Temasek Holdings Mergers and Acquisitions Summary

Sovereign Wealth Fund Profile

In the last 3 years, Temasek Holdings has acquired 1 company.

Temasek Holdings’ most common sectors for investment areinformation technology (21%) and life science (18%) . The Firm’s most common investment types include venture (32%) and growth capital (28%). In total, Temasek Holdings has invested in 7 US states and 12 different countries. Its largest (disclosed) acquisition occurred in 2018 when it acquired FNZ Group for $2.5B.

The Firm’s most common exit type is trade sale (45%). Temasek Holdings’ largest (disclosed) exit occurred in 2021 when it sold BluJay Solutions for $1.7B.

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M&A Summary

  • M&A Total Activity38
    • M&A Buy Activity29
    • M&A Sell Activity9
  • Total Sectors Invested 15
  • Total Countries Invested 12
  • M&A Buy/Sell Connections 35
  • M&A Advisors 9

Temasek Holdings

60B Orchard Road, #06-18 Tower 2, The Atrium@Orchard,
Singapore, 238891
Singapore
+65 6828 6828
www.temasek.com.sg

Temasek Holdings is a state-owned investment holding company. Temasek is owned by the government of Singapore and invests directly and indirectly in a broad range of assets and sectors. Target sectors include financial services, telecommunications, media, technology, transportation, industrials, life science, consumer, real estate, energy, and resources. Temasek was formed in 1974 and is based in Singapore.


Investment Criteria

Sectors of Interest: Communications, Consumer Products, Consumer Services, Digital Media, Electrical Equipment, Energy Services and Equipment, Financial Services, Information Technology, Internet Software and Services, Life Science, Machinery, Manufacturing, Media, Metals/Mining, Real Estate, Renewable Energy, Software, Technology Hardware, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Stake Purchase

Geographic Preferences: East US, South US, West US, United Kingdom, Western Europe, Scandinavia, Africa, Asia/Pacific, Middle East

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.4/yr) # 27 1 1 - - - 29
vol $4.9B $4.9B
Sell (0.6/yr) # 6 3 - - - - 9
vol $1.7B $1.7B
  38

Most Recent M&A

Company Date Value Type
Element Materials Technology Group Ltd. 2022-01-25 - Secondary Buyout
London, United Kingdom · www.element.com
FTX Trading Ltd. 2021-10-21 - Venture
Saint John's, Antigua and Barbuda · www.ftx.com
ClassPass, Inc. 2021-10-13 - Add-on Acquisition
New York, New York · www.classpass.com
BluJay Solutions Ltd. 2021-05-27 1.7B USD Add-on Acquisition
Holland, Michigan · www.blujaysolutions.com
Stem, Inc. 2021-04-29 - IPO
San Francisco, California · www.stem.com
Verily Life Sciences LLC 2020-12-17 - Growth Capital
San Francisco, California · www.verily.com
Vinhomes Joint Stock Co. 2020-06-16 - Stake Purchase
Ha Noi, Vietnam · www.vinhomes.vn
Cure Fit Healthcare Pvt. Ltd. 2020-03-23 - Venture
Bangalore, India · www.cult.fit
O2 Power Pvt. Ltd. 2020-01-22 - Joint Venture
Gurugram, India · www.o2power.in
Topsoe A/S 2019-03-12 - Stake Purchase
Kgs. Lyngby, Denmark · www.topsoe.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Element Materials Technology Group Ltd. 2022-01-25 National Technical Systems, Inc. 2022-09-27 8
London, United Kingdom · www.element.com Anaheim, California · www.nts.com
Element Materials Technology Group Ltd. 2022-01-25 Singapore Test Services Pte Ltd. 2022-08-12 7
London, United Kingdom · www.element.com Singapore, Singapore · www.singaporetestservices.com
FNZ Group 2018-10-09 New Access SA 2022-07-20 4
London, United Kingdom · www.fnz.com Geneva, Switzerland · www.newaccess.ch
Element Materials Technology Group Ltd. 2022-01-25 Trialon Corp. 2022-07-07 6
London, United Kingdom · www.element.com Burton, Michigan · www.trialon.com
Global Healthcare Exchange LLC 2017-05-13 Syft Corp. 2022-02-28 5
Louisville, Colorado · www.ghx.com Tampa, Florida · www.syftco.com
FNZ Group 2018-10-09 Appway AG 2021-12-07 3
London, United Kingdom · www.fnz.com Zurich, Switzerland · www.appway.com
FNZ Group 2018-10-09 Irish Progressive Services International Ltd. 2020-02-10 2
London, United Kingdom · www.fnz.com Dublin, Ireland · www.ipsi.ie
Alvogen, Inc. 2015-06-23 Assertio Therapeutics, Inc. - Gralise Business 2020-01-13 4
Morristown, New Jersey · www.alvogen.com Newark, California
Global Healthcare Exchange LLC 2017-05-13 Lumere 2020-01-13 4
Louisville, Colorado · www.ghx.com Chicago, Illinois · www.lumere.com
Alvogen, Inc. 2015-06-23 Alvogen CEE 2019-10-25 1
Morristown, New Jersey · www.alvogen.com , Poland

