Good evening!

We are back after a little break and are excited to share that we have launched our Public M&A coverage and Theme pages on ListingTrack.io.

Save 35% on the first year of the annual plan of ListingTrack Pro with the promo code ‘NEWYEAR35’. Please find more details on what data we cover and the tools available on our site at the end of the newsletter.

IPO/ Listing Action

Last week

• Venture Global, Inc. ($VG) priced its $1.75 billion IPO at $25 per share, giving VG an appx. market cap of $60.5 billion. —PR

• Ascentage Pharma ($AAPGV) priced its $126 million IPO. AAPG sold 7.325 million ADS's at $17.25 per ADS, giving AAPG an IPO market cap at of appx. $1.5 billion. —PR

• Infinity Natural Resources ($INR) launched its IPO roadshow and published an IPO investor presentation on Retail Roadshow. INR is looking to raise around $258 million by selling 13.3 million shares at $18 - $21 per share. Per the presentation, the IPO is expected to price on Jan 30 and begin trading on Jan 31. —Retail Roadshow

• Smithfield Foods ($SFD) launched its IPO roadshow and published an IPO investor presentation on Retail Roadshow. SFD is looking to raise around $870 million by selling 34.8 million shares at $23 - $27 per share. Per the presentation, the IPO is expected to price on Jan 27 and begin trading on Jan 28. —Retail Roadshow

See more: Latest Listings

Upcoming

• Gamehaus ($GMHS) will be listed on Nasdaq following the closing of its SPAC merger with Golden Star Acquisition Corp (GODN). The combined company will trade as GMHS starting Monday, Jan 27. —PR

• Beta Bionic ($BBNX) launched its IPO roadshow and published an IPO investor presentation on Retail Roadshow. BBNX is looking to raise around $112.5 million (at the pricing midpoint) by selling 7.5 million shares at $14 - $16 per share. Per the presentation, the IPO is expected to price on Jan 29 and begin trading on Nasdaq on Jan 30. —Retail Roadshow

See more: Upcoming Listings

Listing Plans and Rumors

See more: Listing Plans & Rumors

Upcoming

• Aptiv PLC ($APTV) plans to separate its Electrical Distribution Systems (EDS) business, creating two independent companies. The separation will allow Aptiv to focus on Advanced Safety & User Experience and Engineered Components, while EDS will be a provider of low and high-voltage automotive electrical architectures. The separation is expected to be completed by March 31, 2026. —PR

• Voyager Technologies, a space and defense company, has confidentially filed for an IPO, with an expected valuation between $2 billion and $3 billion. The Denver-based firm, employing around 1,000 people, is developing a commercial space station with NASA funding. Morgan Stanley and Latham & Watkins are leading the IPO, which could happen later this year. —WSJ

• Monzo is working with bankers to prep for an IPO by end of the year. CEO TS Anil supports a New York listing, while the board favors London. Monzo was last valued at $5.9 billion in June 2022. —FT

No timetable provided

• Mistral AI, a French AI startup, is not for sale and is planning to IPO, according to CEO Arthur Mensch. No timetable provided for the potential IPO. The company is expanding its presence with a new office in Singapore and growth initiatives in Europe and the US. —Bloomberg

• Hopper, a Candian travel platform, is considering a public listing that could value the company between $5 billion and $10 billion. Founder Lalonde aims for a valuation of up to $10 billion and plans to list on both the Toronto Stock Exchange and Nasdaq. He has set conditions for the public offering, requiring over $1 billion in trailing sales or a path to that figure within 18 months, along with profitability. No timetable was provided for meeting these goals. —Bloomberg

• Sana Labs AB, an artificial intelligence startup, plans to go public in the US within a couple of years, following a trend among Swedish tech firms. CEO Joel Hellermark noted the favorable environment for tech companies in the US, citing Spotify Technology SA's $100 billion market cap as inspiration. Sana Labs raised $55 million in a funding round led by New Enterprise Associates, valuing the company at $500 million. —Bloomberg

IPO Candidates

See more: IPO Candidates

• Databricks has completed a $10 billion Series J equity financing at a $62 billion valuation, including participation by Meta ($META) as a strategic investor. The company has now raised a total of approximately $19 billion over 12 years, with $14 billion in equity. Additionally, it secured $5.25 billion in debt financing from JPMorgan Chase, Barclays, Citi, Goldman Sachs, and Morgan Stanley. New and existing investors include Temasek, QIA, and Meta. —TechCrunch

• Google ($GOOG) is investing an additional $1 billion in AI developer Anthropic, increasing its total investment to over $3 billion. —Reuters

