The US FTC has sought more information on Novo Nordisk parent's $16.5bn bid for contract drug manufacturer Catalent, weeks after an application to the regulator was refiled for approval of the deal, Reuters reported.
Catalent said the companies were in the process of gathering information to respond to the US Federal Trade Commission's request received on May 2.
Uniti Group to merge with Windstream Holdings II in a $13.4bn deal. (FS)
Uniti Group, a digital infrastructure and solution provider, agreed to merge with Windstream Holdings II, a telecom services provider, in a $13.4bn deal.
“As a combined company, we will continue our disciplined growth trajectory while expanding FTTH buildouts and significantly improving our overall financial profile. The demand for fiber broadband has never been greater, and Uniti is now expanding its reach into FTTH with an attractive scaled platform. The combination of Uniti and Windstream also removes several dis-synergies that exist in the current landlord/tenant relationship and greatly enhances Uniti’s optionality for strategic initiatives. We look forward to working with Windstream to create a national fiber powerhouse that will continue to bridge the digital divide for our customers,” Kenny Gunderman, Uniti President and CEO.
Windstream Holdings II is advised by Goldman Sachs, Morgan Stanley and Debevoise & Plimpton (led by Kevin M. Schmidt and Jennifer L. Chu). Uniti is advised by Bank Street Group, Barclays, Centerview Partners, Citigroup, JP Morgan, Stephens, Davis Polk & Wardwell (led by Oliver H. Smith and Evan Rosen) and FGS Global (led by Jim Barron). Oaktree is advised by Paul Weiss Rifkind Wharton & Garrison.
KKR completed the acquisition of a 50% stake in Cotiviti from Veritas Capital for $10.5bn. (FS)
KKR completed the acquisition of a 50% stake in Cotiviti, a healthcare data and technology business, from Veritas Capital, an investor at the intersection of technology and government, for $10.5bn.
"This is a significant milestone for Cotiviti and one that positions us for continued growth across the healthcare ecosystem as we leverage our deep expertise and infrastructure. In Veritas and KKR, we have two world-class investment firms joining forces because of their belief in our mission. With their support, we have additional capital to accelerate innovation and fund growth investments in commercial expansion, new product development, and technology-related opportunities. As we enter this next chapter, we remain committed to providing greater value through our differentiated scalable service model, accelerating meaningful innovation across our platform, and delivering deep expertise as a trusted partner to our customers," Emad Rizk, Cotiviti Chairman, President, and CEO.
Cotiviti was advised by UBS, Skadden Arps Slate Meagher & Flom (led by June Dipchand) and Aria Marketing. KKR was advised by Barclays, Evercore, Morgan Stanley and Latham & Watkins (led by Betty Pang, Jason Caron and Joseph C. Hudzik). Veritas is advised by Goldman Sachs, JP Morgan (led by Nick Richitt), Gibson Dunn & Crutcher (led by John Pollack) and Prosek Partners.
ExxonMobil completed the acquisition of Pioneer Natural Resources for $64.5bn.
ExxonMobil, an international petroleum and petrochemical company, completed the acquisition of Pioneer Natural Resources, an oil and gas exploration and production company, for $64.5bn.
"This premier, tier-one asset is a natural fit for our Permian portfolio and gives us a greater opportunity to deploy our technology and deliver operating and capital efficiency for long-term shareholder value. The combination of our two companies benefits this country's energy security and economy, and also furthers society's environmental ambitions as we move Pioneer's 2050 net zero goal to a 2035 plan," Darren Woods, ExxonMobil Chairman and CEO.
Pioneer Natural Resources was advised by Bank of America (led by Patrick Ramsey and Jerry Schretter), Goldman Sachs (led by Suhail Sikhtian), Morgan Stanley (led by Greg Weinberger), Petrie Partners Securities (led by John Hughes), Gibson Dunn & Crutcher (led by Jeffrey Chapman, Andrew Kaplan and Tull Florey) and FGS Global (led by Paul Verbinnen and Niel Golightly). ExxonMobil was advised by Centerview Partners (led by Blair Effron), Citigroup (led by Kevin Cox and Claudio Sauer) and Davis Polk & Wardwell (led by Louis L. Goldberg and Oliver H. Smith). Finanical advisors were advised by White & Case (led by Denise A. Cerasani).
