Advent to acquire Spectris for £3.8bn

BY Richard Summerfield

Private equity (PE) group Advent International has agreed to buy industrial company Spectris in a £4.4bn deal, marking one of the biggest recent takeovers of a London-listed business.

The deal will see Spectris’s shareholders receive £37.63 per share in cash, including an interim dividend of 28p, which Spectris said its board was unanimously recommending as “fair and reasonable”. The offer represents a premium of almost 85 percent to the company’s share price on 6 June, the day before Advent’s interest first emerged. Advent’s offer values the group’s equity at about £3.8bn and gives it an enterprise value of £4.4bn, including debt.

The deal for Spectris comes after the company noted that it had rejected a “preliminary proposal” from PE group KKR earlier this month in favour of continuing discussions with Advent. KKR said it had been “engaging constructively” with Spectris, adding that while it had not made a new offer, it was in advanced stages of due diligence, and may still do so. KKR has urged Spectris shareholders to withhold action on Advent’s offer as it considers a formal bid.

“The Spectris management team have transformed the Spectris Group into a leading, sustainable business with high quality premium precision measurement solutions that enable customers to solve some of their greatest challenges,” said Mark Williamson, chairman of Spectris. “The Board remains confident in Spectris’ strategy and the opportunities that will be delivered over the medium term, but believes that Advent’s offer recognises the attractiveness of Spectris and represents strong and immediate cash value for shareholders at an attractive premium of 84.6 percent to the undisturbed share price. The Board believes that the offer will benefit Spectris’ stakeholders and the operational and financial resources of Advent are expected to enhance opportunities for our employees and the Company.”

“Since 2019, we have repositioned Spectris as a focused, high quality, compound growth business with advantaged positions in attractive end markets,” said Andrew Heath, chief executive of Spectris. “I would like to recognise the exceptional contribution of my colleagues - their talent, insight and commitment continues to drive our success. The next chapter of Spectris’ development will further fuel their ambition and provide new opportunities.

“Advent's offer recognises the quality of Spectris, our talented people, and our strong growth prospects,” he continued. “In light of a strong set of intentions set out today, the Board have confidence that Advent is committed to supporting Spectris with investment that will drive growth and accelerate delivery of our strategic objectives.”

“Acquiring Spectris is Advent’s vote of confidence in British engineering and innovation,” said Shonnel Malani, managing partner at Advent International. “As active partners, we are dedicated to accelerating Spectris’ growth and enhancing its leadership in precision measurement. With its talented people and proven track record of driving breakthroughs across industries, we are poised to invest in its continued success, pushing the boundaries of technological progress, expanding its global reach, and delivering transformative solutions to the world’s most dynamic sectors.”

News: Spectris snubs KKR for $5.9 billion Advent buyout

Couchbase acquired in $1.5bn cash deal

BY Fraser Tennant

In a transaction that will take the US software company private, Couchbase is to be acquired by private equity firm Haveli Investments for $1.5bn.

Under the terms of the definitive agreement, Couchbase stockholders will receive $24.50 per share in cash – representing a premium of approximately 67 percent to the closing stock price of 27 March 2025, the last full trading day prior to the announcement of Haveli’s investment into Couchbase.

Upon completion of the transaction, Couchbase will become a privately-held company, its common stock no longer being listed on any public market.

“The data layer in enterprise IT stacks is continuing to increase in importance as a critical enabler of next-generation artificial intelligence applications,” said Sumit Pande, senior managing director at Haveli Investments. “Couchbase’s innovative data platform is well positioned to meet the performance and scalability demands of the largest global enterprises. We are eager to collaborate with the talented team at Couchbase to further expand its market leadership.”

Technology-focused Haveli seeks to invest in the highest quality companies in the technology sector through control, minority or structured equity and debt investments with a focus on software, data, gaming and adjacent industries.

The firm partners with innovative companies throughout their lifecycle, providing operational and strategic support that enables portfolio companies to focus on driving innovation and increasing growth, scale and operating margins.

“Couchbase has been at the forefront of modern database technology, empowering developers and enterprises to build high-performance applications,” said Matt Cain, chair, president and chief executive of Couchbase. “This acquisition marks a significant milestone for our stockholders and an exciting new chapter for Couchbase.”

The transaction, which has been approved by the Couchbase board, is expected to close in the second half of 2025, subject to customary closing conditions, including approval by Couchbase’s stockholders and the receipt of required regulatory approvals.

“Haveli's investment is a strong affirmation of Couchbase’s market position and future potential,” concluded Mr Cain. “We are thrilled to partner with Haveli to accelerate our vision and deliver even greater value to our customers.”

News: Couchbase to be acquired by Haveli Investments for $1.5B in cash

BPCE to acquire Novo Banco in $7.4bn deal

BY Fraser Tennant

In a deal that values Portugal’s fourth-largest lender at $7.4bn, global private equity firm Lone Star has sold its 75 percent stake in Novo Banco to French banking group BPCE.

The acquisition comes amid a wave of cross-border and domestic banking mergers in Europe, where regulators have long urged industry consolidation to better integrate the financial sector and counter growing competition from US banking giants.

The transaction is the biggest cross-border acquisition in the eurozone for more than 10 years.

By welcoming Novo Banco into the group, alongside the Banque Populaire and Caisse d’Epargne banking networks, which already serve the French economy, BPCE will further strengthen its role as an important development partner for the Portuguese economy, recognised for its solid fundamentals and resilience.

Through the transaction, BPCE intends to facilitate financing for local companies and individuals’ projects, while also expanding the range of services offered to Portuguese customers. BPCE will leverage all of its expertise to strengthen value creation in close collaboration with Novo Banco.

