Deal Wrap: KPS to buy Innomotics for €3.5B; Battery acquires TrueContext

Deal Wrap is updated as of 3 p.m. ET.

– KPS Capital Partners LP, through a newly formed affiliate, agreed to buy Innomotics, a supplier of electric motor and large-drive systems, from Siemens AG for an enterprise value of €3.5 billion. The deal is expected to close in the fourth quarter of 2024 or first quarter of 2025. Paul Weiss Rifkind Wharton & Garrison LLP, Gleiss Lutz, Bank of America and Lazard advised KPS, while Hengeler Mueller advised Siemens. Barclays, Citibank, Goldman Sachs, Intesa Sanpaolo, Morgan Stanley, MUFG Bank, Standard Chartered Bank, UBS and UniCredit provided committed debt financing for the transaction.

– An entity controlled by Battery Ventures completed the acquisition of Canada-based field intelligence company TrueContext Corp. at a price of C$1.07 in cash per share. TrueContext will be delisted from the TSX Venture Exchange at market close May 16.

– TriSpan LLP made a strategic investment in Slavic401k, a provider of 401(k) plans. McHenry Consulting advised Slavic401k in the transaction.

– Distributed compute company Expanso Inc. secured a strategic investment from Samsung NEXT LLC, the venture capital arm of Samsung Electronics Co. Ltd.

– Crescent Energy Co. agreed to acquire oil and gas exploration and production company SilverBow Resources Inc. in a transaction valued at $2.1 billion. The deal is expected to close by the end of the third quarter. EIG Global Energy Partners is a selling shareholder. Wells Fargo Bank NA provided $2.0 billion of committed financing for the deal. Crescent was advised by Jefferies LLC, Wells Fargo and Vinson & Elkins LLP, while SilverBow was advised by BofA Securities Inc., Evercore and Gibson Dunn & Crutcher LLP. Intrepid Partners LLC and Richards Layton & Finger advised the special committee of Crescent's independent directors.

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