Nippon Steel postpones the closing of $14.9bn acquisitiom of US Steel.
Nippon Steel it was postponing the expected closing date for its $14.9bn acquisition of US Steel, after the Department of Justice requested additional information and documents related to the deal.
Nippon pushed the closure date back by approximately three months, saying it revised the estimated timeline for the deal’s closing from the second or third quarter of 2024 to the third or fourth quarter. The delay comes three weeks after U.S. Steel shareholders approved the acquisition, despite opposition from the Biden administration, steelworkers and congressional lawmakers.
US Steel is advised by Barclays, Evercore, Goldman Sachs, Milbank, Wachtell Lipton Rosen & Katz and Joele Frank. Nippon Steel is advised by Citigroup, Ropes & Gray and Teneo.
Sunoco completed the acquisition of NuStar Energy for $7.3bn.
Sunoco, a master limited partnership with core operations that include the distribution of motor fuel, completed the acquisition of NuStar Energy, an independent liquids terminal and pipeline operator, for $7.3bn.
The completion of this transaction increases Sunoco's stability and credit profile, strengthens its financial foundation, and enhances its ability to grow. Sunoco expects to realize at least $150m of expense and commercial synergies. In addition, Sunoco expects at least $50m per year of additional cash flow from refinancing activity. Sunoco expects the transaction to be immediately accretive to distributable cash flow per LP unit, growing to greater than 10% accretion by the third year following close.
NuStar Energy was advised by Barclays, Sidley Austin and Wachtell Lipton Rosen & Katz (led by Igor Kirman and Zachary Podolsky). Barclays was advised by Sullivan & Cromwell (led by Stephen M. Kotran). Sunoco was advised by Truist Securities, Vinson & Elkins (led by Lande Spottswood) and Weil Gotshal and Manges (led by Michael J. Aiello). Debt financing was provided by Bank of America and Truist Securities.
Brookfield and Sequoia Heritage-backed Pinegrove Capital Partners to acquire SVB Capital from SVB Financial Group. (FS)
Private equity firms Brookfield and Sequoia Heritage-backed Pinegrove Capital Partners, agreed to acquire SVB Capital, a venture capital firm, from SVB Financial Group, a financial services group. Financial terms were not disclosed.
"Over the last quarter-century, our firm has thrived on the deep trust we've cultivated with the most sought-after general partnerships in venture capital. In addition, we have consistently aligned our interests with those of our limited partners. Those foundational principles will guide us into the future. Leveraging SVB Capital's extensive history and track record, our partnership with Pinegrove will expand our multi-strategy platform to directly meet the unique needs of the venture capital and limited partner communities," Aaron Gershenberg, SVB Capital Founding Partner.
Pinegrove Capital is advised by Paul Weiss Rifkind Wharton & Garrison (led by Neil Goldman, Kenneth Schneider and Andrew Parlen) and FGS Global. SVB Financial is advised by Alvarez & Marsal, Centerview Partners, Sullivan & Cromwell (led by Jared Fishman) and Joele Frank (led by Michael Freitag).
iCapital completed the acquisition of Mirador.
iCapital, a fintech platform, completed the acquisition of Mirador, a technology-enabled provider of investment data aggregation and financial reporting. Financial terms were not disclosed.
“Today is an exciting day in iCapital’s history as Mirador officially becomes a part of the iCapital. By combining Mirador’s comprehensive reporting services and data management capabilities with iCapital’s end-to-end operating system, we continue to enhance the digital experience for our customers to engage in at all stages of the alternative investment process," Lawrence Calcano, iCapital Chairman and CEO.
Mirador was advised by Raymond James and DBM Legal Services. iCapital was advised by Morgan Stanley, Goodwin Procter and The Neibart Group.
Carlyle Group and CVC Capital-backed MedRisk to acquire the casualty claims solutions business from Conduent. (FS)
Carlyle Group and CVC Capital-backed MedRisk, a provider of managed physical medicine for the workers' compensation industry and related market sectors, agreed to acquire the casualty claims solutions business from Conduent, a business services provider. Financial terms were not disclosed.
