Fortify 1.54

[Darnell Rempe]

Comparingweek-on-week data reveals a marginal decrease of less than 1% in the number of deals, shifting from 483 to 482. This consistency in deal volume has persisted for three consecutive weeks. Conversely, the total deal value experienced a notable 36% decline, dropping from USD 36.57 billion to USD 23.58 billion for the current week.

AuditBoard, a leading US-based platform focused on audit and compliance risk, has agreed to be acquired by Hg, a prominent investor in European and transatlantic software and services businesses, in a transaction valued at USD 3 billion. This partnership is expected to drive further growth for AuditBoard as it continues to enhance its platform and expand its global presence.

AuditBoard offers a cloud-based solution for managing audit, risk, compliance, and ESG (Environmental, Social, and Governance) functions. By late 2023, the company achieved over USD 200 million in annual recurring revenue and serves more than 2,000 enterprises, including nearly half of the Fortune 500 companies.

Per the terms of the agreement, shareholders of Independent Bank will be entitled to receive 0.60 shares of SouthState for each share they currently hold, valuing each share of Independent Bank at USD 48.51.

Post-acquisition, the merged entity will boast total assets of USD 65 billion, deposits of USD 55 billion, and gross loans of USD 48 billion on a pro forma basis. Additionally, the combined company is expected to have a market capitalization of approximately USD 8.2 billion once the deal is finalized.

The transaction is anticipated to close in the first quarter of 2025. Raymond James & Associates has been enlisted as the exclusive financial advisor to SouthState, while Keefe, Bruyette & Woods has undertaken the role of the exclusive financial advisor to Independent Bank Group.

Admiral Acquisition, a specialized special purpose acquisition company (SPAC) headquartered in the British Virgin Islands, is poised to acquire Acuren, a prominent provider of essential asset integrity services in North America, for a total of USD 1.85 billion.

Acuren specializes in pivotal non-destructive testing, inspection, engineering, and laboratory testing services crucial for regulatory compliance across various industrial sectors. With a widespread presence spanning over 135 locations and a workforce exceeding 5,500 individuals in the United States, Canada, and the United Kingdom, Acuren has solidified its leadership position in the field.

The transaction is subject to standard closing conditions and is expected to conclude in the early stages of the third quarter of 2024. Jefferies has played a pivotal role as the lead financial and capital markets advisor to Admiral, while Acuren has been advised by Baird and Harris Williams LLC.

Biogen Inc. has recently finalized a deal to acquire Human Immunology Biosciences Inc. (HI-Bio) for USD 1.8 billion, a strategic move aimed at strengthening its lineup of treatments for immune disorders. This acquisition involves an initial payment of USD 1.15 billion, with potential milestone payments totaling USD 650 million.

A key asset included in the agreement is felzartamab, a promising fully human anti-CD38 monoclonal antibody. Clinical trials have demonstrated its effectiveness in selectively depleting CD38+ cells, including plasma cells and natural killer (NK) cells. This capability opens avenues for potential applications that could enhance clinical outcomes across a broad spectrum of immune-mediated diseases.

The acquisition is scheduled for completion in the third quarter of 2024. Legal advisory services for Biogen were provided by Covington & Burling LLP, while Goldman Sachs & Co. LLC and BofA Securities, Inc. served as financial advisors to HI-Bio.

CyberArk Software Ltd., an Israel-based cybersecurity firm publicly listed in the US, has announced its intention to acquire Venafi, a US-based cybersecurity company backed by private equity firm Thoma Bravo, in a deal worth USD 1.54 billion. In a bid to fortify their enterprise security offerings amidst escalating digital threats, CyberArk will proceed with the acquisition, utilizing USD 1 billion in cash and USD 540 million in shares.

The transaction is expected to conclude in the latter half of 2024, with Morgan Stanley & Co. LLC serving as the exclusive financial advisor to CyberArk, and Piper Sandler acting in the same capacity for Thoma Bravo.

Gawker Media filed for bankruptcy on Friday, after saying in Florida court that it cannot pay the $140.1 million awarded to actor Hulk Hogan in a case bankrolled by Silicon Valley billionaire Peter Thiel. (The full filing, which is not juicy, is at the end of this post.)

