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Deals Digest: Top 5 Acquisition, Mergers, Funding of the Fortnight

Posted by Devayani Bapat

April 3, 2024

Learn about all the must-know deals shaking up the global market.

Welcome back to Deals Digest, our biweekly roundup of the latest business news. From billion-dollar acquisitions to transformative mergers, here’s a summary of the most significant developments shaping the global economy.

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CPS announces its plans to buy gas plants from Talen Energy for about $785 million

CPS Energy, a utility company based in San Antonio, Texas, has announced its intention to acquire two natural gas plants in Corpus Christi and Laredo from Talen Energy for $785 million. CPS Energy is committed to innovation and expansion and serves over 880,000 electric consumers and approximately 360,000 gas customers.

This particular acquisition adds 1,710 megawatts of capacity to CPS Energy’s portfolio, strategically located within the Electric Reliability Council of Texas south zone. This move aligns with CPS Energy’s strategy to modernize its generation fleet by retiring older units and integrating a mix of gas, solar, wind, and energy storage technologies. The acquired assets include the Barney Davis and Nueces Bay natural gas-fired facilities in Corpus Christi, totaling 897 megawatts, and a 178-megawatt facility in Laredo.

Canadian WSP Global Inc. acquires Finnish companies Proxion Plan Oy and Proxion Pro Oy

WSP Global Inc. has acquired Finnish companies Proxion Plan Oy and Proxion Pro Oy, subsidiaries of Proxion Oy, to bolster its railway infrastructure expertise in Finland. The acquisition, completed on March 26, 2024, adds 150 employees to WSP’s workforce and strengthens its railway consultancy, design, and safety services capabilities. This move enhances WSP’s position in the Finnish market, allowing it to lead large-scale railway projects and offer comprehensive transport and infrastructure solutions.

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WSP Global Inc., a leading professional services firm listed with the Canadian Stock Exchange, specializes in offering strategic advisory, engineering, and design solutions across various sectors, including transportation, infrastructure, environment, building, energy, water, and mining. With a workforce of 66,500 professionals worldwide, WSP is committed to delivering sustainable solutions to future-proof cities and the environment. Integrating Proxion’s experts will contribute to WSP’s goal of providing sustainable mobility solutions in line with the green transition.

Ingersoll Rand acquires ILC Dover for $2.33 billion to expand into life sciences

With esteemed brands such as Champion and CompAir under its wings, Ingersoll Rand has announced its acquisition of ILC Dover from New Mountain Capital for approximately $2.33 billion. This move aims to enhance Ingersoll Rand’s presence in the life sciences markets. ILC Dover, renowned for providing spacesuits to NASA, manufactures products crucial for safe pharmaceutical handling during drug manufacturing.

Through this acquisition, Ingersoll Rand gains access to over 1,000 customers in the life science and healthcare sectors, facilitating potential growth in other product lines. The deal establishes a new life sciences platform within Ingersoll Rand’s Precision and Science Technologies segment, led by ILC’s CEO Corey Walker. The transaction is expected to finalize in the second quarter, with an earnout tied to achieving select operating metrics in 2024.

Johnson Matthey agrees to sell Medical Devices Business for $700 million

Johnson Matthey Plc has signed an agreement to sell its Medical Device Components business (MDC) to Montagu Private Equity for a cash consideration of $700 million (£550 million). This will be on a cash-free, debt-free basis. Montagu Private Equity has an extensive portfolio comprising prolific companies such as IMV Technologies, Arkopharma, and Parent Pay Group, to name a few. On the other hand, MDC specializes in producing components for medical devices globally, focusing on precious metal alloys and nitinol. The sale marks the completion of JM’s divestment program for its Value Businesses, exceeding the target of £300 million. JM intends to return £250 million of the sale proceeds to shareholders through a share buyback program, with the remaining funds allocated for debt repayment and general corporate purposes. The transaction is subject to regulatory approval.

Francisco Partners to purchase Jama Software for $1.2 billion

Jama Software, a leading provider of requirements management and traceability solutions with enterprise customers from reputed companies such as Deloitte and Siemens, has been acquired by Francisco Partners for $1.2 billion. The acquisition builds on Jama Software’s impressive organic revenue growth over the past five years. It aims to solidify its position in intelligent engineering management further. Marc Osofsky, CEO of Jama Software, will continue to lead the company. The deal reflects Francisco Partners’ confidence in Jama Software’s vision and strategy, positioning the company for continued expansion across industries and geographies. The transaction is subject to closing conditions.

Today’s corporate landscape is dynamic, with mergers fostering innovation and acquisitions indicating strategic growth. These deals reflect companies’ eagerness to expand and evolve. As we look ahead, anticipation grows for the next wave of transformative transactions shaping the business world. Stay tuned for insights into the intricacies of corporate dealings, and explore our previous coverage of noteworthy mergers and acquisitions here. Or partner with the right outsourced firm to help you stay ahead of the curve.

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This material has been prepared for informational purposes only. Escalon and its affiliates are not providing tax, legal, or accounting advice in this article. If you would like to engage with Escalon, please get in touch with us here.


Devayani Bapat
Devayani Bapat

With 6 years of experience in copywriting and social media management across genres, Devayani's heart lies with weaving words into stories and visuals into carefully crafted narratives that’ll keep you wanting more. She carries with her, her pocket notebook, a trusted confidante that goes with her wherever she goes, and scribbles down into it anecdotes on the go. Her secret weapon for keeping all things copy interesting! Apart from writing, Devayani is huge on travelling. You'll find her booking her next adventure while she's on her current one. And while on those adventures, you'll find her devouring true crime books one after the other. Whether it's a low down on a recent case or one that occurred 70 years ago, she can cook up a story narration you'll never forget.

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