|
AMERICAS
Nexstar Media Group completed the acquisition of Tribune Media for about $7.2bn, a deal which would make it the most extensive local US TV station operator.
The combination creates the nation's most massive pure-play local broadcast television and digital media company, with national coverage and reach to approximately 39% of US television households (reflecting the FCC's UHF discount). Nexstar will benefit from increased operational, geographic, and economic diversity and scale as a result of Tribune Media's diverse portfolio of media assets including owned or operated broadcast television stations in the major US.
Nexstar outbid private equity firm Apollo Global Management with an all-cash offer that values Tribune at around $46.50 per share.
"The completion of our accretive acquisition of Tribune Media increases Nexstar's geographic diversity and audience reach with national coverage and an expanded presence in top 50 DMAs while offering complementary media assets and investments, scale driven synergies and further cash flow diversification. Nexstar Media Group is now the nation's leading creator and distributor of local news, entertainment, sports, lifestyle and network programming through its broadcast and digital media platforms based on US TV household reach with pro-forma 2018/2019 average annual revenue of approximately $4.3bn." Perry Sook, Nexstar Chairman, President, and CEO.
Tribune is advised by Guggenheim Partners, Moelis & Co, Covington & Burling, Debevoise & Plimpton, and Latham & Watkins. Nexstar is advised by Bank of America Merrill Lynch, Kirkland & Ellis, Wiley Rein. Sinclair Broadcast is advised by JP Morgan and Sullivan & Cromwell.
First Financial Bankshares, a leading financial holdings company acquires TB&T Bancshares, and its wholly-owned subsidiary, The Bank & Trust of Bryan/College Station, two of the leading commercial banks in US for $190m.
The acquisition of The Bank & Trust expands First Financial Bankshares' growing Texas footprint with five branches in Bryan and College Station, the home of Texas A&M University, with more than sixty thousand students and one of the largest universities in the United States. Pending regulatory and shareholder approval, the acquisition is expected to be finalized in the first quarter of 2020.
"We welcome this opportunity to bring our expanded banking and wealth management services to this new market by adding The Bank & Trust to the financially strong and growing First Financial Bank family," F. Scott Dueser, First Financial Bankshares, Chairman, and CEO.
Stephens and Fenimore Kay Harrison & Ford are advising TB&T Bancshares. JP Morgan and Norton Rose Fulbright are advising First Financial Bankshares.
BankPlus, a leading commercial bank in Mississippi acquires State Capital, a banking service provider for $137m.
BankPlus and State Capital signed a definitive merger agreement under which BankPlus and State Capital will merge to position the combined company to become a premier regional bank. Subject to the terms of the merger agreement, State Capital shareholders will receive shares of BankPlus’s common stock for each outstanding share of State Capital common stock.
"This merger not only represents two of Mississippi's oldest banks coming together with shared values and strong roots in the communities we serve, it also represents an even stronger bank going forward, focused on the future and exceeding the expectations of our customers," William A. Ray, BankPlus President and CEO.
Stephens and Adams and Reese are advising State Capital. Keefe Bruyette & Woods and Jones Walker are advising BankPlus.
Bloomberg reported, Tortoise, which holds a 9.5% stake in Tallgrass Energy, is urging independent directors to seek a higher offer from Blackstone Infrastructure Partners.
A conflicts committee made up of independent members of Tallgrass’ board is reviewing Blackstone’s offer to take the company private at a price of $19.50 for all outstanding Class A shares. Despite representing a 36% premium, the bid is attracting criticism because it followed a roughly 40% drop between Blackstone’s March move to take control and the offer announcement late last month.
Citigroup and Vinson & Elkins are advising Tallgrass.
Clutter, a tech-enabled storage company that manages the pickup, storage, and retrieval of your belongings, has acquired The Storage Fox portfolio for $152m.