"This acquisition adds to our current care and cost management solutions for workers' compensation and auto insurance carriers, third-party administrators, and self-insured employers. This will enhance our ability to provide superior claims outcomes and exceptional service for our customers. The combined technology assets from the family of companies will allow us to deliver even more unique and powerful insights for customers across all products," Sri Sridharan, MedRisk CEO.
MedRisk is advised by Truist Securities, UBS and King Knight Communications (led by Helen King Patterson). Carlyle Group and CVC Capital are advised by Skadden Arps Slate Meagher & Flom.
EQT to acquire WSO2. (FS)
EQT, a private equity firm, agreed to acquire WSO2, a provider of application development and identity and access management software to enterprises. Financial terms were not disclosed.
"We are thrilled to partner with EQT as we embark on the next phase of WSO2's journey. With EQT's support and expertise, we are well-positioned to accelerate our innovation agenda, expand our global footprint, and continue empowering enterprises to thrive in the digital economy," Sanjiva Weerawarana, WSO2 Founder and CEO.
WSO2 is advised by JP Morgan and Cooley. EQT is advised by Ropes & Gray and Simpson Thacher & Bartlett.
Burke & Herbert Financial Services completed the merger with Summit Financial in a $371m deal.
Burke & Herbert Financial Services, the bank holding company for Burke & Herbert Bank & Trust, completed the merger with Summit Financial, the financial holding company for Summit Community Bank, in a $371m deal.
"The consummation of this partnership brings together two organizations committed to being the quintessential community bank in our markets, where we care about the people who live and work among us. We look forward to delivering increased value for our constituencies with an experienced and respected board, a seasoned management group, and a team of people dedicated to exceptional service," David P. Boyle, Burke & Herbert Chair, President and CEO.
Summit Financial was advised by D.A. Davidson & Co (led by Edward Losty) and Bowles Rice. Burke & Herbert was advised by Keefe Bruyette & Woods (led by Joseph Gulash and Jeffrey Wishner) and Troutman Pepper (led by Gregory Parisi).
Accel-KKR completed the acquisition of Accertify from American Express. (FS)
Accel-KKR, a technology-focused private equity firm, completed the acquisition of Accertify, a provider of fraud prevention, chargeback management, account protection, and payment gateway solutions, from American Express, an American bank holding company. Financial terms were not disclosed.
"As Accertify's partner, Accel-KKR is committed to bringing our firm's full resources, insights and capital to support Accertify's investment strategy and mission to help enterprise customers prevent fraud, reduce costs and ultimately increase revenue. Accertify has built an enviable market position thanks to its robust technology, deep client relationships, and talented team. We are eager to build upon this strong foundation and support Accertify in its next phase of growth and expansion," Park Durrett, Accel-KKR Managing Director.
Accel-KKR was advised by Kirkland & Ellis (led by Shelly Hirschtritt and John Wilkes) and Kekst CNC (led by Todd Fogarty). American Express was advised by Barclays and Cleary Gottlieb Steen & Hamilton (led by Kimberly Spoerri and Paul Shim).
Wynnchurch Capital completed the acquisition of Reagent Chemical & Research. (FS)
Wynnchurch Capital, a private equity investment firm, completed the acquisition of Reagent Chemical & Research, a specialty distributor of hydrochloric acid. Financial terms were not disclosed.
"We have been highly impressed with Reagent's unique value proposition, long-standing relationships, vast distribution infrastructure, and market leadership position. We are excited to partner with Rob and the Reagent team to continue their long track record of success," Brian Crumbaugh, Wynnchurch Partner.
Reagent was advised by Deloitte and McElroy Deutsch Mulvaney & Carpenter. Wynnchurch was advised by Paul Hastings.
Mubadala Capital-backed TruFood Manufacturing completed the acquisition of Bar Bakers. (FS)
Mubadala Capital-backed TruFood Manufacturing, a contract manufacturer specializing in better-for-you nutrition bars, chocolate and baked granola, completed the acquisition of Bar Bakers, a nutritional snacks manufacturing company. Financial terms were not disclosed.
