- Blog
2024 Top Global M&A Deals
IMAA’s 2024 Top Global M&A Deals industry coverage offers an overview of the year’s most significant M&A transactions across eight key industries. This monthly M&A activity overview provides the top 5 M&A deals for each industry, which offers a clear view of major market movements and highlights key players in each sector.
These monthly M&A insights can benefit M&A practitioners, corporate strategists, investment bankers, legal advisors, C-level executives, investors, and policymakers. It aids in identifying market trends, investment opportunities, and strategic decision-making, while also serving as a valuable resource for academic research in finance, business strategy, and economics.
SHARE:
M&A Activity per Industry
Click on any of the category tabs below to view the M&A Activity.
Filter by Month:
M&A Activity in the Consumer Products and Services Industry
The top global M&A deals in this industry list include companies that manufacture and sell goods or services directly to the end consumer, covering a wide array of products from household items to personal care.
January
Consumer Products and Services
- Deal 1: 337 Morrisons petrol forecourts & more than 400 Ultra-Rapid EV sites of Wm Morrison Supermarkets (United Kingdom) was acquired by Motor Fuel Limited (United Kingdom) for USD 3.16 billion.
- Deal 2: Kindred Group plc (Malta) was acquired by La Française des Jeux Société anonyme (France) for USD 2.83 billion.
- Deal 3: Carrols Restaurant Group, Inc. (United States) was acquired by Restaurant Brands International Inc. (Canada) for USD 1.00 billion.
- Deal 4: 204 gas stations and convenience stores of Sunoco LP (United States) was acquired by 7-Eleven, Inc. (United States) for USD 0.95 billion.
- Deal 5: CH&CO (United Kingdom) was acquired by Compass Group PLC (United Kingdom) for USD 0.60 billion.
February
Consumer Products and Services
- Deal 1: VIZIO Holding Corp. (United States) was acquired by Walmart Inc. (United States) for USD 2.30 billion.
- Deal 2: Courvoisier S.A.S. (France) was acquired by Davide Campari-Milano N.V. (Netherlands) for USD 1.30 billion.
- Deal 3: Forno d’Asolo S.p.A (Italy) was acquired by InvestIndustrial (United Kingdom) and Sammontana S.p.A. (Italy) for USD 1.20 billion.
- Deal 4: Global Gaming and PlayDigital Businesses of International Game Technology PLC (United Kingdom) was acquired by Everi Holdings Inc. (United States) for USD 1.16 billion.
- Deal 5: Jackpocket, Inc. (United States) was acquired by DraftKings Holdings Inc. (United States) for USD 0.75 billion.
March
Consumer Products and Services
- Deal 1: SRS Distribution Inc. (United States) was acquired by The Home Depot, Inc. (United States) for USD 18.25 billion.
- Deal 2: Vista Outdoor Inc. (United States) was acquired by MNC Capital Partners, L.P. (Canada) for USD 2.90 billion.
- Deal 3: CWT US, LLC (United States) was acquired by Global Business Travel Group, Inc. (United States) for USD 0.57 billion.
- Deal 4: Autry International S.R.L. (Italy) was acquired by Style Capital Sgr S.P.A.; Q Group International (Italy) for USD 0.34 billion.
- Deal 5: Hilton Paris Opéra (France) was acquired by City Developments Limited (Singapore) for USD 0.26 billion.
April
Consumer Products and Services
- Deal 1: L’Occitane International S.A. (Luxembourg) was acquired by L’Occitane Groupe S.A. (Luxembourg) for USD 1.78 billion.
- Deal 2: Milanese building on via Monte Napoleone 8 in Milan (Italy) was acquired by Kering SA (France) for USD 1.41 billion.
- Deal 3: Snap One Holdings Corp. (United States) was acquired by ADI Global Distribution (United States) for USD 1.40 billion.
- Deal 4: Motel One Gmbh (Germany) was acquired by One Hotels & Resorts AG (Germany) for USD 1.36 billion.
- Deal 5: Hibbett, Inc. (United States) was acquired by JD Sports Fashion Plc (United Kingdom) for USD 1.10 billion.
May
Consumer Products and Services
- Deal 1: PlayAGS, Inc. (United States) was acquired by Brightstar Capital Partners, L.P. (United States) for USD 1.10 billion.
- Deal 2: Hanon Systems (South Korea) was acquired by Hankook Tire & Technology Co., Ltd. (South Korea) for USD 1.00 billion.
- Deal 3: Foodpanda Taiwan Co., Ltd. (Taiwan) was acquired by Uber Eats (United States) for USD 0.95 billion.
- Deal 4: Princes Limited (United Kingdom) was acquired by Newlat Food S.p.A. (Italy) for USD 0.89 billion.
- Deal 5: Turtle Bay Resort Hotel, LLC (United States) was acquired by Host Hotels & Resorts, Inc. (United States) for USD 0.73 billion.
June
Consumer Products and Services
Deal 1: El Colorado (Chile), and Centro Farellones (Chile) was acquired by Mountain Capital Partners, LLC (United States) for USD 6.00 billion.
Mountain Capital Partners, LLC to acquire El Colorado and Centro Farellones
US-based Mountain Capital Partners (MCP) has proposed a significant acquisition of two prominent ski resorts, Farellones and El Colorado, for USD 6 billion, with the aim of establishing the largest ski area in South America. If successful, MCP will become the majority shareholder of Andacor, the entity currently controlling both venues.
MCP manages a diverse portfolio that includes over a dozen ski areas, bike parks, and golf courses across the US and Chile. Adding El Colorado and Farellones to its portfolio will complement its existing operations, which include Valle Nevado and La Parva, two ski resorts already under its management.
This strategic integration could streamline operations and offer visitors the convenience of accessing multiple resorts with a single ski pass, potentially positioning the Andes Valley as a premier global ski destination.
The timing of this acquisition offer is crucial for Andacor, which is undergoing financial restructuring due to debts accumulated during the COVID-19 pandemic. With liabilities totaling USD 15 billion, Andacor seeks a strategic partner to stabilize its financial position. MCP’s potential investment could provide the capital infusion needed to support Andacor’s recovery.
Moreover, integrating these ski centers under unified management has the potential to boost tourism, create new employment opportunities, and stimulate regional development.
Deal 2: CP Kelco ApS (United States) was acquired by Tate & Lyle plc (United Kingdom) for USD 1.80 billion.
Tate & Lyle plc to Acquire CP Kelco ApS
Tate & Lyle plans to acquire CP Kelco in a USD 1.8 billion deal, aimed at bolstering its specialty ingredients division and tapping into the growing market for plant-based products. The acquisition includes USD 1.15 billion in cash and 75 million new Tate & Lyle ordinary shares valued at USD 645 million.
With over 3,300 employees across 121 countries, Tate & Lyle specializes in developing products that enhance nutritional profiles by reducing sugar, calories, and fat while boosting fiber and protein content in food and beverages.
The merger aims to combine CP Kelco’s expertise in nature-based specialty ingredients—particularly in stabilization and texture enhancement—with Tate & Lyle’s strengths in sweetening and fortification. This integration is expected to strengthen market leadership across diverse product segments and explore new markets in consumer care and industrial applications.
Anticipated synergies include annual cost savings of at least USD 50 million within two years post-completion and potential revenue synergies of up to 10% of CP Kelco’s current revenue.
Pending regulatory approvals, the acquisition is scheduled to close by the fourth quarter of this year, positioning Tate & Lyle for significant growth in the global specialty ingredients market.
Deal 3: Fancl Corporation (Japan) was acquired by Kirin Holdings Company, Limited (Japan) for USD 1.39 billion.
Kirin Holdings Company, Limited to Acquire Fancl Corporation
Japanese beverage giant Kirin Holdings is set to acquire skincare and cosmetics brand Fancl for approximately JPY 220 billion (USD 1.39 billion), advancing its strategy to expand its health business amidst challenges in the beer market.
While Kirin’s alcoholic beverages contributed JPY 119.9 billion in profit last year, its health science division recorded a loss of JPY 12.5 billion. Acquiring Fancl is expected to strengthen Kirin’s health science segment, opening up new global market opportunities for its products.
Already owning a 33% stake in Fancl, Kirin plans to convert it into a wholly-owned subsidiary through a public tender offer. This strategic move aims to synergize their strengths in natural fermentation technologies and deepen consumer relationships across the Asia-Pacific region. By integrating management resources and expanding product channels, Kirin seeks to meet consumer health needs in both the cosmetics and health food sectors, reinforcing its global market presence alongside its strong Japanese foothold.
For Fancl, the acquisition promises to enhance domestic operations and support strategic investments in international markets to fuel future growth.
Kirin anticipates completing the acquisition by the year’s end.
Deal 4: Global Champion Business of Hanesbrands Inc. (United States) was acquired by Authentic Brands Group LLC (United States) for USD 1.20 billion.
Authentic Brands Group LLC to Acquire Global Champion Business of Hanesbrands Inc.
HanesBrands, a renowned global apparel company, has agreed to sell its sportswear business, Champion, to Authentic Brands in a substantial USD 1.2 billion transaction. This move allows HanesBrands to refocus on enhancing its leadership in the innerwear market and driving growth through consumer-driven product innovation and increased investment in its core brands such as Hanes, Bonds, Maidenform, and Bali.
For Authentic Brands, acquiring Champion presents an opportunity to enter the rapidly expanding sportswear market, leveraging Champion’s strong reputation for athletic tops and hoodies.
The deal includes provisions for additional contingent cash considerations of up to USD 300 million based on performance milestones, potentially bringing the total transaction value to USD 1.5 billion.
HanesBrands anticipates approximately USD 900 million in net proceeds from the sale of Champion, which will primarily be used to retire debt. Following the transaction’s completion, HanesBrands will provide transitional support for Champion, including managing operations in select regions for a specified transition period.
The transaction is scheduled to close in the latter half of 2024, pending regulatory approvals and customary closing conditions.
Deal 5: CPMC Holdings Limited (China) was acquired by Huarui Fengquan Development Limited (Hong Kong) for USD 1.03 billion.
Huarui Fengquan Development Limited to Acquire CPMC Holdings Limited
CPMC Holdings Limited recently announced that Huarui Fengquan Development Limited has made a voluntary conditional general cash offer to acquire all outstanding CPMC shares not currently held by Huarui and its affiliates. The transaction is valued at HKD 8.03 billion (approximately USD 1.03 billion).
As China’s largest integrated packaging group for consumer goods such as food, beverages, and household chemicals, CPMC specializes in three packaging segments: Tinplate Packaging, Aluminum Packaging, and Plastic Packaging.
Huarui’s acquisition aims to boost the competitiveness of Chinese packaging enterprises and establish a leading national brand in metal packaging. This move is expected to create synergies in technology, marketing strategies, production capabilities, and supply chain management. By diversifying its offerings and strengthening strategic partnerships, Huarui seeks to reduce dependence on single customer bases and promote sustainable growth.
Upon completion of the offer, CPMC will become a subsidiary of Huarui Parent. China Securities International served as the financial advisor to Huarui.
July
Consumer Products and Services
Deal 1: Neiman Marcus Group LTD LLC (United States) was acquired by Hudson's Bay Company (Canada) for USD 2.65 billion.
Hudson's Bay Company to acquire Neiman Marcus Group LTD LLC
Hudson’s Bay Co. (HBC), the Canadian retail powerhouse and owner of Saks Fifth Avenue, is set to acquire Neiman Marcus Group for USD 2.65 billion. This strategic move aims to expand HBC’s footprint in the luxury retail sector amid current industry challenges.
The acquisition will facilitate the creation of Saks Global, a leading entity that combines luxury retail and real estate assets. Saks Global will oversee Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman as distinct brands. It will also merge HBC’s U.S. real estate holdings with those of Neiman Marcus Group, forming a substantial USD 7 billion portfolio centered on premier retail locations.
In parallel, HBC plans to reorganize its Canadian operations into a separate entity from Saks Global. This restructuring is intended to lower leverage and improve liquidity for HBC’s Canadian retail and real estate assets, including Hudson’s Bay stores and TheBay.com.
The USD 2.65 billion acquisition will be financed through a mix of equity from new and existing shareholders and debt arrangements. Strategic investors such as Amazon, Rhône Capital, Insight Partners, and Salesforce will support Saks Global post-acquisition, driving innovation and growth.
M. Klein & Company is advising HBC on the acquisition and financing, serving as the lead financial and capital markets advisor. J.P. Morgan and Lazard are providing financial advisory services to Neiman Marcus Group throughout the transaction.
Deal 2: Supreme Holdings, Inc. (United States) was acquired by EssilorLuxottica Société anonyme (France) for USD 1.50 billion.
EssilorLuxottica Société anonyme to Acquire Supreme Holdings, Inc.
EssilorLuxottica, a global leader in the optical and eyewear industry, has agreed to acquire Supreme, the prominent American skateboarding and streetwear brand, from VF Corporation for USD 1.5 billion in cash. This acquisition marks EssilorLuxottica’s first foray into the apparel sector.
Supreme is renowned for its distinctive red-and-white logo, exclusive limited-edition releases, and high-profile collaborations with notable brands and artists. Known for its influence in street fashion, Supreme operates primarily through a digital-first model, supported by 17 retail stores located across the U.S., Asia, and Europe.
This strategic acquisition aligns with EssilorLuxottica’s broader innovation and growth objectives, providing a direct entry into new consumer segments and enhancing its connection with contemporary fashion trends. Supreme will become a distinct entity within EssilorLuxottica’s brand portfolio, complementing its existing licensed brands and expanding its presence in the lifestyle sector.
The transaction is anticipated to close by the end of 2024. J.P. Morgan is serving as the exclusive financial advisor to EssilorLuxottica in this deal.
Deal 3: Sleep Country Canada Holdings Inc. (Canada) was acquired by Fairfax Financial Holdings Limited (Canada) for USD 1.24 billion.
Fairfax Financial Holdings Limited to Acquire Sleep Country Canada Holdings Inc.
Fairfax Financial Holdings, a prominent Canadian financial holding company, will acquire Sleep Country Canada Holdings for CAD 1.7 billion (approximately USD 1.23 billion). This acquisition supports Fairfax’s strategy to broaden its non-insurance operations.
Sleep Country Canada, a leading specialty mattress retailer, operates under multiple banners including Sleep Country Canada, Dormez-vous, Endy, Silk & Snow, Hush, and Casper Canada. The company boasts 307 corporate-owned stores, 18 warehouses, and a robust e-commerce platform across Canada.
Sleep Country’s established market presence and strong bargaining power with mattress manufacturers contribute to its higher profitability compared to other North American bedding retailers.
The transaction is expected to close in the fourth quarter of 2024. Following the completion of the deal, Sleep Country will seek to delist from the Toronto Stock Exchange. CIBC Capital Markets is serving as the financial advisor to Sleep Country, while Torys LLP is providing legal counsel to Fairfax.
Deal 4: Fikes Wholesale, Inc. (United States) was acquired by Casey's General Stores, Inc. (United States) for USD 1.15 billion.
Casey's General Stores, Inc. to Acquire Fikes Wholesale, Inc.
Casey’s General Stores, the third-largest convenience store retailer in the United States, has agreed to acquire Fikes Wholesale, Inc., the owner of CEFCO Convenience Stores, in an all-cash transaction valued at USD 1.15 billion. This acquisition will significantly enhance Casey’s presence in key markets, particularly Texas and the Southern region of the U.S.
The deal will see Casey’s incorporate 198 retail locations and an extensive dealer network, increasing its total store count to nearly 2,900. Specifically, the acquisition will add 148 stores in Texas—a strategically important market for Casey’s—and 50 additional stores across Alabama, Florida, and Mississippi. The transaction also includes a fuel terminal and a commissary, which will support operations for the newly acquired Texas stores.
The acquisition is expected to be completed by the end of the fourth quarter of 2024. BMO Capital Markets Corp. is acting as the financial advisor to Casey’s General Stores, while BofA Securities is advising Fikes Wholesale, Inc.
Deal 5: Chuy's Holdings, Inc. (United States) was acquired by Darden Restaurants, Inc. (United States) for USD 0.61 billion.
Darden Restaurants, Inc. to Acquire Chuy's Holdings, Inc.
Chuy’s Holdings, the popular Tex-Mex restaurant chain, is set to be acquired by Darden Restaurants for USD 605 million, or USD 37.50 per share, in an all-cash transaction. This acquisition will enhance Darden’s diverse portfolio, which includes well-known dining brands such as Olive Garden, LongHorn Steakhouse, and Ruth’s Chris Steak House.
With this deal, Darden will integrate Chuy’s 101 locations across 15 states into its existing network of approximately 1,900 restaurants operating nationwide. This expansion will bolster Darden’s presence in the casual dining segment and diversify its offerings within the restaurant industry.
The acquisition is anticipated to be finalized in Darden’s fiscal second quarter. BofA Securities is serving as the financial advisor to Darden, while Piper Sandler is advising Chuy’s on the transaction.
M&A Activity in the Software and IT Industry
The top global M&A deals in this sector are at the heart of the digital revolution. This industry list includes companies that develop software, provide IT services, and offer technological solutions driving innovation and efficiency.
January
Software and IT
- Deal 1: ANSYS, Inc. (United States) was acquired by Synopsys, Inc. (United States) for USD 35.00 billion.
- Deal 2: Juniper Networks, Inc. (United States) was acquired by Hewlett Packard Enterprise Company (United States) for USD 14.00 billion.
- Deal 3: Procare Software, LLC (United States) was acquired by Roper Technologies, Inc. (United States) for USD 1.75 billion.
- Deal 4: Pagero Group AB (Sweden) was acquired by Thomson Reuters Finance S.A. (Luxembourg) for USD 0.80 billion.
- Deal 5: Habu, Inc. (United States) was acquired by LiveRamp, Inc. (United States) for USD 0.20 billion.
February
Software and IT
- Deal 1: Altium Limited (Australia) was acquired by Renesas Electronics Corporation (Japan) for USD 5.90 billion.
- Deal 2: Yandex LLC (Russia) was acquired by Multiple Buyers Including Russia-Based Yandex Senior Managers and Oil Company Lukoil (Russia) for USD 5.20 billion.
- Deal 3: End-User Computing Division of Broadcom Inc. (United States) was acquired by KKR & Co. Inc. (United States) for USD 4.00 billion.
- Deal 4: Everbridge, Inc. (United States) was acquired by Thoma Bravo, L.P. (United States) for USD 1.50 billion.
- Deal 5: Marlowe PLC’s Governance, Risk & Compliance Software and Services Assets (United Kingdom) was acquired by Inflexion Private Equity Partners LLP (United Kingdom) for USD 0.50 billion.