The Storage Fox portfolio is comprised of four properties in New York, including Long Island City, Brooklyn, White Plains, and Yonkers, bolstering 'Clutter's presence in the largest city in the US.
"In the spirit of saying ''yes'' more, we are proud to offer self-storage services to customers who need local access and want to know their belongings are close at hand. This hybrid strategy of self-storage and on-demand storage has been our vision from the beginning. It represents an exciting milestone in our long-term strategic plan to create a platform for people to manage their belongings." Ari Mir, Clutter co-founder, and CEO.
Clutter is being advised by Barclays.
Stripe, a leading technology firm raises $250m in the recent funding round, which evaluated the payment startup at $35bn.
Sequoia Capital, Andreessen Horowitz, and General Catalyst were some of the investors in the latest funding round. The latest valuation puts Stripe in the same league as home rental giant Airbnb, which earlier in the day said it was planning to go public in 2020.
“We’re investing now to build the infrastructure that’ll power internet commerce in 2030 and beyond. If we get it right, we can help the internet fulfill its potential as an engine for global economic progress.” John Collison, Stripe President and Co-Founder.
Postmates is receiving another cash injection as the San Francisco-based delivery service prepares to go public, raising an additional $225m from private equity firm GPI Capital that boosts Postmates valuation to $2.4bn, up from $1.85bn in January.
Postmates is an American logistics company that operates a network of couriers who deliver goods locally. The company operates in 2.9k cities.
"We are excited to have GPI as a partner and the lead of this round during such a pivotal year for Postmates," Bastian Lehmann, Postmates CEO.
The Riverside Company, a leading private equity firm invests in Blue Moon Estate Sales, a leading estate sales franchise. Financial terms were not disclosed.
Blue Moon will complement the existing Riverside platform Best Life Brand’s (BLB) home care and assisted living placement services by adding services to assist seniors in the transition from living at home to a senior facility.
“Riverside’s investment in Blue Moon will provide additional support and infrastructure to build a world-class franchise system. We are actively looking for similar add-ons like Blue Moon to add to our BLB platform.” Brian Sauer, Riverside Partner.
Streamline Brands, a leading franchisor and manager of swim schools acquires Saf-T-Swim Schools, a NY-based swim school system. Financial terms were not disclosed.
This acquisition for Streamline is part of its aggressive growth goal of managing more than 300 US and international locations by 2020.
“We are delighted to have Saf-T-Swim join our brand family. With this acquisition, we are able to welcome a team of professionals that have provided world-class service to the families of New York for over 35 years." Matthew Lane, Streamline Brands CEO.
Softbank reportedly seeks to remove Adam Neumann as WeWork CEO.
After pulled IPO, SoftBank, which is the We Work’s largest shareholders wants Adam Neumann out, as reported by Bloomberg. CNBC confirmed Softbank chief Masayoshi San is in favor of removing Neumann.
WeWork suffered lately from a string of bad news. Concerns over governance and sky-high valuation derailed IPO, which was called off on Monday 16th. News of CEOs drug incidents could be the last straw that will force the Board to reconsider WeWork’s leadership.
Checkr, an AI background screening company raises $160m at $2.2bn valuation.
Checkr, a leading background screening company raises $160m in the Series D funding round which values the firm at $2.2bn.
The funding round was led by T. Rowe Price Associates and joined by Bond, Coatue, and long-time investors Accel, Y Combinator, and IVP.
Fitbit seeks advice from investment banks regarding a potential sale. (FS)
Wearable device maker Fitbit has been in talks with an investment bank about the possibility of exploring a sale amid challenges in successfully pivoting from fitness trackers to smartwatches, Financial Post reported.
Fitbit has held discussions with investment bank Qatalyst Partners about whether it should engage with potential acquirers. Fitbit has not yet decided whether it will pursue a sale and there is no certainty it will do so. Qatalyst has been seeking to persuade Fitbit to explore its options for several weeks, arguing it could attract acquisition interest from Google owner Alphabet as well as private equity firms.