"The coming together of TruFood and Bar Bakers marks a significant milestone as it strengthens our position in the nutritional snacks market. As a result, we have expanded our capabilities and portfolio of products and strategically extended our manufacturing footprint to the west coast. The combined company's expertise and resources will enable us to better serve our customers and to accelerate our growth opportunities. I am thrilled to welcome Bar Bakers to our family. Their track record of customer partnership and operational excellence align perfectly with our values and vision," Michael Buick, TruFood CEO.
Bar Bakers was advised by Houlihan Lokey and Winston & Strawn. TruFood was advised by Akin Gump Strauss Hauer & Feld.
EnerSys to acquire Bren-Tronics for $208m.
EnerSys, a stored energy solutions provider for industrial applications, agreed to acquire Bren-Tronics, a manufacturer of portable power solutions, for $208m.
"The acquisition of Bren-Tronics is a strategic move that will strengthen our position as a critical enabler of the energy transition and supports our growth in the attractive and growing military and defense end market. Having partnered with Bren-Tronics to support the Department of Defense for over five years, we know the company well. We have tremendous respect for Bren-Tronics' outstanding products that support our military every day and which help save lives on the front lines," David M. Shaffer, EnerSys President & CEO.
EnerSys is advised by Stout Capital and Reed Smith.
Hodgdon Powder completed the acquisition of RCBS Reloading.
Hodgdon Powder, a distributor of smokeless powder for the ammunition industry, completed the acquisition of RCBS Reloading, a producer of high-quality reloading equipment and reloading supplies. Financial terms were not disclosed.
“This acquisition of RCBS, the leading brand in metallic reloading tools, is a perfect complement to our portfolio of smokeless powder brands for our handloading customers. With our world-class ballistics labs, we look forward to providing even more load data to our new RCBS customers," Steve Kehrwald, Hodgdon Powder President and CEO.
Vista Outdoor was advised by Robert W Baird.
Afya to acquire Unidompedro for $130m.
Afya, a medical education group and digital health services provider, agreed to acquire Unidompedro, a company provides education, science, arts and culture, emphasizing the creation and operation of higher education courses, for $130m.
The acquisition will add 300 operational medical school seats to Afya in Salvador, one of Brazil's largest cities.
Goldman Sachs Alternatives-backed Constructel Visabeira to acquire Verità Telecommunications. (FS)
Goldman Sachs Alternatives-backed Constructel Visabeira, a telecommunication and energy service provider, agreed to acquire Verità Telecommunications, a wireline and wireless services provider. Financial terms were not disclosed.
"This investment marks a significant milestone. It positions us at over $250m in sales in the US, while effectively balancing our growth across the US Energy and Telecommunications sectors. As we execute our expansion strategy in the US, where we hold strong long-term ambitions, this investment will play a pivotal role." He added that "drawing on our shared values and common vision for the future, coupled with our deep understanding of Verità's strong foundations, I am confident that we can leverage commercial and operational synergies to realize the broadband aspirations of our clients while advancing a trajectory of sustained profitable growth. Further, the strength of our balance sheet will allow us to continue to execute on our growth priorities and strategic M&A strategy in years to come in the US and Europe," Nuno Marques, Constructel Visabeira CEO.
Mullen Group completed the acquisition of ContainerWorld Forwarding Services.
Mullen Group, a logistics provider, completed the acquisition of ContainerWorld Forwarding Services, a logistics services company. Financial terms were not disclosed.
"The addition of ContainerWorld demonstrates our continued strategic focus of diversifying service offerings into verticals and markets that we consider as great long-term opportunities. Globally, alcoholic beverages is a trillion-dollar industry and here in Canada, it is a multi-billion dollar industry that is expected to grow as the Canadian population grows. ContainerWorld is a leading integrated logistics provider to international and domestic wine, beer and spirits producers that are looking for a safe and reliable customs bonded service provider in Canada. This acquisition further expands our operations in the provinces of British Columbia and Ontario, home to fifty percent of Canada's population, and will add over one million square feet of warehousing space to Mullen Group," Murray K. Mullen, Mullen Group Chair and Senior Executive Officer.
