Woodside sells LNG asset stake in $5.7bn deal

BY Richard Summerfield

Woodside Energy has agreed to sell a 40 percent stake in its Louisiana LNG plant to US infrastructure investor Stonepeak for $5.7bn. Stonepeak, an alternative investment firm with around $72bn in assets, will acquire the stake in the Gulf Coast LNG corridor.

Completion of the deal is subject to conditions including the final investment decision (FID) for the Louisiana LNG development and regulatory approvals. The effective date is 1 January 2025, with closing targeted for the second quarter of 2025.

According to a statement announcing the deal, the transaction will significantly reduce Woodside’s capital expenditure profile and is a material step toward readiness for a final investment decision. A $2bn payment is expected for Stonepeak’s share of capex funding incurred since the effective date.

Under the terms of the deal, Stonepeak will provide $5.7bn toward the expected capital expenditure for the foundation development of Louisiana LNG on an accelerated basis, contributing 75 percent of project capital expenditure in both 2025 and 2026. This enhances the project economics and Woodside’s cash flow profile ahead of revenues from Woodside’s Scarborough Energy Project in Australia, strengthening the capacity for shareholder returns. The remainder of Stonepeak’s committed capital will be funded in subsequent years.

Upon completion of the deal, Stonepeak will hold 40 percent equity in Louisiana LNG Infrastructure LLC (InfraCo), with the remaining 60 percent of InfraCo owned by Louisiana LNG LLC (HoldCo), the holding company operated by Woodside. The investment is supported by a long-term liquefaction tolling agreement between InfraCo and HoldCo featuring competitive tolling fee terms, with the latter to manage gas supply and LNG offtake.

“We are very pleased to have Stonepeak join us in Louisiana LNG, given their demonstrated track record investing in US gas and LNG infrastructure across LNG facilities, LNG carriers, and floating storage and regasification units,” said Meg O’Neill, chief executive of Woodside. “This transaction further confirms Louisiana LNG’s position as a globally attractive investment set to deliver long-term value to our shareholders. It is the result of a highly competitive process that attracted leading global counterparties and significantly reduces Woodside’s capital expenditure for this world-class project.”

“With the need to bring significant additional capacity online over the coming years, we have strong conviction in the critical role Louisiana LNG will play in the US LNG export market,” said James Wyper, senior managing director and head of US private equity at Stonepeak. “The project represents a compelling opportunity to invest in a newbuild LNG export facility nearing FID approval with an attractive risk/reward profile and best-in-class partners in both Bechtel and Woodside to construct and operate the asset.”

News: Australia’s Woodside sells Louisiana LNG stake to Stonepeak for $5.7 billion

Greencore agrees $1.6bn Bakkavor deal

BY Richard Summerfield

Dublin-based convenience food giant Greencore has agreed to acquire rival Bakkavor in a deal worth $1.6bn. This acquisition will create a giant in the fresh prepared food market, with a combined revenue of £4bn.

Under the terms of the deal, Bakkavor shareholders will be entitled to receive 85 pence in cash and 0.604 Greencore shares for each Bakkavor share held. Bakkavor shareholders will also remain entitled to receive the Bakkavor full year 2024 final dividend of 4.8 pence, declared on 4 March 2025 and payable on 28 May 2025, subject to shareholder approval at Bakkavor's annual general meeting on 22 May 2025.

In total, the offer values each Bakkavor share at 200 pence, a price which represents a premium of 32.5 percent to Bakkavor’s closing share price on 13 March, the day prior to the commencement of the offer period, 39.8 percent to Bakkavor’s volume-weighted average closing share price of 143 pence per share for the three months to 13 March, and 36.6 percent to Bakkavor’s volume-weighted average closing share price of 146 pence per share for the six months to 13 March.

Upon completion of the deal, Greencore shareholders would own approximately 56 percent of the combined group with Bakkavor shareholders owning the remaining 44 percent. The companies said the cash and shares offer, on which they had reached “agreement in principle”, would proceed subject to shareholder and regulatory approval. Greencore said Bakkavor had indicated its board would be “minded unanimously to recommend” the offer to its shareholders.