AT&T CEO met with Elliot Advisors, an activist hedge fund, to discuss strategy.
AT&T's chief executive met this week with the activist investor who is pressing the company to rethink its strategy and sell off more assets, WSJ reported.
AT&T boss Randall Stephenson and Jesse Cohn, the portfolio manager at Elliott Management who challenged the telecom veteran, met for an introductory conversation. The hedge-fund manager discussed streamlining operations and 'Elliott's other ideas.
McDermott considers Lummus Technology business divestment to Boost liquidity.
McDermott International's is exploring the sale of its Lummus Technology business, a move that may give the heavily indebted company some vitally needed liquidity. The stock jumped as much as 73% while its notes more than doubled.
Expressions of interest value the unit at more than $2.5bn and Evercore is advising on the potential divestment, company said. McDermott said it's also continuing efforts to sell the remaining part of its pipe fabrication business and its industrial storage tank business.
CyrusOne draws interest from Digital Realty Trust. (FS)
Bloomberg reports new bidders have emerged for CyrusOne, a data-center company which was exploring a sale.
The Dallas-based real estate investment trust has drawn interest from rival Digital Realty Trust. The investment firms EQT Partners and Digital Colony Partners have also partnered to pursue a potential deal for the company.
DeVos family in advanced talks to acquire a minority stake in Nordic Capital. (FS)
Ottawa Avenue Private Capital, a subsidiary of RDV, which serves the extended family of US Education Secretary Betsy DeVos, and her husband Richard DeVos, is in advanced talks to acquire a minority stake in the private equity firm Nordic Capital.
EMEA
Hong Kong Exchanges & Clearing(HKEK) is working with UBS group to find a suitable deal for the London Stock Exchange Group(LSEG). The Swiss bank has been brought in as an adviser and is helping HKEX arrange meetings with LSE shareholders, Bloomberg reported.
Barclays, RBC Capital Markets, Goldman Sachs, JP Morgan, Morgan Stanley, Robey Warshaw, and Teneo are advising LSEG. UBS, Cravath Swaine & Moore, Slaughter & May Moelis & Co, and Headland Consultancy are advising HKEX.
Freudenberg, a global technology and diversified group of companies to acquire Low & Bonar, a leading manufacturer of specialty textiles and polymers. Financial terms were not disclosed.
The proposed acquisition is subject to, among other things, Low & Bonar shareholder approval and approval by the antitrust authorities. Low & Bonar is listed on the London Stock Exchange and is an FTSE All-Share Index company.
“With the acquisition, we would like to strengthen our performance materials business, and with Low & Bonar’s innovative technology we could further expand our technical know-how,” Mohsen Sohi, Freudenberg Group CEO.
Rothschild & Co, Freshfields Bruckhaus Deringer, and Instinctif Partners are advising Low & Bonar. Barclays and Jones Day are advising Freudenberg.
ZF Friedrichshafen, a leading German car parts manufacturer, acquires a 20% stake in Haldex, a brakes systems manufacturer for $46m.
Friedrichshafen, through its wholly-owned subsidiary ZF International, has successfully placed 8.9m shares in Haldex for $5.16 for each stock.
JP Morgan advised Friedrichshafen.
Aero Forgings Bidco, a manufacturer and forger of specialty parts for the aerospace industry acquires UK-based forging business of Arconica, a specialty automobile parts and equipment manufacturer for $62m.
The sales illustrate Arconic’s plan to divest its non-core businesses as it approaches a company split. The company intends to close the transaction by the fourth quarter of 2019.
Verlingue Gruppe, an independent insurance group, acquires Omnes, a specialist insurance broker for risk, and marine and transport insurance from Omnes Capital, a leading private equity firm. Financial terms were not disclosed.
All current shareholders and Eyssautier Group management are selling their shares to Verlingue. Mathieu Berrurier, manager for over three years, will continue to run the business.
