Five elite US law firms have helped to push through the biggest M&A deal of the year so far – the $36bn acquisition of Pringles and Pop Tarts maker Kellanova by Mars.
The all-cash offer values Kellanova at $83.50 per share – a premium of around 33% to its 52-week high as of 2 August.
Continue reading “Dealwatch: US elite tuck into $36bn Mars-Pringles snackquisition”
Shopping centre owners have weathered a difficult few years, with the rise of e-commerce, Covid and the cost of living crisis causing much grief for those with stakes in bricks and mortar retail.
There is cause for optimism, however, with private equity firm L Catterton’s acquisition of Hammerson’s £1.5bn stake in Value Retail – owner of the Bicester Collection – emblematic of increasing confidence in the sector, and raising hopes of a continued recovery in deal activity.
The long-dormant restructuring market has had a shot in the arm recently, with the City teams of US stalwarts winning lead mandates on the administration of The Body Shop and a rescue deal of Yodel.
Jones Day and White & Case are handling the administration of cosmetic group The Body Shop, while Dechert and Weil advised parcel delivery business Yodel to secure a rescue deal backed by one of its rivals. Continue reading “Dealwatch: US firms lead on household names The Body Shop and Yodel as restructuring returns”
The biggest European transaction of recent weeks came when Vodafone announced the sale of its Spanish business to TMT investor Zegona Communications for €5bn.
Slaughter and May advised Vodafone with a London-based team led by corporate partners Victoria MacDuff and James Cook and including IP and IT partner Duncan Blaikie, finance partner Charlie McGarel-Groves, tax partner Mike Lane, employment partner Philippa O’Malley, and competition partner Claire Jeffs, who splits her time between London and Brussels. Continue reading “Dealwatch: €5bn Vodafone deal shows ‘the debt is there, if you can find the right transaction’”
The broader life sciences sector saw a spate of deal activity in recent weeks, with two acquisitions over the billion-dollar mark and several more in the hundreds of millions.
The highest-value transaction came on 28 August, when US-based life sciences company Danaher announced its agreement to purchase Cambridge-based protein research tools supplier Abcam in a deal valued at $5.7bn. Continue reading “Dealwatch: Big-ticket life sciences activity picks up again as overseas investors buy into the UK”
Early 2023 has been a tough time for deals. In our 2023 Deals Yearbook, for instance, citing Dealogic, we noted a decline in both the volume and value of deals. Q1 2023 saw just 601 deals totalling $19.6bn in the UK, while globally there were 9,400 deals worth a little under $591bn. This marks the lowest UK Q1 since 2009, and the lowest global Q1 since 2012.
Recent weeks, though, have seen an uptick in multibillion-dollar activity. And, while it is certainly too early to declare that we are out of the woods, the mood among corporate lawyers has lifted: more ‘cautious optimism’ than ‘doom and gloom’. Continue reading “‘Carveouts are here to stay’: green energy deals dominate as major players see signs of a bounceback”
In the first half of June, the UK economy suffered another blow. Global soda ash producer, WeSoda, made the decision to pull out of its $7.5bn London IPO, citing a lack of investor demand, leading to criticism of UK investors for being unduly conservative and tight-fisted with their cash.
However, there is a glimmer of hope on the horizon in the public M&A arena, in the form of some recent promising, high-value transactions. Continue reading “Dealwatch: ‘Heading back in the right direction’ – positive mood continues for public M&A as UK elite line up on big-ticket deals”
Early 2023 has been a rough time for deals. In our 2023 Deals Yearbook, for instance, citing Dealogic, we noted a decline in both the volume and value of deals. Q1 2023 saw just 601 deals totaling $19.6bn in the UK, while globally there were 9,400 deals worth a little under $591bn. This marks the lowest UK Q1 since 2009, and the lowest global Q1 since 2012.
Recent weeks, though, have seen an uptick in multibillion-dollar activity. And, while it is certainly too early to declare that we are out of the woods, the mood among corporate lawyers has lifted: more ‘cautious optimism’ than ‘doom and gloom’. Continue reading “‘Carveouts are here to stay’: green energy deals dominate as major players see signs of a bounceback”
Amid a continued dearth of big-ticket deals, Sika’s €5.3bn acquisition of Master Builder Construction Chemicals (MBCC) Group has been the standout in recent weeks, landing lead mandates for Baker McKenzie and Weil.
The deal saw Swiss construction chemicals group Sika acquire MBCC from private equity firm Lone Star Funds, which acquired it in 2019 after BASF disposed of that part of its business. Continue reading “Dealwatch: Bakers and Weil cement €5.3bn MBCC deal as advisers see renewed energy in M&A”
US powerhouses and City stalwarts alike have been up against it in the last week, departing from the traditional August lull to push through substantive deals in the health and facilities management sectors.
Clayton, Dubilier & Rice (CD&R), the private equity house that bought supermarket giant Morrisons last year, has announced it plans to acquire Atalian Servest and OCS Group. Continue reading “Dealwatch: US firms line up major private equity buyouts as Magic Circle firms operate on Mediclinic acquisition”