March
Software and IT
- Deal 1: Beta Cae Systems International Ag (Switzerland) was acquired by Cadence Design Systems, Inc. (United States) for USD 1.24 billion.
- Deal 2: Jama Software, Inc. (United States) was acquired by Francisco Partners Management, L.P. (United States) for USD 1.20 billion.
- Deal 3: One Network Enterprises, Inc. (United States) was acquired by Blue Yonder Group, Inc. (United States) for USD 0.84 billion.
- Deal 4: SanDisk Semiconductor (Shanghai) Co. Ltd (China) was acquired by JCET Management Co., Ltd. (China) for USD 0.62 billion.
- Deal 5: TASK Group Holdings Limited (Australia) was acquired by PAR Technology Corporation (United States) for USD 0.21 billion.
April
Software and IT
- Deal 1: ChampionX Corporation (United States) was acquired by Schlumberger Limited (United States) for USD 7.80 billion.
- Deal 2: HashiCorp, Inc. (United States) was acquired by International Business Machines Corporation (United States) for USD 6.40 billion.
- Deal 3: Darktrace plc (United Kingdom) was acquired by Thoma Bravo, L.P. (United States) for USD 5.32 billion.
- Deal 4: Matterport, Inc. (United States) was acquired by CoStar Group, Inc. (United States) for USD 1.60 billion.
- Deal 5: Model N, Inc. (United States) was acquired by Vista Equity Partners Management, LLC (United States) for USD 1.25 billion.
May
Software and IT
- Deal 1: Squarespace, Inc. (United States) was acquired by Accel Partners (United States), General Atlantic Service Company, L.P. (United States), and Permira Advisers LLC (United States) for USD 6.90 billion.
- Deal 2: AuditBoard, Inc. (United States) was acquired by HgCapital LLP (United Kingdom), and HgCapital Trust plc (United Kingdom) for USD 3.00 billion.
- Deal 3: Software Integrity Group Business of Synopsys, Inc. (United States) was acquired by Francisco Partners Management, L.P. (United States), and Clearlake Capital Group, L.P. (United States) for USD 2.10 billion.
- Deal 4: Venafi, Inc. (United States) was acquired by CyberArk Software Ltd. (Israel) for USD 1.54 billion.
- Deal 5: Foodpanda Taiwan Co., Ltd. (Taiwan) was acquired by Uber Eats (United States) for USD 0.95 billion.
June
Software and IT
Deal 1: Aareon AG (Germany) was acquired by Caisse de dépôt et placement du Québec (Canada), and TPG Capital, L.P. (United States) for USD 4.20 billion.
Caisse de dépôt et placement du Québec; TPG Capital, L.P. to acquire Aareon AG
Aareal Bank and Advent International have announced the sale of Aareon AG, a leading European provider of Software-as-a-Service (SaaS) solutions for the property industry, to TPG and Caisse de dépôt et placement du Québec (CDPQ) for EUR 3.9 billion (USD 4.2 billion).
Aareon AG is renowned for its innovative Property Management System solutions, which enhance efficient and sustainable property management and maintenance. The company’s comprehensive portfolio supports seamless, automated end-to-end processes, connecting property managers and owners across both residential and commercial real estate sectors.
This strategic acquisition by TPG will provide Aareon with enhanced resources and expertise to drive further innovation and growth. TPG will channel its investment through TPG Capital, its U.S. and European private equity platform, with CDPQ co-investing and acquiring a minority stake in Aareon.
The deal is expected to close in the latter half of 2024. Arma Partners served as the lead financial advisor, with Goldman Sachs also advising Advent International and Aareal. Morgan Stanley & Co. International Plc provided financial advisory services to TPG and CDPQ.
Deal 2: WalkMe Ltd. (Israel) was acquired by SAP SE (Germany) for USD 1.50 billion.
SAP SE to acquire WalkMe Ltd.
Enterprise software giant SAP SE is set to acquire Israeli software firm WalkMe for USD 1.5 billion in cash.
WalkMe specializes in digital adoption platforms (DAPs), offering solutions that help organizations navigate ongoing technology changes. Their advanced guidance and automation features enable seamless workflow execution across diverse applications, driving higher adoption rates and enhancing overall value for customers such as IBM, Nestle, Thermo Fisher Scientific, and the U.S. Department of Defense.
WalkMe’s platform automatically maps an organization’s software landscape and collects usage data for optimizing software licenses and procurement strategies. This acquisition will complement SAP’s Business Transformation Management portfolio, enhancing its SAP Signavio and SAP LeanIX solutions to better support customers in their transformation journeys.
WalkMe is also set to launch WalkMeX, an innovative AI-powered copilot designed to provide contextual guidance and suggest optimal workflows across various applications. This capability, which operates as an overlay compatible with different vendor copilots, promises to significantly boost productivity and efficiency. By combining WalkMe’s digital adoption capabilities with SAP’s AI assistant, Joule, SAP customers will experience enhanced AI assistant functionality and productivity gains.
The acquisition is slated to close in the third quarter of 2024.
Deal 3: Belcan, LLC (United States) was acquired by Cognizant Domestic Holdings Corporation (United States) for USD 1.30 billion.
Cognizant Domestic Holdings Corporation to acquire Belcan, LLC
Cognizant, a leading provider of digital, technology, and consulting services, has announced its acquisition of Belcan, a prominent digital engineering firm, for USD 1.3 billion in cash and stock. This transaction comprises USD 1.19 billion in cash and 1.47 million shares of Cognizant stock valued at USD 97 million.
Belcan operates a global workforce of 10,000 employees across 60 locations worldwide, serving high-profile clients such as Boeing, General Motors, Rolls-Royce, NASA, and the U.S. Navy.
The acquisition strategically positions Cognizant to strengthen its presence in the expanding Engineering Research & Development (ER&D) services market, which is projected to grow at a robust CAGR of over 10% through 2026. Belcan’s extensive engineering capabilities and domain expertise in aerospace & defense will complement Cognizant’s scale and decades-long digital engineering proficiency. This integration will provide Belcan’s prestigious client base access to Cognizant’s advanced AI, Cloud, and Data technologies, leveraging a combined team of over 6,500 engineers and technical consultants.
The acquired business is expected to contribute revenue exceeding USD 800 million annually to Cognizant starting in 2024, depending on the timing of the transaction closure, which is anticipated in Q3 2024.
Financial advisory services for Cognizant were provided by Perella Weinberg Partners, while Jefferies and Solomon Partners acted as financial advisors to Belcan.
Deal 4: eStruxture Data Centers Inc. (Canada) was acquired by Fengate Asset Management (Canada) for USD 1.30 billion.
Fengate Asset Management to acquire eStruxture Data Centers Inc.
Fengate Asset Management, a Toronto-based alternative asset managerhas acquired eStruxture Data Centers for CAD 1.8 billion (USD 1.3 billion), marking the largest transaction in Canada’s data center sector. Fengate now holds over two-thirds equity in eStruxture, following the purchase of shares previously held by Caisse de dépôt et placement du Québec (CDPQ).
The acquisition was funded with capital from institutional secondary investors, co-led by Partners Group and Pantheon. Investors also include Fengate Infrastructure Fund III and IV, as well as affiliated entities such as LiUNA’s Pension Fund of Central and Eastern Canada.
Significant stakeholders, including Jonathan Wener and the Wener Family Office, along with Todd Coleman, Founder, President, and CEO of eStruxture, and the company’s management team, will reinvest a substantial portion of their holdings in the firm.
As major technology companies continue to expand their cloud operations in Canada and increasingly rely on AI and machine learning, eStruxture is poised to meet these demands with scalable and sustainable data center solutions. This strategic acquisition is expected to accelerate eStruxture’s growth in hyperscale infrastructure, supporting its expansion and solidifying its leadership in Canada’s digital infrastructure market.
Financial advisory services for eStruxture were provided by DH Capital, while Campbell Lutyens served as Fengate’s exclusive financial advisor for the transaction.
Deal 5: Tegus, Inc. (United States) was acquired by AlphaSense, Inc. (United States) for USD 0.93 billion.
AlphaSense, Inc. to Acquire Tegus, Inc.
AI research firm AlphaSense has acquired rival Tegus, a significant provider of expert research, private company content, financial data, and workflow tools, in a transaction valued at USD 930 million.
This acquisition follows AlphaSense’s successful securing of a new USD 650 million funding round, co-led by Viking Global Investors and BDT & MSD Partners, with additional participation from J.P. Morgan Growth Equity Partners, SoftBank Vision Fund 2, Blue Owl, Alkeon Capital, and existing investors Alphabet Inc.’s CapitalG and Goldman Sachs Alternatives.
AlphaSense offers a comprehensive market intelligence platform utilized by asset management firms to identify investment opportunities through access to public and private content, including equity research, company filings, transcripts, and news. The company also provides an AI-powered enterprise solution that enables organizations to centralize and leverage their market intelligence with advanced search, summarization, and monitoring capabilities.
With Tegus’ extensive library covering more than 35,000 public and private companies across sectors including technology, media, consumer goods, energy, and life sciences, along with financial data on over 4,000 public companies, this acquisition strengthens AlphaSense’s competitive edge against industry leaders like Bloomberg L.P., Exabel AS, and FactSet.
AlphaSense’s client roster includes notable firms such as SAP SE, 3M, and Google, among others.
The transaction is expected to close in the third quarter of 2024, with Goldman Sachs & Co. LLC acting as AlphaSense’s financial advisor.
July
Software and IT
Deal 1: Instructure Holdings, Inc. (United States) was acquired by KKR & Co. Inc. (United States), and Dragoneer Investment Group, LLC (United States) for USD 4.80 billion.
KKR & Co. Inc.; Dragoneer Investment Group, LLC to acquire Instructure Holdings, Inc.
KKR has announced its acquisition of Instructure Holdings, an education software company, for USD 4.8 billion, or USD 23.60 per share, in cash. Dragoneer Investment Group is also involved in the transaction.
KKR will acquire all outstanding shares of Instructure (INST), including those held by the current majority stakeholder, Thoma Bravo.
Instructure is a global leader in learning management systems, educational technology, and credentialing solutions. Serving around 200 million learners across more than 100 countries, the company partners with over 1,000 organizations. Its flagship product, Canvas, competes with platforms such as Google Classroom, Blackboard Learn, and Schoology.
KKR intends to enhance Instructure’s global learning platform by increasing investment in technology and innovation, with a focus on advancing its core products, Canvas and Parchment. Earlier this year, Instructure acquired the academic credential management platform Parchment for USD 835 million.
The transaction is expected to be completed later this year. J.P. Morgan Securities LLC acted as the lead financial advisor for Instructure, with Macquarie Capital also advising the company. KKR was advised by Morgan Stanley & Co. LLC, Moelis & Company LLC, and UBS Investment Bank.
Deal 2: Envestnet, Inc. (United States) was acquired by Bain Capital Private Equity, LP (United States), and Reverence Capital Partners, L.P. (United States) for USD 4.50 billion.
Bain Capital Private Equity, LP; Reverence Capital Partners, L.P. to acquire Envestnet, Inc.
Bain Capital, a Boston-based private equity firm, has announced its acquisition of wealth management software company Envestnet for USD 4.5 billion, further enhancing its investment portfolio with a prominent industry player.
Envestnet offers a comprehensive range of services, including data aggregation, analytics, reporting solutions, financial planning, wealth management, and portfolio management tools. The company serves 17 of the 20 largest U.S. banks, manages over USD 6 trillion in assets, oversees nearly 20 million accounts, and supports over 109,000 financial advisors with its scalable digital platform. Envestnet’s Wealth Management Platform also supports more than 800 asset managers.
Reverence Capital will join Bain Capital in this transaction. Strategic partners BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors have committed to investing in the deal and will acquire minority stakes in Envestnet upon completion.
The acquisition is expected to close in the fourth quarter of 2024. Following the deal, Envestnet will cease to be publicly traded and will become a privately held company.
Morgan Stanley & Co. LLC is acting as the exclusive financial advisor to Envestnet, while Bain Capital is receiving lead financial advisory services from J.P. Morgan Securities LLC. RBC Capital Markets, BMO Capital Markets, Barclays, and Goldman Sachs & Co. LLC are providing committed debt financing and additional advisory services.
Deal 3: Exclusive Networks SA (France) was acquired by Clayton, Dubilier & Rice, LLC (United States), and Permira Advisers Ltd. (United Kingdom) for USD 2.40 billion.
Clayton, Dubilier & Rice, LLC; Permira Advisers Ltd. to acquire Exclusive Networks SA
Exclusive Networks, a French cybersecurity firm, has received a buyout proposal from Clayton Dubilier & Rice (CD&R), in collaboration with Permira, its majority shareholder. The proposed deal is valued at EUR 2.2 billion (USD 2.4 billion).
Exclusive Networks is a key player in the global cybersecurity sector, serving as a market and technical service specialist. The company provides cybersecurity vendors with access to fragmented national markets and equips local partners with the necessary expertise to address their end-customers’ security needs. With operations in over 45 countries and the ability to serve customers across more than 170 countries, Exclusive Networks offers a comprehensive suite of products and services, including managed security, technical accreditation, and training.
As the cybersecurity landscape evolves, Exclusive Networks is strategically positioned to capitalize on trends such as increased vendor spend consolidation and product innovation, which demand advanced expertise and channel support.
CD&R brings extensive experience in the technology sector, particularly in IT services and solutions, while Permira offers over 35 years of expertise in technology investments. The combined resources and strategic support from this consortium are expected to drive Exclusive Networks’ growth and help the company seize new opportunities in the rapidly expanding cybersecurity market.
Deal 4: Seidor, S.A. (Spain) was acquired by The Carlyle Group Inc. (United States) for USD 1.09 billion.
The Carlyle Group Inc. to acquire Seidor, S.A.
The Carlyle Group is in advanced talks to acquire a 60% stake in Seidor, a Spain-based technology consulting and services firm currently controlled by the Benito family. The transaction is valued at EUR 1 billion (approximately USD 1.09 billion). The Benito family will retain a 40% interest and continue to oversee the company’s management.
Seidor is a prominent player in the IT sector, offering a broad range of services including enterprise resource planning (ERP), digital transformation, and business process optimization. Renowned for its expertise in implementing SAP solutions, Seidor’s impressive growth—evidenced by its EBITDA increasing from around EUR 30 million in 2021 to over EUR 80 million this year—makes it a compelling target for Carlyle.
The acquisition aligns with Seidor’s strategic goal of becoming a leading global technology consultancy. The company plans to broaden its presence in key markets such as Spain, the United States, Italy, France, Germany, and the United Kingdom, while further solidifying its position in Latin America, the Middle East, and Africa.
Carlyle’s involvement, supported by its successful investments in Spanish firms like Codorniu, Garnica, Altadia, and Cepsa, is anticipated to drive Seidor’s continued expansion and enhance its competitive position on the global stage.
Deal 5: LinQuest Corporation (United States) was acquired by KBR, Inc. (United States) for USD 0.74 billion.
KBR, Inc. to Acquire LinQuest Corporation
KBR Inc., a provider of science, technology, and engineering solutions across industries such as aerospace, defense, and intelligence, is preparing to acquire LinQuest in a cash transaction valued at USD 737 million.
LinQuest, a key player in the national security space, delivers advanced digital transformation solutions and develops, integrates, and operates mission-critical systems. The company specializes in addressing complex challenges in space, air dominance, and connected battlespace missions, leveraging advanced AI and machine learning technologies.
This acquisition supports KBR’s strategy to enhance its capabilities in delivering sophisticated technology and mission-critical expertise. The complementary nature of both companies’ offerings is expected to create significant synergies and stimulate revenue growth. Furthermore, with over 74% of LinQuest’s more than 1,500 employees holding security clearances, KBR will be better positioned to support U.S. government clients in meeting the demands of a rapidly evolving defense and national security landscape.
The deal is expected to close by the fourth quarter of 2024. Arena Strategic Advisors provided financial due diligence for KBR, while Baird served as the exclusive financial advisor to LinQuest.
M&A Activity in the Media and Entertainment Industry
The top global M&A deals in this list include businesses involved in content production, distribution, and various forms of entertainment, reflecting the evolving ways people consume media and engage with entertainment.
January
Media and Entertainment
- Deal 1: STN Video Incorporated (Canada) was acquired by Minute Media (Canada) for USD 0.15 billion.
- Deal 2: Portland Thorns FC (United States) was acquired by RAJ Sports (United States) for USD 0.06 billion.
- Deal 3: Fantasy Sports and Sports Game Development Business Units of SharpLink Gaming Ltd (United States) was acquired by RSports Interactive, Inc. for USD 0.02 billion.
- Deal 4: Mobile Application, Internet Radio and Streaming Business of AppSmartz and RadioFM was acquired by Auddia Inc. (United States) for USD 0.02 billion.
- Deal 5: Certain Assets of Streaming TVEE, Inc. was acquired by Bravo Multinational Incorporated (United States) for USD 0.01 billion.
February
Media and Entertainment
- Deal 1: MultiChoice Group Limited (South Africa) was acquired by CANAL + SA (France) for USD 2.50 billion.
- Deal 2: VIZIO Holding Corp. (United States) was acquired by Walmart Inc. (United States) for USD 2.30 billion.
- Deal 3: Believe S.A. (France) was acquired by TCMI Inc. (United States) and EQT AB (publ) (Sweden) for USD 1.64 billion.
- Deal 4: All3Media Limited (United Kingdom) was acquired by RedBird Capital Partners LLC (United States) and International Media Investments FZ LLC (United Arab Emirates) for USD 1.40 billion.
- Deal 5: Certain Assets Related to the Business of Complex Media, Inc. (United States) was acquired by NTWRK – Commerce Media Holdings LLC (United States) for USD 0.10 billion.
March
Media and Entertainment
- Deal 1: Viacom 18 (India) was acquired by Reliance Industries Limited (India) for USD 0.52 billion.
- Deal 2: The Gearbox Entertainment Company, Inc. (United States) was acquired by Take-Two Interactive Software, Inc. (United States) for USD 0.46 billion.
- Deal 3: BritBox International Limited (United Kingdom) was acquired by BBC Studios Distribution Limited (United Kingdom) for USD 0.32 billion.
- Deal 4: Selected assets from Saber Interactive Inc. (United States) was acquired by Beacon Interactive (United States) for USD 0.25 billion.
- Deal 5: 9 Story Media Group Inc. (Canada) was acquired by Scholastic – 1000815816 Ontario Inc. (Canada) for USD 0.19 billion.
April
Media and Entertainment
- Deal 1: Endeavor Group Holdings, Inc. (United States) was acquired by Silver Lake Technology Management, L.L.C. (United States) for USD 13.00 billion.
