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Maverik Completes Colorado Rebrands, Donates $1 Million to Feeding America

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Maverik celebrated the first anniversary of acquiring the Kum & Go convenience-store chain by completing its store rebrands in Colorado and donating $1 million to Feeding America, the largest domestic hunger-relief organization in the U.S. The celebration took place at the rebranded North Tower Road location in Denver, with Maverik CEO and “chief adventure guide” Crystal Maggelet present to mark the occasion. The event also kicked off store transformations in Wyoming. Of the $1 million donation, $100,000 will go to the Food Bank of the Rockies, which serves communities facing food insecurity across half of Colorado and all of Wyoming. Maverik emphasized that this contribution will support Feeding America and local partner food banks across the company’s 20-state footprint, providing essential support to those in need. Maverik is ranked No. 12 on CSP’s 2024 Top 202 list of U.S. convenience-store chains by store count. During the event, Crystal Maggelet was joined by Lauren Biedron, Feeding America’s Senior Vice President of Corporate Partnerships, Jennifer Lackey, Food Bank of the Rockies’ Chief Development Officer, and Michelle Monson, Maverik’s Communications and Corporate Social Responsibility Director. Maggelet highlighted the ongoing growth and integration of Maverik and Kum & Go brands, which now span over 840 stores in 20 states from the Midwest to the West Coast. “Our acquisition of Kum & Go has strengthened our position as a leading convenience-store retailer, and I am proud of the progress we’ve made in integrating the two brands,” she said. “Our focus remains on delivering exceptional experiences for our customers, supporting our team members, and giving back to the communities we serve.” Maverik has completed 97 rebrands across Utah and Colorado, aiming to provide customers with a consistent experience across all store aspects, including food offerings, in-store ambiance, product selection, rewards programs, and customer service. Customers from former Kum & Go locations are encouraged to join Maverik’s Adventure Club or the upgraded Nitro membership to enjoy fuel discounts, freebies, and other rewards. Source: CSP Daily News  

Maverik Completes Colorado Rebrands, Donates $1 Million to Feeding America Read More »

McKesson to Acquire Controlling Interest in Florida Cancer Specialists’ Management Services for $2.49 Billion

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McKesson Corp. has announced its agreement to acquire a controlling stake in Community Oncology Revitalization Enterprise Ventures LLC (Core Ventures) for $2.49 billion in cash. Core Ventures, a business and administrative services organization established by Florida Cancer Specialists & Research Institute (FCS), supports nearly 100 FCS clinics across Florida. The transaction will give McKesson approximately 70% ownership, with FCS physicians retaining a minority interest. Core Ventures offers operational and advisory services that align practice locations, ancillary services, and patient care across FCS. The acquisition will integrate Core Ventures into McKesson’s Oncology platform, with financials reported under the US Pharmaceutical segment. FCS, which operates with more than 250 physicians and 280 advanced practice providers, will remain independently owned but will join McKesson’s US Oncology Network, enhancing community-based cancer care. “This acquisition strengthens our ability to deliver advanced treatments and enhance care experiences while reducing costs,” said Brian Tyler, CEO of McKesson. “Our collaboration with FCS and Core Ventures aligns with our commitment to improving patient outcomes and expanding access to quality care.” FCS CEO Nathan Walcker echoed the sentiment: “This partnership with McKesson and joining The US Oncology Network is a significant step for FCS. It enhances our mission to deliver patient-centered cancer care and bring cutting-edge medicine into communities across Florida.” The deal is subject to regulatory clearances and standard closing conditions. Source: hcinnovationgroup

McKesson to Acquire Controlling Interest in Florida Cancer Specialists’ Management Services for $2.49 Billion Read More »

Global M&A Deal Values Rose 11.7%, but Number of Deals Fell 12.9% in First Half of 2024: S&P Global Report

