Top 15 EMEA Deals of September 2023

What were the biggest mergers and acquisition deals in Europe, the Middle East and Asia (EMEA) in September 2023?

Before we find out, let’s look at the overall deal activity in the EMEA region.

• In September 2023, there were 843 deals in the EMEA Market.
• 259 of these deals had a disclosed value.
• The collective value of deals with a disclosed value was £50.91 billion.
• EMEA M&A deal volumes declined by 7% in the first half of 2023 compared to the second half of 2022.

How does this compare with EMEA deal activity in August 2023?

September had more deal activity than August, although trading volumes are typically lower in the summer months.

• In August 2023, there were 778 deals in the EMEA market, about 9% fewer than September.
• 250 deals had a disclosed value. The collective value of these disclosed deals was £41.8 billion, about 18% less than the equivalent for September.

With the ongoing Russia-Ukraine conflict, high inflation, and economic contraction across the Eurozone until March 2023, this has been a challenging year for the EMEA market. However, September was a busy month for the region, with 11 disclosed deals valued at £1 billion or more.
 

Here are the 15 biggest EMEA M&A deals for September 2023

1. GEK Terna Holdings Real Estate & Constructions SA acquired Attica Motorway Concession Contract

Date of announced deal: 14/09/2023
Deal Value: £2.8bn
Target company industry: Construction

Deal overview:
The Greek-based construction and real estate company, GEK Terna Holdings Real Estate & Constructions SA, will acquire the Attica Motorway concession contract of the Hellenic Republic Asset Development Fund, which develops and sells the Hellenic Republic’s assets.

2. Public Investment Fund-PIF acquired Saudi Iron & Steel Co – HADEED

Date of announced deal: 03/09/2023
Deal Value: £2.6bn
Target company industry: Industrial products and services

Deal overview:
Saudi Arabia-based sovereign wealth fund (SWF) Public Investment Fund-PIF will acquire Saudi Iron & Steel Co - HADEED. This is a local steel producer from Saudi Basic Industries Corp-SABIC, the local manufacturer of specialty chemicals, plastics, fertilisers and metals. The deal is subject to customary approvals and certain conditions in the transaction agreements, so it is expected to close by the end of Q1 2024.

3. TDR Capital LLP; I Squared Capital Advisors bid for a 100% stake in Applus Services SA

Date of announced deal: 14/09/2023
Deal value: £1.9bn
Target company industry: Services (other)

Deal overview:
Apollo Global Management Inc, the listed US-based private equity firm, Apax Partners LLP, the UK-based counterpart, and a consortium formed by I Squared and TDR are reported to be the potential bidder of Applus Services SA, the listed Spain-based testing, inspection, and certification company. The offer is subject to Applus's shareholder approvals, Government approvals, antitrust, and other regulatory approvals.

4. Saudi Telecom Company acquires a 9.9% Stake in Telefonica SA

Date of announced deal: 05/09/2023
Deal value: £1.8bn
Target company industry: Telecommunications: Carriers

Deal overview:
Saudi Telecom Co - STC, the Saudi Arabia-based telecommunications services provider, acquired a 9.9% stake of Telefonica SA, the Spain-based telecoms group providing fixed and wireless telephony, broadband, Internet, data traffic, Pay TV and other digital services. The acquisition represents 569,295,356 shares of the company.

5. Brookfield Corp; Brookfield Super-Core infrastructure Partners acquire a 1.16% stake in SBB EduCo AB

Date of announced deal: 24/09/2023
Deal value: £1.6bn
Target company industry: Construction

Deal overview:
Asset manager Brookfield Corp, through its subsidiary Brookfield Super-Core Infrastructure Partners LP, acquired a 1.16% stake of SBB EduCo AB, the Sweden-based infrastructure company from Samhallsbyggnadsbolaget i Norden AB, the local residential real estate lessor, manager and developer.

6. Ufenau Capital Partners AG closes financing of a new continuation fund, Ufenau Continuation 4 SLP

Date of announced deal: 08/09/2023
Deal value: £1.5bn
Target company industry: Industrial products and services

Deal overview:
Private equity firm Ufenau Capital Partners AG announced it had closed the financing of a new continuation fund, Ufenau Continuation 4 SLP. The firm will transfer its investments in Hanseatic Power Service GmbH (HPS Group), 24-7 Kanalservice Holding AG (KSH Group), and GarLa Gruppe AG to the new continuation fun

7. TGS ASA and PGS ASA merge to become a full-service energy data company

Date of announced deal: 18/09/2023
Deal value: £1.5bn
Target company industry: Services (other)

Deal overview:
A merger has been agreed between Norway-based geophysical consulting and contracting service provider, TGS ASA, and local seismic survey company, PGS ASA, which focuses on marine seismic data for oil and gas companies. Once the deal is complete, TGS and PGS shareholders will own approximately 66.7% and 33.3% of the combined merged company, respectively.

