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AMERICAS
Patterson-UTI Energy, a land drilling and pressure pumping services provider, completed the merger with NexTier, an oilfield service company, in a $5.4bn deal.
"We are excited to complete the merger of Patterson-UTI and NexTier, establishing us as a leading, technology-driven drilling and well completions business. The company is well positioned to deliver value through our comprehensive portfolio, innovative offerings, significant free cash flow generation and strong financial position. With an outstanding combined team and collective track record of integrations, we are confident we will hit the ground running and successfully bring the businesses together. We look forward to welcoming our NexTier colleagues and starting this new chapter together," Andy Hendricks, Patterson-UTI President and CEO.
Johnson & Johnson, an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods, plans to tap billions in proceeds from the recent split-off of its consumer-health business to fuel growth in pharmaceuticals and medical technology through capital allocation, which could include new acquisitions and investments in product offerings and robotics, WSJ reported.
In August, J&J shed about 80% of its Kenvue shares through a roughly $40bn split-off, whereby some investors chose to trade in their shares of J&J for Kenvue ones. The moves marked the conclusion of a multiyear effort, a plan decided upon in 2019 and put into action in 2021 when J&J embarked on untangling its finances and operations for such a split
Oben Group, a modern industrial company, agreed to acquire Terphane, the flexible packaging films business of Tredegar, an industrial manufacturer, for $116m.
"We believe that the purchase by Oben of Terphane will enhance the scale and growth opportunities in the keenly competitive global flexible packaging market," John Steitz, Tredegar President and CEO.
Tredegar is advised by JP Morgan and Hunton Andrews Kurth.
Harvest Integrated Research Organization, a China-based globally oriented clinical research organization, completed the acquisition of Courante Oncology, a full-service clinical research provider specializing in oncology product development. Financial terms were not disclosed.
"We are so excited to be joining HiRO. This partnership will allow us to offer expanded services and enhanced value to clients through a more global network.” Sheri Smith, Courante Oncology President.
Courante Oncology was advised by Generational Equity.
VegInvest/Ahimsa Foundation, a mission-aligned organization that supports companies striving to replace the use of animals in the food system and other industries, completed the investment in Eat Just, a company that applies cutting-edge science and technology on a mission to create healthier, more sustainable foods. Financial terms were not disclosed.
“We founded this company to take the animal out of the equation, and today, we’re proud to continue this vital work with an investor who has shown an unwavering commitment to this ideal. Our work is not easy and not certain, but it's what is required.” Josh Tetrick, Eat Just Co-Founder and CEO.
WBM Technologies, a company in the provision of outcome-driven information technology solutions, completed the acquisition of Carlyle Printers Service & Supplies, a Manitoba print solutions provider. Financial terms were not disclosed.
“This announcement is the continuation of what we feel is a proven approach in bringing great people and customers together around a shared vision and shared values. This is a significant move in the managed print industry in Canada, and we couldn’t be more excited to be taking another strategic step forward that will allow us to add amazing new organizations to our client community, and to build even more great careers right here in Western Canada,” Brett Bailey, WBM Vice President.
Blackstone and Airbnb set to join S&P 500 index. (FS)
Shares of Blackstone and Airbnb rallied in extended trade after S&P Dow Jones Indices said the two companies would join the S&P 500 index, DealStreetAsia reported.
Blackstone was up 4.1%, while Airbnb jumped 5% after S&P Dow Jones Indices said the companies would replace Lincoln National and Newell Brands before the start of trading on September 18. Lincoln National dipped 0.7% and Newell Brands was last unchanged.
EMEA
Novozymes and Chr. Hansen announced that the Chinese State Administration for Market Regulation has now unconditionally approved their statutory merger.
The approval by SAMR was a condition to completion of the combination. The completion of the combination remains subject to the satisfaction of an additional number of conditions set out in the merger plan, including certain additional regulatory approvals. It is expected to occur in the fourth quarter of 2023 or the first quarter of 2024.
