Deals of the day: Mergers and acquisitions
KKR•Deals included Copart’s planned $1.9 billion all-cash acquisition of ACV Auctions, Shell’s $715 million sale of power-plant interests to Constellation Energy, and several other proposed transactions.
1. Software and staffing deals
Francisco Partners and KKR agreed terms to buy minority stakes in Italian software company TeamSystem from its main investor, Hellman & Friedman, three people familiar with the matter said. British recruiter SThree unanimously rejected an unsolicited all-cash takeover approach from Circle8 Group, saying it significantly undervalued the company and its future prospects.
2. China and offshore energy
CVC Capital Partners entered final talks to buy the mainland China business of contact lens maker Ginko International, which is owned by EQT, four people with knowledge of the matter said. Cyprus-based Energy Holdings agreed to buy deepwater drilling contractor Ventura Offshore to create a larger platform for cash generation, shareholder distribution and growth, the companies said.
3. Vehicle auctions and power
Copart agreed to acquire peer ACV Auctions in an all-cash deal worth about $1.9 billion, marking its entry into dealer-to-dealer wholesale remarketing. Shell’s North American unit agreed to sell its interests in a gas-fired power plant complex in Rhode Island to Constellation Energy for $715 million while expanding into the U.S. Mid-Atlantic power market.