8. Mediterranean Shipping Co SA - MSC acquires 50.1% stake in Hamburger Hafen und Logistik AG - HHLA

Date of announced deal: 13/09/2023
Deal value: £1.4bn
Target company industry: Transportation

Deal overview:
Switzerland-based provider of container transport services, Mediterranean Shipping Co SA - MSC, will acquire a 50.1% stake in Germany-based shipping agency and port operations company, Hamburger Hafen und Logistik AG - HHLA. The deal is subject to German regulatory approvals.

9. H2GS AB raises €1.5bn in a private placement with multiple investors

Date of announced deal: 07/09/2023
Deal value: £1.3bn
Target company industry: Industrial products and services

Deal overview:
Sweden-based sustainable steel products manufacturer, H2GS AB, has raised €1.5bn (£1.3bn) in a private placement co-led by new investor Hy24 and existing investors Altor, GIC and Just Climate. The transaction also included new investors Andra AP-fonden and Temasek, and existing investors that are supporting H2 Green Steel, such as AMF, Cristina Stenback and Hitachi Energy.

10. AustralianSuper Pty Ltd invests £1.3bn in minority stake in Vantage Data Centers Europe, Middle East and Africa

Date of announced deal: 11/09/2023
Deal value: £1.3bn
Target company industry: Computer services

Deal overview:
Australia-based superannuation fund, AustralianSuper Pty Ltd, will invest €1.5bn (£1.3bn) to acquire a minority stake in the Vantage Data Centres Europe, Middle East and Africa business, headquartered in the UK and managed by Vantage Data Centers UK Ltd. The implied stake is 14.59%, based on the reported $11bn valuation, and is expected to close in Q4 2023, subject to customary closing conditions.

11. Australia-based global asset manager Macquarie Asset Management Holdings Pty Ltd makes a cash offer to acquire all outstanding shares of UK waste manager Renewi.

Date of announced deal: 14/09/2023
Deal Value: £1.2bn
Target company industry: Industrial products and services

12. Markerstudy Holdings Ltd, the UK-based insurance broker is to acquire Atlanta Ardonagh, the local Ardonagh’s personal lines broking business from Ardonagh Group Ltd.

Date of announced deal: 14/09/2023
Deal Value: £1.2bn
Target company industry: Financial Services

13. Czechia-based state-owned electricity transmission operator company, CEPS, agreed to acquire 50% stake of NET4GAS from OMERS Infrastructure Management Inc, the Canada based investment arm of the Ontario Municipal Employees Retirement System (OMERS)

Date of announced deal: 14/09/2023
Deal Value: £1.2bn
Target company industry: Energy
 

14. Orora Ltd, the Australia based manufacturer and distributor of fibre, paper and glass packaging products, and provider of related services, is to acquire Saverglass SAS, the France based manufacturer and decorator of glass container products, from Carlyle Group Inc, the private equity firm

Date of announced deal: 14/09/2023
Deal Value: £1.1bn
Target company industry: Manufacturing (other)

15. KKR, the listed US-based global investment firm, agreed to invest a combined £870m in Zenobe Energy Ltd, the UK-based provider of electric fleet and battery storage solutions, along with Infracapital Partners.

Date of announced deal: 14/09/2023
Deal Value: £0.9bn
Target company industry: Industrial: Electronics

What can we expect from October?

One notable deal in the EMEA region in October 2023 is the acquisition of Swedish biotechnology company Olink, which specialises in next-generation proteomics (the study of proteins). It will be acquired by US-based analytic instruments supplier Thermo Fisher Scientific's in a deal worth €2.9bn (£2.5bn).

The second largest deal so far in October is the acquisition of 24 very large crude carrier (VLCC) containers of Belgian shipping company Euronav. The deal is worth €2.2bn (£1.9bn) and the acquirer is Cyprus-based shipping company Frontline.

Other developments in the EMEA region in October:

• The European Commission has approved Telefónica and US-based KKR & Co. Inc's joint acquisition of PangeaCo S.A.C. of Peru.
• The European M&A market is expected to cool down in the next few months, according to Mergermarket and CMS.