- Deal 2: Dorna Sports, S.L. (Spain) was acquired by Formula One Group (United States) for USD 3.80 billion.
- Deal 3: Contracts of Arizona executives, coaches and players of IceArizona Hockey Co LLC (United States) was acquired by Smith Entertainment Group (United States) for USD 1.20 billion.
- Deal 4: Drone Racing League, Inc. (United States) was acquired by Infinite Reality, Inc. (United States) for USD 0.25 billion.
- Deal 5: Substantially all of the assets of Estrella Broadcasting, Inc. (United States) was acquired by MediaCo Holding Inc. (United States) for an undisclosed amount.
May
Media and Entertainment
- Deal 1: Authentic Brands Group LLC (United States) was acquired by General Atlantic Service Company, L.P. (United States), Leonard Green & Partners, L.P. (United States), Temasek Holdings (Private) Limited (Singapore), Jasper Ridge Partners, L.P. (United States), and HPS Investment Partners, LLC (United States) for USD 1.20 billion.
- Deal 2: PlayAGS, Inc. (United States) was acquired by Brightstar Capital Partners, L.P. (United States) for USD 1.10 billion.
- Deal 3: Global Technology Acquisition Corp. (Cayman Islands) was acquired by Tyfon Culture Holdings Limited (China) for USD 0.43 billion.
- Deal 4: Envato Pty. Ltd. (Australia) was acquired by Shutterstock Aus Emu Pty Ltd (Australia) for USD 0.25 billion.
- Deal 5: APG|SGA SA (Switzerland) was acquired by Neue ZüRcher Zeitung AG (Switzerland) for USD 0.18 billion.
June
Media and Entertainment
Deal 1: Preqin Ltd. (United Kingdom) was acquired by BlackRock, Inc. (United States) for USD 3.23 billion.
BlackRock, Inc. to acquire Preqin Ltd.
BlackRock has agreed to acquire UK data provider Preqin for GBP 2.55 billion (USD 3.23 billion) in cash, reinforcing its expansion into alternative investments. The acquisition price reflects 13 times Preqin’s projected 2024 revenue of USD 240 million.
Preqin, with over two decades of experience, supports investors by providing data and insights that improve transparency and access in the global alternatives market. As a leading independent data solutions provider in private markets, Preqin covers 190,000 funds, 60,000 fund managers, and 30,000 private markets investors, serving over 200,000 users., including asset managers, insurers, pensions, wealth managers, and banks.
The deal integrates a complementary data business into BlackRock’s investment technology, marking a strategic move into the growing private markets data sector.
BlackRock’s Aladdin platform delivers technology solutions to over 1,000 clients will integrate Preqin with its private markets solution, eFront, enhancing data, research, and investment processes.
The USD 10.5 trillion asset manager outbid S&P Global and Bloomberg to secure Preqin, continuing its trend of acquiring specialized data providers. Earlier this year, BlackRock agreed to purchase private equity firm Global Infrastructure Partners for approximately USD 12.5 billion in cash and stock.
The Preqin transaction is expected to close by the end of 2024. Barclays served as the lead financial advisor to BlackRock, while Goldman Sachs International was the sole financial advisor to Preqin.
Deal 2: idealista, S.A.U. (Spain) was acquired by Cinven Limited (United Kingdom) for USD 3.10 billion.
Cinven Limited Acquired idealista, S.A.U.
EQT has finalized the sale of its majority stake in Madrid-based Idealista, Southern Europe’s largest online real estate classifieds platform, for EUR 2.9 billion (USD 3.1 billion) to international private equity firm Cinven.
Idealista operates extensively across Spain, Portugal, and Italy, facilitating property advertisements through a subscription-based model. Additionally, it offers online advertising services, mortgage brokerage, and advanced data analytics tailored for real estate professionals.
Cinven identified Idealista as a strategic investment opportunity, emphasizing its established market position, robust business model, and strong brand recognition. The platform is well-positioned to capitalize on ongoing growth opportunities within its sector.
Upon completion of the transaction, Cinven will hold a 70% stake in Idealista, with EQT retaining the remaining 18%.
The sale is subject to regulatory approvals and standard closing conditions.
Deal 3: Infocom Corporation (Japan) was acquired by Blackstone Inc. (United States) for USD 1.70 billion.
Blackstone Inc. to Acquire Infocom Corporation
Blackstone, a leading global alternative asset manager, has announced the acquisition of Japanese E-Comics Giant, Infocom, for USD 1.7 billion. This strategic move positions Blackstone to enter Japan’s burgeoning digital manga market, now valued at USD 3 billion.
In 2023, Infocom reported a notable 85% increase in net profit to JPY 6.6 billion, driven by a 20% rise in revenue to JPY 84.4 billion, with digital comics contributing approximately 70% of its total revenue. Its Mecha Comic platform stands as one of Japan’s premier digital comics providers.
Teijin, owning a 55% stake in Infocom, has granted Blackstone preferential negotiating rights for these shares. Blackstone plans to acquire Teijin’s entire stake through a tender offer, aiming to privatize Infocom.
This acquisition marks Blackstone’s largest venture into Japan’s Private Equity sector and highlights its third significant investment in Japan within the past six months. It underscores Blackstone’s commitment to investing in high-quality, growth-oriented businesses in Japan and empowering them to achieve market leadership.
Blackstone is dedicated to supporting Infocom in exploring new growth avenues, leveraging its global scale, capabilities, and sector expertise to foster continued success.
Deal 4: BeReal SAS (France) was acquired by Voodoo SAS (France) for USD 0.53 billion.
Voodoo SAS to Acquire BeReal SAS
Voodoo, a prominent French publisher of mobile apps and games, has acquired BeReal, a distinctive social media platform known for its ephemeral photo-sharing feature, for EUR 500 million (USD 537 million). This acquisition marks Voodoo’s strategic move into consumer apps.
BeReal encourages authenticity and real-life sharing among its users. Daily push notifications prompt users to share current moments within a two-minute window. Photos vanish after 24 hours, fostering a non-competitive environment without ‘likes’ or ‘followers’. With over 40 million active users, BeReal is particularly popular in key markets like the USA, Japan, and France, with half of its users using the app at least six days a week.
Voodoo plans to accelerate BeReal’s growth by introducing new features and employing a blend of organic and paid marketing strategies globally. This approach leverages Voodoo’s successful track record in developing and scaling mobile apps such as Helix Jump, Mob Control, and Block Jam 3D. The acquisition also involves integrating teams to capitalize on Voodoo’s technological capabilities and innovative approaches.
With Voodoo’s backing, BeReal enters a transformative phase. Leveraging Voodoo’s platform and expertise, BeReal aims to innovate further, introduce new features, and drive global growth through targeted marketing initiatives.
Deal 5: Festival and international ticketing activities of Vivendi SE (France) was acquired by CTS Eventim AG & Co. KGaA (Germany) for USD 0.32 billion.
CTS Eventim AG & Co. KGaA to Acquire Festival and international ticketing activities of Vivendi SE
CTS EVENTIM, a global leader in ticketing services and live entertainment, has finalized the acquisition of Vivendi’s festival and international ticketing operations for USD 327 million. This includes See Tickets, the UK’s second-largest ticketing provider, offering extensive services for concerts, trade fairs, and sporting events.
This acquisition opens new growth avenues for Vivendi’s festival portfolio and See Tickets’ operations across eight European countries (Belgium, Denmark, Germany, the Netherlands, Portugal, Spain, Switzerland, and the UK), as well as in the US. It ensures seamless continuity for all partners and supports CTS EVENTIM’s global expansion strategy, enhancing services for artists and managers worldwide.
In 2023, Vivendi’s ticketing and festival activities generated EUR 137 million in revenue, with ticketing accounting for approximately EUR 105 million. The UK market led in revenue generation, followed by the US.
Aligned with its strategic evolution, Vivendi has nurtured growth in its ticketing and festival businesses, adapting them to meet evolving customer expectations. Now under the stewardship of a leading European player in live entertainment, these assets are poised for further development and innovation in the global market.
July
Media and Entertainment
Deal 1: Paramount Global (United States) was acquired by Skydance Media (United States), and RedBird Capital Partners LLC (United States) for USD 4.50 billion.
Skydance Media; RedBird Capital Partners LLC to acquire Paramount Global
Skydance Investor Group, which includes Skydance Media and Redbird Capital Partners, is poised to invest up to USD 6 billion in a strategic two-step transaction designed to reshape the future of Paramount Global.
The transaction’s first phase involves acquiring National Amusements, Inc. (NAI), which holds the controlling interest in Paramount, for USD 2.4 billion in cash. This will be followed by a merger between Skydance and Paramount Global, offering an additional USD 4.5 billion in cash and stock to Paramount’s shareholders.
This strategic move aims to reposition Paramount for increased profitability, enhancing stability and independence for content creators, and enabling greater investment in rapidly expanding digital platforms. For the first time since the 1980s, iconic media assets such as CBS, Nickelodeon, and Paramount Pictures will come under new ownership, marking a pivotal shift in the media landscape.
Skydance Media is a diversified entertainment company known for producing high-quality, blockbuster content for global audiences. Skydance’s portfolio includes films that have collectively grossed over USD 8 billion worldwide, including the record-breaking and Academy Award-winning Top Gun: Maverick. By merging with Paramount, Skydance brings substantial investment and strategic access to emerging entertainment and media sectors, positioning both companies for sustained growth and economic advantage.
The deal is anticipated to close in the first half of 2025. Financial advisors for the Skydance Investor Group include RedBird Advisors, BofA Securities, Inc., Moelis & Company LLC, and The Raine Group. BDT & MSD Partners is advising National Amusements, Inc., while Rothschild & Co is serving as the financial advisor to Paramount Global.
Deal 2: Keywords Studios plc (United Kingdom) was acquired by EQT Private Capital Asia (Hong Kong), CPP Investments (Canada), and Rosa Investments Pte. Ltd (Singapore) for USD 2.70 billion.
EQT Private Capital Asia; CPP Investments; Rosa Investments Pte. Ltd to Acquire Keywords Studios plc
A consortium led by EQT, the Swedish private equity group, has agreed to acquire Keywords Studios, an Irish video game services company, in a deal valued at GBP 2.1 billion (USD 2.7 billion).
Keywords Studios is a leader in the video game and entertainment sectors, providing a full range of services from creative and technology solutions to content development. With over 70 facilities in 26 countries, the company serves major clients including Activision Blizzard, Microsoft, Netflix, and Ubisoft.
EQT’s acquisition is set to expand Keywords Studios’ capabilities and market presence, leveraging the company’s global reach and technological expertise. EQT aims to enhance growth by integrating Keywords Studios into broader media and entertainment markets.
Following the transaction, EQT’s BPEA Fund VIII will own 51% of Keywords Studios, while CPP Investments and Temasek’s Rosa Investments will each hold 24.5%.
The deal is anticipated to close in the fourth quarter of 2024. J.P. Morgan Cazenove acted as the financial advisor to EQT, and Robey Warshaw LLP advised Keywords Studios.
Deal 3: National Amusements, Inc. (United States) was acquired by Skydance Media (United States), and RedBird Capital Partners LLC (United States) for USD 2.40 billion.
Skydance Media; RedBird Capital Partners LLC to Acquire National Amusements, Inc.
Skydance Investor Group, which includes Skydance Media and Redbird Capital Partners, is poised to invest up to USD 6 billion in a strategic two-step transaction designed to reshape the future of Paramount Global.
The transaction’s first phase involves acquiring National Amusements, Inc. (NAI), which holds the controlling interest in Paramount, for USD 2.4 billion in cash. This will be followed by a merger between Skydance and Paramount Global, offering an additional USD 4.5 billion in cash and stock to Paramount’s shareholders.
This strategic move aims to reposition Paramount for increased profitability, enhancing stability and independence for content creators, and enabling greater investment in rapidly expanding digital platforms. For the first time since the 1980s, iconic media assets such as CBS, Nickelodeon, and Paramount Pictures will come under new ownership, marking a pivotal shift in the media landscape.
Skydance Media is a diversified entertainment company known for producing high-quality, blockbuster content for global audiences. Skydance’s portfolio includes films that have collectively grossed over USD 8 billion worldwide, including the record-breaking and Academy Award-winning Top Gun: Maverick. By merging with Paramount, Skydance brings substantial investment and strategic access to emerging entertainment and media sectors, positioning both companies for sustained growth and economic advantage.
The deal is anticipated to close in the first half of 2025. Financial advisors for the Skydance Investor Group include RedBird Advisors, BofA Securities, Inc., Moelis & Company LLC, and The Raine Group. BDT & MSD Partners is advising National Amusements, Inc., while Rothschild & Co is serving as the financial advisor to Paramount Global.
Deal 4: Ascential plc (United Kingdom) was acquired by Informa plc (United Kingdom) for USD 1.50 billion.
Informa plc to Acquire Ascential plc
Informa, the event and publishing leader, has agreed to acquire Ascential PLC, a British firm known for its expertise in data, analytics, and e-commerce optimization, for USD 1.5 billion (USD 7.35 per share) in cash.
Ascential operates two prestigious global events, Cannes Lions and Money20/20, generating diverse, sustainable revenues from live events, awards, digital subscriptions, and advisory services.
Post-acquisition, Informa plans to make Cannes Lions the centerpiece of a new Informa Festivals division, incorporating flagship events like the Monaco Yacht Show, London Tech Week, and Black Hat. Additionally, Informa aims to expand Money20/20 into the Middle East and Africa through its joint venture, Tahaluf, with the Saudi Arabian Federation for Cyber Security and Programming.
The acquisition is expected to yield USD 15.5 million (GBP 12 million) in cost savings and significant revenue opportunities through cross-selling and expanding into fast-growing markets.
Morgan Stanley is serving as the sole financial advisor to Informa, while BofA Securities and Goldman Sachs are joint financial advisors to Ascential.
Deal 5: Curated, Inc. (United States) was acquired by Humans, Inc. (United States) for USD 0.33 billion.
Humans, Inc. to Acquire Curated, Inc.
Humans Inc., operating as Flip, is set to acquire Curated, a top marketplace for personalized expert advice on high-value purchases, for USD 330 million in stock.
This acquisition reinforces Flip’s leadership in social commerce, which is driven by its unique approach of integrating user-generated videos to enhance the shopping experience. By adding Curated’s personalized consulting services, Flip will broaden its reach into the specialty market, providing customers with expert guidance on high-consideration purchases such as golf equipment and skis.
Curated connects consumers with verified experts, providing personalized consultations that ensure high-quality, informed purchase decisions. The acquisition enables Flip to tap into the specialty market, enhancing its offerings with expert-driven insights.
Both Flip and Curated have seen substantial growth, and the deal is expected to more than double their combined revenues for 2023. Curated will continue to operate independently, with ongoing investments to expand its platform while maintaining its distinct business model and customer engagement.
M&A Activity in the Health Care Industry
Focused on improving health outcomes, the top global M&A deals in this industry list includes providers of medical services, manufacturers of medical equipment, and developers of healthcare technologies.
January
Health Care
- Deal 1: Axonics, Inc. (United States) was acquired by Boston Scientific Corporation (United States) for USD 3.68 billion.
- Deal 2: Medicare Advantage, Cigna Supplemental Benefits and CareAllies Businesses (United States) was acquired by Health Care Service Corporation, a Mutual Legal Reserve Company (United States) for USD 3.30 billion.
- Deal 3: Inhibrx, Inc. (United States) was acquired by Aventis Inc. (United States) for USD 2.20 billion.
- Deal 4: Ambrx Biopharma Inc. (United States) was acquired by Johnson & Johnson (United States) for USD 1.98 billion.
- Deal 5: Aiolos Bio, Inc. (United States) was acquired by GSK plc (United Kingdom) for USD 1.40 billion.
February
Health Care
- Deal 1: Catalent, Inc. (United States) was acquired by Novo Holdings A/S (Denmark) for USD 16.50 billion.
- Deal 2: CymaBay Therapeutics, Inc. (United States) was acquired by Gilead Sciences, Inc. (United States) for USD 4.30 billion.
- Deal 3: China Traditional Chinese Medicine Holdings Co. Limited (Hong Kong) was acquired by Sinopharm Common Wealth Company Limited (China) for USD 3.00 billion.
- Deal 4: MorphoSys AG (Germany) was acquired by Novartis data42 AG (Switzerland) for USD 2.90 billion.
- Deal 5: Fountain Valley Regional Hosp (United States), Lakewood Regional Medical (United States), Los Alamitos Medical (United States), and Placentia-Linda (United States) were acquired by UCI Medical Center (United States) for USD 0.90 billion.
March
Health Care
- Deal 1: Cardior Pharmaceuticals GmbH (Germany) was acquired by Novo Nordisk A/S (Denmark) for USD 1.11 billion.
- Deal 2: Amolyt Pharma SAS (France) was acquired by AstraZeneca PLC (United Kingdom) for USD 1.05 billion.
- Deal 3: IFM Due, Inc. (United States) was acquired by Novartis AG (Switzerland) for USD 0.84 billion.
- Deal 4: Medical Device Components business of Johnson Matthey Plc (United Kingdom) was acquired by Montagu Private Equity LLP (United Kingdom) for USD 0.70 billion.
- Deal 5: Endpoint Clinical and Patient Access Businesses of Fortrea (United States) was acquired by Arsenal Capital Partners (United States) for USD 0.35 billion.
April
Health Care
- Deal 1: Shockwave Medical, Inc. (United States) was acquired by Johnson & Johnson (United States) for USD 13.10 billion.
- Deal 2: Alpine Immune Sciences, Inc. (United States) was acquired by Vertex Pharmaceuticals Incorporated (United States) for USD 4.90 billion.
- Deal 3: Deciphera Pharmaceuticals, Inc. (United States) was acquired by Ono Pharmaceutical Co., Ltd. (Japan) for USD 2.40 billion.
- Deal 4: ProfoundBio (United States) was acquired by Genmab A/S (Denmark) for USD 1.80 billion.
- Deal 5: Global Surgical Solutions Business of Ecolab Inc. (United States) was acquired by Medline Industries, Inc. (United States) for USD 0.95 billion.
May
Health Care
- Deal 1: Eyebiotech Limited (United Kingdom) was acquired by Merck & Co., Inc. (United States) for USD 3.00 billion.
- Deal 2: Human Immunology Biosciences, Inc. (United States) was acquired by Biogen Inc. (United States) for USD 1.80 billion.
- Deal 3: Mariana Oncology, Inc. (United States) was acquired by Novartis AG (Switzerland) for USD 1.75 billion.
