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Top Highlights
UK-based engineering firm John Wood Group has advised its shareholders to approve a lowered bid of 30 pence per share, valuing the deal at £216m ($291m), from UAE-headquartered Sidara. The decision concludes a takeover effort that stretched over a year and involved several proposals and rejections.
John Wood is advised by Europa Partners (led by Jan Skarbek and David Fudge), JP Morgan (led by Richard Perelman and James Robinson), Morgan Stanley (led by Tom Perry), Rothschild & Co (led by John Deans and Paul Duffy), Burness Paull, Slaughter & May (led by Simon Nicholls, Paul Dickson and Simon Tysoe) and FTI Consulting (led by Alex Le May and Nick Hasell). Sidara is advised by Goldman Sachs (led by Nimesh Khiroya), Greenhill & Co (led by David A. Wyles and Dacre Barrett Lennard), RB&A Partners, Saranac Partners, A&O Shearman (led by Claire Coppel and David Broadley), Dickson Minto, White & Case and Brunswick Group (led by Caroline Daniel and Patrick Handley) , according to press releases and MergerLinks data.
Desjardins Group, a financial services company, agreed to acquire Guardian Capital Group, a global investment management company, in a CAD1.67bn ($727m) deal, according to press releases.
Guardian Capital Group is advised by Ernst & Young, BMO Capital Markets, Scotiabank, Borden Ladner Gervais and Torys. Desjardins is advised by Stikeman Elliott and Desjardins. Minic is advised by Baker McKenzie, according to press releases and MergerLinks data.
Sayona Mining, a lithium producer, completed the merger with Piedmont Lithium, a supplier of lithium products, in a $623m deal, according to press releases.
Deal Round up
AMERICAS
Canada's Strathcona seeks to raise MEG Energy stake, opposes Cenovus bid. ( Reuters)
Celebrity-backed diaper maker Coterie nears sale to Mammoth Brands. ( Reuters)
Financial services firm JTC rejects Permira's takeover proposals. ( Reuters)
Petrobras open to IG4 plan to take control of Braskem. ( Reuters)
Kraft Heinz nears big breakup. ( WSJ)
University of Phoenix files for IPO after dropping planned sale. ( Bloomberg)
Hammes Partners closes healthcare real estate platform at $445m. ( Press Release)
EMEA
Verisure CEO sees Stockholm as top pick for potential IPO. ( Bloomberg)
Tencent-backed Uzbek fintech unicorn Uzum eyes Eurobond, IPO. ( Bloomberg)
APAC
TikTok owner ByteDance eyes valuation of over $330bn as revenue surpasses Meta. ( Reuters)
Billionaire Ambani plans to take Reliance Jio public by mid-2026. ( Reuters)
Bain is said to draw Chinese bidders for $4bn data centers. ( Bloomberg)
CK Hutchison mulls options for telecom unit including HK listing. ( Bloomberg)
Cube Highways plans $600m India IPO. ( Bloomberg)
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AMERICAS
PepsiCo, a multinational food, snack, and beverage corporation, completed the acquisition of an additional 5% stake in Celsius Holdings, a functional beverage company, for $585m, according to press releases.
Celsius was advised by Goldman Sachs, UBS, Freshfields Bruckhaus Deringer and Greenberg Traurig. PepsiCo was advised by Bank of America, Centerview Partners, Cravath Swaine & Moore and McCarthy Tetrault, according to press releases and MergerLinks data.
TJC-backed Arclin, a materials science company and manufacturer of polymer technologies, engineered products and specialized materials, agreed to acquire Aramids business of DuPont, a provider of construction materials, fabrics, packaging materials, and solutions, for $1.8bn, according to press releases.
TJC and Arclin are advised by Piper Sandler and Kirkland & Ellis. DuPont is advised by Centerview Partners, Goldman Sachs and Skadden Arps Slate Meagher & Flom, according to press releases and MergerLinks data.
JTB, a Japan travel solutions provider, agreed to acquire Northstar Travel Group, a B2B travel industry events, media and information services company, from EagleTree Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
Northstar Travel Group is advised by BrightTower and Jones Day. JTB is advised by SMBC Nikko Securities, Mori Hamada & Matsumoto and Venable, according to press releases and MergerLinks data.
