M&A Features

German surgical appliance and supplies maker among recipients of angel investment in April

2017 has gotten off to a good start in terms of European angel investment. According to Zephyr, the M&A database published by Bureau van Dijk, in Q1 2017 both volume and value were higher than for the same three months in 2016. In total there were 166 European angel investments worth a combined EUR 403 million announced in Q1, marking an improvement on the EUR 318 million invested across 142 deals in the opening quarter of 2016. The result is also higher on both fronts when compared with Q4 2016 (129 deals worth EUR 317 million). This is encouraging and will give many hope that Q2 can also surpass the same period of 2016, thereby getting the year off to a positive start. Q2 is only just underway, but there have already been a number of fairly large angel investments announced since the beginning of April. In the quarter to date EUR 30 million has been invested across 17 deals. A few larger injections will need to be made over the coming months if results are to come close to those for other recent quarters. In 2016 Q2 surpassed Q1 in terms of volume and value, so if 2017 is to surpass 2016 as a whole it is important that significant levels of dealmaking are recorded in the coming months.

Lyft obtains funding from KKR

Last week, Lyft successfully raised USD 600 million from private equity giant KKR in its seventh funding round, amid speculation that the taxi booking application (app) provider may go public in the near future. The deal values the technology company at USD 7,500 million, according to various media reports.

JAB and BDT Capital to buy Panera Bread

Eat-in bakery café Panera Bread agreed last week to be acquired by JAB Holdings (JAB) and BDT Capital for around USD 7,500 million in cash. This is the 11th largest deal to have been announced or completed in the US this year, according to Zephyr, the M&A database published by Bureau van Dijk. The transaction came just days after a person familiar with the matter told Bloomberg the Nasdaq-listed group could potentially be targeted by JAB, Starbucks and Domino’s Pizza.

Hong Kong tycoon Li Ka Shing steps up investment in Canada

Cheung Kong Property Holdings (CKPH), a company controlled by the family trust of tycoon Li Ka Shing, is acquiring Reliance Comfort at an equity price of CAD 2,820 million (USD 2,100 million). Private equity investor Alinda Capital Partners, which is making a full exit through the all-cash deal, has been the owner of the target since 2007 when it took over UE Water Income Fund for around CAD 1,134 million.

Sealed Air signs asset sale deal with Bain Capital

Sealed Air has agreed to dispose of USD 3,200 million-worth of assets to Bain Capital, representing its largest divestment to date, according to Zephyr, the M&A database published by Bureau van Dijk. The seller is shedding its kitchen and workplace cleaning products division Diversey Care, held under Diversey Holdings (DH), as well as a part of its food hygiene business Food Care. The move came almost six years after Sealed Air splurged on the USD 4,300 million acquisition of DH, then owned by Clayton, Dubilier & Rice and the Johnson family.

French gas analysers maker among recipients of angel investment in March

2017 has so far proven to be fairly promising in terms of the aggregate value of angel investment deals signed off in Western European companies, with both January and February surpassing November and December by volume and value. According to Zephyr, the M&A database published by Bureau van Dijk, so far it does not appear that March is likely to reach the same heights. Although there are still 11 days to go until the end of the month at the time of writing, the EUR 52 million invested across 29 deals so far means the result is still some way off the 47 deals worth EUR 120 million signed off in February and the EUR 125 million injected through 52 transactions in January. The result could also be down year-on-year as activity does not appear likely to reach the same levels as March 2016 (43 angel investments worth EUR 111 million). Despite the decline recorded in March to date, there have still been some significant injections announced; so far European angel investments have broken the EUR 10 million barrier in the month under review.

Intel to snap up Mobileye in multi-billion-dollar deal

Intel is targeting the driverless car sector for its next phase of growth as it estimates the industry to be worth up to USD 70,000 million by 2030. The California-headquartered company, which is facing increasing competition from other chip-makers like Qualcomm, has agreed to acquire Mobileye for about USD 15,300 million. Intel is offering USD 63.54 per share, representing a 34.4 per cent premium to the target’s close on 10th March, the last trading day prior to the deal being announced. If the transaction goes through, it will be the largest among those that target Israeli companies, according to Zephyr, the M&A database published by Bureau van Dijk.

Sterling Bancorp and Astoria Financial join bank merger bandwagon

Sterling Bancorp is buying Astoria Financial in a USD 2,200 million all-scrip takeover that will make the combined entity the sixth largest regional bank in the New York metropolitan area. The announcement came just months after New York Community Bancorp dropped its USD 2,000 million offer to take the target private.

Standard Life agrees merger with Aberdeen

Standard Life is acquiring Scotland-based Aberdeen Asset Management in an all-scrip deal worth around GBP 3,776 million. The implied offer price can be valued at GBP 2.87, representing an 18.5 per cent discount to the target’s close of GBP 3.51 on 23rd October 2015, the last trading day before news of the deal was first reported. As a result of the transaction, the merged entity will be held 66.7 per cent owned by Standard Life’s shareholders, with Aberdeen’s owners controlling the remaining stake.

Restaurant Brands to acquire Popeyes

Restaurant Brands International (RBI) announced on 21st February that it would acquire fried chicken fast food chain Popeyes Louisiana Kitchen (Popeyes) just days after its parent 3G Capital abandoned a USD 143,000 million deal to buy Unilever through Kraft Heinz.

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