According to the statement announcing the deal, the transaction includes a contingent value right for Bakkavor shareholders linked to a potential sale of Bakkavor’s US business. Additional value would payable if the sale occurs before 30 June 2026 or completes within 12 months of the offer.

Furthermore, upon completion, Agust Gudmundsson and Lydur Gudmundsson, currently non-executive directors of Bakkavor, would join the board of the combined group as non-executive directors.

With this acquisition, Greencore aims to strengthen its leadership in the fresh prepared food industry, expand its retail partnerships and grow its global footprint. Bakkavor is one of the UK’s largest makers of fresh food, such as ready meals, salads and dips. The company is a key supplier in the freshly prepared food market, providing M&S gastropub ready meals, Tesco’s Pinch brand and Sainsbury’s healthy snacking range. The company operates across 41 sites, employs more than 17,000 people and generates £2.3bn in revenue, with 85 percent coming from the UK. Bakkavor is also expanding its presence in the US and China.

News: UK food group Greencore to buy rival Bakkavor in $1.6 billion deal

Bain Capital acquires Namirial in $1.2bn deal

BY Fraser Tennant

In a deal aimed at consolidating its leadership in the digital transaction management software sector, global private investment firm Bain Capital is to acquire Italian software developer Namirial from European asset manager Ambienta for $1.2bn.

The financial terms of the transaction have not been disclosed.

Founded in 2000 in Italy, Namirial is operating today in over 85 countries, employing approximately 1000 people. Together with its international network of over 1000 strategic partners, Namirial serves thousands of customers worldwide, processing several million transactions every day.

The company has successfully expanded its product offerings and market presence through both organic growth and strategic acquisitions, with a strong core market presence in Italy and growing international reach across Europe.

“Ambienta has been an invaluable partner in driving our growth and innovation,” said Max Pellegrini, chief executive of Namirial. “Now we are thrilled to welcome Bain Capital as a strategic partner as we embark on the next phase of our journey.

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. Its global platform invests across five focus areas: private equity, growth & venture, capital solutions, credit & capital markets, and real assets.

“With Bain Capital's support and expertise, we are poised to elevate our business to new and exciting heights, driving innovation, and setting industry standards,” continued Mr Pellegrini. “Together, we are well-equipped to unlock our full business potential and shape the future of our industry.”

The partnership between Namirial and Bain Capital aims to capitalise on regulatory tailwinds and growing demand for secure and compliant digital transactions in an increasingly digital world.

“This investment further builds on our successful technology and Italian franchises,” said Giovanni Camera, a partner at Bain Capital. “Namirial stands out with its impressive track record of sustained growth and relentless innovation in the digital transaction management space.”

The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions and regulatory approvals.

Enrico Giacomelli, founder of Namirial, concluded: “We are very excited about what the future holds for us and believe that Bain Capital is the ideal partner to support us in our next stage of growth and to create the global industry champion.”

News: Bain Capital to acquire Namirial

James Hardie and AZEK combine in $8.75bn deal

BY Fraser Tennant

In a deal combining world-class talent with shared cultures, fibre-cement maker James Hardie Industries is to acquire US artificial decking maker AZEK in a transaction valued at $8.75bn.

Under the terms of the definitive agreement, AZEK shareholders will receive $26.45 in cash and 1.0340 ordinary shares of James Hardie to be listed on the New York Stock Exchange for each share of AZEK common stock they own.

Upon completion of the transaction, James Hardie and AZEK shareholders are expected to own approximately 74 percent and 26 percent, respectively, of the combined company.

The combination of James Hardie and AZEK will create a leading exterior and outdoor living building products growth platform with efficient scale and profitability supported by leading brands driving material conversion.

By bringing together highly complementary products that span siding, exterior trim, decking, railing and pergolas, the combined company will offer a comprehensive and innovative material replacement solution to homeowners, customers and contractors.