Filing for Chapter 11 bankruptcy does not mean that Gawker Media is shutting down. Instead, it buys it time to negotiate with its creditors and come up with a plan to emerge from bankruptcy. In this case, the plan is to sell the company, which has remained independent for its entire 14 years. Ziff Davis (owner of distinctly un-Gawker-y publications like PCMag and Geek.com) has made a binding offer of $90 to $100 million, and the company expects to receive additional offers.

In the event we become the acquirer, the additions of Gizmodo, Lifehacker and Kotaku would fortify our position in consumer tech and gaming. With the addition of Jalopnik, Deadspin and Jezebel, we would broaden our position as a lifestyle publisher. Much like us, GMG is heavily active in driving commerce-based revenues and has an impressive publishing and commerce platform with Kinja.

Owen, Laura Hazard. "Gawker Media has filed for bankruptcy and is putting itself up for sale (possibly to Ziff Davis)." Nieman Journalism Lab. Nieman Foundation for Journalism at Harvard, 10 Jun. 2016. Web. 23 Jul. 2024.

The global market is witnessing robust growth primarily due to increasing demand for dietary supplements and functional foods. The increasing awareness regarding the health benefits of polyunsaturated fatty acids (PUFA) and the technological advancements to improve their bioavailability are the key factors driving the growth of the global omega fatty acid ingredients market.

The COVID-19 pandemic has positively affected the global market. There have been reports of a huge increase in demand for omega fatty acids foods and dietary supplements to enhance health and immunity. The circulation of suggestions from doctors all over the globe to incorporate immunity-boosting dietary supplements in daily life is hugely contributing to the high adoption of the product by consumers. The companies operating in the industry have seen a disturbance in their supply chain mainly due to the transportation restrictions and exponentially spiked logistics and transportation costs related to the ongoing pandemic. Import and production slowdown of raw materials for the product has impacted the manufacturing process of the product.

Moreover, initial lockdowns and their continuation have caused labor shortages across some manufacturing facilities. Product safety, product detail transparency, and hygiene concerns are anticipated to remain a prominent aspect among consumers from now onwards. By ensuring the aforementioned factors are fully taken care of while raw material sourcing, product manufacturing, and packaging, market players can improve their market value and prominence and increase their sales.

In recent years, consumer inclination towards including dietary supplements in daily lives has increased owing to the increasing prevalence of health conditions due to sedentary lifestyles, stress, aging, and other hereditary factors. This trend has led to the exploration of various ingredients that positively affect certain body functions to maintain overall health and wellness.

Several manufacturers are focused on exploring novel functional ingredients and developing innovative methods for their delivery to capitalize on this emerging trend. Functional/fortified foods are the budding category that involves incorporating active principles in certain ingredients for the improvement of overall health. The increasing demand for monounsaturated and polyunsaturated fatty acids in dietary supplements has contributed to the growth of this market. The rising trend of consuming natural, plant-based, and non-GMO ingredients has led to increased research and development activities to bring forth innovative ingredient solutions for consumers.

The recent recognition of the positive health effects of PUFAs has created a huge demand. The product is used in various applications such as dietary supplements, functional foods, and pharmaceuticals. Several recent clinical studies suggest that the consumption of PUFAs primarily supports cardiovascular health and various other functions in the body. The growing awareness regarding the omega fatty acids benefits and the importance of essential fatty acids is fuelling the demand for long-chain PUFAs. In the past few years, omega fatty acids have gained remarkable popularity as they can not be produced by the body and have to be administered externally with omega-3 rich diets or dietary supplements.

The most significant source of polyunsaturated fatty acid is fish oil. The recent evolution in market trends, such as the rising popularity of plant-based, clean-labeled ingredients, has contributed to exploring novel sources to extract PUFAs. Algae oil and flax seeds are important sources of these fatty acids that are perfect for consumers following vegetarian diets. The emerging methods and studies that prove the health claims of PUFAs are expected to aid the growth of the market in the years to come.

One of the major factors supporting omega-3 fatty acids market growth is the ongoing technological improvements that increase the delivery and absorption of these substances in the body. The production of lipid-based supplements remains a challenging endeavor owing to their bioavailability and unpredictable absorption rate. Numerous studies suggest that several aspects can limit the uptake of omega fatty acids in the body. The crucial players in the market are investing massive capital in research and development to integrate technology that will improve the bioavailability of omega-3 in the body. For instance, in October 2019, Pharmako Biotechnologies launched a new AquaCelle self-emulsifying drug delivery system that boosts oral omega-3 absorption by six-fold as compared to the standard fish oil.

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