- Deal 4: Calliditas Therapeutics AB (publ) (Sweden) was acquired by Asahi Kasei Corporation (Japan) for USD 1.15 billion.
- Deal 5: Atrion Corporation (United States) was acquired by Nordson Medical Corporation (United States) for USD 0.82 billion.
June
Health Care
Deal 1: Critical Care Product Group of Edwards Lifesciences Corporation (United States) was acquired by Becton, Dickinson and Company (United States) for USD 4.20 billion.
Becton, Dickinson and Company to Acquire Critical Care Product Group of Edwards Lifesciences Corporation
Edwards Lifesciences Corporation plans to divest its critical care products unit to Becton Dickinson & Co. (BD) in a significant all-cash transaction valued at USD 4.2 billion. This acquisition will be funded with approximately USD 1 billion in cash and USD 3.2 billion in new debt.
Edwards’ Critical Care division, known for its advanced patient monitoring technologies enhanced by artificial intelligence, has been a pioneer in the hemodynamic monitoring field widely used in operating rooms and intensive care units. These solutions are deployed in over 10,000 hospitals globally, providing real-time cardiovascular insights crucial for improving patient outcomes. Key innovations include the Swan Ganz pulmonary artery catheter, minimally invasive sensors, noninvasive cuffs, and tissue oximetry sensors and monitors. In 2023, this segment generated over USD 900 million in revenue, underscoring its substantial market presence and the strong demand for its innovative medical technologies.
For BD, the acquisition represents a strategic opportunity to expand its portfolio of smart connected care solutions. Integrating Critical Care’s hemodynamic monitoring technologies and AI-driven clinical decision tools is expected to enhance BD’s offerings and foster further innovation.
The transaction is expected to yield immediate benefits across key financial metrics, demonstrating a robust return profile and reinforcing BD’s commitment to delivering sustained shareholder value.
The transaction is scheduled to be completed before the end of the year, with BD receiving financial advisory services from Perella Weinberg Partners and Citi.
Deal 2: Shanghai Henlius Biotech, Inc. (China) was acquired by Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (China) for USD 1.71 billion.
Boston Scientific Corporation to Acquire Silk Road Medical, Inc.
Boston Scientific is set to acquire Silk Road Medical in a strategic deal valued at USD 1.26 billion, aimed at bolstering its position in the neurovascular market.
Silk Road Medical specializes in innovative medical devices designed to prevent strokes in patients with carotid artery disease, notably through their transcarotid artery revascularization (TCAR) procedure. TCAR plays a crucial role in mitigating stroke risks associated with carotid artery disease, which contributes to one-third of all strokes. This procedure involves temporarily reversing blood flow to divert plaque away from the brain, followed by the insertion of a stent to stabilize plaque and reduce future stroke risks.
The acquisition will integrate Silk Road Medical’s advanced stroke prevention technology with Boston Scientific’s extensive distribution network and operational capabilities. Boston Scientific aims to accelerate TCAR adoption across the U.S., introduce innovative products, and explore global markets such as China and Japan.
This move follows Boston Scientific’s recent USD 3.7 billion acquisition of Axonics, which expanded its portfolio to include devices that enhance bladder function.
The transaction is expected to close in the second half of 2024, with Silk Road Medical becoming a wholly-owned subsidiary of Boston Scientific. BofA Securities, Inc. is serving as Silk Road Medical’s exclusive financial advisor throughout the acquisition process.
Deal 3: Silk Road Medical, Inc (United States) was acquired by Boston Scientific Corporation (United States) for USD 1.26 billion.
Fosun Pharmaceutical (Group) Co., Ltd. to Acquire Henlius Biotech, Inc.
Chinese conglomerate Fosun International, through its subsidiary Fosun Pharmaceutical Group, will acquire the remaining stake in Shanghai Henlius Biotech that it does not already own. This deal values the Hong Kong-listed drugmaker at HKD 13.37 billion (USD 1.71 billion).
Henlius Biotech primarily engaged in the development, manufacturing, and sale of monoclonal antibody drugs, alongside providing related technical services. Currently, Fosun Pharma holds nearly 60% of Henlius. The move to acquire the remaining stake aligns with Fosun’s strategy to focus more on consolidating existing assets rather than acquiring new ones.
Fosun plans to merge Henlius with Shanghai Fosun Pharmaceutical and take it private. According to Fosun, Henlius’s current public listing status limits its access to capital and imposes additional expenses. Fosun also believes that the current underperformance of Henlius’s shares does not reflect its true value as a global biopharmaceutical company with a diverse product pipeline. The merger aims to allow Henlius to concentrate on its core operations without being distracted by fluctuations in share prices.
The transaction underscores Fosun’s commitment to enhancing operational efficiencies and maximizing the potential of Henlius as a key player in the biopharmaceutical sector.
Deal 4: Northstar Switzerland SARL (Switzerland) was acquired by Dr. Reddy'S Laboratories S.A. (India) for USD 0.63 billion.
Dr. Reddy'S Laboratories S.A. to Acquire Northstar Switzerland SARL
Hyderabad-based Dr. Reddy’s Laboratories has agreed to acquire Northstar Switzerland, a division of Haleon plc, for GBP 500 million (USD 633 million), marking a significant expansion in the global Nicotine Replacement Therapy (“NRT”) market. The acquisition involves an upfront cash payment of GBP 458 million and performance-based contingent payments of up to GBP 42 million.
The acquisition includes Nicotinell, a leading NRT brand with a strong presence in over 30 countries across Europe, Asia (including Japan), and Latin America. It also encompasses local market leaders such as Nicabate in Australia, Thrive in Canada, and Habitrol in New Zealand and Canada, covering all product formats including lozenges, patches, gums, and pipeline products.
Upon completion, Dr. Reddy’s will assume control of the global NRT business, excluding the United States, with a phased integration plan into its operations.
Dr. Reddy’s has consistently expanded its over-the-counter (OTC) portfolio, featuring leading products in allergy relief, pain management, gastro-intestinal health, and women’s health globally. This acquisition is expected to enhance Dr. Reddy’s capabilities in brand-building, marketing, digital strategies, and analytics, including exploring e-commerce partnerships.
The acquired business from Haleon has demonstrated strong sales and profitability, supported by loyal customers and a robust global presence. Dr. Reddy’s anticipates leveraging this acquisition to create additional value, expand its portfolio, and improve consumer access to these established global brands.
The transaction is anticipated to be finalized in early Q4 of 2024, subject to regulatory approvals and customary closing conditions.
Deal 5: Sharecare, Inc. (United States) was acquired by Altaris, LLC (United States) for USD 0.54 billion.
Altaris, LLC to Acquire Sharecare, Inc.
Sharecare, a prominent digital health company, is poised to be acquired by Healthcare Investment firm Altaris for USD 540 million.
Sharecare utilizes a data-driven virtual health platform to manage patients’ health, collaborating with providers, employers, health plans, and government organizations to optimize individual and population-wide well-being. For individuals, Sharecare offers an app to store and access health information, including lab results, medications, and health benefits details, while tracking health and wellness metrics.
Expanding into home health three years ago through the acquisition of CareLinx for USD 65 million, Sharecare gained access to a network of over 450,000 tech-enabled caregivers. CareLinx provides on-demand personal care services at home, integrating mobile technology for population health analytics and real-time care coordination with remote clinical teams.
With three robust business channels, Sharecare enhances patient access and outcomes within the healthcare system. These objectives align closely with Altaris’ investment strategy and priorities. The acquisition is expected to foster continued growth and innovation at Sharecare, reinforcing its position as a leader in deploying advanced technology across the healthcare sector.
The transaction is slated to close during the second half of 2024. Houlihan Lokey Capital, Inc. and MTS Health Partners, L.P. are serving as financial advisors to Sharecare’s special committee, while Kirkland & Ellis LLP is acting as legal advisor to Altaris.
July
Health Care
Deal 1: Morphic Holding, Inc. (United States) was acquired by Eli Lilly and Company (United States) for USD 3.20 billion.
Eli Lilly and Company to Acquire Morphic Holding, Inc.
Pharmaceutical giant Eli Lilly & Co. has entered into an agreement to acquire Morphic Holding, a biopharmaceutical company focused on developing oral medicines that target integrins—a group of cell surface receptors essential in inflammation, fibrosis, and cancer. The deal is valued at USD 3.2 billion, or USD 57 per share in cash.
This acquisition includes Morphic’s flagship drug candidate, MORF-057, currently in Phase II clinical trials for ulcerative colitis and Crohn’s disease. MORF-057 is a selective, oral small molecule that inhibits the α4β7 integrin and shows potential for enhancing patient outcomes and expanding available treatment options.
Beyond MORF-057, Morphic is advancing a preclinical pipeline focused on developing treatments for autoimmune diseases, pulmonary hypertension, fibrotic conditions, and cancer.
Lilly intends to utilize its extensive resources and commitment to the field of inflammation and immunology through this acquisition. Morphic’s therapies for bowel disease will further bolster Lilly’s portfolio in this area, complementing its existing drug Omvoh, which was approved by the FDA last year for treating moderate-to-severe ulcerative colitis in adults.
The transaction is anticipated to close in the third quarter of 2024. Citi is serving as Lilly’s exclusive financial advisor, while Centerview Partners LLC is acting as the exclusive financial advisor to Morphic.
Deal 2: Alinamin Pharmaceutical Co., Ltd. (Japan) was acquired by MBK Partners (South Korea) for USD 2.17 billion.
MBK Partners to Acquire Alinamin Pharmaceutical Co., Ltd.
Blackstone is set to sell its Japanese drugmaker subsidiary, Alinamin Pharmaceutical, to MBK Partners, a North Asian buyout fund, in a deal valued at JPY 350 billion (USD 2.17 billion). This transaction reflects MBK Partners’ focus on expanding its health care portfolio.
Alinamin Pharmaceutical has been a leading provider of over-the-counter products and quasi-drugs for health and wellness in Japan and Asia for over 60 years, with its flagship product, Alinamin, being a household name. Since Blackstone took control four years ago, Alinamin has experienced significant growth, particularly through mergers and acquisitions. In fiscal 2023, the company reported earnings before interest, tax, depreciation, and amortization (EBITDA) of around JPY 23 billion, a nearly 60% increase from fiscal 2020.
MBK Partners aims to strengthen Alinamin’s retail presence in Japan, accelerate its international expansion, and enhance its direct-to-consumer offerings. This acquisition underscores MBK’s strategic intent to deepen its investments in the health care sector, especially given the aging population in the region.
In 2024, MBK Partners has already completed two significant health care deals with Blackstone. In April, MBK signed a sale and purchase agreement with the U.S. investment firm to acquire Geo-Young, the largest pharmaceutical wholesaler in Korea.
Last year, MBK Partners expanded its health care investments by acquiring Medit, a dental scanner solutions provider, and Osstem Implant, a leading dental implant company.
Deal 3: Denali Capital Acquisition Corp. (Cayman Islands) was acquired by Semnur Pharmaceuticals, Inc. (United States) for USD 2.00 billion.
Semnur Pharmaceuticals, Inc. to Acquire Denali Capital Acquisition Corp.
Semnur Pharmaceuticals, a subsidiary of Scilex Holding Company, is preparing to go public through a merger with Denali Capital Acquisition Corp, a special purpose acquisition company (SPAC). The transaction, valued at USD 2 billion, is designed to expand Semnur’s market reach and accelerate the development of its innovative therapies.
Semnur Pharmaceuticals is at the forefront of non-opioid pain treatment, with its flagship product, SP-102 (SEMDexa), leading the way. SP-102 is a Phase 3 viscous gel formulation of a commonly used corticosteroid, specifically developed for epidural injections to alleviate lumbosacral radicular pain, or sciatica. The capital raised through this merger is expected to significantly propel the advancement of SP-102, reinforcing its potential to revolutionize pain management.
Post-merger, the entity will continue under the Semnur Pharmaceuticals brand, with Scilex retaining majority ownership. The merger is anticipated to drive significant growth, with annual peak sales potentially reaching USD 3.6 billion within five years of the product’s launch.
The deal is expected to close in the second half of 2024, marking a critical step for both companies as they work together to bring groundbreaking pain management solutions to the market.
Deal 4: Rotech Healthcare Holdings Inc. (United States) was acquired by Owens & Minor, Inc. (United States) for USD 1.36 billion.
Owens & Minor, Inc. to Acquire Rotech Healthcare Holdings Inc.
Global healthcare solutions company Owens & Minor has announced its acquisition of Rotech Healthcare for USD 1.36 billion in cash. This strategic move aims to expand Owens & Minor’s footprint in the growing home-based care market.
Rotech Healthcare is a leading provider of home medical equipment across the United States, offering a wide range of products, including oxygen and respiratory therapy equipment, wound care supplies, and diabetes management devices. With a workforce of over 4,200 employees, Rotech operates in 46 states through approximately 325 locations, making it a significant player in the industry.
This acquisition will allow Owens & Minor to tap into Rotech’s extensive portfolio of home medical equipment, particularly in areas such as sleep apnea and diabetes care. The deal is expected to accelerate the growth of Owens & Minor’s Patient Direct segment, supporting its target to reach USD 5 billion in revenue by 2028.
The transaction is anticipated to close by the end of 2024. Citi served as the exclusive financial advisor to Owens & Minor, while Jefferies LLC provided financial advisory services to Rotech.
Deal 5: Nerio Therapeutics, Inc. (United States) was acquired by Boehringer Ingelheim International GmbH (Germany) for USD 1.30 billion.
Boehringer Ingelheim International GmbH to Acquire Nerio Therapeutics, Inc.
Boehringer Ingelheim, a prominent German biopharmaceutical company specializing in both human and animal health, will acquire Nerio Therapeutics Inc. for up to USD 1.3 billion. This acquisition will significantly advance Boehringer Ingelheim’s immuno-oncology pipeline.
Nerio Therapeutics has developed potent and highly selective PTPN2/N1 inhibitors with favorable drug-like properties. These inhibitors function as immune checkpoints, potentially enabling the immune system to better target and eradicate cancer cells. Preclinical studies have demonstrated that Nerio’s small molecules could substantially modify the tumor microenvironment. The company was preparing to file for FDA approval in the latter half of this year to advance its lead candidate into clinical trials.
Boehringer Ingelheim plans to incorporate Nerio’s preclinical assets both as an independent therapy and in conjunction with its existing oncology portfolio. This strategy aims to fill existing gaps in current checkpoint inhibitor therapies, providing new options for patients who do not benefit from existing treatments.
This acquisition aligns with Boehringer Ingelheim’s strategic goal announced in April 2024 to introduce 25 new treatments by 2030. The plan includes launching 10 new mid- and late-stage clinical trials over the next 12 to 18 months, targeting mental health, oncology, cardiovascular, renal, and metabolic diseases.
M&A Activity in the Pharmaceutical and Biotechnology Industry
The top global M&A deals in this industry list includes companies engaged in drug development, biotechnological research, and the production of pharmaceutical products, aiming to advance medical science and patient care.
January
Pharmaceutical and Biotechnology
- Deal 1: Inhibrx, Inc. (United States) was acquired by Aventis Inc. (United States) for USD 2.20 billion.
- Deal 2 Ambrx Biopharma Inc. (United States) was acquired by Johnson & Johnson (United States) for USD 1.98 billion.
- Deal 3: Aiolos Bio, Inc. (United States) was acquired by GSK plc (United Kingdom) for USD 1.40 billion.
- Deal 4: Harpoon Therapeutics, Inc. (United States) was acquired by Merck Sharp & Dohme LLC (United States) for USD 0.68 billion.
- Deal 5: Calypso Biotech B.V. (Switzerland) was acquired by Novartis AG (Switzerland) for USD 0.43 billion.
February
Pharmaceutical and Biotechnology
- Deal 1: Catalent, Inc. (United States) was acquired by Novo Holdings A/S (Denmark) for USD 16.50 billion.
- Deal 2: CymaBay Therapeutics, Inc. (United States) was acquired by Gilead Sciences, Inc. (United States) for USD 4.30 billion.
- Deal 3: China Traditional Chinese Medicine Holdings Co. Limited (Hong Kong) was acquired by Sinopharm Common Wealth Company Limited (China) for USD 3.00 billion.
- Deal 4: MorphoSys AG (Germany) was acquired by Novartis data42 AG (Switzerland) for USD 2.90 billion.
- Deal 5: China Resources Zizhu Pharmaceutical Co., Ltd. (China) was acquired by China Resources Double-Crane Pharmaceutical Co.,Ltd. (China) for USD 0.43 billion.
March
Pharmaceutical and Biotechnology
- Deal 1: Pharma Solutions Business of International Flavors & Fragrances Inc. (United States) was acquired by Roquette Frères S.A. (France) for USD 2.85 billion.
- Deal 2: Fusion Pharmaceuticals Inc. (Canada) was acquired by AstraZeneca AB (Sweden) for USD 2.41 billion.
- Deal 3: Genentech Manufacturing Facility in Vacaville, California (United States) was acquired by Lonza Group AG (Switzerland) for USD 1.20 billion.
- Deal 4: Cardior Pharmaceuticals GmbH (Germany) was acquired by Novo Nordisk A/S (Denmark) for USD 1.11 billion.
- Deal 5: Amolyt Pharma SAS (France) was acquired by AstraZeneca PLC (United Kingdom) for USD 1.05 billion.
April
Pharmaceutical and Biotechnology
- Deal 1: Shockwave Medical, Inc. (United States) was acquired by Johnson & Johnson (United States) for USD 13.10 billion.
- Deal 2: Alpine Immune Sciences, Inc. (United States) was acquired by Vertex Pharmaceuticals Incorporated (United States) for USD 4.90 billion.
- Deal 3: Deciphera Pharmaceuticals, Inc. (United States) was acquired by Ono Pharmaceutical Co., Ltd. (Japan) for USD 2.40 billion.
- Deal 4: ProfoundBio (United States) was acquired by Genmab A/S (Denmark) for USD 1.80 billion.
- Deal 5: Escient Pharmaceuticals, Inc. (United States) was acquired by Incyte Corporation (United States) for USD 0.75 billion.
May
Pharmaceutical and Biotechnology
- Deal 1: Eyebiotech Limited (United Kingdom) was acquired by Merck & Co., Inc. (United States) for USD 3.00 billion.
- Deal 2: Human Immunology Biosciences, Inc. (United States) was acquired by Biogen Inc. (United States) for USD 1.80 billion.
- Deal 3: Mariana Oncology, Inc. (United States) was acquired by Novartis AG (Switzerland) for USD 1.75 billion.
- Deal 4: Calliditas Therapeutics AB (publ) (Sweden) was acquired by Asahi Kasei Corporation (Japan) for USD 1.15 billion.
