Dealwatch: Tech going gangbusters as elite firms line up $40bn SoftBank buyout and Klarna equity raise

Dealwatch: Tech going gangbusters as elite firms line up $40bn SoftBank buyout and Klarna equity raise

Standing out as one of the biggest mandates for external advisers in recent weeks, NVIDIA’s $40bn acquisition of Arm Limited from SoftBank kept transatlantic teams from Latham & Watkins and Morrison & Foerster on their toes in the artificial intelligence arena.

The deal sees California-based tech multinational NVIDIA acquire the Cambridge-headquartered AI company Arm from SoftBank Group and SoftBank Vision Fund in a cash and stock transaction. SoftBank will own a stake in NVIDIA of less than 10%.  Continue reading “Dealwatch: Tech going gangbusters as elite firms line up $40bn SoftBank buyout and Klarna equity raise”

Dealwatch: Software sector proves bullish against Covid turmoil as elite firms line up on big-ticket buyouts

Dealwatch: Software sector proves bullish against Covid turmoil as elite firms line up on big-ticket buyouts

Dealmakers have been Zoom-toasting a raft of strategic buyouts this week, with the software sector proving one of the most resilient amid the coronavirus crisis, demonstrated by Aveva’s $5bn acquisition of OSIsoft and Hg’s investment in Visma.

London-listed industrial software giant Aveva Group’s $5bn buyout of California-headquartered data software company OSIsoft stood firm as an example of sector resilience, fielding teams from Ashurst, Debevoise & Plimpton,  Latham & Watkins, Slaughter and May and Fenwick & West on this transformational deal. Continue reading “Dealwatch: Software sector proves bullish against Covid turmoil as elite firms line up on big-ticket buyouts”

Dealwatch: US firms take lead in quartet of Covid-driven transactions as bounceback continues

Dealwatch: US firms take lead in quartet of Covid-driven transactions as bounceback continues

Another prolific week in the deal world has seen US advisers dominate on an eclectic mix of transactions driven largely – and for different reasons – by the ongoing coronavirus crisis.

Advent’s €1bn investment in the UK and German businesses of delivery company Hermes, Bayer’s acquisition of KaNDy Therapeutics, the restructuring of cash forex provider Travelex and Stormlight’s investment in Swansea City FC have all assuaged fears of a market slowdown. Continue reading “Dealwatch: US firms take lead in quartet of Covid-driven transactions as bounceback continues”

Dealwatch: Sign of the times as elite firms tap into $6.8bn IP deal, beleaguered restaurants buyout and oligarch asset disposal

Dealwatch: Sign of the times as elite firms tap into $6.8bn IP deal, beleaguered restaurants buyout and oligarch asset disposal

Difficult as it may be to imagine an upside amid a pandemic, clients have proved surprisingly resourceful in the face of adversity, handing corporate advisers on both sides of the pond opportune mandates in the past week.

CPA Global’s investment in New York-listed analytics business Clarivate was particularly notable, not least because of the $6.8bn enterprise value it gave the company.  Continue reading “Dealwatch: Sign of the times as elite firms tap into $6.8bn IP deal, beleaguered restaurants buyout and oligarch asset disposal”

Dealwatch: ‘glass half-full’ as Global 100 leaders line up on Centrica and eBay disposals

Dealwatch: ‘glass half-full’ as Global 100 leaders line up on Centrica and eBay disposals

Dealmakers could almost be forgiven for asking ‘what crisis?’ lately as a raft of recent major deals, including Centrica’s $3.6bn sale of its US energy business and Adevinta’s $9.2bn acquisition of eBay’s classifieds business, have kept Global 100 lawyers on their toes during lockdown. 