“This combination with AZEK is an extraordinary opportunity to accelerate our growth strategy, deliver enhanced and differentiated solutions to our customers and drive shareholder value,” said Aaron Erter, chief executive of James Hardie. “We are uniting two highly complementary companies with large material conversion opportunities and shared cultures centred around providing winning solutions to our customers and contractors.”

The boards of directors of both James Hardie and AZEK have each unanimously approved the transaction.

“Over AZEK’s more than 40-year history, we have made strategic investments in innovation, capabilities and talent, driving sustained above-market growth with our industry-leading brands and delivering an attractive margin profile with significant opportunities for expansion ahead,” said Jesse Singh, chief executive of AZEK. “Building upon our proven track record of success, this deal marks an exciting start to the next phase of AZEK’s journey to further accelerate growth and material conversion.”

The transaction is currently anticipated to close in the second half of 2025 subject to customary closing conditions, regulatory approvals and AZEK shareholder approval.

Mr Singh concluded: “We are bringing together two customer-centric organisations with a shared commitment to innovation and building a better, more sustainable and resilient future, and we are excited about the opportunities ahead.”

News: James Hardie offers $8.8 billion for US building products maker AZEK

Genetic testing firm 23andMe files for Chapter 11 bankruptcy

BY Richard Summerfield

DNA testing firm 23andMe has filed for Chapter 11 to help sell itself. Anne Wojcicki, 23andMe’s co-founder who has been attempting to take the company private, has stepped down from her role with the intent to become an outside bidder for the asset sale.

23andMe filed for bankruptcy protection in the US Bankruptcy Court for the Eastern District of Missouri to “facilitate a sale process to maximise the value of its business”. The company plans to sell its assets through a Chapter 11 plan which, if approved by the court, will see 23andMe “actively solicit qualified bids” over a 45-day process.

The company has between $100m and $500m in estimated assets, as well as between $100m and $500m in estimated liabilities, according to the bankruptcy filing. To support the business in the months ahead, private equity (PE) firm JMB Capital Partners has committed up to $35m of debtor-in-possession financing.

Ms Wojcicki will remain a member of the board. Joseph Selsavage, 23andMe’s chief financial and accounting officer, will serve as interim chief executive, according to a filing with the US Securities and Exchange Commission.

“After a thorough evaluation of strategic alternatives, we have determined that a court-supervised sale process is the best path forward to maximize the value of the business,” said Mark Jensen, chair and member of the special committee of the board. “We expect the court-supervised process will advance our efforts to address the operational and financial challenges we face, including further cost reductions and the resolution of legal and leasehold liabilities. We believe in the value of our people and our assets and hope that this process allows our mission of helping people access, understand and benefit from the human genome to live on for the benefit of customers and patients.

“We want to thank our employees for their dedication to 23andMe’s mission. We are committed to supporting them as we move through the process. In addition, we are committed to continuing to safeguard customer data and being transparent about the management of user data going forward, and data privacy will be an important consideration in any potential transaction,” he added.

23andMe has endured a difficult few years both financially and reputationally. The company was subject to an enormous data breach in 2023 that affected the data of nearly 7 million people, about half of its customers. Since that breach, revenues have fallen as many of its customers scrambled to delete their DNA data from the company’s archives. Amid falling share prices and a dwindling customer base, the company reduced its workforce by around 200 people – roughly 40 percent of its staff – and stopped development of all its therapies in November. The company also agreed to pay $30m and undergo three years of security monitoring to settle a lawsuit accusing it of failing to protect the privacy of those customers whose personal information was exposed in the data breach.

Since April 2024 Ms Wojcicki had pushed to buy out 23andMe, but her efforts were rebuffed by the board. Most recently, Ms Wojcicki and her PE partner New Mountain offered to acquire all of 23andMe’s outstanding shares for $2.53 per share, or an equity value of approximately $74.7m in February 2025, however that offer was rejected. Earlier this month she offered $0.41 per share, an 84 percent cut from an offer the previous month since her PE partner in that bid had walked following the board’s rejection.

News: DNA testing firm 23andMe files for bankruptcy as demand dries up