- Deal 5: Mirus Bio LLC (United States) was acquired by Sigma-Aldrich Corporation (United States) for USD 0.60 billion.
June
Pharmaceutical and Biotechnology
Deal 1: Critical Care Product Group of Edwards Lifesciences Corporation (United States) was acquired by Becton, Dickinson and Company (United States) for USD 4.20 billion.
Becton, Dickinson and Company to Acquire Critical Care Product Group of Edwards Lifesciences Corporation
Edwards Lifesciences Corporation plans to divest its critical care products unit to Becton Dickinson & Co. (BD) in a significant all-cash transaction valued at USD 4.2 billion. This acquisition will be funded with approximately USD 1 billion in cash and USD 3.2 billion in new debt.
Edwards’ Critical Care division, known for its advanced patient monitoring technologies enhanced by artificial intelligence, has been a pioneer in the hemodynamic monitoring field widely used in operating rooms and intensive care units. These solutions are deployed in over 10,000 hospitals globally, providing real-time cardiovascular insights crucial for improving patient outcomes. Key innovations include the Swan Ganz pulmonary artery catheter, minimally invasive sensors, noninvasive cuffs, and tissue oximetry sensors and monitors. In 2023, this segment generated over USD 900 million in revenue, underscoring its substantial market presence and the strong demand for its innovative medical technologies.
For BD, the acquisition represents a strategic opportunity to expand its portfolio of smart connected care solutions. Integrating Critical Care’s hemodynamic monitoring technologies and AI-driven clinical decision tools is expected to enhance BD’s offerings and foster further innovation.
The transaction is expected to yield immediate benefits across key financial metrics, demonstrating a robust return profile and reinforcing BD’s commitment to delivering sustained shareholder value.
The transaction is scheduled to be completed before the end of the year, with BD receiving financial advisory services from Perella Weinberg Partners and Citi.
Deal 2: Shanghai Henlius Biotech, Inc. (China) was acquired by Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (China) for USD 1.71 billion.
Fosun Pharmaceutical (Group) Co., Ltd. to Acquire Henlius Biotech, Inc.
Chinese conglomerate Fosun International, through its subsidiary Fosun Pharmaceutical Group, will acquire the remaining stake in Shanghai Henlius Biotech that it does not already own. This deal values the Hong Kong-listed drugmaker at HKD 13.37 billion (USD 1.71 billion).
Henlius Biotech primarily engaged in the development, manufacturing, and sale of monoclonal antibody drugs, alongside providing related technical services. Currently, Fosun Pharma holds nearly 60% of Henlius. The move to acquire the remaining stake aligns with Fosun’s strategy to focus more on consolidating existing assets rather than acquiring new ones.
Fosun plans to merge Henlius with Shanghai Fosun Pharmaceutical and take it private. According to Fosun, Henlius’s current public listing status limits its access to capital and imposes additional expenses. Fosun also believes that the current underperformance of Henlius’s shares does not reflect its true value as a global biopharmaceutical company with a diverse product pipeline. The merger aims to allow Henlius to concentrate on its core operations without being distracted by fluctuations in share prices.
The transaction underscores Fosun’s commitment to enhancing operational efficiencies and maximizing the potential of Henlius as a key player in the biopharmaceutical sector.
Deal 3: Northstar Switzerland SARL (Switzerland) was acquired by Dr. Reddy'S Laboratories S.A. (India) for USD 0.63 billion.
Dr. Reddy'S Laboratories S.A. to Acquire Northstar Switzerland SARL
Hyderabad-based Dr. Reddy’s Laboratories has agreed to acquire Northstar Switzerland, a division of Haleon plc, for GBP 500 million (USD 633 million), marking a significant expansion in the global Nicotine Replacement Therapy (“NRT”) market. The acquisition involves an upfront cash payment of GBP 458 million and performance-based contingent payments of up to GBP 42 million.
The acquisition includes Nicotinell, a leading NRT brand with a strong presence in over 30 countries across Europe, Asia (including Japan), and Latin America. It also encompasses local market leaders such as Nicabate in Australia, Thrive in Canada, and Habitrol in New Zealand and Canada, covering all product formats including lozenges, patches, gums, and pipeline products.
Upon completion, Dr. Reddy’s will assume control of the global NRT business, excluding the United States, with a phased integration plan into its operations.
Dr. Reddy’s has consistently expanded its over-the-counter (OTC) portfolio, featuring leading products in allergy relief, pain management, gastro-intestinal health, and women’s health globally. This acquisition is expected to enhance Dr. Reddy’s capabilities in brand-building, marketing, digital strategies, and analytics, including exploring e-commerce partnerships.
The acquired business from Haleon has demonstrated strong sales and profitability, supported by loyal customers and a robust global presence. Dr. Reddy’s anticipates leveraging this acquisition to create additional value, expand its portfolio, and improve consumer access to these established global brands.
The transaction is anticipated to be finalized in early Q4 of 2024, subject to regulatory approvals and customary closing conditions.
Deal 4: Alimera Sciences, Inc. (United States) was acquired by ANI Pharmaceuticals, Inc. (United States) for USD 0.38 billion.
ANI Pharmaceuticals, Inc. to Acquire Alimera Sciences, Inc.
ANI Pharmaceuticals, a diversified biopharmaceutical firm, is set to expand its rare disease business through the acquisition of Alimera Sciences, a global company dedicated to improving vision longevity. This deal, valued at USD 381 million, marks a significant strategic move for ANI.
The acquisition includes Alimera Sciences’ flagship products: ILUVIEN, used for treating diabetic macular edema (DME) in the US, Europe, and the Middle East; and YUTIQ, which treats chronic non-infectious uveitis affecting the posterior segment of the eye (NIU-PS) and is available only in the US. These assets are expected to contribute approximately USD 105 million to ANI Pharmaceuticals’ pro forma 2024 revenues.
ANI has recently highlighted ophthalmology as a key strategic therapeutic area for the company. The acquisition of Alimera not only enhances ANI’s product portfolio but also extends its international reach with direct marketing operations in Germany, the United Kingdom, Portugal, and Ireland, along with partnerships in Europe, Asia, and the Middle East.
The transaction is expected to be finalized by the end of the third quarter of 2024. Guggenheim Securities, LLC is serving as the lead financial advisor to ANI, with Raymond James & Associates, Inc. also acting as a financial advisor. Centerview Partners LLC is advising Alimera.
Deal 5: Celsius Therapeutics, Inc. (United States) was acquired by AbbVie Inc. (United States) for USD 0.25 billion.
AbbVie Inc. to Acquire Celsius Therapeutics, Inc.
Pharmaceutical giant AbbVie has announced its acquisition of Celsius Therapeutics, a privately held biotechnology firm dedicated to developing innovative treatments for inflammatory diseases. The USD 250 million deal represents a strategic move to expand AbbVie’s gastrointestinal treatment portfolio and bolster its position in the immunology sector.
Through this acquisition, AbbVie will gain access to Celsius’ investigational antibody, CEL383. This potential first-in-class anti-TREM1 antibody is designed to treat inflammatory bowel disease (IBD). TREM1, a critical gene involved in IBD, is expressed on inflammatory monocytes and neutrophils, and it acts as an amplifier of inflammation by being upstream of multiple inflammatory pathways.
This acquisition marks AbbVie’s third addition to its immunology pipeline in the past four months, underscoring the company’s commitment to advancing treatments for inflammatory diseases. Earlier this year, AbbVie also acquired Landos Biopharma, whose lead asset regulates immunometabolism and inflammation, potentially addressing IBD pathogenesis.
Covington & Burling LLP served as AbbVie’s legal advisor for the transaction, while Celsius Therapeutics was advised by Centerview Partners for financial services and Goodwin Procter LLP for legal counsel.
June
Pharmaceutical and Biotechnology
Deal 1: Critical Care Product Group of Edwards Lifesciences Corporation (United States) was acquired by Becton, Dickinson and Company (United States) for USD 4.20 billion.
Becton, Dickinson and Company to Acquire Critical Care Product Group of Edwards Lifesciences Corporation
Edwards Lifesciences Corporation plans to divest its critical care products unit to Becton Dickinson & Co. (BD) in a significant all-cash transaction valued at USD 4.2 billion. This acquisition will be funded with approximately USD 1 billion in cash and USD 3.2 billion in new debt.
Edwards’ Critical Care division, known for its advanced patient monitoring technologies enhanced by artificial intelligence, has been a pioneer in the hemodynamic monitoring field widely used in operating rooms and intensive care units. These solutions are deployed in over 10,000 hospitals globally, providing real-time cardiovascular insights crucial for improving patient outcomes. Key innovations include the Swan Ganz pulmonary artery catheter, minimally invasive sensors, noninvasive cuffs, and tissue oximetry sensors and monitors. In 2023, this segment generated over USD 900 million in revenue, underscoring its substantial market presence and the strong demand for its innovative medical technologies.
For BD, the acquisition represents a strategic opportunity to expand its portfolio of smart connected care solutions. Integrating Critical Care’s hemodynamic monitoring technologies and AI-driven clinical decision tools is expected to enhance BD’s offerings and foster further innovation.
The transaction is expected to yield immediate benefits across key financial metrics, demonstrating a robust return profile and reinforcing BD’s commitment to delivering sustained shareholder value.
The transaction is scheduled to be completed before the end of the year, with BD receiving financial advisory services from Perella Weinberg Partners and Citi.
Deal 2: Shanghai Henlius Biotech, Inc. (China) was acquired by Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (China) for USD 1.71 billion.
Fosun Pharmaceutical (Group) Co., Ltd. to Acquire Henlius Biotech, Inc.
Chinese conglomerate Fosun International, through its subsidiary Fosun Pharmaceutical Group, will acquire the remaining stake in Shanghai Henlius Biotech that it does not already own. This deal values the Hong Kong-listed drugmaker at HKD 13.37 billion (USD 1.71 billion).
Henlius Biotech primarily engaged in the development, manufacturing, and sale of monoclonal antibody drugs, alongside providing related technical services. Currently, Fosun Pharma holds nearly 60% of Henlius. The move to acquire the remaining stake aligns with Fosun’s strategy to focus more on consolidating existing assets rather than acquiring new ones.
Fosun plans to merge Henlius with Shanghai Fosun Pharmaceutical and take it private. According to Fosun, Henlius’s current public listing status limits its access to capital and imposes additional expenses. Fosun also believes that the current underperformance of Henlius’s shares does not reflect its true value as a global biopharmaceutical company with a diverse product pipeline. The merger aims to allow Henlius to concentrate on its core operations without being distracted by fluctuations in share prices.
The transaction underscores Fosun’s commitment to enhancing operational efficiencies and maximizing the potential of Henlius as a key player in the biopharmaceutical sector.
Deal 3: Northstar Switzerland SARL (Switzerland) was acquired by Dr. Reddy'S Laboratories S.A. (India) for USD 0.63 billion.
Dr. Reddy'S Laboratories S.A. to Acquire Northstar Switzerland SARL
Hyderabad-based Dr. Reddy’s Laboratories has agreed to acquire Northstar Switzerland, a division of Haleon plc, for GBP 500 million (USD 633 million), marking a significant expansion in the global Nicotine Replacement Therapy (“NRT”) market. The acquisition involves an upfront cash payment of GBP 458 million and performance-based contingent payments of up to GBP 42 million.
The acquisition includes Nicotinell, a leading NRT brand with a strong presence in over 30 countries across Europe, Asia (including Japan), and Latin America. It also encompasses local market leaders such as Nicabate in Australia, Thrive in Canada, and Habitrol in New Zealand and Canada, covering all product formats including lozenges, patches, gums, and pipeline products.
Upon completion, Dr. Reddy’s will assume control of the global NRT business, excluding the United States, with a phased integration plan into its operations.
Dr. Reddy’s has consistently expanded its over-the-counter (OTC) portfolio, featuring leading products in allergy relief, pain management, gastro-intestinal health, and women’s health globally. This acquisition is expected to enhance Dr. Reddy’s capabilities in brand-building, marketing, digital strategies, and analytics, including exploring e-commerce partnerships.
The acquired business from Haleon has demonstrated strong sales and profitability, supported by loyal customers and a robust global presence. Dr. Reddy’s anticipates leveraging this acquisition to create additional value, expand its portfolio, and improve consumer access to these established global brands.
The transaction is anticipated to be finalized in early Q4 of 2024, subject to regulatory approvals and customary closing conditions.
Deal 4: Alimera Sciences, Inc. (United States) was acquired by ANI Pharmaceuticals, Inc. (United States) for USD 0.38 billion.
ANI Pharmaceuticals, Inc. to Acquire Alimera Sciences, Inc.
ANI Pharmaceuticals, a diversified biopharmaceutical firm, is set to expand its rare disease business through the acquisition of Alimera Sciences, a global company dedicated to improving vision longevity. This deal, valued at USD 381 million, marks a significant strategic move for ANI.
The acquisition includes Alimera Sciences’ flagship products: ILUVIEN, used for treating diabetic macular edema (DME) in the US, Europe, and the Middle East; and YUTIQ, which treats chronic non-infectious uveitis affecting the posterior segment of the eye (NIU-PS) and is available only in the US. These assets are expected to contribute approximately USD 105 million to ANI Pharmaceuticals’ pro forma 2024 revenues.
ANI has recently highlighted ophthalmology as a key strategic therapeutic area for the company. The acquisition of Alimera not only enhances ANI’s product portfolio but also extends its international reach with direct marketing operations in Germany, the United Kingdom, Portugal, and Ireland, along with partnerships in Europe, Asia, and the Middle East.
The transaction is expected to be finalized by the end of the third quarter of 2024. Guggenheim Securities, LLC is serving as the lead financial advisor to ANI, with Raymond James & Associates, Inc. also acting as a financial advisor. Centerview Partners LLC is advising Alimera.
Deal 5: Celsius Therapeutics, Inc. (United States) was acquired by AbbVie Inc. (United States) for USD 0.25 billion.
AbbVie Inc. to Acquire Celsius Therapeutics, Inc.
Pharmaceutical giant AbbVie has announced its acquisition of Celsius Therapeutics, a privately held biotechnology firm dedicated to developing innovative treatments for inflammatory diseases. The USD 250 million deal represents a strategic move to expand AbbVie’s gastrointestinal treatment portfolio and bolster its position in the immunology sector.
Through this acquisition, AbbVie will gain access to Celsius’ investigational antibody, CEL383. This potential first-in-class anti-TREM1 antibody is designed to treat inflammatory bowel disease (IBD). TREM1, a critical gene involved in IBD, is expressed on inflammatory monocytes and neutrophils, and it acts as an amplifier of inflammation by being upstream of multiple inflammatory pathways.
This acquisition marks AbbVie’s third addition to its immunology pipeline in the past four months, underscoring the company’s commitment to advancing treatments for inflammatory diseases. Earlier this year, AbbVie also acquired Landos Biopharma, whose lead asset regulates immunometabolism and inflammation, potentially addressing IBD pathogenesis.
Covington & Burling LLP served as AbbVie’s legal advisor for the transaction, while Celsius Therapeutics was advised by Centerview Partners for financial services and Goodwin Procter LLP for legal counsel.
July
Pharmaceutical and Biotechnology
Deal 1: Morphic Holding, Inc. (United States) was acquired by Eli Lilly and Company (United States) for USD 3.20 billion.
Eli Lilly and Company to Acquire Morphic Holding, Inc.
Pharmaceutical giant Eli Lilly & Co. has entered into an agreement to acquire Morphic Holding, a biopharmaceutical company focused on developing oral medicines that target integrins—a group of cell surface receptors essential in inflammation, fibrosis, and cancer. The deal is valued at USD 3.2 billion, or USD 57 per share in cash.
This acquisition includes Morphic’s flagship drug candidate, MORF-057, currently in Phase II clinical trials for ulcerative colitis and Crohn’s disease. MORF-057 is a selective, oral small molecule that inhibits the α4β7 integrin and shows potential for enhancing patient outcomes and expanding available treatment options.
Beyond MORF-057, Morphic is advancing a preclinical pipeline focused on developing treatments for autoimmune diseases, pulmonary hypertension, fibrotic conditions, and cancer.
Lilly intends to utilize its extensive resources and commitment to the field of inflammation and immunology through this acquisition. Morphic’s therapies for bowel disease will further bolster Lilly’s portfolio in this area, complementing its existing drug Omvoh, which was approved by the FDA last year for treating moderate-to-severe ulcerative colitis in adults.
The transaction is anticipated to close in the third quarter of 2024. Citi is serving as Lilly’s exclusive financial advisor, while Centerview Partners LLC is acting as the exclusive financial advisor to Morphic.
Deal 2: Alinamin Pharmaceutical Co., Ltd. (Japan) was acquired by MBK Partners (South Korea) for USD 2.17 billion.
MBK Partners to Acquire Alinamin Pharmaceutical Co., Ltd.
Blackstone is set to sell its Japanese drugmaker subsidiary, Alinamin Pharmaceutical, to MBK Partners, a North Asian buyout fund, in a deal valued at JPY 350 billion (USD 2.17 billion). This transaction reflects MBK Partners’ focus on expanding its health care portfolio.
Alinamin Pharmaceutical has been a leading provider of over-the-counter products and quasi-drugs for health and wellness in Japan and Asia for over 60 years, with its flagship product, Alinamin, being a household name. Since Blackstone took control four years ago, Alinamin has experienced significant growth, particularly through mergers and acquisitions. In fiscal 2023, the company reported earnings before interest, tax, depreciation, and amortization (EBITDA) of around JPY 23 billion, a nearly 60% increase from fiscal 2020.
MBK Partners aims to strengthen Alinamin’s retail presence in Japan, accelerate its international expansion, and enhance its direct-to-consumer offerings. This acquisition underscores MBK’s strategic intent to deepen its investments in the health care sector, especially given the aging population in the region.
In 2024, MBK Partners has already completed two significant health care deals with Blackstone. In April, MBK signed a sale and purchase agreement with the U.S. investment firm to acquire Geo-Young, the largest pharmaceutical wholesaler in Korea.
Last year, MBK Partners expanded its health care investments by acquiring Medit, a dental scanner solutions provider, and Osstem Implant, a leading dental implant company.
Deal 3: Denali Capital Acquisition Corp. (Cayman Islands) was acquired by Semnur Pharmaceuticals, Inc. (United States) for USD 2.00 billion.
Semnur Pharmaceuticals, Inc. to Acquire Denali Capital Acquisition Corp.
Semnur Pharmaceuticals, a subsidiary of Scilex Holding Company, is preparing to go public through a merger with Denali Capital Acquisition Corp, a special purpose acquisition company (SPAC). The transaction, valued at USD 2 billion, is designed to expand Semnur’s market reach and accelerate the development of its innovative therapies.
