Fusion & Acquisition

💻 Airbus, Dassault Systèmes, BPIFrance, GetYourGuide, and 91 other European digital players signed an open letter to the European Commission urging the creation of a European industrial tech development strategy. They aim to reduce Europe's dependence on US and Chinese technology by fostering European technological infrastructure in critical systems, software platforms, AI models, data centers, and electronic chips. The Eurostack initiative, unveiled in January, calls for urgent European action, warning of Europe's near-total dependence on non-European tech within three years. The letter suggests open-source initiatives, data sharing, a certification system for AI, and a sovereign fund for critical tech infrastructure to support growth and cybersecurity in the European tech sector.

🏆 Sportradar Group AG acquired IMG ARENA from Endeavor Group Holdings, gaining a portfolio of global sports betting rights. The portfolio includes partnerships with over 70 rights holders, covering approximately 39,000 official events and 30,000 streaming events across 14 sports on six continents. Highlights include rights to Wimbledon, US Open, Roland-Garros, Major League Soccer, Euroleague basketball, and the PGA Tour. Sportradar now holds betting rights for three of the four Grand Slam tennis tournaments. The deal is valued at $225 million, with Sportradar receiving $125 million and gaining a portfolio that encompasses 70% of the most betted sports, including major events. The unique transaction structure is expected to immediately enhance revenue and cash flow profiles.

🎰 Thailand selected Bangkok, Chon Buri, Chiang Mai, and Phuket for new entertainment complexes with casinos despite public opposition. The €13.5 billion project aims to create 40,000 jobs and attract 50 million visitors annually. On January 13, the Thai government approved a bill to legalize casinos, planning to include hotels, malls, theme parks, and convention centers, limiting casino space to 10% of each complex. Thai citizens will pay an entry fee of 5,000 bahts (about €140), while foreigners get free access. The initiative seeks to boost revenue, regulate illegal gambling, and attract foreign investment, competing with neighbors Singapore and Cambodia. Public consultations address social concerns amidst strong opposition.

🏦 Extracadabra, after 10 years and connecting nearly 10,000 companies with qualified candidates, secures €15 million from Actual Ventures, marking a key development stage. This funding also entails a capital restructuring, with BPI France Tourisme, SIDE CAPITAL, and SOWEFUND exiting, and founders Frédéric Nardon and Rémi Boisson remaining at the helm. The deal was brokered by Ader Finance and involved law firms Willkie Farr & Gallagher LLP and Viajuris. Remarkably, with a prior capital of €2 million, Extracadabra showcased exponential growth from €2.5 million pre-COVID-19 revenue to an anticipated €27 million in 2024.

🚀 Pangea Aerospace, a European startup, raised €23 million in a Series A funding round led by Hyperion Fund, with support from existing investors CDTI Invierte and Primo Space. Founded in 2018, the Toulouse and Barcelona-based company specializes in reusable propulsion systems, aiming to reduce costs for launchers, satellites, and orbital transfer vehicles using sustainable fuels. The infusion of capital aligns with Europe's aspirations for aerospace sovereignty, integrating with ESA programs and competing in a market where 4-5 satellites are launched daily. Currently, over 10,000 satellites are in orbit, with the US (52%) and China (30%) leading as of 2023. An additional 2,500-3,000 satellites are expected by 2025.

💰 Three investment funds – Ksl Capital, Blackstone, and Starwood Capital – are vying to acquire Italian hotel group Gruppo Una for 1 billion euros. Gruppo Una, a merger of Atahotels and UNA Hotels & Resorts, formed in 2016, comprises 55 properties. Preliminary offers have been submitted to Goldman Sachs as of March 13, 2025, with final proposals expected by the end of the month. Starwood Capital, from Miami, manages $115 billion in assets (as of 2014).

💤 During the Journée du Sommeil, B&B HOTELS and OpinionWay revealed sleep habits of French people: 27% of North-East residents wake up before 7am; 52% of 18-24-year-olds sleep until at least 10am on non-working days; 76% of women vs 67% of men sleep with multiple pillows; 70% sleep on their side (38% right, 32% left), while 23% of young adults prefer sleeping on their stomach; 19% of men vs 9% of women sleep on their back.

🏦 Blackstone closed its fifth real estate debt fund, BREDS V, with $8 billion in commitments, highlighting a surge in commercial real estate investment. Despite volatility, hospitality, offering diversified income streams (accommodation, dining, events), is gaining investor interest over office spaces weakened by remote work trends. BREDS V's success reflects a retreat by traditional banks from real estate financing, giving way to private debt funds willing to take on more risks. This marks a significant post-pandemic recovery in hotel investment amidst a resurgent commercial property market, even with high interest rates.

💰 Dalata Hotel Group, founded in 2007, operates mainly in the UK and Ireland with a focus on 4-star hotels and is expanding into continental Europe. The group, listed on Euronext Dublin and the London Stock Exchange, has 56 urban properties, including 30 owned hotels valued at €1.7 billion and 23 leased with an average lease term of 29 years. It operates under two main brands: Clayton Hotels (27) and Maldron Hotels (26), plus three managed hotels in Dublin. The 2024 revenue was €652 million, with an adjusted EBITDA of €234.5 million and €173.2 million post-rent. Despite profitability, the board feels the current share price of around €5.50, valuing the company at €1.2 billion, undervalues the group's assets and performance, prompting consideration of capital divestment.

🏨 Dalata Hotel Group PLC, owner of Clayton and Maldron brands, is considering a strategic review that may include a sale. Rothschild & Co is appointed as financial advisor. The group operates 55 hotels with 30 owned properties valued at €1.7 billion, mainly in Dublin and London. In 2024, Dalata reported record revenues of €652.2 million, adjusted EBITDA of €234.5 million, and a net profit of €78.7 million. RevPAR grew 1% from 2023, with strong performance in Dublin. CEO Dermot Crowley aims for 21,000 rooms by 2030.