Tinicum, a private investment firm, completed the acquisition of Aerospace Products Group, a supplier of complex, highly engineered tube and duct assemblies for use primarily in commercial and military aircraft platforms, from Leggett & Platt, an American diversified manufacturer, for $285m, according to press releases.
Tinicum was advised by Goodwin Procter (led by Lindsay Reed and Chris Wilson). Leggett & Platt was advised by Lazard and Freshfields Bruckhaus Deringer (led by Paul Humphreys) , according to press releases and MergerLinks data.
Richardson, an agricultural and food industry company, agreed to acquire the pasta business from Post Holdings-backed 8th Avenue Food & Provisions, a brand-centric, consumer products holding company, for $375m, according to press releases.
Richardson is advised by BMO Capital Markets and Koley Jessen, according to press releases.
Qualus, a power solutions firm and innovator at the forefront of power infrastructure transformation, agreed to acquire North America T&D, a provider of comprehensive engineering expertise in power infrastructure, from John Wood Group, an independent services provider for the oil & gas and power generation markets, for $110m, according to press releases.
John Wood is advised by FTI Consulting (led by Alex Le May) and Slaughter & May, according to press releases and MergerLinks data.
Battery Ventures, a technology-focused investment firm, completed the acquisition of Enzo Biochem, a life-science research reagents company, according to press releases. Financial terms were not disclosed.
Canada's Strathcona seeks to raise MEG Energy stake, opposes Cenovus bid. ( Reuters)
Canadian oil and gas producer Strathcona Resources announced on August 28 that it plans to acquire an additional 5% stake in competitor MEG Energy and will oppose MEG’s takeover by Cenovus Energy.
In August, Cenovus struck a CAD7.9bn ($5.7bn) cash-and-stock agreement to purchase MEG, following MEG’s board decision in June to reject Strathcona’s lower CAD6bn ($4.4bn) offer.
Celebrity-backed diaper maker Coterie nears sale to Mammoth Brands. ( Reuters)
Coterie, a premium diaper brand backed by models and entrepreneurs Karlie Kloss and Ashley Graham, is in negotiations to be acquired by consumer goods company Mammoth Brands.
Mammoth, a privately owned firm, also owns men’s grooming brand Harry’s and women’s body care line Flamingo. Coterie markets luxury disposable diapers favored by celebrities, noted for outperforming mainstream brands but priced at more than double the cost.
Financial services firm JTC rejects Permira's takeover proposals. ( Reuters)
London-listed financial services company JTC announced on August 29 that it had turned down two initial takeover offers from UK private equity firm Permira over the past 10 days, without providing a reason for the rejection.
Following Permira’s disclosure that talks were underway, JTC’s share price jumped more than 17% on August 29, reaching $15.5 — its highest level since September 2024.
Petrobras open to IG4 plan to take control of Braskem. ( Reuters)
Brazil’s state-controlled oil company Petrobras has shown openness to a proposal from IG4 Capital to acquire engineering group Novonor’s controlling stake in Braskem, the largest petrochemical firm in Latin America.
As Braskem’s second-largest shareholder, Petrobras holds a right of first refusal on Novonor’s stake under the existing shareholder agreement, making its consent essential for the transaction to proceed.
Kraft Heinz nears big breakup. ( WSJ)
Kraft Heinz is nearing a decision to split up the company.
Such a move would largely reverse the effects of the 2015 merger between Kraft and Heinz, a high-profile deal engineered by Warren Buffett and Brazilian private equity firm 3G Capital Partners.
University of Phoenix files for IPO after dropping planned sale. ( Bloomberg)
The University of Phoenix’s parent company has submitted plans for an initial public offering, following the collapse of a proposed $550m sale to another university backed by Apollo Global Management and the Vistria Group.
According to its filing with the US Securities and Exchange Commission on Friday, the school’s majority owner, based in Arizona, paid the University of Idaho $12.2m in June to exit a 2023 deal to sell most of its assets.
Hammes Partners closes healthcare real estate platform at $445m. ( Press Release)
Hammes Partners, an institutional investment management firm focused on the US healthcare real estate market, announced the successful closing of $445m in equity for its core-plus healthcare real estate platform. Hammes significantly exceeded its target of $350m.