Semnur Pharmaceuticals is at the forefront of non-opioid pain treatment, with its flagship product, SP-102 (SEMDexa), leading the way. SP-102 is a Phase 3 viscous gel formulation of a commonly used corticosteroid, specifically developed for epidural injections to alleviate lumbosacral radicular pain, or sciatica. The capital raised through this merger is expected to significantly propel the advancement of SP-102, reinforcing its potential to revolutionize pain management.
Post-merger, the entity will continue under the Semnur Pharmaceuticals brand, with Scilex retaining majority ownership. The merger is anticipated to drive significant growth, with annual peak sales potentially reaching USD 3.6 billion within five years of the product’s launch.
The deal is expected to close in the second half of 2024, marking a critical step for both companies as they work together to bring groundbreaking pain management solutions to the market.
Deal 4: Nerio Therapeutics, Inc. (United States) was acquired by Boehringer Ingelheim International GmbH (Germany) for USD 1.30 billion.
Boehringer Ingelheim International GmbH to Acquire Nerio Therapeutics, Inc.
Boehringer Ingelheim, a prominent German biopharmaceutical company specializing in both human and animal health, will acquire Nerio Therapeutics Inc. for up to USD 1.3 billion. This acquisition will significantly advance Boehringer Ingelheim’s immuno-oncology pipeline.
Nerio Therapeutics has developed potent and highly selective PTPN2/N1 inhibitors with favorable drug-like properties. These inhibitors function as immune checkpoints, potentially enabling the immune system to better target and eradicate cancer cells. Preclinical studies have demonstrated that Nerio’s small molecules could substantially modify the tumor microenvironment. The company was preparing to file for FDA approval in the latter half of this year to advance its lead candidate into clinical trials.
Boehringer Ingelheim plans to incorporate Nerio’s preclinical assets both as an independent therapy and in conjunction with its existing oncology portfolio. This strategy aims to fill existing gaps in current checkpoint inhibitor therapies, providing new options for patients who do not benefit from existing treatments.
This acquisition aligns with Boehringer Ingelheim’s strategic goal announced in April 2024 to introduce 25 new treatments by 2030. The plan includes launching 10 new mid- and late-stage clinical trials over the next 12 to 18 months, targeting mental health, oncology, cardiovascular, renal, and metabolic diseases.
Deal 5: BIOVECTRA Inc. (Canada) was acquired by Agilent Diagnostics & Genomics Group (United States) for USD 0.93 billion.
Agilent Diagnostics & Genomics Group to Acquire BIOVECTRA Inc.
Agilent Technologies, a global leader in lab technology and services, has announced its acquisition of Biovectra, a Canada-based biotech and pharmaceutical contract development and manufacturing organization (CDMO), for USD 925 million. This strategic move is aimed at expanding Agilent’s range of services for biotech firms and medical researchers.
The deal includes Biovectra’s employees and facilities in Prince Edward Island and Nova Scotia. Both Agilent and Biovectra operate advanced CDMO services, adhering to current Good Manufacturing Practices (cGMP) to maintain high standards in the production of active pharmaceutical ingredients.
Biovectra is renowned for its capabilities in early-stage clinical development and large-scale commercial manufacturing, serving biotech and pharmaceutical clients across North America and Europe.
The integration of Biovectra’s manufacturing expertise will complement Agilent’s biopharma solutions, providing new growth opportunities and a seamless connection to Agilent’s analytical tools, consumables, and lab services.
The acquisition is anticipated to close before 2025. Upon completion, Biovectra will become a part of Agilent’s Diagnostics and Genomics Group.
M&A Activity in the Energy and Power Industry
Covering both renewable and non-renewable sources, the top global M&A deals in this industry list include companies involved in power generation, energy infrastructure, and the global pursuit of sustainable energy solutions.
January
Energy and Power
- Deal 1: Southwestern Energy Company (United States) was acquired by Chesapeake Energy Corporation (United States) for USD 7.40 billion.
- Deal 2: NuStar Energy L.P. (United States) was acquired by Sunoco LP (United States) for USD 7.31 billion.
- Deal 3: Callon Petroleum Company (United States) was acquired by APA Corporation (United States) for USD 4.55 billion.
- Deal 4: The Shell Petroleum Development Company of Nigeria Limited (Nigeria) was acquired by First Exploration & Petroleum Development Company Limited, Petrolin Group, ND Western Limited, Waltersmith Refining & Petrochemical Company Limited, and Aradel Energy Limited (Nigeria) for USD 2.00 billion.
- Deal 5: QuarterNorth Energy Inc. (United States) was acquired by Talos Energy Inc. (United States) for USD 1.29 billion.
February
Energy and Power
- Deal 1: Endeavor Energy Resources, LP (United States) was acquired by Diamondback Energy, Inc. (United States) for USD 26.00 billion.
- Deal 2: Enerplus Corporation (Canada) was acquired by Chord Energy Corporation (United States) for USD 3.80 billion.
- Deal 3: Aera Energy LLC (United States) was acquired by California Resources Corporation (United States) for USD 2.10 billion.
- Deal 4: Illawarra Metallurgical Coal (Australia) was acquired by Golden Energy and Resources Limited (Singapore) and M Resources Pty Ltd (Australia) for USD 1.65 billion.
- Deal 5: Louisiana and Mississippi Natural Gas LDC Businesses of CenterPoint Energy Resources Corp. (United States) was acquired by Bernhard Capital Partners (United States) for USD 1.20 billion.
March
Energy and Power
- Deal 1: Equitrans Midstream Corporation (United States) was acquired by EQT Corporation (United States) for USD 14.00 billion.
- Deal 2: Encavis AG (Germany) was acquired by KKR & Co. Inc. (United States) and Viessmann Group Gmbh & Co. Kg (Germany) for USD 3.00 billion.
- Deal 3: Avangrid, Inc. (United States) was acquired by Iberdrola, S.A. (Spain) for USD 2.49 billion.
- Deal 4: Electricity distribution activities in some municipalities of Lombardy (Italy) was acquired by A2A S.p.A. (Italy) for USD 1.30 billion.
- Deal 5: Portland Natural Gas Transmission System, LP (United States) was acquired by BlackRock, Inc. (United States) and Morgan Stanley Infrastructure Inc. (United States) for USD 1.14 billion.
April
Energy and Power
- Deal 1: ChampionX Corporation (United States) was acquired by Schlumberger Limited (United States) for USD 7.80 billion.
- Deal 2: Substantially all of its upstream assets in the UK of Eni UK Limited (United Kingdom) was acquired by Ithaca Energy plc (United Kingdom) for USD 0.94 billion.
- Deal 3: SapuraOMV Upstream Sdn. Bhd. (Malaysia) was acquired by TotalEnergies Holdings S.A.S. (France) for USD 0.53 billion.
- Deal 4: Elgin Energy EsCo Ltd (United Kingdom) was acquired by Copenhagen Infrastructure Partners P/S (Denmark) for USD 0.27 billion.
- Deal 5: Unconventional blocks in the Neuquen Basin in Argentina (Argentina ) was acquired by GeoPark Limited (Colombia) for USD 0.20 billion.
May
Energy and Power
- Deal 1: Marathon Oil Corporation (United States) was acquired by ConocoPhillips (United States) for USD 22.50 billion.
- Deal 2: ALLETE, Inc. (United States) was acquired by Canada Pension Plan Investment Board (Australia), and Global Infrastructure Management, LLC (United States) for USD 6.20 billion.
- Deal 3: WTG Midstream, LLC (United States) was acquired by Energy Transfer LP (United States) for USD 3.25 billion.
- Deal 4: SilverBow Resources, Inc. (United States) was acquired by Crescent Energy Company (United States) for USD 2.10 billion.
- Deal 5: Atlantica Sustainable Infrastructure plc (United Kingdom) was acquired by Energy Capital Partners, LLC (United States) for USD 2.56 billion.
June
Energy and Power
Deal 1: Covestro AG (Germany) was acquired by Abu Dhabi National Oil Company (United Arab Emirates) for USD 12.50 billion.
Abu Dhabi National Oil Company to Acquire Covestro AG
Abu Dhabi National Oil Co. (ADNOC) has entered formal discussions to acquire Covestro AG, potentially valuing the German chemicals firm at USD 12.5 billion. ADNOC’s initial offer emerged in June 2023, with formal talks commencing in September.
Covestro is a leading global manufacturer of high-quality polymer materials, operating 50 production sites and employing 18,000 people. The company serves key industries worldwide, including automotive, electronics, healthcare, and construction.
Middle Eastern oil and gas majors like ADNOC are increasingly targeting European chemical businesses for strategic expansion, driven by the anticipated long-term decline in fuel demand. This shift is prompting energy companies to seek more stable markets for their hydrocarbons.
ADNOC’s existing chemical operations focus primarily on commodity petrochemicals, whereas Covestro specializes in advanced polyurethane and polycarbonate products, making the acquisition a significant strategic diversification.
In addition to Covestro, ADNOC has shown interest in other European chemical firms. In December, it agreed to purchase OCI’s stake in Fertiglobe, an ammonia and urea producer, for USD 3.6 billion.
If successful, the acquisition of Covestro would be ADNOC’s largest-ever deal. Covestro is proceeding with negotiations promptly.
Deal 2: TERNA ENERGY Industrial Commercial Technical Societe Anonyme (Greece) was acquired by Abu Dhabi Future Energy Company PJSC - Masdar (United Arab Emirates) for USD 2.60 billion.
Abu Dhabi Future Energy Company PJSC – Masdar to Acquire TERNA ENERGY Industrial Commercial Technical Societe Anonyme
The United Arab Emirates’ renewable energy producer Masdar is set to acquire Terna Energy SA in a EUR 2.4 billion (USD 2.6 billion) deal, aimed at expanding its footprint in Europe.
Terna Energy, with over 25 years of experience, is a leading European clean energy platform renowned for its innovative and sustainable projects. The company specializes in financing, developing, constructing, and operating renewable energy facilities, focusing on wind, solar, hydroelectric, and pumped storage projects.
As part of the agreement, Masdar will initially acquire 67% of Terna Energy’s outstanding shares. Following this, Masdar will launch an all-cash mandatory tender offer to purchase the remaining shares.
This acquisition is expected to bring substantial capital investment to Greece and other European nations, bolstering Terna Energy’s contributions to Greece’s National Energy and Climate Plan (NECP) and the EU’s 2050 net-zero target.
The deal will significantly enhance Masdar’s European portfolio as it aims to reach a global capacity of 100GW by 2030. This move underscores Masdar’s confidence in Terna Energy’s growth prospects and the robust potential of the Greek renewable energy sector.
Masdar has appointed Rothschild & Co. as its sole financial advisor, while Morgan Stanley will serve as the financial advisor for Terna Energy.
Deal 3: Uinta Basin oil and gas assets of XCL Resources, LLC (United States) was acquired by SM Energy Company (United States), and Northern Oil and Gas, Inc. (United States) for USD 2.55 billion.
SM Energy Company; Northern Oil and Gas, Inc. to acquire Uinta Basin oil and gas assets of XCL Resources, LLC
SM Energy and Northern Oil and Gas Inc have entered into an agreement to acquire Uinta Basin oil and gas assets from XCL Resources for a total of USD 2.55 billion. Under the terms of the deal, SM Energy will purchase 80% of these assets for USD 2.04 billion, while Northern Oil and Gas Inc (NOG) will acquire the remaining 20% for USD 510 million.
Following the transaction, SM Energy will assume primary operational control over the assets, with NOG participating in development efforts through collaborative agreements.
This acquisition is expected to signifiscantly strengthen the financial metrics, expand the asset portfolio, increase oil production volumes, and extend the lifespan of cost-effective reserves. SM Energy anticipates an 11% increase in its 2025 estimated cash production margin, driven by higher oil content, reduced operational expenses, and secured transportation capacities in the Uinta Basin.
The transaction is scheduled to close in September 2024, with Kirkland & Ellis LLP acting as legal counsel to SM Energy and Jefferies LLC serving as XCL’s sole financial advisor.
Deal 4: Ameredev Stateline II, LLC (United States) was acquired by Matador Resources Company (United States) for USD 1.91 billion.
Matador Resources Company to Acquire Ameredev Stateline II, LLC
Matador Resources has finalized an agreement to acquire Ameredev Stateline II, LLC, a subsidiary of Ameredev II Parent, encompassing specific oil and natural gas assets located in Lea County, New Mexico, and Loving and Winkler Counties, Texas. The transaction, valued at USD 1.91 billion in cash, also includes a 19% stake in Piñon Midstream.
Upon completion, Matador will significantly expand its footprint in the Delaware Basin, adding over 190,000 net acres and approximately 2,000 net drilling locations. The acquisition is expected to elevate Matador’s daily production to more than 180,000 barrels of oil equivalent (BOE), with proven reserves exceeding 580 million BOE and an enterprise value surpassing USD 10 billion. This strategic move is expected to enhance Matador’s financial metrics significantly.
This acquisition aligns with Matador’s strategy to solidify its position among the leading oil and gas producers in the United States.
The transaction is contingent upon customary closing conditions and is slated for completion in the latter part of the third quarter of 2024. Matador was advised by Baker Botts LLP, while Vinson & Elkins LLP and JP Morgan provided legal and financial advisory services to Ameredev, respectively.
Deal 5: Diamond Offshore Drilling, Inc. (United States) was acquired by Noble Corporation plc (United States) for USD 1.59 billion.
Noble Corporation plc to Acquire Diamond Offshore Drilling, Inc.
Noble Corp., the largest offshore oil-rig contractor globally by market value, has agreed to acquire Diamond Offshore Drilling Inc. in a USD 1.59 billion cash-and-stock transaction.
Upon closing, Diamond Offshore shareholders will receive 0.2316 shares of Noble Corp. (NE) stock and USD 5.65 in cash per share of Diamond Offshore’s common stock. This will result in Diamond Offshore shareholders collectively owning approximately 14.5% of Noble Corp.’s outstanding shares.
The acquisition is poised to enhance Noble’s fleet, adding to its current portfolio of 14 operational and 15 total dual BOP seventh-generation drillships, positioning the company as a leading provider of drillship services with a premier fleet in the industry.
A notable addition to Noble’s capabilities will be Diamond Offshore’s Ocean GreatWhite semi-submersible rig, renowned for its high-specification design suited for challenging environments. Furthermore, the inclusion of five additional semi-submersible rigs from Diamond Offshore is expected to significantly bolster Noble’s contracted free cash flow.
Upon completion, Noble will manage a combined backlog of USD 6.5 billion and operate a fleet comprising 41 rigs, including 28 floaters and 13 jackups. The transaction is projected to generate pre-tax cost synergies amounting to USD 100 million, with 75% anticipated to materialize within the first year following the deal’s closure in the first quarter of 2025.
For Diamond Offshore, merging with Noble promises long-term benefits by creating a fully scaled platform capable of consistently delivering value to shareholders and customers, in addition to access to Noble’s robust dividend program.
The transaction is expected to close by the first quarter of 2025, with Morgan Stanley & Co. LLC serving as Noble’s lead financial advisor, providing committed financing. Wells Fargo and SB1 Markets have also supported Noble in this transaction, while Guggenheim Securities, LLC and TPH&Co. have acted as lead financial advisors to Diamond Offshore.
July
Energy and Power
Deal 1: Williston Basin Business of Grayson Mill Energy, LLC (United States) was acquired by Devon Energy Corporation (United States) for USD 5.00 billion.
Devon Energy Corporation to Acquire Williston Basin Business of Grayson Mill Energy, LLC
Devon Energy is set to acquire Grayson Mill Energy’s Williston Basin assets in a USD 5 billion deal, which includes USD 3.25 billion in cash and USD 1.75 billion in stock.
This acquisition will significantly expand Devon’s presence in the Williston Basin, one of its five primary operating areas, by adding 307,000 net acres with a 70% working interest. The newly acquired properties are projected to produce approximately 100,000 barrels of oil equivalent per day by 2025, with oil accounting for 55% of this production.
Additionally, the acquisition will enhance Devon’s asset portfolio, adding 500 gross drilling locations and 300 high-quality refracturing opportunities, which will be competitive within the company’s capital allocation framework. Devon anticipates achieving up to USD 50 million in average annual cash flow savings through operational efficiencies and marketing synergies.
The transaction is expected to close by the end of the third quarter of 2024, with Citi acting as Devon’s financial advisor.
Deal 2: Liquefied Natural Gas Process Technology and Equipment Business of Air Products and Chemicals, Inc. (United States) was acquired by Honeywell International Inc. (United States) for USD 1.81 billion.
Honeywell International Inc. to acquire Liquefied Natural Gas Process Technology and Equipment Business of Air Products and Chemicals, Inc.
Air Products and Chemicals, Inc. (APD) has announced the sale of its liquefied natural gas (LNG) process technology and equipment business to Honeywell International for USD 1.81 billion in cash. This strategic move is set to bolster Honeywell’s energy transition solutions and services division.
The acquisition will allow Honeywell to enhance its energy transformation capabilities by integrating natural gas pre-treatment and advanced liquefaction technologies into its Forge and Experion digital automation platforms. These enhancements are anticipated to improve the efficiency and reliability of managing natural gas assets.
With this acquisition, Honeywell will expand its portfolio to include Air Products’ coil-wound heat exchangers (CWHE) and related equipment, which are recognized for their high throughput, compact design, and safety features applicable in both onshore and offshore settings.
The transaction is expected to boost Honeywell’s sales growth, improve segment margins, and increase adjusted earnings per share (EPS) within the first year. This marks Honeywell’s fourth strategic investment in 2024, highlighting its focus on high-return opportunities in automation, aviation, and energy transition.
For Air Products, the divestiture supports its strategy to focus on expanding its industrial gas operations and advancing clean hydrogen solutions for industrial and heavy-duty transportation sectors.
Subject to regulatory approvals and customary closing conditions, the deal is expected to be finalized by year-end.
Deal 3: Cupertino Electric, Inc. (United States) was acquired by Quanta Services, Inc. (United States) for USD 1.54 billion.
Quanta Services, Inc. to Acquire Cupertino Electric, Inc.
Quanta Services has finalized the acquisition of Cupertino Electric, Inc. (CEI), a prominent provider of electrical infrastructure solutions for the technology, renewable energy, infrastructure, and commercial sectors. The USD 1.54 billion deal includes USD 1.3 billion in cash and Quanta common stock valued at approximately USD 225 million. This move strengthens Quanta’s footprint in the technology sector, which is experiencing significant growth and requires comprehensive power solutions.