Chr. Hansen is advised by Goldman Sachs (led by Andre Kelleners) Baker McKenzie, Gorrissen Federspiel (led by Anders Ørjan Jensen), and Impact Partners. Financial advisors are advised by Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg). Novozymes is advised by Danske Bank, FIH Partners (led by Kasper Kristian Elton Koch), Gordon Dyal & Co (led by Gordon Dyal), Nordea Bank (led by Fredrik Segenmark and Torben Hansen), Oxera, Davis Polk & Wardwell (led by Will Pearce and Connie I. Milonakis) Linklaters (led by Nicole Kar), Plesner, FGS Global (led by Charlie Chichester), and Point Communications. Financial advisors are advised by Simpson Thacher & Bartlett (led by Jakob Rendtorff and Caroline Gottschalk).
Permira Advisers, a British global investment firm specialized in buyout, growth equity, and credit funds, agreed to acquire Ergomed, a pharmaceutical services company that provides a wide range of services to the biotechnology, pharmaceutical, and medical device industries, for £703m ($884m).
"We are delighted to be announcing this recommended cash acquisition of Ergomed, a high-quality, medic-led and fast-growing pharma services platform. We look forward to partnering with the Ergomed management team in accelerating Ergomed's growth and fulfilling its vision of becoming the leading pharmacovigilance and rare disease clinical development partner to pharma and biotech clients to safely commercialize complex and often life-saving therapies for patients. Miro and his team have built a very strong foundation and as we look to the next phase of Ergomed's growth, we will continue to support commercial expansion, new capabilities and technological innovation, via investments into the business as well as transformational M&A," Silvia Oteri, Permira Partner and Head of Healthcare.
Public Investment Fund, a global and domestic investor, agreed to acquire Saudi Iron & Steel Company, a large steel company, from SABIC, a Saudi chemical manufacturing company. Financial terms were not disclosed.
"The steel industry is foundational to the Saudi economy and to its diversification and growth. These transactions will bring together PIF's financial capabilities and industry experience with Hadeed and Rajhi Steel's leading technical and commercial expertise, to create a national champion in Saudi Arabia's steel sector. They also build on PIF's mandate to establish new strategic partnerships in order to enable the private sector," Yazeed A. Al-Humied, PIF Deputy Governor and Head of MENA Investments.
Public Investment Fund is advised by JP Morgan.
Eigenmann & Veronelli, an international specialty chemicals company, completed the acquisition of IMEA Technologies, a regional distributor of specialty chemicals, specialized in industrial market. Financial terms were not disclosed.
“In line with our strategic vision to be an established international solutions provider, we are delighted to welcome IMEA Technologies to the E&V Group. This acquisition strengthens our international footprint and allows us to offer a truly compelling value proposition to both principals and customers,” Gabriele Bonomi, E&V Group Chief Executive Officer.
Stallergenes Greer, a biopharmaceutical company, completed the acquisition of Palforzia business from Nestlé, a multinational food and drink processing company. Financial terms were not disclosed.
"We are confident that Stallergenes Greer will take Palforzia forward and ensure this unique treatment supports patients around the world. At the same time, the divestiture allows Nestlé Health Science to focus on its core strengths and key growth drivers," Greg Behar, Nestlé Health Science CEO.
Volkswagen in 'advanced talks' with Mahindra on MEB platform.
Volkswagen said on Monday it was in advanced talks with India's Mahindra & Mahindra on the use of key electric components of the German carmaker's open platform for electric vehicles, called MEB. Mahindra plans to use central MEB components such as the e-drive and unit cells for its models, Volkswagen said in a statement.
Volkswagen has developed a modular, open vehicle platform for EVs, called MEB, which is used to build its cars and those of other group companies including Skoda and Audi. This also allows Volkswagen to be a supplier of electric technology and parts to other automakers, Reuters reported.
Wood Group and Harbour Energy partner for UK North Sea operations.
British oilfield services firm Wood Group signed an agreement worth around $330m with UK North Sea oil and gas producer Harbour Energy that will create hundreds of jobs at its operations in Aberdeen, Scotland, and offshore, Reuters reported.
Under the agreement, Wood will provide engineering, procurement, construction and maintenance services for a number of Harbour's offshore assets critical to UK energy security.
Belgium sells record €22bn of bonds to retail investors.