The new core-plus initiative will focus on investments in healthcare facilities that have resilient and predictable cash flows.
Hammes Partners is advised by Alston & Bird.
EMEA
One Equity Partners, a private equity firm, agreed to acquire BARTEC, a provider of explosion protection and safety technology, from Bridgepoint, a private market growth investor, and Alcentra, an alternative credit manager, according to press releases. Financial terms were not disclosed.
One Equity Partners is advised by Jones Day (led by Michiel Huizinga and Philipp Martin). Bridgepoint is advised by Rothschild & Co, according to press releases and MergerLinks data.
Colt CZ, a producer of firearms and ammunition, agreed to acquire a 51% stake in Synthesia Nitrocellulose, a nitrocellulose manufacturer, from Kaprain-backed Synthesia, an energetic nitrocellulose manufacturer, for $1bn, according to press releases.
Verisure CEO sees Stockholm as top pick for potential IPO. ( Bloomberg)
Verisure, the security services company, may move forward with an initial public offering as early as this quarter, with Stockholm being the likely venue.
No final decision has been made, though a listing could still take place before year-end. The company is under no urgency, saying the IPO could happen this quarter or be pushed to 2026.
Tencent-backed Uzbek fintech unicorn Uzum eyes Eurobond, IPO. ( Bloomberg)
Uzum, Uzbekistan’s leading fintech and e-commerce startup, is exploring options to raise additional funding as early as next year, as more local firms seek access to global capital.
Backed by Tencent Holdings, the company has begun laying the groundwork for a potential IPO in 2027, with Hong Kong, Abu Dhabi, and Nasdaq under consideration. Uzum is also planning its first international bond issuance, targeting a $300m sale in the first half of 2026.
APAC
YD Bio, a biotechnology company, went public via a SPAC merger with Breeze Holdings Acquisition, a blank check company, in a $715m deal, according to press releases.
YD Bio was advised by ArentFox Schiff, Ogier and Lambert & Co (led by Jackson Lin). Breeze was advised by I-Bankers Securities, Woolery and Gateway Investor Relations (led by Cody Slach) , according to press releases.
TikTok owner ByteDance eyes valuation of over $330bn as revenue surpasses Meta. ( Reuters)
ByteDance, the parent company of TikTok, is preparing a new employee share buyback that will place the Chinese tech giant’s valuation above $330bn, fueled by ongoing revenue growth.
The company intends to repurchase shares from existing employees at $200.4 each. This marks a 5.5% increase from the $189.90 per share offered around six months ago, when ByteDance was valued at about $315bn.
Billionaire Ambani plans to take Reliance Jio public by mid-2026. ( Reuters)
India’s Reliance Industries plans to list its telecom and digital subsidiary, Jio Platforms Limited, by mid-2026, billionaire chairman Mukesh Ambani announced on August 29, setting a fresh timeline for the long-anticipated IPO of the unit, which is valued at over $100bn.
At its annual general meeting, Reliance also revealed it is establishing an artificial intelligence division, with Alphabet’s Google and Meta joining as strategic partners.
Bain is said to draw Chinese bidders for $4bn data centers. ( Bloomberg)
Bain Capital’s Chindata Group has attracted interest from Chinese buyers for its data center business, as firms look to capitalize on the surge in artificial intelligence.
Range Intelligent Computing Technology Group, a local data center services provider weighing a secondary listing in Hong Kong, is among those that have recently placed binding bids for the assets.
CK Hutchison mulls options for telecom unit including HK listing. ( Bloomberg)
CK Hutchison Holdings, the conglomerate led by billionaire Li Ka-shing, is weighing options for its international telecom unit, including a possible listing in Hong Kong as it reassesses its global portfolio.
The company has held early talks with Citigroup and Goldman Sachs about a potential IPO, while also exploring alternatives such as divesting operations in select markets or pursuing country-specific consolidations.
Cube Highways plans $600m India IPO. ( Bloomberg)
Cube Highways Trust, an infrastructure investment trust in India, is planning to file for an IPO that could raise around $600m.
The firm has engaged Kotak Mahindra Capital, HSBC, ICICI Securities, and HDFC Bank to manage the offering. Talks are still underway, and the terms of the deal may be adjusted.
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