Quanta, known for its comprehensive end-to-end solutions in electric power, underground utilities, renewables, broadband, and specialty projects, is well-positioned to scale CEI’s technical low-voltage workforce. This expansion provides Quanta with a platform to drive growth across strategic areas fueling electricity demand and the energy transition.
The acquisition is anticipated to have an immediate positive impact on Quanta’s growth. For the full year 2024, Quanta projects CEI will contribute up to USD 2.43 billion in revenue and up to USD 195 million in adjusted EBITDA.
The transaction was completed on July 17, 2024. Lazard served as the exclusive financial advisor to Cupertino Electric, Inc., while King & Spalding LLP acted as legal advisor to Quanta Services.
Deal 4: Tellurian Inc. (United States) was acquired by Woodside Energy Group Ltd (Australia) for USD 1.20 billion.
Woodside Energy Group Ltd to Acquire Tellurian Inc.
Woodside Energy, an Australian gas producer, is set to acquire U.S. liquefied natural gas (LNG) developer Tellurian in a deal valued at USD 1.2 billion, including debt. This strategic acquisition will position Woodside as a leading global LNG player.
The deal encompasses Tellurian’s Driftwood LNG development project on the U.S. Gulf Coast, which will bolster Woodside’s carbon competitiveness by expanding its LNG portfolio and potentially lowering the average Scope 1 and 2 emissions intensity of its operations. The Driftwood LNG project, located near Lake Charles, Louisiana, is a pre-final investment decision (FID) development with a permitted capacity of 27.6 million tonnes per annum (mtpa) across five LNG trains, to be developed in four phases.
Woodside aims to utilize its extensive global LNG expertise to advance this project and deepen its partnership with Bechtel, the engineering, procurement, and construction (EPC) contractor for both the Driftwood LNG project and Woodside’s Pluto Train 2 project in Australia.
The transaction is anticipated to close by the fourth quarter of 2024, with PJT Partners acting as Woodside’s exclusive financial advisor.
Deal 5: Tallgrass Energy, LP (United States) was acquired by Blackstone Inc. (United States) for USD 1.10 billion.
Blackstone Inc. to Acquire Tallgrass Energy, LP
Spain’s gas network operator, Enagas, has reached an agreement to sell its 30.2% stake in Tallgrass Energy, a prominent U.S. energy infrastructure firm, to Blackstone Infrastructure Partners for USD 1.1 billion.
Tallgrass Energy LP manages an extensive network for transporting and storing crude oil and natural gas across 11 states, employing strategically placed pipelines and storage facilities in key production and distribution hubs throughout the central and western United States.
Enagas and Blackstone initially invested in Tallgrass as part of a consortium nearly five years ago. In 2019, Blackstone acquired a controlling interest in the company, leading to its privatization.
This divestment is in line with Enagas’ 2022-2030 Strategic Plan, which emphasizes asset rotation to advance decarbonization and enhance supply security across Spain and Europe. While Enagas expects to record an accounting loss of EUR 360 million in its 2024 financial statements due to the sale, the transaction is projected to significantly enhance the company’s cash flow.
The deal is slated to close by the end of July.
M&A Activity in the Chemicals Industry
The top global M&A deals included in this industry list includes companies producing chemicals for various applications, from industrial manufacturing to consumer products, highlighting the sector’s role in global manufacturing and technological advancement.
January
Chemicals
- Deal 1: Carpoly Chemical Group Co., Ltd. (China) was acquired by Beijing New Building Materials Public Limited Company (China) for USD 0.57 billion.
- Deal 2: National Petrochemical Industrial Company (Saudi Arabia) was acquired by Basell International Holdings B.V. (Netherlands) for USD 0.50 billion.
- Deal 3: Emulsifiers business of Corbion NV (Netherlands) was acquired by Kingswood Capital Management, L.P. (United States) for USD 0.36 billion.
- Deal 4: Lake MacLeod salt and gypsum operation of Dampier Salt Limited in Carnarvon (Australia) was acquired by Leichhardt Industrials Pty Ltd (Australia) for USD 0.25 billion.
- Deal 5: Opals Chemical Technology Ltd. (Taiwan) was acquired by Cheng Mei Materials Technology Corporation (Taiwan) for USD 0.01 billion.
February
Chemicals
- Deal 1: Cyanco Corporation (United States) was acquired by Orica Limited (Australia) for USD 640.00 million.
- Deal 2: Baron Rubber Pty Ltd (Australia) was acquired by Trelleborg Sealing Solutions Germany GmbH (Germany) for USD 300.00 million.
- Deal 3: Astra Mining Company Limited (Saudi Arabia) was acquired by Saudi Lime Industries Company (Saudi Arabia) for USD 43.00 million.
- Deal 4: Wolfgang Freiler Ges.m.b.H. (Austria) was acquired by Teraplast S.A. (Romania) for USD 18.00 million.
- Deal 5: WEILBURGER Asia Ltd. (Hong Kong) was acquired by Kansai Helios Coatings GmbH (Austria) for an undisclosed amount.
March
Chemicals
- Deal 1: Resco Products, Inc. (United States) was acquired by RHI Magnesita N.V. (Austria) for USD 430.00 million.
- Deal 2: Ercros, S.A. (Spain) was acquired by Bondalti Ibérica SL (Spain) for USD 329.00 million.
- Deal 3: Shandong Dongyue Organosilicon Materials Co., Ltd. (China) was acquired by Macrolink Holding Co.,Ltd. (China) for USD 213.00 million.
- Deal 4: Anhui Annada Titanium Industry Co., Ltd. (China) was acquired by Wanhua Chemical Group Battery Technology Co., Ltd. (China) for USD 41.55 million.
- Deal 5: Sudarshan Farm Chemicals India Private Limited (India) was acquired by Best Agrolife Limited (India) for USD 16.61 million.
April
Chemicals
- Deal 1: Maaden Waad Al Shamal Phosphate Company (Saudi Arabia) was acquired by Saudi Arabian Mining Company (Ma’aden) (Saudi Arabia) for USD 1.50 billion.
- Deal 2: Gucheng Xingfa New Materials Co., Ltd. (China) was acquired by Hubei Xingrui Chemical Co., Ltd. (China) for USD 0.45 billion.
- Deal 3: Mimasu Semiconductor Industry Co., Ltd. (Japan) was acquired by Shin-Etsu Chemical Co., Ltd. (Japan) for USD 0.43 billion.
- Deal 4: Latex compounding operations of Synthomer plc (United Kingdom) was acquired by Matco N.V. (Belgium) for USD 0.29 billion.
- Deal 5: Swed Handling (Sweden) was acquired by Telko Oy (Finland) for an undisclosed amount.
May
Chemicals
- Deal 1: CoverFlexx Group (United Kingdom) was acquired by Axalta Coating Systems Ltd. (United States) for USD 285.00 million.
- Deal 2: Guangxi Huayi Chlor-Alkali Chemical Co., Ltd. (China) was acquired by Shanghai Chlor-Alkali Chemical Co., Ltd. (China) for USD 136.00 million.
- Deal 3: H.C. Starck Holding GmbH (Germany) was acquired by Mitsubishi Materials Corporation (Japan) for USD 134.50 million.
- Deal 4: Pazkar Ltd. (Israel) was acquired by IKO International Corporation (Belgium) for USD 72.24 million.
- Deal 5: Astec LifeSciences Limited (India) was acquired by Adi Godrej and Family (India) for USD 65.00 million.
June
Chemicals
Deal 1: Covestro AG (Germany) was acquired by Abu Dhabi National Oil Company (United Arab Emirates) for USD 12.50 billion.
Abu Dhabi National Oil Company to Acquire Covestro AG
Abu Dhabi National Oil Co. (ADNOC) has entered formal discussions to acquire Covestro AG, potentially valuing the German chemicals firm at USD 12.5 billion. ADNOC’s initial offer emerged in June 2023, with formal talks commencing in September.
Covestro is a leading global manufacturer of high-quality polymer materials, operating 50 production sites and employing 18,000 people. The company serves key industries worldwide, including automotive, electronics, healthcare, and construction.
Middle Eastern oil and gas majors like ADNOC are increasingly targeting European chemical businesses for strategic expansion, driven by the anticipated long-term decline in fuel demand. This shift is prompting energy companies to seek more stable markets for their hydrocarbons.
ADNOC’s existing chemical operations focus primarily on commodity petrochemicals, whereas Covestro specializes in advanced polyurethane and polycarbonate products, making the acquisition a significant strategic diversification.
In addition to Covestro, ADNOC has shown interest in other European chemical firms. In December, it agreed to purchase OCI’s stake in Fertiglobe, an ammonia and urea producer, for USD 3.6 billion.
If successful, the acquisition of Covestro would be ADNOC’s largest-ever deal. Covestro is proceeding with negotiations promptly.
Deal 2: Fosroc International Ltd. (United Arab Emirates) was acquired by Compagnie de Saint-Gobain S.A. (France) for USD 1.03 billion.
Compagnie de Saint-Gobain S.A. to Acquire Fosroc International Ltd.
French manufacturing firm Saint-Gobain has entered into an agreement to acquire FOSROC, a global leader in construction chemicals, for USD 1.025 billion (EUR 960 million). This acquisition marks a significant expansion of Saint-Gobain’s footprint in the construction chemicals sector worldwide.
FOSROC is renowned for its expertise in specialized construction chemicals, serving diverse sectors including commercial, industrial, residential, marine, and infrastructure across India, the Middle East, and Asia-Pacific. Its product line includes adhesives, cement additives, concrete admixtures, industrial floorings, joint sealants, protective coatings, and surface treatments.
In pursuit of enhancing its global presence beyond Europe, Saint-Gobain has strategically pursued acquisitions in the construction chemicals domain. This move builds upon previous successful acquisitions like Chryso in 2021, GCP in 2022, and a series of 33 additional acquisitions since 2021. It represents a decisive step towards consolidating Saint-Gobain’s leadership in the global construction chemicals market, projecting combined sales of EUR 6.2 billion across 73 countries post-acquisition (pro forma).
The transaction, fully funded with cash, is expected to be finalized by the first half of 2025, reinforcing Saint-Gobain’s strategic growth trajectory in the international construction chemicals landscape.
Deal 3: Xinjiang Luomu Mining Co., Ltd (China) was acquired by CITIC Guoan Industrial Group Co., Ltd. (China) for USD 0.40 billion.
CITIC Guoan Industrial Group Co., Ltd. to Acquire Xinjiang Luomu Mining Co., Ltd
CMOC Group is selling a 65.1% equity stake in Xinjiang Luomu Mining Co., Ltd. (Xinjiang Luomu) for CNY 2.9 billion (USD 399 million), as it redirects its focus towards copper and cobalt. The purchaser, CITIC Guoan Industry Group Co., Ltd., is further solidifying its presence in the mining and mineral resources sector through this acquisition.
Xinjiang Luomu focuses primarily on developing mineral resources and selling minerals. It owns 100% of the East Gobi Molybdenum Mine situated in Hami, Xinjiang, which has yet to begin mine construction or mining operations.
Upon completion, the disposal is expected to generate a net financial gain of approximately CNY 1.5 billion. This divestiture will align with CMOC’s development priorities, improve capital allocation efficiency, and further strengthen the foundation for stable and sustainable growth.
The completion of the disposal is contingent upon consideration and approval by shareholders at the general meeting of Xinjiang Luomu.
Deal 4: PT Bintan Alumina Indonesia (Indonesia) was acquired by Hong Kong Prime Aluminium Investment Limited (Hong Kong) for USD 0.33 billion.
Hong Kong Prime Aluminium Investment Limited to Acquire PT Bintan Alumina Indonesia
Press Metal Aluminium Holdings plans to divest its entire 25% stake in aluminum oxide producer PT Bintan Alumina Indonesia to Hong Kong Prime Aluminium Investment Limited (HK PAI) for USD 329.8 million. In return, Press Metal will acquire a 25.6% share in Nanshan Aluminium International Holdings (NAIHL) ahead of NAIHL’s upcoming listing on the Hong Kong stock exchange.
HK PAI is fully owned by Nanshan Aluminium International Holdings Ltd (NAIHL), which currently holds a 72% indirect stake in Bintan Alumina.
Bintan Alumina operates a significant alumina plant with an annual capacity of 2 million tonnes on the Indonesian island of Bintan. The plant includes a dedicated power facility and a private port, situated within the Galang Batang special economic zone. Shandong Nanshan announced a USD 6 billion investment plan last year to expand the Bintan Alumina plant by 2028, driven by increasing global demand for aluminum.
The proposed share swap and listing aim to reduce capital investment costs for PT Bintan Alumina Indonesia (PTBAI). NAIHL, established as the vehicle for the listing, will leverage Hong Kong’s equity capital market for future fundraising, potentially benefiting PTBAI. This initiative aligns with Press Metal’s growth strategies amidst projections of rising global primary aluminum demand.
Deal 5: Yunnan Phosphate Chemical Group Co., Ltd. (China) was acquired by Yunnan Yuntianhua Co., Ltd. (China) for USD 0.15 billion.
Yunnan Yuntianhua Co., Ltd. to Acquire Yunnan Phosphate Chemical Group Co., Ltd.
Yunnan Yuntianhua has acquired the remaining 18.6% equity stake in Phosphorus Chemical Group for CNY 1.05 billion (USD 145 million), making Phosphorus Chemical Group a wholly-owned subsidiary.
Yunnan Phosphate specializes in mining non-coal mineral resources, producing feed additives, conducting blasting operations, and engaging in construction projects, hazardous chemical production, and surveying services. It operates three large-scale open-pit mines with an annual capacity of 11.5 million tons of raw ore, alongside facilities for scrubbing and beneficiation of 6.18 million tons and flotation of 6.5 million tons per year. The company also manufactures 800,000 tons/year of sulfuric acid, 300,000 tons/year of phosphoric acid, and 500,000 tons/year of feed-grade calcium phosphate.
The equity acquisition will bolster Yunnan Yuntianhua’s control over key subsidiaries, enhancing resource synergy, operational efficiency, management capabilities, strategic decision-making, and market competitiveness.
July
Chemicals
Deal 1: Special Gas Division of Hyosung Chemical Corporation (South Korea) was acquired by STIC Investments, Inc. (South Korea), and MM Private Equity, Inc. (South Korea) for USD 943.00 million.
STIC Investments, Inc.; IMM Private Equity, Inc. to Acquire Special Gas Division of Hyosung Chemical Corporation
South Korea’s Hyosung Chemical Corp, renowned for its chemical production and distribution, is selling its Specialty Gas Division for KRW 1.3 trillion (USD 943 million). The acquisition will be handled by a consortium led by IMM Private Equity Inc. and STIC Investments Inc.
The Specialty Gas Division of Hyosung Chemical is a key player in the nitrogen trifluoride (NF3) market, producing 8,000 tons annually. This makes it the third-largest NF3 manufacturer globally, behind SK Specialty Co. of Korea and China’s Peric Special Gases Co. NF3 is primarily utilized as a cleaning agent in the semiconductor manufacturing process. The division’s assets are predominantly tangible, including valuable real estate.
IMM PE and STIC Investments will each acquire a 50% share and split the purchase price equally.
This divestiture is aimed at enhancing Hyosung Chemical’s financial position by alleviating the debt burden on its chemical segment.
Deal 2: Merck's Surface Solutions Business (United States) was acquired by Global New Material International Holdings Limited (China) for USD 721.00 million.
Global New Material International Holdings Limited to Acquire Merck's Surface Solutions Business
German multinational science and technology company Merck has reached an agreement to sell its global Surface Solutions business to China’s Global New Material International (GNMI) for EUR 665 million (USD 721 million). The funds from this transaction will be reinvested to strengthen Merck’s core strategic areas.
Surface Solutions specializes in pigment solutions for coatings, industrial applications, and cosmetics. The unit, which has a significant presence in high-quality markets like automotive and cosmetics, reported sales of EUR 411 million in 2023.
GNMI, also known as Chesir, is a major player in the pearlescent pigment industry with facilities in China and Korea. The company is recognized for its advanced effect pigments and mica-based products.
The acquisition will integrate Surface Solutions’ extensive portfolio and expertise with GNMI’s capabilities, enhancing the competitiveness of the combined entity and improving opportunities for both employees and customers. The production facilities of Surface Solutions in Gernsheim (Germany), Onahama (Japan), and Savannah, Georgia (United States) will continue to operate as regional hubs, with approximately 1,200 employees—about 700 in Germany—transitioning to GNMI.
The transaction is anticipated to be finalized in 2025, with both companies remaining independent until then.
Deal 3: Louisiana Pigment Co.,L.P. (United States) was acquired by Kronos Worldwide, Inc. (United States) for USD 200.00 million.
Kronos Worldwide, Inc. to Acquire Louisiana Pigment Co., L.P.
Kronos Worldwide, Inc. has acquired the remaining 50% interest in Louisiana Pigment Company (LPC) for USD 200 million. This transaction includes an upfront cash payment of USD 185 million, with an additional earn-out of up to USD 15 million. Consequently, LPC will become a wholly-owned subsidiary of Kronos.
Kronos is a prominent producer and marketer of titanium dioxide (TiO₂) pigments, which are essential in a wide array of industrial applications, including coatings, plastics, and paper.
LPC operates a state-of-the-art chloride-process TiO₂ production facility in Louisiana, USA. This facility is notable for its advanced production capabilities and its role as a significant player in the titanium dioxide market. The acquisition allows Kronos to fully integrate LPC’s operations, thereby expanding its product portfolio and enhancing its market reach. The move is expected to generate substantial synergies, including improvements in commercial operations, reduction of overhead costs, and optimization of the supply chain.
By bringing LPC under its full ownership, Kronos aims to leverage these synergies to drive growth, enhance operational efficiencies, and better serve both new and existing customers.
Deal 4: Hanwha Corporation (South Korea) was acquired by Hanwha Energy Corporation (South Korea) for USD 130.50 million.
Hanwha Energy Corporation to Acquire Hanwha Corporation
Hanwha Energy, wholly owned by the three sons of Hanwha Group Chairman Kim Seung-youn, is set to acquire KRW 180 billion (USD 130.5 million) worth of shares in Hanwha Corp., the group’s holding company, through a public tender offer.
Hanwha Energy, primarily known for its involvement in renewable energy, is also an integral part of Hanwha Group’s diversified operations, which span chemicals, energy, and materials. Hanwha Corp., the group’s holding company, plays a central role in managing and guiding the conglomerate’s various businesses, including its extensive chemical sector.
This strategic move aims to reinforce responsible management within Hanwha Group and facilitate the succession process, particularly for Hanwha Group Vice Chairman Kim Dong-kwan, the eldest son of Kim Seung-youn.