Sony and Apollo express interest in buying Paramount in $26bn deal. (FS)
Sony Pictures Entertainment and Apollo Global Management have made a bid to take Paramount private with an all-cash buyout offer of $26bn, a move that adds drama to an already chaotic deal-making process. The proposed merger of Sony and Paramount would create a new powerhouse in Hollywood, uniting the studios behind the Spider Man and Mission: Impossible franchises. Sony executives have discussed operating the Paramount studio as a division of their broader empire, combining their marketing and distribution functions.
This development adds complexity to Paramount's ongoing negotiations with Skydance and Redbird Capital Partners. Paramount has been in talks with Skydance, led by David Ellison, for a possible merger and investment deal. The new joint expression of interest from Sony and Apollo proposes Sony as a significant majority shareholder and Apollo as a minority shareholder.
The new, joint expression of interest would make Sony a significant majority and controlling shareholder and Apollo a minority shareholder. The proposed all-cash acquisition may appeal to Paramount shareholders who have come out against the Skydance deal over concerns it benefits the company's controlling shareholder, Shari Redstone, at the expense of others.
GIP and CPP near $5bn deal for utility group Allete. (FS)
US private capital group Global Infrastructure Partners and Canada’s largest pension fund are nearing a deal to buy Allete, a regulated utility with sizeable clean energy operations, for about $5bn.
Bankers led an extended process to find a buyer for Allete, with some infrastructure groups deterred by uncertainty over the returns they could earn from a regulated utility, FT reported.
Johnson Controls weighs a $1bn sale of ADT alarms unit.
Johnson Controls is considering the sale of its ADT alarms business as it offloads some non-core businesses. The unit of the New York-listed building manufacturer operates in Europe and Latin America and has already drawn interest from private equity funds. Johnson Controls has been attempting to divest its portfolio of heating and ventilation assets as part of its efforts to offload non-core businesses.
The alarms unit could fetch a valuation of less than $1bn in the event of a sale. The alarms business sits under Johnson's Building Solutions European and Latin American segment, which saw sales increase by 3% to $1.1bn in its most recent quarter, Reuters reported.
Central Puerto eyes stake in McEwen Copper's Los Azules project.
Central Puerto, Argentina’s biggest power supplier, is in talks to invest in Canadian miner McEwen Copper's Los Azules project.
After recently signing a deal for a stake in the Diablillos silver-gold project in Salta province, Central Puerto is committed to getting involved in a second mining venture. The company is eyeing Los Azules as well as other gold and silver sites, Bloomberg reported.
Geely’s Zeekr seeks up to $368m in US IPO.
Zeekr Intelligent Technology, the high-end electric car brand under Zhejiang Geely Holding Group, is seeking to raise as much as $368m in a US IPO, targeting a valuation of up to $5.13bn.
The IPO will test investors' appetite for Chinese companies, given the simmering tensions between the two biggest economies in the world over trade, intellectual property and the future of Taiwan, Bloomberg reported.
Churchill Capital IX prices $250m IPO. (FS)
Churchill Capital IX, a blank check company founded by dealmaker and former Citi executive Michael Klein, raised $250m by offering 25 million units at $10. Each unit consists of one share of common stock and and one-quarter of a warrant, exercisable at $11.50.
Churchill Capital IX was founded by Michael Klein, who is also the founder and managing partner of M. Klein and Company. The Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It may pursue an initial business combination target in any business or industry.
Churchill Capital IX is advised by Citigroup.
KKR investment vehice for mass affluent raises $1.8bn. (FS)
KKR's effort to reach the so-called mass affluent raised $1.78bn from more than 12k investors in a single vehicle.
KKR Infrastructure Conglomerate, which began raising money in June, is one of two companies KKR formed to attract capital from wealthy individuals who don’t necessarily meet the minimum investment threshold to invest in a traditional private fund. The other is KKR Private Equity Conglomerate. The infrastructure vehicle received backing from 12.632k investors, which amounts to roughly $141k per investor, Bloomberg reported.