"We are proud of the progress made with Omnes, which has been with us for six years. Verlingue is a great opportunity for Eyssautier, its clients, and its teams who will benefit from the might of a large broker and a family shareholding we are attached to." Mathieu Berrurier, Eyssautier Chairman.
Derichebourg Environnement, a leading waste management and scrap recycling company to acquire Lyrsa Group, the Spanish leader in scrap metal recycling. Financial terms were not disclosed.
The acquisition is expected to be completed by the end of the 2019 calendar year. Completion of the acquisition is subject to meeting the conditions precedent, including review of the transaction by the Spanish authorities responsible for assessing market concentration.
Derichebourg intends to finance the acquisition with cash and its existing credit lines.
SoftBank’s “repackages” is Wirecard convertible bond and books instant win. (FS)
SoftBank, a leading private equity firm, leads a $992m strategic tie-up in Wildcard, a german payments company.
SoftBank did not purchase a stake in Wirecard, however. Instead, it bought a convertible
bond, a type of debt that can be repaid in stock rather than cash, FT reported.
The new deal effectively means that SoftBank has taken the money it invested off the table, in what SoftBank executives described as a “return optimisation” measure.
Aramco adds Barclays, BNP, Deutsch Bank, and UBS as book-runners for the IPO.
Saudi Aramco, the state-owned energy giant has added banks including Barclays, BNP Paribas as well as Deutsche Bank and UBS Group as bookrunners on its planned initial public offering as it pushes ahead with plans for the blockbuster deal, Bloomberg reported.
The energy giant also picked Credit Agricole, Gulf International Bank and Societe Generale. Bank of America Corporation, Citigroup together with Credit Suisse Group, Goldman Sachs Group as well as JPMorgan Chase and Morgan Stanley were chosen earlier for senior roles on the deal.
Aramco to select around 15 bookrunners in total, including two Chinese firms.
Commerzbank considers the sale of Polish subsidiary mBank.
Germany's Commerzbank is considering selling its Polish subsidiary mBank as part of a new strategy, daily Handelsblatt reported. The decision on the sale is expected to come after a meeting next week.
Commerzbank, which failed in its attempt to merge with Deutsche Bank earlier this year, will hold a supervisory board meeting next week discuss the 'bank's future strategy, Reuters reported.
Britain's Thomas Cook looking for £200m to avert bankruptcy.
Britain's Thomas Cook needs to find an extra £200m ($250m) to satisfy its lenders or one of the world's oldest holiday company risks collapse, potentially stranding thousands of holidaymakers across Europe.
Demand for an additional funding facility puts that deal at risk, as well as the jobs of Thomas Cook's 21k employees and the holidays of 600k customers, mostly from Germany, Britain, and Scandinavia.
Thomas Cook said the recapitalization posed "a significant risk of no recovery" for the diluted shareholders.
Groupe Casino considers selling its discount store chain Leader Price to low-cost rival Aldi.
Debt-laden French retailer Casino is in talks to sell its French discount store chain Leader Price to German low-cost rival Aldi, Casino said.
The move comes as Casino CEO and controlling shareholder Jean-Charles Naouri is hunting for ways to decrease the company's debts in part via asset sales. Casino said in a statement that following an expression of interest from Aldi France, the two groups had "entered into discussions with a view to having Aldi France submit a binding offer," Les Echos said.
Air France and EasyJet drop bids for Aigle Azur.
Air France-KLM and easyJet withdrew competing for offers for Aigle Azur on Thursday after missing an overnight court deadline to improve their bids to acquire part of the collapsed budget airline's operations and staff.
An Air France spokeswoman confirmed it had decided against submitting an expected joint offer with long-haul niche carrier Air Caraibes because "our conditions for doing so weren't met."
Brait to raise $204m in a strategic sale of all assets except Virgin Active. (FS)
South African businessman Christo Wiese is part of a shareholder group proposing investment company Brait raise 3bn rand ($204m) in a share sale and dispose of all assets except gym-chain Virgin Active.