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The total value of mergers and acquisitions (M&As) globally increased by 11.7% to $1.221 trillion during the first half of 2024, according to S&P Global Market Intelligence’s Q2 2024 Global M&A and Equity Offerings Report. Despite this rise in deal value, the number of deals fell by 12.9%, with only 19,415 transactions recorded in the same period. The report highlighted that a $10 billion increase in M&A deals outside the US contributed to the growth in global deal value for the third consecutive quarter. However, the overall number of transactions remained lackluster, with large transactions driving the increase in total value. Joe Mantone, the lead author of the report, noted that while the number of deals is down, the presence of bigger deals is sustaining some growth in the overall transaction value. The report also mentioned that the M&A slowdown, which began in 2022 due to rate hikes, has continued, with the total number of global M&A transactions falling below 10,000 three times in the last four quarters. Looking ahead, Mantone suggested that clarity around the political landscape and a sustained rate-cutting cycle could create optimism for M&A and IPO activities heading into 2025.

Global M&A Deal Values Rose 11.7%, but Number of Deals Fell 12.9% in First Half of 2024: S&P Global Report Read More »

Citius Pharmaceuticals Announces TenX Keane Shareholder Approval of Merger with Citius Oncology, Inc.

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Citius Pharmaceuticals, Inc. (Citius Pharma) has announced that shareholders of TenX Keane Acquisition (TenX) have approved the merger with Citius Pharma’s oncology subsidiary. The new public company will be named Citius Oncology, Inc. The merger, approved by the boards of both companies, is expected to close soon, pending certain conditions. This merger aims to enhance Citius Oncology’s access to public equity markets, support the commercialization of LYMPHIR, if approved, and explore additional oncology opportunities. Leonard Mazur, Chairman and CEO of Citius Pharma, expressed optimism about the merger’s potential to unlock value in their oncology assets. The agreement involves TenX acquiring Citius Pharma’s oncology subsidiary, converting shares into common stock of Citius Oncology. Upon closing, Citius Pharma will hold about 65.6 million shares of Citius Oncology, representing roughly 90% ownership. Additionally, Citius Pharma will contribute $10 million in cash, with TenX’s remaining trust account cash aiding Citius Oncology’s working capital. The transaction is detailed in the merger agreement, filed in a Current Report on Form 8-K with the SEC. Advisors for the transaction include Maxim Group LLC for Citius Pharma, Newbridge Securities Corporation for TenX, and legal advisors Wyrick Robbins Yates & Ponton LLP for Citius Pharma and The Crone Law Group P.C. for TenX. Citius Oncology will focus on developing and commercializing novel oncology therapies, with LYMPHIR aiming for FDA approval to treat cutaneous T-cell lymphoma (CTCL). The market for LYMPHIR is estimated to exceed $400 million, with robust intellectual property protections supporting its competitive positioning. If approved, LYMPHIR could be available by Q4 2024.

Citius Pharmaceuticals Announces TenX Keane Shareholder Approval of Merger with Citius Oncology, Inc. Read More »

India Leads Asia-Pacific Region’s M&A Deals in Q1 2024: S&P Global

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India showed impressive numbers in merger and acquisition (M&A) deals in the Asia-Pacific region’s financial sector in the first quarter (Q1) of 2024, with 27 deals closed. This outpaced other countries in the region, such as Japan with 13 deals, Australia with 12, South Korea with 11, and Mainland China with nine, according to S&P Global Market Intelligence. The number of deals in India in Q1 2024 was one more than the previous year, while other countries saw a decline or stagnation in deal volumes. Overall, deal volumes in the region fell by 14% year-on-year, ending March 31, 2024, due to economic uncertainties, higher funding costs, and increased volatility from geopolitical risks. Leigh Howard, Chief Executive Officer of AsiaLink Business, highlighted India as a bright spot with a strong forecast and resilience, suggesting a reasonable expectation for continued robust deal-making. China experienced a significant drop in deal numbers, falling to nine in Q1 2024 from 24 the previous year. Australia saw a decrease to 12 deals from 26 a year ago. Four of the top 10 deals in value were closed in India, with a combined deal value of $845.79 million. The largest was Sumitomo Mitsui Financial Group’s (SMFG) acquisition of SMFG India Credit for $700 million. Other notable deals included Piramal’s acquisition of Annapurna Finance, Rajiv Rattan’s purchase of a stake from Lonestar Americas in RattanIndia Finance, and Muthoot Finance’s investment in Belstar Microfinance.