Palm Beach Capital closes its sixth fund at $350m. (FS)
Palm Beach Capital, a middle market private equity firm, announced that it has closed Palm Beach Capital Fund VI, its sixth private equity fund dedicated to partnering with founders, business owners, and management teams in key sector focus areas. Fund VI exceeded $350m, significantly surpassing its target of $275m.
“We are excited and humbled by the overwhelming support of our existing long-time investors, and we are also thrilled to welcome several new institutional investors. We’ve always viewed our deep relationships with our investors as true partnerships and a competitive advantage in the lower middle market. This was demonstrated by our ability to raise our largest fund since inception despite a very challenging broader fundraising market," Shaun McGruder, PBC Co-Founder and Managing Partner.
Palm Beach Capital was advised by Snowbridge Securities and Greenberg Traurig.
EMEA
Myonex completed the acquisition of the pharmaceutical services business from Creapharm.
Myonex, a clinical trial supply company, completed the acquisition of the pharmaceutical services business from Creapharm, a clinical trial supply management company. Financial terms were not disclosed.
"We are thrilled to have completed the acquisition of Creapharm, a milestone that expands our services and enhances our capabilities for clients and the industry. Together, we are poised to meet the dynamic needs of our clients with agility, flexibility, and reliability," James Lovett, Myonex CEO.
Myonex was advised by Crosstree Capital, McDermott Will & Emery and Troutman Pepper. Creapharm was advised by Rothschild & Co, Arst Avocats, Nelson Mullins Riley & Scarborough and Nomodos.
UK watchdog raises concerns over Pennon-SES water deal.
British water company Pennon faces in-depth regulatory investigation of its purchase of rival Sutton and East Surrey Water unless it can address concerns raised by the competition watchdog, Reuters reported.
Britain's Competition & Markets Authority said the deal could hamper water regulator Ofwat by removing SES Water from its dataset and reducing the number of comparators available to estimate cost allowances and set service quality targets.
Pennon is advised by Barclays (led by Alisdair Gayne), Mitsubishi UFJ Morgan Stanley Securities, Morgan Stanley (led by Andrew Foster), Slaughter & May (led by Warwick Brennand and Paul Dickson) and FGS Global (led by James Murgatroyd). Sumitomo is advised by Herbert Smith Freehills (led by Benjamin Ward).
Greenoaks and Long Path to acquire Karnov for $833m. (FS)
Private equity firms Greenoaks Capital Partners and Long Path Partners, agreed to acquire Karnov, a supplier of information solutions, for $833m.
Completion of the offer is conditional upon, among other things, the offer being accepted to such extent that BidCo becomes the owner of more than 90% of the total number of outstanding shares in the company (on a fully diluted basis). BidCo has reserved the right to waive one or several of the conditions for completion of the offer.
Karnov is advised by Carnegie Investment Bank and Gernandt & Danielsson.
Lone Star to acquire ERIKS from SHV. (FS)
Lone Star, a private equity firm, agreed to acquire ERIKS, a specialized industrial service provider that offers a wide range of technical products, co-engineering, and customization solutions, from SHV, a coal trading company. Financial terms were not disclosed.
"ERIKS represents an exciting investment opportunity and a valuable addition to our European investment portfolio. This acquisition aligns with our strategy of investing in market leading businesses that exhibit both growth and operating improvement potential. We are excited to work alongside the ERIKS team to further scale the business and accelerate the delivery of innovative solutions to their customers," Donald Quintin, Lone Star CEO and Global President.
Lone Star is advised by Barclays and Simpson Thacher & Bartlett.
PAI Partners to acquire a 67% stake in Vamed's rehabilitation business from Fresenius. (FS)
PAI Partners, a private equity firm, agreed to acquire a 67% stake in Vamed's rehabilitation business from Fresenius, a European multinational health care company. Financial terms were not disclosed.
"Vamed’s rehabilitation business is a European leader, providing essential rehabilitation services with a strong reputation for delivering quality care. Working closely with our partner Fresenius, we will draw on our mutual industry expertise to strengthen our new healthcare business, placing service, patient experience and medical outcomes at the forefront," Stefano Drago, PAI Partners Founding Partner.