Under the plan, Wiese's Titan would team up with a new vehicle called Arbiter and Johannesburg-based money manager Mergence Investment Managers to control a combined 49.9% of Brait, Bloomberg reported. The parties would then remove the current management and embark on their preferred strategy.
KKR appoints Diego Piacentini as a Senior Advisor. (FS, People)
KKR, a leading global investment firm appoints Diego Piacentini as a Senior Advisor, effective immediately.
Piacentini started his career with Apple EMEA, followed by Senior Vice President at Amazon and as Commissioner for Digital Transformation for Italian Government.
"I am excited to work together with KKR, especially in the technology sector, its partners and its portfolio companies as the Firm continues to grow in this area and many others.” Diego Piacentini.
IMCD, a leading distributor of specialty chemicals and food ingredients completes the acquisition of Monachem Additives, a supplier and seller of specialty chemicals products, in particular for the plastics industry. and Addpol Chemspecialities, a subsidiary of Monachem. Financial terms were not disclosed.
The acquisition is paid from available cash and existing facilities.
“This acquisition fits perfectly in our continuous efforts to build and establish IMCD’s position in the Advanced Materials segment in India, a very promising market to support our expansion and ambition in Asia. Both companies, have a strong track record in offering specialty products and technical expertise which is very much aligned with IMCD practices.’’ Olivier Champault, IMCD Director.
Canada Pension Plan Investment Board (CPPIB), a leading private equity firm to acquire a 45% stake in PT Lintas Marga Sedaya (LMS), the concession holder and operator of the Cikopo-Palimanan (Cipali) toll road. Financial terms were not disclosed.
The transaction is expected to be completed in the fourth quarter of 2019, subject to customary closing conditions, including regulatory approvals.
“As CPPIB’s first infrastructure investment in Indonesia, this deepens the Fund’s commitment to the Asia-Pacific region as well as our focus on investments in new markets" Suyi Kim, CPPIB Senior Managing Director.
Flight Centre Travel Group, a leading tourism, and transport firm acquires the remaining 51% stakes in Ignite Travel Group, an Australian holiday package provider. Financial terms were not disclosed.
“Expanding our presence through the Flight Centre network will not only benefit our travel partners but will also help attract a new customer segment to FLT and to bring this new product range to other markets internationally,” Randall Deer, Ignite Managing Director.
Alibaba considers investing in Taiwanese AR startup Perfect. (FS)
Chinese internet giant Alibaba Group has agreed to invest in augmented-reality startup Perfect in its biggest bet so far in Taiwan, DealStreat Asia reported
Alibaba is leading a new round of funding for Perfect. Chinese venture capital firm CCV, led by former KPCB China Managing Partner Zhou Wei, and Taiwan's Cyberlink are also participating in the round.
KKR and Deutsche Bank-backed Latitude Financial consider $2.5 bn IPO. (FS)
Latitude' Financial's second attempt to list its shares could be the most massive share float in Australia for five years, with an expected value for the non-bank lender of about A$3.7bn ($2.5bn), Reuters reported.
One of the largest non-bank lenders in Australia and partly owned by KKR & Co and Deutsche Bank, Latitude offers easy access home loans, credit cards, and personal loans with minimal paperwork. It plans to lodge regulatory documentation for an IPO with the corporate watchdog on Sept. 26.
Ping An-backed, OneConnect considers New York listing in mid-November.
Ping An Insurance's OneConnect financial technology unit is aiming for a stock market debut in New York in mid-November this year, Reuters reported.
Ping An Insurance Group Co of China, 'China's biggest insurer by market value, changed the listing venue to New York from Hong Kong a few months ago in the hope of achieving a higher valuation. OneConnect, which provides technology solutions to small and medium-sized financial institutions, was eyeing a cost of about $8bn and raise to $1bn in the IPO.
|