India Leads Asia-Pacific Region’s M&A Deals in Q1 2024: S&P Global Read More »

Crescent Finalises $2.1 Billion Acquisition of SilverBow Resources

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US oil company Crescent Energy has completed its $2.1 billion acquisition of SilverBow Resources, becoming the second-largest operator in the Eagle Ford. After integration, the combined entity’s production capacity is expected to be around 250,000 barrels of oil equivalent per day (boepd). The cash and stock deal, announced in May this year, concluded ahead of schedule. This acquisition enhances Crescent’s status as a leading mid-cap exploration and production company with a diverse, high-quality asset portfolio. The merger is expected to yield substantial free cash flow and has been structured with a disciplined capital allocation framework. Crescent noted that this move will facilitate further growth through accretive, returns-driven mergers and acquisitions. Following the integration, the combined entity’s production capacity is estimated to reach around 250,000 boepd. SilverBow shareholders have received approximately $358 million in total cash consideration, with Crescent issuing around 52 million shares of Class A common stock to cover the non-cash portion of the transaction. Post-acquisition, former SilverBow shareholders now hold about 23% of the combined company on a fully diluted basis. Crescent CEO David Rockecharlie said, “Today is an exciting day for Crescent. We are well positioned to create value, and I am grateful for the trust from our original Crescent and new SilverBow shareholders, each of whom voted with an overwhelming majority to approve our merger and to take equity consideration and participate in the go-forward company.” “Through disciplined investing and operations, we have delivered profitable growth, tripling the size of our business over the last four years. We have created a premier growth through acquisition platform by executing on our cash flow and returns-oriented strategy. Today, we are focused on rapidly integrating our new assets and personnel and continuing to deliver on the significant synergies we’ve identified to strengthen returns.” Crescent has announced plans to provide pro forma guidance for the second half of 2024 to reflect the acquisition’s impact. Additionally, the company is set to issue its financial and operating results for the second quarter of 2024 after the market closes on August 5, 2024. Source: Offshore Technology

Crescent Finalises $2.1 Billion Acquisition of SilverBow Resources Read More »

Telecom M&A Activity Witnesses Surge: 514 Deals from 2019 to 2023

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The communications service provider (CSP) sector has seen substantial consolidation over the past few years, with a total of 514 mergers and acquisitions (M&A) involving mobile and wireline companies globally between 2019 and 2023, according to Omdia’s latest research. M&A Deal Volume from 2019-2023 In this period, wireline M&A deals outnumbered mobile deals significantly, with 392 wireline and 122 mobile transactions. A notable mobile M&A deal includes the proposed merger between Vodafone and Three in the UK, which, pending approval by the Competition and Markets Authority, would result in the UK’s second-largest mobile operator by subscriptions. Recent Trends and Market Dynamics The number of M&A deals across all CSP sectors totaled 214 in 2023, a decrease from a peak of 316 in 2021. This decline can be attributed to high interest rates and a cyclical downturn in the technology industry. Despite these challenges, the telecom market’s dynamics indicate a persistent drive for further M&A activities among CSPs. Matthew Reed, Chief Analyst for Service Providers & Markets at Omdia, noted, “With revenues in the telecom sector growing at a low rate while markets are competitive and increasingly mature, many more CSPs will seek consolidation to cut costs by eliminating duplication and invest in network technologies such as fiber and 5G to propel growth in their connectivity business.” Strategic Benefits of M&A Merging provides operators with economies of scale, increased competitiveness against major players, opportunities for cross-selling, and greater procurement power. Beyond consolidation, telecom operators are using M&A to implement delayering and diversification strategies. Delayering and Diversification Strategies Delayering involves CSPs selling infrastructure assets, such as telecom towers, to raise funds for debt reduction or investment in other business areas. For example, in July, Telecom Italia (TIM) sold its fixed-line business in Italy to investment group KKR, enabling TIM to focus on growth through new beyond-connectivity consumer services and enterprise ICT services. CSPs are also acquiring companies in high-growth technology sectors to diversify their offerings. Both Orange and Telefonica have expanded significantly into the cybersecurity sector through strategic acquisitions. Matthew Reed added, “For telecom operators that want to become technology services providers, one way to make that transition is to buy companies that already have the capabilities and customer base in the target sectors.”