Belgium sold €21.9bn ($23.7bn) of bonds to retail investors, a record for the nation as it lures funds and sends a message to banks that have been slow to raise saving rates.
More than 600k people poured into one-year note. The 3.3% coupon on the bond compares with an average rate of 3.13% for Belgian deposits of up to one year, Bloomberg reported.
Barclays explores sale of stake in $2.5bn UK payments unit.
Barclays is exploring the sale of a stake in the unit that processes payments for UK merchants as the British bank seeks a partner to help grow the business, Reuters reported.
The bank is considering bringing in a partner with the strategic "know-how" to expand the business, as well as raising capital, but has yet to decide how big a stake it might sell.
Oman’s OQ Gas Networks plans to sell 49% stake in an IPO.
Oman’s OQ Gas Networks, the pipelines business unit of state oil company OQ, plans to sell up to 49% of the company through an initial public offering and list its shares on the Muscat Stock Exchange. It did not disclose the size of the offering.
“This listing will allow us to move the company into the next chapter of growth. The core focus of OQGN will remain unchanged, focusing on the delivery of vital resources supporting the growth of our customers and the sultanate of Oman,” Mansoor Al Abdali, Oman’s OQ Gas Networks Managing Director.
Citigroup's Russian subsidiary to halt ATMs in Russia by year end.
The Russian subsidiary of Citigroup will stop operating cash machines in the country, the last step in the winding up of the lender's retail business in Russia, Reuters reported.
The bank said that all its cash machines in Russia would stop working by the end of 2023, and that customers could use mobile banking for most transactions.
APAC
Shares of Australia's Liontown Resources shot up 11.5% after the lithium developer's board backed a refreshed AUD6.6bn ($4.3bn) bid from Albemarle, the world's biggest producer of the battery material, Reuters reported.
Emerging Australian lithium companies are experiencing a surge in buyouts as their lower valuations and cash needs lure some of the world's top producers of lithium and others racing to secure supplies.
Liontown Resources is advised by Greenhill & Co, UBS, Allens, and GRA Partners (led by Luke Forrestal). Albemarle is advised by JP Morgan and Corrs Chambers Westgarth.
MPS, a global B2B learning company, completed the investment in Liberate Learning, a provider of innovative learning technology solutions in Australia and New Zealand. Financial terms were not disclosed.
"We are thrilled to welcome MPS as a strategic global partner for Liberate Learning. Their experience and expertise in the global marketplace, along with their rich interactive technological solutions, complement our mission, and we're eager to leverage this collaboration to enhance our offerings, expand our reach, and continue to loyally serve our Australian clients with distinction. Our award-winning teams, processes and vision will remain intact, with MPS giving us total autonomy to continue to grow our business in the manner that is best for Liberate Learning's client partners," Rodney Beach, Group Liberate Learning Managing Director.
Munters Group, an energy-efficient air treatment and climate control solutions, agreed to acquire ZECO, an Indian manufacturer of air treatment solutions, for SEK790m ($72m).
"ZECO is an excellent addition to Munters and constitutes an important step in developing our dehumidification business in India. I am very pleased to announce this agreement which supports Munters growth journey," Klas Forsström, Munters President and CEO.
India's Reliance Jio seeks up to $2bn loan to fund 5G plan.
India's Jio Infocomm, the telecom wing of Reliance Industries, is in talks to raise up to $2bn in offshore loans, with BNP Paribas acting as lead arranger, to fund the purchase of 5G network gear from Ericsson, DealStreetAsia reported.
BNP Paribas will provide $1.9bn-$2bn over a nine-month period, during which the telecom company, led by billionaire Mukesh Ambani, will pay back Ericsson, BNP and some other banks.
Indian airline SpiceJet gives lessors shares to clear $28m dues.
Indian low-cost carrier SpiceJet allotted over 48m shares to nine aircraft lessors to clear outstanding dues worth INR2.31bn ($28m), as the troubled airline looks to return to full operations, Reuters reported.
The carrier's shareholders had passed a number of resolutions, including an INR25bn ($302m) fundraise and a preferential issue of shares to lessors to clear outstanding dues.
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