Merger Announcements

• Logility Supply Chain Solutions ($LGTY), an AI-powered inventory management software provider, announced it will be acquired by Aptean in an all-cash deal, at $14.30 per share (27.00% premium to the closing price prior to announcement), or a total equity value of appx. $482M. Apean is an enterprise software solutions provider backed by TA Associates, Insight Partners, Charlesbank, and Clearlake Capital. Logility was previously reported to be considering a sale and working with Lazard to assess buyer interest after investor 2717 Partners urged the company's board to explore strategic options. —PR

See more: Active M&A

Closings

• Blackstone and Vista Equity Partners closed their $8.4 billion acquisition of Smartsheet (SMAR). —PR

• Aperam closed its $45 per share acquisition of Universal Stainless & Alloy Products (USAP). —PR

• Apollo's acquisition of Barnes Group ($B) for $47.45 per share in cash is expected to close on Jan 27. —PR

See more: Closed M&A

Live Deal Coverage and Updates

• Berry Global ($BERY) filed a DEFM14A (definitive merger vote proxy statement) in connection with the proposed acquisition by Amcor. The merger vote is set for Feb 25, 2025. —SF

• Crown Laboratories and Revance Therapeutics ($RVNC) amended their merger agreement, with Revance stockholders set to receive $3.65 per share in cash, a 17% increase from the previous offer. Crown's tender offer for all of Revance's outstanding shares has been extended to February 4, 2025. The deal is expected to close by February 6, 2025. —SF

Potential M&A News

• Beacon Roofing Supply ($BECN) is exploring interest from potential strategic and PE buyers to counter an $11 billion unsolicited takeover bid from QXO, which offered $124.25 per share in cash. —Bloomberg

• Sonim Technologies ($SONM) has formed a Special Committee of independent directors to explore strategic alternatives for enhancing stockholder value after AJP's 13D/A filing on January 17, 2025. The committee will evaluate options with advisors, including Roth. —PR

See more: Potential M&A

See more: Themes

Introducing the New Space tracker on ListingTrack.

The "New Space" industry is shifting from government-led initiatives to commercial ventures in areas like satellites, rocket launches, Earth observation, and space tourism, aiming for faster development and lower costs. Our New Space tracker makes it easy to keep up with public and prominent private New Space companies and monitor upcoming listings.

New Space Categories (on the tracker):

• Satellite Systems & Services

• Launch Services

• Earth Observation

• Space Technology Development

• Space Exploration Services

• Space Tourism

• In-Orbit Services

Activism, Investor Disputes & Shorts

Activism

• Garden Investments has acquired nearly a 5% stake in kitchen equipment maker Middleby ($MIDD), which has a market value of approximately $8 billion. The firm aims to advocate for changes to enhance the stock's performance, focusing on Middleby’s core commercial food service segment while evaluating its residential segment. Garden Investments plans to seek board seats and a revised capital allocation strategy. —WSJ

• Activist investor Ananym Capital Management plans to nominate up to six directors to the board of Henry Schein ($HSIC), a dental and medical distributor valued at $9.3 billion. The hedge fund aims to push for a new CEO, cost reductions, and better capital allocation. Ananym holds 471,000 shares in Henry Schein, making it the fund's largest position. The current board has 13 members, including Chairman and CEO Stanley Bergman, who has been a director for over 40 years. Ananym may reconsider its board challenge depending on future agreements or announcements from Henry Schein. —Reuters

• Activist investor Mantle Ridge has gained sufficient backing from Air Products and Chemicals ($APD) to potentially secure three seats on the board, with the final count pending as votes are still being tallied before the annual meeting. Mantle Ridge, led by Paul Hilal, is advocating for a succession plan for CEO Seifi Ghasemi, a reevaluation of capital allocation, and a reduction in risky projects. The firm has proposed four candidates for the nine-member board. Air Products contends it is already developing a succession plan and that Mantle Ridge's nominees could disrupt leadership clarity. However, three proxy advisory firms support Mantle Ridge, recommending the election of at least three of its candidates. —Reuters

See more: Activism

Shorts

• Short seller Spruce Point published a report targeting Construction Partners ($ROAD) titled 'An As-Faulty Investment'. —Spruce Point

• FTAI Aviation's ($FTAI) audit committee initiated a review with independent advisors due to claims in a Jan 15, 2025, Muddy Waters Research short report. The Company stated that it disagreed with the report's claims but acknowledged that the review may delay the filing of its 10-K for fiscal year 2024. —SF

See more: Short Reports

A handful of the analysis we posted on our X/Twitter this week: