Mergers & Acquisitions Deals for the Week of June 17, 2024
A roundup of notable M&A deals involving Southern California companies.
Stockholm-based Verve Group SE reached an agreement to acquire Jun Group Productions LLC from Irvine-based Advantage Solutions Inc. for approximately $190 million on June 18. As part of the agreement, Verve will pay approximately $130 million in cash at close, plus two additional installments paid 12 months and 18 months post-close to complete the deal. The transaction is expected to close in the third quarter, subject to regulatory and other approvals. Canaccord Genuity LLC acted as financial advisor and Latham & Watkins LLP acted as legal advisor to Advantage Solutions Inc.
Renewable Energy
Santa Monica-based Irradiant Partners LP agreed to acquire a minority stake in an 826 MW Texas renewable energy portfolio from Innergex Renewable Energy Inc. for approximately $190 million on June 20, including cash consideration of $188 million. Innergex Partners will sell a 49.9% stake in the Phoebe and Griffin Trail facilities and 22.2% of the Foard City facility. Proceeds from the sale will be applied toward repaying Foard City and Phoebe project debts and removing the power hedge offtake contract in place at Phoebe. Foard City and Griffin Trail’s revenue structure will remain unchanged.
Irradiant is an alternative investment manager founded in 2016 that is focused on liquid credit, opportunistic credit, and renewable private equity and credit. It has more than $12 billion in assets under management.
Basketball
Los Angeles-based basketball league BIG3 announced that a group of investors led by media, sports, real estate and hospitality executive Heath Freeman has purchased the rights to the second-ever location-based BIG3 franchise with plans to base the team in Miami for $10 million on June 15. Freeman will take ownership for the 2025 season when all BIG3 teams will represent home markets.
“I am honored to join Ice Cube and Jeff Kwatinetz at the BIG3 and bring a new professional basketball team to Miami,” said Freeman in a statement.