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 5 (25%) 2.8B (56%) 6 (21%) 2.8B (56%)
Life Science 3 (15%) 2.2B (44%) 5 (17%) 2.2B (44%)
Consumer Services 1 (5%) - 3 (10%) -
Financial Services 1 (5%) - 3 (10%) -
Software 1 (5%) - 2 (7%) -
Business Services 1 (5%) - 1 (3%) -
Communications 1 (5%) - 1 (3%) -
Digital Media 1 (5%) - 1 (3%) -
Electrical Equipment 1 (5%) - 1 (3%) -
Engineering 1 (5%) - 1 (3%) -
Internet Software and Services 1 (5%) - 1 (3%) -
Media - - 1 (3%) -
Real Estate 1 (5%) - 1 (3%) -
Renewable Energy 1 (5%) - 1 (3%) -
Test/Measurement Equipment 1 (5%) - 1 (3%) -
Total 20 $4.9B 29 $4.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 6 (30%) 2.0B (40%) 11 (38%) 2.0B (40%)
  California 3 (15%) - 4 (14%) -
  New York - - 2 (7%) -
  New Jersey 1 (5%) 2.0B (40%) 1 (3%) 2.0B (40%)
  Florida 1 (5%) - 1 (3%) -
  Colorado 1 (5%) - 1 (3%) -
  Michigan - - 1 (3%) -
  Massachusetts - - 1 (3%) -
India 4 (20%) 151M (3%) 4 (14%) 151M (3%)
China 2 (10%) - 3 (10%) -
United Kingdom 2 (10%) 2.5B (51%) 2 (7%) 2.5B (51%)
Singapore - - 2 (7%) -
Israel 1 (5%) 250M (5%) 1 (3%) 250M (5%)
Spain 1 (5%) - 1 (3%) -
Antigua and Barbuda 1 (5%) - 1 (3%) -
Denmark 1 (5%) - 1 (3%) -
Kenya 1 (5%) - 1 (3%) -
Vietnam 1 (5%) - 1 (3%) -
Netherlands - - 1 (3%) -
Total 20 $4.9B 29 $4.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 4 (20%) - 9 (31%) -
Growth Capital 4 (20%) - 8 (28%) -
Secondary Buyout 4 (20%) 4.5B (92%) 4 (14%) 4.5B (92%)
Stake Purchase 4 (20%) - 4 (14%) -
Divestiture 2 (10%) 250M (5%) 2 (7%) 250M (5%)
PIPE 1 (5%) 151M (3%) 1 (3%) 151M (3%)
Joint Venture 1 (5%) - 1 (3%) -
Total 20 $4.9B 29 $4.9B

Exits by Deal Type

Type Total # Value
IPO 4 (44%) -
Trade Sale 3 (33%) -
1 (11%) 1.7B (100%)
Stake Sale 1 (11%) -
Total 9 $1.7B

Top M&A Advisors

Financial Deals
J.P. Morgan Securities
 1
HSBC Global Banking and Markets
 1
Barclays Investment Bank
 1
Legal Deals
Cleary Gottlieb Steen & Hamilton
 1
J. Sagar Associates
 1
Khaitan & Co.
 1

Deal Values

buy # Total
> $1B 2 $4.5B
$100M to $1B 2 $401M
TOTAL $4.9B
Largest FNZ Group
$2.5B (2018-10-09)
sell # Total
> $1B 1 $1.7B
TOTAL $1.7B
Largest BluJay Solutions Ltd.
$1.7B (2021-05-27)

M&A Connections

Deals
Acquired from
Investor(s)
14%
4 (14%)
Strategic(s)
10%
3 (10%)
Exited to
Strategic(s)
56%
5 (56%)

Investor Summary

Investor Type

Sovereign Wealth Fund

Size

Mega

PE Assets

496.6B USD

Established

1974

Specialist/Generalist

Generalist

Leadership

Gregory Curl

President

Wu Yibing

President, China; Head, Enterprise Development Group (China); Joint Head, Technology & Consumer

Wai Ching Chan

Chief Corporate Officer & Head, Organisation & People

Michael Buchanan

Head of Portfolio Strategy & Risk Senior Managing Director

Michael Zeller

Head, AI Strategy & Solutions

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