As Hanwha Group’s renewable energy division and South Korea’s seventh-largest conglomerate by total assets, Hanwha Energy plans to purchase 6 million common shares of Hanwha Corp. If successful, this acquisition will increase Hanwha Energy’s stake to 17.7%, up from the current 9.7%, making it the second-largest shareholder in the company.
Deal 5: The Furukawa Battery Co., Ltd. (Japan) was acquired by AP78 Co., Ltd. (Japan) for USD 127.00 million.
AP78 Co., Ltd. to Acquire The Furukawa Battery Co., Ltd.
Furukawa Electric has agreed to sell Furukawa Battery to AP78 Co., Ltd., a subsidiary of Sustainable Battery Holdings, Inc. (SBH), for JPY 18.7 billion (USD 127 million). Furukawa Battery, known for its storage solutions and power supply systems, aligns with its 2022 management plan focusing on global expansion and new business opportunities.
The deal involves a strategic partnership with Tokyo Century Corporation (TC) and its affiliates, aiming to enhance Furukawa Battery’s value through AP78’s networks and expertise in automobility and environmental energy. Furukawa Electric will not participate in AP78’s tender offer. Instead, a share consolidation will occur, making Furukawa Electric and AP78 the only shareholders of Furukawa Battery. Furukawa Electric will transfer its 57.30% stake through a share buyback by Furukawa Battery.
After the transaction, Furukawa Battery will no longer be a consolidated subsidiary, but Furukawa Electric will retain about 20% indirect ownership through SBH. This aligns with Furukawa Battery’s growth strategy and enhances the overall value of the group.
This move is part of Furukawa Electric’s “Road to Vision 2030,” which aims to optimize its business portfolio and investments for long-term success. The partnership with AP78 and TC is expected to accelerate Furukawa Battery’s growth and increase its value.
M&A Activity in the Artificial Intelligence (AI) Industry
Representing the forefront of technological innovation, the top global deals in this industry list includes companies developing AI and machine learning technologies, reshaping industries with intelligent solutions.
January
Artificial Intelligence (AI)
- Deal 1: CSLM Acquisition Corp. (Cayman Islands) was acquired by Fusemachines, Inc. (United States) for USD 0.20 million.
- Deal 2: Laiyer AI (Germany) was acquired by Protect AI, Inc. (United States) for an undisclosed amount.
- Deal 3: Gyant (United States) was acquired by Fabric (Florence Labs, Inc.) (United States) for an undisclosed amount.
- Deal 4: Venue was acquired by Ramp (United States) for an undisclosed amount.
- Deal 5: RoboCorp Technologies (United States) was acquired by Sema4.ai (United States) for an undisclosed amount.
February
Artificial Intelligence (AI)
- Deal 1: Valispace GmbH (Germany) was acquired by Altium Limited (Australia) for USD 20.00 million.
- Deal 2: Mojave Brands Inc. (Canada) was acquired by Light AI Inc. (Canada) for USD 12.00 million.
- Deal 3: Xinapse Co.,Ltd. (South Korea) was acquired by Robo3 Co.,Ltd. (South Korea) for USD 5.00 million.
- Deal 4: Panda Group SPOLKA Z Ograniczona Odpowiedzialnoscia (Poland) was acquired by Fabrity Holding S.A. (Poland) for USD 1.00 million.
- Deal 5: Climate and artificial intelligence (AI) web3 assets of Bot Media Corp. (Canada) was acquired by Metasphere Labs Inc. (formerly called Looking Glass Labs) (Canada) for USD 0.50 million.
March
Artificial Intelligence (AI)
- Deal 1: Shenma Limited (China) was acquired by The9 Limited (China) for USD 15.30 million.
- Deal 2: Bioleaders Corporation (South Korea) was acquired by Moadata Co., Ltd. (South Korea) for USD 11.64 million.
- Deal 3: Binit SRL/Deltanova SA (Spain) was acquired by Substrate Artificial Inteligence, S.A. (Spain) for USD 2.29 million.
- Deal 4: Lumoame Oy (Finland) was acquired by Netigate AB (Sweden) for an undisclosed amount.
- Deal 5: PT DycodeX Teknologi Nusantara (Indonesia) was acquired by PT Multidaya Teknologi Nusantara (Indonesia) for an undisclosed amount.
April
Artificial Intelligence (AI)
- Deal 1: BonsAI d.o.o. (Croatia) was acquired by Span d.d. (Croatia) for USD 0.75 million.
- Deal 2: Arya.ai (India) was acquired by Aurionpro Solutions Limited (India) for an undisclosed amount.
- Deal 3: Intellimize, Inc. (United States) was acquired by Webflow, Inc. (United States) for an undisclosed amount.
- Deal 4: Cambridge Semantics Inc. (United States) was acquired by Altair Engineering Inc. (United States) for an undisclosed amount.
- Deal 5: Big Energy Investments Inc. (Canada) was acquired by ceti AI (United States) for an undisclosed amount.
May
Artificial Intelligence (AI)
- Deal 1: Cigniti Technologies Limited (India) was acquired by Coforge Limited (India) for USD 220.00 million.
- Deal 2: Sonio SAS (France) was acquired by Samsung Medison Co., Ltd. (South Korea) for USD 92.00 million.
- Deal 3: MyVONIA was acquired by Safe and Green Development Corporation (United States) for an undisclosed amount.
- Deal 4: Map Dynamics (United States) was acquired by ARway.ai (Canada) for an undisclosed amount.
- Deal 5: Better Medicine OÜ (Estonia) was acquired by UniTartu Ventures (Estonia) for an undisclosed amount.
June
Artificial Intelligence (AI)
Deal 1: Tegus, Inc. (United States) was acquired by AlphaSense, Inc. (United States) for USD 0.93 billion.
AlphaSense, Inc. to Acquire Tegus, Inc.
AI research firm AlphaSense has acquired rival Tegus, a significant provider of expert research, private company content, financial data, and workflow tools, in a transaction valued at USD 930 million.
This acquisition follows AlphaSense’s successful securing of a new USD 650 million funding round, co-led by Viking Global Investors and BDT & MSD Partners, with additional participation from J.P. Morgan Growth Equity Partners, SoftBank Vision Fund 2, Blue Owl, Alkeon Capital, and existing investors Alphabet Inc.’s CapitalG and Goldman Sachs Alternatives.
AlphaSense offers a comprehensive market intelligence platform utilized by asset management firms to identify investment opportunities through access to public and private content, including equity research, company filings, transcripts, and news. The company also provides an AI-powered enterprise solution that enables organizations to centralize and leverage their market intelligence with advanced search, summarization, and monitoring capabilities.
With Tegus’ extensive library covering more than 35,000 public and private companies across sectors including technology, media, consumer goods, energy, and life sciences, along with financial data on over 4,000 public companies, this acquisition strengthens AlphaSense’s competitive edge against industry leaders like Bloomberg L.P., Exabel AS, and FactSet.
AlphaSense’s client roster includes notable firms such as SAP SE, 3M, and Google, among others.
The transaction is expected to close in the third quarter of 2024, with Goldman Sachs & Co. LLC acting as AlphaSense’s financial advisor.
Deal 2: Qwak AI Ltd. (Israel) was acquired by JFrog Ltd. (United States) for USD 0.23 billion.
JFrog Ltd. to Acquire Qwak AI Ltd.
Liquid software company JFrog is acquiring Israel’s Qwak AI Ltd. for USD 230 million to enhance its AI and MLOps (Machine Learning Operations) capabilities.
This acquisition aims to enhance the management and development of machine learning models and data assets crucial for tech companies. By integrating Qwak’s capabilities, JFrog intends to offer a unified solution for DevOps, Security, and MLOps stakeholders, simplifying the deployment of AI-powered applications.
Qwak’s technology integrated into the JFrog Platform will streamline the process of deploying machine learning models, ensuring reliability and compliance throughout. This integration strengthens JFrog’s existing repository of software packages, including models stored in Artifactory, enabling seamless management of the entire model lifecycle from development to deployment.
The acquisition enables JFrog to deliver a user-friendly experience for handling complex AI workflows, combining Qwak’s advanced model training and serving functionalities with JFrog’s robust model storage management and security scanning capabilities. This unified approach addresses the challenges of maintaining and scaling AI initiatives within enterprise environments.
JFrog’s Software Supply Chain Platform, trusted by over 7,000 global customers, ensures software availability, traceability, and tamper-proof integrity across multiple clouds. Supporting both self-hosted and SaaS services, this platform empowers organizations to confidently manage their software pipelines while meeting stringent security and compliance requirements.
Deal 3: Recognai, S.L.U. (Spain) was acquired by Hugging Face, Inc. (United States) for USD 0.01 billion.
Hugging Face, Inc. to Acquire Recognai, S.L.U.
AI community startup Hugging Face announced its fourth acquisition, purchasing the AI collaboration platform Argilla (formerly Recognai) for USD 10 million.
Hugging Face, known for enabling developers to share and test AI models, has partnered with tech giants like Google and Microsoft. The platform hosts over a million AI models, datasets, and apps.
Last year, Hugging Face raised USD 235 million in a funding round with investors including Google, Amazon, Nvidia, and IBM, valuing the company at USD 4.5 billion.
Argilla specializes in data annotation, integrating human and computational feedback for efficient annotation, and serves developers and enterprises. Participation in Intel Liftoff for Startups provided Argilla with technical insights and resources, enhancing their cloud-based model deployment and active learning capabilities.
This acquisition allows Hugging Face to offer a more comprehensive solution for NLP practitioners, supporting its mission to provide state-of-the-art AI solutions by ensuring their models are built on well-curated, accurate data.
Deal 4: MetaMap (United States) was acquired by Incode Technologies, Inc. (United States) for an undisclosed amount.
Incode Technologies, Inc. to Acquire MetaMap
Metamap has recently been acquired by Incode Technologies, a leading identity verification and authentication startup, for an undisclosed amount. This acquisition aims to create a powerhouse dedicated to advancing identity verification and developing a more extensive and reliable trust network.
The integration of MetaMap’s innovative mapping technology, scalable growth engine, and talent will enhance Incode’s position as a global market leader. MetaMap aligns seamlessly with Incode’s vision of providing effective and trustworthy identity verification solutions to a diverse clientele, boosting its market presence in North America, Latin America, and Africa.
As AI-driven fraud becomes more sophisticated, the need for rapid and accurate identity verification has never been more critical. By joining forces, Incode and MetaMap will combine their strengths to tackle these challenges head-on, enhancing the security and reliability of digital interactions.
This acquisition expands Incode’s technological capabilities and strengthens its ability to provide comprehensive solutions against digital fraud. The combined expertise and resources of both companies will ensure they remain at the forefront of innovation in the identity verification industry.
Deal 5: Imagination Station, Inc. (United States) was acquired by Amira Learning, Inc. (United States) for an undisclosed amount.
Amira Learning, Inc. to Acquire Imagination Station, Inc.
Amira Learning (Amira), the pioneering AI-powered reading assistant, has merged with Istation, a prominent provider of adaptive and personalized digital learning solutions, establishing a leading force in AI-driven education. The financial terms of the deal remain undisclosed.
Amira’s AI tutor is celebrated for its advanced speech recognition and AI-driven tutoring software, known to significantly enhance reading proficiency. Meanwhile, Istation is highly regarded in education for its comprehensive platform featuring interactive content tailored for both students and educators. Together, they aim to revolutionize classrooms, serving four million K-12 students across all 50 states and 17 countries.
Amira Learning has processed over 10 billion spoken words globally, refining its sophisticated Large Language Model (LLM) to accommodate diverse accents and dialects. This extensive language data, paired with Istation’s expansive content library featuring thousands of video-based lessons and teacher resources, promises an innovative educational experience blending state-of-the-art AI and gamified learning content.
Customers of both Amira and Istation can anticipate enhanced features and capabilities as these platforms integrate seamlessly.
ArentFox Schiff LLP provided legal advice, with Bridge Bank supporting the transaction through a credit facility and serving as Amira Learning’s bank. Foley & Lardner LLP acted as legal counsel, and Macquarie Capital Inc. served as financial advisor to Istation.
July
Artificial Intelligence (AI)
Deal 1: Silo AI Oy (Finland) was acquired by Advanced Micro Devices, Inc. (United States) for USD 665.00 million.
Advanced Micro Devices, Inc. to Acquire Silo AI Oy
Advanced Micro Devices (AMD) has finalized the acquisition of Silo AI, a Finnish leader in advanced artificial intelligence (AI) solutions, in a transaction valued at USD 665 million. This acquisition supports AMD’s strategic goal of enhancing its AI capabilities and fortifying its role within the global AI landscape.
Silo AI is renowned for delivering comprehensive AI solutions that help businesses integrate sophisticated technology into their offerings. With a presence in Europe and North America, its notable clients include Allianz, Philips, Rolls-Royce, and Unilever. The company is also distinguished for creating open-source multilingual Large Language Models (LLMs) like Poro and Viking, tailored for AMD platforms.
This acquisition enables AMD to further develop and deploy its AI models, enhancing its ability to support customers in building advanced AI applications using AMD technology.
The acquisition is part of AMD’s broader strategy to deepen its engagement in the AI sector, following its recent acquisitions of Mipsology and Nod.ai and over USD 125 million in investments across various AI companies in the past year.
Deal 2: AiChat Pte. Ltd. (Singapore) was acquired by reAlpha Tech Corp. (United States) for USD 1.14 million.
reAlpha Tech Corp. to Acquire AiChat Pte. Ltd.
ReAlpha Tech Corp, a leader in real estate technology, has acquired Singapore-based AiChat, an AI firm specializing in conversational customer experience solutions, for USD 1.14 million.
AiChat is known for developing intelligent chatbots and automation tools that enhance customer interactions and streamline operations for enterprise clients. This acquisition is a significant step in reAlpha’s strategy to broaden its technological portfolio and strengthen its presence in the Asia-Pacific (APAC) region. The global market for conversational AI, which AiChat is part of, is expected to grow from USD 13.2 billion in 2024 to USD 49.9 billion by 2030.
ReAlpha anticipates that integrating AiChat’s technology will elevate the visibility and usage of its existing platforms, such as Claire, a commission-free homebuying platform, leading to increased customer engagement in its real estate services.
Deal 3: Hyperfast Title, LLC (United States) was acquired by reAlpha Tech Corp. (United States) for an undisclosed amount.
reAlpha Tech Corp to Acquire Hyperfast Title, LLC
reAlpha Tech Corp, a prominent real estate technology firm specializing in the development and commercialization of AI technologies, has finalized the acquisition of Hyperfast Title LLC, a licensed title company operating in Florida, Virginia, and Tennessee. The financial terms of the deal remain undisclosed.
This acquisition strategically broadens reAlpha’s portfolio by adding title and settlement services, significantly enhancing the functionality of Claire, its AI-powered, commission-free homebuying platform. With Hyperfast now under its umbrella, reAlpha can offer title services directly to consumers using Claire for their home purchases.
ReAlpha is also collaborating with Madison Settlement Services, the parent company of Hyperfast Title, to broaden Claire’s reach into new geographic markets. By leveraging Madison’s extensive network across 33 U.S. states, reAlpha aims to offer comprehensive real estate services on a national scale.
Integrating title services aligns with reAlpha’s objective of vertically streamlining the homebuying process, promising a more cohesive customer experience and unlocking additional revenue streams.
Deal 4: Lableb, Inc. (United Arab Emirates) was acquired by Majarra LLC (United Arab Emirates) for an undisclosed amount.
Majarra LLC to Acquire Lableb, Inc.
Majarra, the leading digital content provider in the MENA region, has acquired Lableb, a startup specializing in Arabic AI and Natural Language Processing (NLP), for an undisclosed amount.
This acquisition strengthens Majarra’s leadership in Arabic digital innovation and marks its strategic entry into the growing AI sector.
Majarra, having been one of Lableb’s earliest clients, is well-acquainted with the transformative capabilities of Lableb’s advanced Arabic technologies. Lableb offers cutting-edge AI and NLP solutions that power content discovery and personalization products, including enterprise search and recommendation engines. Their technology is widely used by online stores, government platforms, news websites, and enterprise software providers, where precise Arabic language processing is essential. Lableb has also collaborated with industry giants such as Microsoft and AWS, as well as leading e-commerce platforms like Zid, Salla, and Shopify, and CMS providers like NVSSoft.
Lableb will continue to operate independently under Majarra’s ownership, focusing on the unique challenges of Arabic language processing. Lableb’s success in addressing these challenges highlights the strategic significance of this acquisition.
This move demonstrates Majarra’s adaptability to market changes, as it incorporates AI products into its portfolio, adding a critical technological dimension. While Large Language Models (LLMs) are transformative, their full potential is realized through AI agents like those provided by Lableb.
Deal 5: SmartAction LLC (United States) was acquired by Capacity (United States) for an undisclosed amount.
Capacity to Acquire SmartAction LLC
Capacity, an AI-driven support automation platform, has acquired Fort Worth-based SmartAction, enhancing its voice and contact center solutions. The financial details of the acquisition were not disclosed.
In a separate transaction, Capacity has also acquired CereProc, a company renowned for its advanced text-to-speech (TTS) technology.
SmartAction offers the NOVA platform, which delivers AI-powered virtual agents designed to elevate customer service through omnichannel support, personalized interactions, and proactive follow-up. This acquisition will bolster Capacity’s ability to scale its services and enhance customer engagement across various industries.
Meanwhile, CereProc’s TTS technology will enhance Capacity’s existing voice capabilities, providing more natural and interactive customer experiences. Together, these acquisitions will enable Capacity to offer a comprehensive suite of AI-powered support solutions, integrating innovative voice and text-to-speech technologies into its customer experience strategies.
Expert M&A Data, Accessible to All
The 2024 Top Global M&A Deals from the Institute for Mergers, Acquisitions and Alliances (IMAA) is a tool designed to help M&A professionals and decision-makers obtain the foresight and knowledge needed to navigate the M&A landscape effectively.
With our data, you can:
- Identify Emerging Trends: Stay ahead of industry shifts and emerging trends across key sectors.
- Strategic Decision Making: Leverage our insights for strategic planning, investment decisions, and identifying potential M&A opportunities.
- Competitive Analysis: Benchmark against significant deals to gauge market positioning and competitive dynamics.
As the leading M&A Think Tank, we are committed to providing M&A professionals and those in the M&A field with the most up-to date and data-driven M&A insights. Stay informed, stay ahead, and turn insights into actionable strategies with our authoritative guide to the Top Global M&A Deals in 2024.
Stay up to date with M&A news!
Subscribe to our newsletter
