August 2024 witnessed an extraordinary flurry of mergers and acquisitions, with some of the biggest names across various industries making bold moves to consolidate their market positions. Below is a summary of the major deals that took place during the month:
1. Mars Acquires Kellanova for $36 Billion
Mars, a global leader in the food and confectionery industry, made headlines by acquiring Kellanova for a staggering $36 billion. This acquisition represents a strategic expansion into the wellness and nutrition space, complementing Mars’ existing portfolio and underscoring its commitment to diversifying its offerings.
2. Carlyle Group Buys Baxter International’s Kidney-Care Unit for $3.8 Billion
In a significant healthcare deal, Carlyle Group acquired Baxter International’s Kidney-Care Unit for $3.8 billion. This acquisition allows Carlyle to deepen its presence in the medical sector, particularly in the critical area of kidney care, which continues to see growing demand worldwide.
3. Hearst Acquires QGenda for $3 Billion
Hearst Corporation expanded its footprint in the healthcare technology space by acquiring QGenda for $3 billion. QGenda, a leader in workforce management software for healthcare providers, enhances Hearst’s ability to offer comprehensive solutions in the healthcare industry.
4. Lone Star Buys Carrier Global’s Commercial and Residential Business for $3 Billion
Lone Star Funds acquired Carrier Global’s commercial and residential business for $3 billion, strengthening its investment in the building solutions sector. This acquisition will allow Lone Star to leverage Carrier’s strong market position and technological expertise.
5. Scotiabank Purchases 14.9% Stake in KeyCorp for $2.8 Billion
Scotiabank made a significant move in the banking sector by purchasing a 14.9% stake in KeyCorp for $2.8 billion. This acquisition is part of Scotiabank’s strategy to expand its influence in the U.S. market and diversify its investment portfolio.
6. CVC Capital Partners, Abu Dhabi’s Sovereign Wealth Fund, and Nordic Capital Acquire Hargreaves Lansdown for $6.9 Billion
In one of the largest financial services deals of the year, CVC Capital Partners, Abu Dhabi’s sovereign wealth fund, and Nordic Capital teamed up to acquire Hargreaves Lansdown for $6.9 billion. This acquisition highlights the growing interest of private equity in the wealth management sector.
7. Quantum Capital Group Acquires Cogentrix Energy for $3 Billion
Quantum Capital Group bolstered its energy portfolio by acquiring Cogentrix Energy for $3 billion. This move underscores Quantum’s commitment to investing in energy infrastructure and renewable energy assets.
8. Algonquin Power & Utilities Corp. Sells Renewable Energy Business to LS Power for $2.5 Billion
Algonquin Power & Utilities Corp. sold its renewable energy business to LS Power for $2.5 billion. This sale aligns with Algonquin’s strategic shift towards focusing on regulated utility operations, while LS Power strengthens its renewable energy portfolio.
9. Woodside Energy Acquires OCI Global’s Clean Ammonia Project for $2.4 Billion
Woodside Energy made a significant acquisition in the clean energy sector by purchasing OCI Global’s Clean Ammonia Project for $2.4 billion. This deal marks Woodside’s commitment to expanding its presence in sustainable energy solutions.
10. KKR Buys Stake in FGS Global for $1.7 Billion
KKR, a global investment firm, acquired a stake in FGS Global for $1.7 billion. FGS Global, known for its strategic communications and advisory services, will benefit from KKR’s financial backing and strategic expertise.
11. TowerBrook Capital Partners and Clayton, Dubilier & Rice Acquire R1 RCM for $8.9 Billion
TowerBrook Capital Partners and Clayton, Dubilier & Rice joined forces to acquire R1 RCM for $8.9 billion. R1 RCM, a leader in healthcare revenue cycle management, will leverage this investment to enhance its service offerings and expand its market presence.
12. Brookfield Asset Management Acquires nVent Electric’s Thermal Management Business for $1.7 Billion
Brookfield Asset Management expanded its industrial portfolio by acquiring nVent Electric’s Thermal Management business for $1.7 billion. This acquisition will help Brookfield enhance its capabilities in delivering thermal management solutions across various industries.
13. CBIZ Buys Marcum’s Non-Attest Business for $2.3 Billion
CBIZ, a leading provider of financial and business advisory services, acquired Marcum’s non-attest business for $2.3 billion. This deal strengthens CBIZ’s position in the professional services sector, particularly in the areas of tax, accounting, and advisory services.
14. Carlyle Group Acquires Advance Auto Parts’ Worldpac Unit for $1.5 Billion
On August 22, 2024, Carlyle Group Inc. further expanded its portfolio by acquiring Advance Auto Parts Inc.’s Worldpac unit for $1.5 billion. This acquisition enhances Carlyle’s presence in the automotive aftermarket industry.
15. JT Group Buys US Cigarette Maker Vector for $2.4 Billion
JT Group, a major player in the global tobacco industry, acquired U.S. cigarette maker Vector for $2.4 billion on August 21, 2024. This acquisition will allow JT Group to solidify its position in the U.S. market and expand its product offerings.
16. Quantum Capital Group Acquires Assets from Caerus Oil and Gas for $1.8 Billion
On August 20, 2024, Quantum Capital Group continued its energy sector expansion by acquiring assets from Caerus Oil and Gas for $1.8 billion. This acquisition adds significant oil and gas assets to Quantum’s portfolio, reinforcing its position in the energy sector.
17. AMD Acquires Server Maker ZT Systems for $4.9 Billion
AMD, a leading semiconductor company, announced its acquisition of server maker ZT Systems for $4.9 billion on August 19, 2024. This deal strengthens AMD’s data center business and enhances its ability to compete in the rapidly growing server market.
18. Ericsson AB Sells US Call-Routing Business Iconectiv to Koch Inc. for $1 Billion
On August 17, 2024, Ericsson AB sold its U.S. call-routing business, Iconectiv, to Koch Inc.’s private investment arm for $1 billion. This sale allows Ericsson to streamline its operations and focus on its core telecommunications business, while Koch Inc. gains a valuable asset in the telecommunications infrastructure sector.
Overall, August 2024 was marked by high-profile transactions across various industries, showcasing the ongoing dynamism and strategic reshuffling within the global corporate landscape.