Fresenius is advised by UBS and Latham & Watkins.
Ramudden to acquire Savon Kilpi.
Ramudden, a Swedish company that provides traffic safety solutions and infrastructure services, agreed to acquire Savon Kilpi, a sign manufacturing company. Financial terms were not disclosed.
"We are excited about the opportunity to join one of our key customers after years of great collaboration, and we look forward to strengthening our joint value proposition towards our customers," Arto Pesonen, Savon Kilpi CEO.
Ramudden is advised by Dittmar & Indrenius.
Sabadell said to favor $13bn operning talks with BBVA.
Banco Sabadell is leaning towards starting takeover talks with larger rival Banco Bilbao Vizcaya Argentaria, potentially taking a first step in a process that could end up creating a new Spanish banking behemoth.
There’s a growing view within Sabadell that the offer BBVA has outlined in a letter is a reasonable starting point for negotiations, although the bank hasn’t made a formal decision on how to proceed. The lender continued discussing the proposal over the weekend and may hold a board meeting about it this week.
Sabadell is advised by Morgan Stanley and Goldman Sachs.
Glencore studying an approach for Anglo American.
Commodities group Glencore is studying an approach for Anglo American, a development that could spark a bidding war for the 107-year old mining company.
Glencore has not yet approached Anglo. The discussions are internal and preliminary at this stage and may not result in an approach.
Anglo on May 3 rejected a $39bn all-stock proposal from the miner BHP Group. BHP's proposed premium was 31% above Anglo's closing price on April 23, Reuters reported.
Cinven seeks refinancing for JLA after shelving £1bn sale. (FS)
Buyout firm Cinven is looking to refinance business services firm JLA after pulling a planned sale of the UK company.
The private equity firm decided to hold onto the business for longer as it felt the offers it received didn’t properly reflect JLA’s growth prospects. Cinven had been discussing a potential valuation of more than £1bn ($1.25bn) with bidders, Bloomberg reported.
Eutelsat is said to weigh $850m sale of ground station network.
French satellite operator Eutelsat is exploring options for its ground station network, including a sale, that could value the portfolio at more than $850m.
The company is working with advisers to seek a buyer for the assets. The unit is drawing interest from infrastructure investment firms. No final decisions have been made and Paris-based Eutelsat may elect to keep the business, Bloomberg reported.
ECP is in advanced talks to acquire Atlantica Sustainable Infrastructure.
Energy Capital Partners is in advanced discussions to acquire UK-based renewable energy developer Atlantica Sustainable Infrastructure
The American private equity firm is finalising the terms of the potential acquisition, with a deal to be announced in spring or early summer 2024. The outcome of the ongoing discussions remains uncertain, and there is a possibility that an agreement may not be reached, or that Atlantica could opt not to proceed, Bloomberg reported.
German government looking into Raiffeisen-Strabag deal.
Germany's economy ministry is looking into Raiffeisen Bank International's plans to buy a stake in Strabag, a construction firm linked to a Russian tycoon.
Strabag has numerous German subsidiaries, which is how the German economy ministry, which has initiated an investment review, can become active, Reuters reported.
Puig IPO raises €2.6bn.
Europe’s biggest IPO of 2024 saw Spanish conglomerate Puig exceed its share price of $26.3 to $27.4, resulting in a market capitalisation of $14.9bn after it sold 106.5m shares.
The funds raised, some $2.7bn, will allow the fragrance and fashion group to make further acquisitions and reduce its debt.
Exosens seeks to raise up to €400m in Paris IPO.
French night-vision technology company Exosens is planning an initial public offering in Paris that may raise between €300m ($322m) and €400m ($430m). An IPO may value the company in excess of $1.1bn.
The firm, which is backed by European investment group Groupe HLD, is seeking to launch the share sale as soon as mid-May. The maker of products for sectors including defense is working with BNP Paribas, Citigroup and JP Morgan on a listing. Lazard is acting as independent adviser on the IPO, Bloomberg reported.
APAC