These major transactions, along with a raft of private equity deals involving Silver Lake, have kept international playmakers inundated during what, by rights, should have been a less than optimistic period.  Continue reading “Dealwatch: ‘glass half-full’ as Global 100 leaders line up on Centrica and eBay disposals”

Dealwatch: CC beats Coronavirus jitters with two mandates as DLA drinks up Danone deal

Dealwatch: CC beats Coronavirus jitters with two mandates as DLA drinks up Danone deal

An ‘all over the place’ market which saw Coronavirus impact transactions did not stop Clifford Chance (CC) from advising on two high-profile mandates, as DLA Piper led on Danone’s acquisition of Harrogate Water.

CC advised US-based private equity investment firm Clayton, Dubilier & Rice on its £400m acquisition of healthcare communications and public relations group Huntsworth. Huntsworth provides marketing and medical communication services to pharmaceutical companies and recently reported revenue of £264.9m for 2019. Continue reading “Dealwatch: CC beats Coronavirus jitters with two mandates as DLA drinks up Danone deal”

Dealwatch: Kirkland lift first Cinven mandate since Maguire hire as Links, Gowling and Jones Day bed roles in week of PE records

Dealwatch: Kirkland lift first Cinven mandate since Maguire hire as Links, Gowling and Jones Day bed roles in week of PE records

Kirkland & Ellis has this week won roles advising on one of the largest European private equity transactions since the financial crisis and the UK’s largest-ever private real estate transaction.

Kirkland advised private equity houses Advent International, Cinven and the RAG foundation in their €17.2bn acquisition of Thyssenkrupp’s elevator business and acted for Blackstone in its $4.7bn purchase of iQ Student Accommodation. Continue reading “Dealwatch: Kirkland lift first Cinven mandate since Maguire hire as Links, Gowling and Jones Day bed roles in week of PE records”

Dealwatch: Big-ticket M&A back on track as Cleary and NRF lead on Alstom’s €6.2bn rail acquisition

Dealwatch: Big-ticket M&A back on track as Cleary and NRF lead on Alstom’s €6.2bn rail acquisition

Amid a relative dearth of substantial European buyouts recently, the proposed €6.2bn acquisition by France’s Alstom of the rail business of Canadian counterpart Bombardier will come as a boon for the international offices of Cleary Gottlieb Steen & Hamilton and Norton Rose Fulbright.

Alstom said on Monday (17 February) it had signed an agreement with Bombardier and its shareholder the Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) to acquire 100% of the shares in Bombardier Transportation for between €5.8bn and €6.2bn. Continue reading “Dealwatch: Big-ticket M&A back on track as Cleary and NRF lead on Alstom’s €6.2bn rail acquisition”

Sponsors, pharma and tech fire up deal activity despite a subdued year for marquee M&A in Europe

Sponsors, pharma and tech fire up deal activity despite a subdued year for marquee M&A in Europe

A dearth of megadeals in 2019 did little to dampen the spirits of dealmakers with buyout teams capitalising on the ongoing private equity boom while wider pharma and tech deals drove bid activity.

On the face of it, headline figures from Mergermarket speak of a subdued year, with global M&A activity declining 6.9% from 2018 to $3.33trn. The picture in Europe was considerably more gloomy, with the continent seeing a 21.9% dive in total deal value to $770.5bn. Continue reading “Sponsors, pharma and tech fire up deal activity despite a subdued year for marquee M&A in Europe”

Dealwatch: Weil and Mayer Brown scoop leads on Nestlé’s $4bn US ice cream business sale

Dealwatch: Weil and Mayer Brown scoop leads on Nestlé’s $4bn US ice cream business sale

Weil Gotshal & Manges and Mayer Brown have advised on the sale of Nestlé’s US ice cream business to Froneri for $4bn.

Froneri is an ice cream focused joint venture by Nestlé and PAI Partners created in 2016. The deal means that brands such as Häagen-Dazs, Edy’s, Drumstick and Dreyer’s will join its portfolio which already includes Movenpick, Green & Blacks and Cadbury’s ice cream. Continue reading “Dealwatch: Weil and Mayer Brown scoop leads on Nestlé’s $4bn US ice cream business sale”