Telecom M&A Activity Witnesses Surge: 514 Deals from 2019 to 2023 Read More »

Deel Buys Device Management Startup Hofy in a ‘Win-Win’ Acquisition

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The HR tech sector is currently booming, with investment rounds and mergers and acquisitions (M&A) continuing at a brisk pace. The latest news comes from Deel, which has made its third acquisition this year. Read on to find out more about Deel’s purchase of Hofy and what it means for both companies’ existing HR customers. The HR tech market remains robust and resilient despite challenging macroeconomic conditions. Investments into the sector continued unabated, as do HR tech mergers and acquisitions (M&As). The latest M&A news comes from global HR company Deel – it has acquired Hofy, a London-based device management startup. Hofy enables its 700 customers across the world (including Canva, Veeva, and Fujitsu) to equip their teams with work devices in just one click. Hofy also manages the entire lifecycle of the company device. The Hofy acquisition is Deel’s third acquisition in 2024 – back in the spring, Deel bought German performance management company Zavvy and Africa-based payroll giant PaySpace. The latest news with Hofy is a full circle moment for its Co-Founder and CPO Michael Ginzo – he was an early employee at Deel and left in 2020 to start Hofy. A Bright Future for Deel and Hofy? Founded in 2019, Deel has seen impressive growth over the past five years – it now employs 4,000 people in 100 countries, has raised $630 million, has reached a $12 billion valuation, and has $500 million in annual recurring revenue. Deel helps 35,000 companies look after their teams – standout customers include Nike, BCG, Shopify, and Calvin Klein. UNLEASH was keen to find out why purchasing Hofy was the right next move for Deel and its customers. Speaking exclusively to UNLEASH, Deel’s Co-Founder and CEO Alex Bouaziz shares: “By bringing Hofy’s best-in-class services and device lifecycle management in-house, we hope to simplify global business complexities for our customers with a unified platform that handles everything from device delivery and management to software provisioning and app access. Now we’ll be able to handle this in 120+ countries – it’s going to radically simplify device management and IT support for global teams.” For Bouaziz, Deel’s purchase of Hofy is “another way we’re building a simpler, more consolidated infrastructure for global companies and their teams.” Hofy’s Ginzo also spoke to UNLEASH – he adds: “Hofy and Deel share a vision of simplifying hybrid work – including facilitating remote workforces with a hassle-free onboarding experience. I saw a massive opportunity in the global hiring movement when I was working at Deel on the product team. Hofy has helped meet this demand by delivering and managing devices in 120+ countries around the world. We’ve seen huge growth, and now it’s time to take that to the next level. With Hofy joining Deel, customers will be able to enjoy all the benefits of our device management platform, alongside Deel’s compliance, payroll, HRIS, immigration, and people management products. It’s a win-win, and we couldn’t be happier to combine forces.”  

Deel Buys Device Management Startup Hofy in a ‘Win-Win’ Acquisition Read More »

FTC Requests More Information on $6.4B IBM Planned Acquisition of HashiCorp

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The Federal Trade Commission (FTC) has made a “second request” for additional information around IBM’s (IBM) plan to acquire cloud software company HashiCorp (HCP) for $6.4 billion. HashiCorp said Monday that it received the request last week, and the companies plan to “promptly respond to the Second Request and to continue working cooperatively with the FTC.” IBM and HashiCorp still expect the acquisition to be completed by the end of 2024, according to a filing with the Securities and Exchange Commission (SEC). FTC Assessing Competitive Impacts of Deal The FTC defines a “second request” as part of the deal monitoring process that “typically asks for business documents and data that will inform the agency about the company’s products or services, market conditions where the company does business, and the likely competitive effects of the merger.” HashiCorp did not disclose what information or documents the agency requested, but the review suggests the FTC could have concerns about whether the acquisition would be harmful to competition in the cloud computing space. The deal was originally announced in April, with the sides also stating at the time that it was expected to close by the end of 2024. IBM said in announcing the deal that it was the next step in the company’s “deep focus and investment in hybrid cloud and AI.” Latest in String of FTC Investigative Moves Under the Biden administration, the FTC has stepped up its enforcement efforts, taking a more stringent approach to antitrust policy under Chair Lina Khan. Energy giants Marathon Oil (MRO) and ConocoPhillips (COP) said Friday that they had recently received a second request from the FTC over a deal announced in May that would see ConocoPhillips pay $22.5 billion to acquire Marathon. IBM shares were up less than 1% at $184.35 as of about 11:45 a.m. ET Monday. HashiCorp stock was down less than 1% at $33.44.

