evergrande liquidation ordered by court amid growing debt crisis.
A Hong Kong court has ordered the liquidation of China Evergrande, the real estate firm with more than $300bn of debts, amid deepening fears for the territory's wider corporate health, Sky News reported.
Justice Linda Chan ruled Evergrande had been unable to offer a concrete restructuring plan to creditors - more than two years after defaulting on a bond repayment and after several court hearings over the lack of a restructuring plan.
Subsidiary of Geely-backed NEV brand Farizon closes $100m in debut financing.
A wholly-owned subsidiary of Geely-backed Farizon New Energy Commercial Vehicle Group has secured $100m in its initial funding round at a pre-money valuation of $1bn to invest in the development of methanol-to-hydrogen new energy vehicles, DealStreetAsia reported.
Chunging Technology, which specialises in the R&D and production of methanol-hydrogen NEVs. Several strategic investors and institutional investment companies participated in its debut funding round.
GLP Capital Partners mops up $1.4bn for its China Income Fund XIl. (FS)
Asset manager GLP Capital Partners had partnered with a global institutional investor in raising CNY10bn ($1.4bn) for its China Income Fund XII, which would own 25 logistics and business parks in China, DealStreetAsia reported.
The fund was injected with 25 logistics and business park assets from GLP's balance sheet, with a total leasable area of over 2.2m square metres (23.7m square feet).
Mindray plans $927m deal to control APT Medical. (FS)
Chinese medical device company Shenzhen Mindray Bio-Medical Electronics said it planned a CNY6.65bn ($927m) deal to gain control of APT Medical to expand in cardiovascular disease-related businesses, Reuters reported.
A wholly owned unit of Mindray will buy a 21.12% stake in APT Medical from current shareholders, including funds linked to venture investment firm Qiming Venture.
Australia’s sovereign wealth fund appoints Combet as new chair. (FS, People)
Australia’s government appointed Greg Combet to chair the nation’s sovereign wealth fund, ending a months-long process to replace incumbent Peter Costello, Bloomberg reported.
The former federal Labor government minister and previous chair of IFM Investors was appointed for a five-year term, Treasurer Jim Chalmers. Chalmers said he planned to work with Combet in considering the future role of the investment giant, which oversees more than AUD270bn ($178bn) across seven funds.
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