“This agreement marks a defining moment in Novo Banco’s journey and a powerful endorsement of the transformation we have achieved,” said Mark Bourke, chief executive of Novo Banco. “By becoming part of BPCE, Novo Banco now can access the strength and depth of one of Europe’s financial powerhouses.”

Portugal’s fourth-largest bank with 290 branches and 4200 employees, in recent years Novo Banco has become one of the most profitable banks in Europe, posting a cost-income ratio under 35 percent and a return on tangible equity exceeding 20 percent. These results have been underpinned by the quality of Novo Banco’s teams, together with the engagement of its shareholders for the last eight years.

Currently employing over 3000 staff in Portugal, the opening of a multi-business centre of expertise in Porto in 2017 has deepened BPCE’s local ties. “Novo Banco possesses excellent fundamentals, strong growth potential and an already high level of profitability,” said Nicolas Namias, chief executive of BPCE. “The financial terms of the transaction reflect a disciplined and stringent valuation approach, as well as our confidence in Novo Banco’s ability to create value over time.”

The acquisition is expected to be completed in the first half of 2026.

“This transaction enhances our ability to serve Portuguese families and businesses, deepens our commitment to the national economy, and secures a long-term future built on strength, trust and shared ambition,” concluded Mr Bourke. “It is a great moment for Novo Banco, and we now move forward with renewed confidence and clarity of purpose.”

News: France's BPCE agrees deal to buy Portugal's Novo Banco for $7.4 billion

Blackstone acquires TXNM Energy in $11.5bn deal

BY Fraser Tennant

In the latest in a series of power deals in the US, investment firm Blackstone Infrastructure is to acquire energy holding company TXNM Energy in a transaction valued at $11.5bn.

Under the terms of the agreement, Blackstone Infrastructure will acquire TXNM Energy for $61.25 per share in cash upon closing, including net debt and preferred stock, and will fund the purchase price entirely with equity.

Based in Albuquerque, New Mexico, TXNM Energy delivers energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM.

“Our successes at TXNM Energy have stemmed from a deliberate approach to investing in PNM and TNMP in a manner aligned with the priorities of our customers and communities,” said Pat Collawn, chair and chief executive of TXNM Energy. “We have integrated new resources to supply over two-thirds of PNM electricity needs with carbon-free energy and supported double-digit demand growth at TNMP.”

Blackstone Infrastructure is also investing $400m through the purchase of 8 million newly issued shares of TXNM Energy common stock at $50 per share, by way of a private placement agreement, to support TXNM Energy’s industry-leading growth plans. This issuance is expected to be completed in June 2025.

“We back industry-leading companies using our perpetual capital to support economic development,” said Sean Klimczak, global head of Blackstone Infrastructure. “We are focused on being great long-term partners to the communities in which we invest, and we look forward to having the opportunity to engage in meaningful dialogue about how we can create win-win, growth-oriented investments across Texas and New Mexico.”

The transaction has been unanimously approved by TXNM Energy’s board of directors and is estimated to close in the second half of 2026, subject to TXNM Energy shareholder approval, regulatory approvals and other customary closing conditions.

“We are excited to form this long-term partnership with Blackstone Infrastructure to build upon these successes,” concluded Ms Collawn. “We will continue to collaborate with customers, communities, legislators and regulators to achieve our shared goals for a reliable, resilient grid to support economic prosperity and clean energy.”

News: Blackstone bets on soaring power demand with $11.5 billion TXNM Energy deal

3G Capital takes Skechers private in $9bn deal

BY Fraser Tennant

In the footwear industry’s biggest buyout to date, shoe brand company Skechers is to be acquired by global investment firm 3G Capital in a transaction valued at $9.42bn.

Under the terms of the definitive merger agreement, 3G Capital has agreed to pay $63 per share in cash for all outstanding shares of Skechers. The transaction will be financed through a combination of cash provided by 3G Capital as well as debt financing.

Upon completion of the transaction, Skechers’ common stock will no longer be listed on the New York Stock Exchange, and Skechers will become a private company.

“Over the last three decades, Skechers has experienced tremendous growth,” said Robert Greenberg, chairman and chief executive of Skechers. “Our success has been due to our commitment to excellence and innovation across the entire Skechers organisation, in-demand comfort-focused product offering and loyal partners.”

One of the largest founder-led consumer product companies in the world with $9bn in annual sales, Skechers’ significant growth over the past 30 years has been driven by a relentless focus on delivering style, comfort, quality and innovation at an affordable price.

“With a proven track-record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital,” continued Mr Greenberg. “Given their remarkable history of facilitating the success of some of the most iconic global consumer businesses, we believe this partnership will meet the needs of our consumers and customers while enabling the company’s long-term growth.”

The deal represents a transformational long-term partnership opportunity for Skechers to further evolve as a global leader in both lifestyle and performance footwear. The company’s senior management team will lead that transition alongside 3G Capital, one of the foremost growth-focused investors in the world.

“We are thrilled to be partnering with Skechers and look forward to working with an entrepreneur of Robert’s calibre and the talented Skechers team,” said Alex Behring, co-founder and co-managing partner, and Daniel Schwartz, co-managing partner, of 3G Capital. “Skechers is an iconic, founder-led brand with a track record of creativity and innovation.”

Following the completion of the transaction – which has been unanimously approved by the Skechers board of directors – Skechers will continue to execute its ongoing strategic initiatives including designing award-winning and innovative product, international development, direct-to-consumer expansion, domestic wholesale growth, and strategic investments in global distribution, infrastructure and technology.

Mr Behring and Mr Schwartz concluded: “We have immense admiration for the business that the Skecher’s team has built, and look forward to supporting the company’s next chapter.”

News: Skechers to go private for $9.42 billion in biggest sneaker industry deal