FTC Requests More Information on $6.4B IBM Planned Acquisition of HashiCorp Read More »

Relativity Acquisition Corp Signs Letter of Intent for $500 Million Merger with Mazaii Corp Ltd.

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Relativity Acquisition Corp., a special purpose acquisition company (“Relativity”), announced that it has entered a letter of intent (“LOI”) for a proposed business combination that will result in Relativity acquiring 100% of the outstanding equity and equity equivalents of Mazaii Corp Ltd. (“Mazaii” or the “Company”). The Transaction values the Company at an initial enterprise value of U.S. $500 million. Mazaii Corp Ltd. Mazaii Corp Ltd. is a Montreal-based innovator in the iGaming industry, specializing in the creation and distribution of cutting-edge online casino games and betting solutions. The company supplies its advanced gaming content and technology to prominent brands within the sector, enhancing their platforms and player experiences. Through strategic acquisitions, Mazaii Corp expands its market reach and strengthens its product offerings across key regions, including Europe, North America, Latin America, and Asia. Tarek Tabsh, Chief Executive Officer and Chairman of Relativity Acquisition Corp., commented, “The iGaming industry is experiencing rapid growth, with increasing acceptance and legalization in various regions. Growing consumer demand, driven by the increasing penetration of smartphones and internet access, further fuels this expansion. The Mazaii international platform provides a significant opportunity for scalability and revenue growth. This transaction will enhance Mazaii’s competitive advantage and market positioning.” Eli Baazov, Mazaii’s Chief Executive Officer, stated, “We are thrilled to share the transformative journey of Mazaii in revolutionizing the online gambling arena. We have fortified our position, expanded our market reach, and enhanced our innovative service offerings. With our in-house intellectual property and continuous organic growth, we are confident in our ability to disrupt the gaming landscape and achieve highly favorable results for our shareholders beyond 2024. This is just the beginning of our journey, and we are excited to shape the gaming industry’s future.” The completion of the transaction is contingent upon several factors, including due diligence, negotiation of a definitive agreement, regulatory approvals, and approval by the board and stockholders of both companies. Additional details will be disclosed upon reaching a definitive agreement. The transaction is anticipated to be finalized in the second half of this year, subject to unforeseen circumstances. About Relativity Acquisition Corp. Relativity Acquisition Corp. is a blank check company sponsored by Relativity Acquisition Sponsor LLC, a Delaware limited liability company, formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. About Mazaii Corp Ltd. Mazaii Corp Ltd. is a Montreal-based innovator in the iGaming industry, specializing in the creation and distribution of cutting-edge online casino games and betting solutions. The company supplies its advanced gaming content and technology to prominent brands within the sector, enhancing their platforms and player experiences. Through strategic acquisitions, Mazaii Corp expands its market reach and strengthens its product offerings across key regions, including Europe, North America, Latin America, and Asia. Forward-Looking Statements This press release may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations, financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release, are forward-looking statements. These statements are based on management’s beliefs and assumptions and information currently available to them. Actual results could differ materially from those contemplated by the forward-looking statements due to certain factors detailed in the Company’s filings with the Securities and Exchange Commission (“SEC”). The Company undertakes no obligation to update these statements after the date of this release, except as required by law.

Relativity Acquisition Corp Signs Letter of Intent for $500 Million Merger with Mazaii Corp Ltd. Read More »