AMERICAS
BB&T and SunTrust, two American bank holding companies, completed their merger of equals valued at c. $66bn. The companies formed Truist, a financial services organization.
"With Truist, we're creating a new company with a bold, transformative vision to increase investment in innovative technology and create a distinctive teammate and client experience. We have much work ahead of us, but we're well-positioned to create meaningful change for the clients we serve and the communities where we live and work," Bill Rogers, Truist President and COO.
SunTrust was advised by Goldman Sachs, SunTrust Robinson Humphrey, Sullivan & Cromwell, and Abernathy MacGregor Group. BB&T was advised by RBC Capital Markets, Wachtell Lipton Rosen & Katz, and O'Melveny & Myers.
Texas Capital Bancshares, a commercial bank headquartered in Dallas, agreed to merge with Independent Bank Group, which provides a wide range of relationship-driven commercial banking products and services, in a $5.5bn deal.
"This combination with Texas Capital is a singular opportunity to significantly diversify our customer base, business lines and loan concentrations, enabling us to accelerate our growth and enhance our financial flexibility for continued strategic investments. At the same time, Independent Bank Group will benefit from the strength of Texas Capital’s technology, processes and systems to ensure we are even better positioned to serve and compete for clients in all lines of business while mitigating risk," David R. Brooks, Independent Bank Group Chairman and CEO.
Independent Bank Group is advised by Keefe Bruyette & Woods, Sandler O'Neill + Partners and Wachtell Lipton Rosen & Katz. Texas Capital is advised by Goldman Sachs, Jefferies & Company, Willkie Farr & Gallagher, and Sullivan & Cromwell.
Merck, a German multinational pharmaceutical, chemical and life sciences company, agreed to acquire ArQule, a biopharmaceutical company engaged in the research and development of targeted therapeutics to treat cancers and rare diseases, for $2.7bn.
"ArQule’s focus on precision medicine has yielded multiple clinical-stage oral kinase inhibitors that have novel and important properties. This acquisition strengthens Merck’s pipeline with the addition of these strategic assets, including, most notably, ARQ 531, a compelling candidate for the treatment of B-cell malignancies," Roger M. Perlmutter, Merck Research Laboratories President.
ArQule is advised by Centerview Partners, Skadden Arps Slate Meagher & Flom and LifeSci Public Relations. Merck is advised by Bank of America Merrill Lynch and Covington & Burling.
Sanofi, a French multinational pharmaceutical company, agreed to acquire Synthorx, a clinical-stage biotechnology company focused on prolonging and improving the lives of people suffering from cancer and autoimmune disorders, for $2.5bn. The $68 per share acquisition price represents a 172% premium to Synthorx’s closing price on December 6, 2019.
"This acquisition fits perfectly with our strategy to build a portfolio of high-quality assets and to lead with innovation, as you will hear at our Capital Markets Day tomorrow, December 10. Additionally, it is aligned with our goal to build our oncology franchise with potentially practice-changing medicines and novel combinations," Paul Hudson, Sanofi Chief Executive Officer.
Synthorx is advised by Centerview Partners, Cooley, Canale Communications and Stern IR. Sanofi is advised by Morgan Stanley and Weil Gotshal and Manges.
US state attorneys general, led by New York and California, deliver opening arguments Monday in a bid to stop T-Mobile from buying Sprint in a trial that highlights disagreements between federal antitrust enforcers. Attorneys for the 13 states and the District of Columbia will argue in Manhattan federal court that a plan to combine the No. 3 and No. 4 wireless carriers would push up prices, particularly for users of prepaid plans. The state officials, all Democrats, asked Judge Victor Marrero to order the companies to abandon the deal, Reuters reported.
The states argue the merger would leave just three nationwide wireless carriers, Verizon Communications, AT&T, and the new T-Mobile, which could lead to higher prices.
Sprint is advised by Centerview Partners, JP Morgan, Mizuho, SMBC, The Raine Group, Morrison & Foerster, Potter Anderson & Corroon, Simpson Thacher & Bartlett, and Skadden Arps Slate Meagher & Flom. SoftBank is advised by Morrison & Foerster. Deutsche Telecom is advised by Deutsche Bank, Evercore, Goldman Sachs, Morgan Stanley, PJT Partners, Allen & Overy, Hogan Lovells, DLA Piper, Latham & Watkins, Richards Layton and Finger, and Wachtell Lipton Rosen & Katz.
Xerox Holdings beleievs the $33.5bn HP takeover would increase the sales growth target by $1.5bn, according to a presention made by Xerox to HP's shareholders.
The printer maker outlined its case for a tie-up between the companies, arguing the combined firm will be worth about $31 a share to HP investors on a pro-forma basis. The merged entity will generate more than $4bn in free cash flow in the first year before taking any synergies into account, Bloomberg reported.
“The value of the transaction goes beyond economics. In consolidating industries, first movers not only win but also have an opportunity to reshape the competitive landscape in an enduring way,” John Visentin, Xerox CEO.
HP is advised by Goldman Sachs and Wachtell Lipton Rosen & Katz. Xerox is advised by Citigroup, King & Spalding and Willkie Farr & Gallagher.
Monocle Acquisition, a public investment vehicle, agreed to acquire AerSale, a global supplier of aftermarket commercial jet aircraft, engines, OEM used serviceable material, maintenance, repair & overhaul and engineering services, from Leonard Green & Partners and Florida Growth Fund for $430m.
"AerSale aligns perfectly with the investment criteria we outlined throughout Monocle's IPO process. The aviation aftermarket sector has proven resilient to economic cycles, and we believe presents a compelling opportunity for future growth. AerSale has created significant competitive advantages through regulatory streamlining, data capture and analytics, long-term customer relationships, and its integrated business model. We are acquiring this business at an attractive valuation relative to public aerospace peers while providing significant potential to generate shareholder value over the near- and long-term," Eric Zahler, Monocle Chief Executive Officer and President.
AerSale is advised by Harris Williams & Co, RBC Capital Markets and Latham & Watkins. Monocle is advised by Cowen & Company, PJT Partners, Cadwalader Wickersham & Taft, Greenberg Traurig, Kekst CNC and Alton Aviation Consultancy.
First Eagle, an independent investment management firm, agreed to acquire THL Credit, an alternative credit manager with c. $17bn in assets under management, from Thomas H. Lee Partners. Financial terms were not disclosed.
“The transaction is a transformative step forward for both organizations, positioning the business to provide more capital and financing options to private equity sponsors, while also offering broader investment options to institutional and retail investors. I am confident that the resulting First Eagle alternative credit platform will thrive under Chris’s leadership, and I look forward to working with him to ensure a smooth transition for all of our stakeholders,” Tim Conway, First Eagle Private Credit Founder.
First Eagle is advised by Bank of America Merrill Lynch, Goodwin Procter and Kekst CNC. THL Credit is advised by Sandler O'Neill + Partners, Weil Gotshal and Manges, Winston & Strawn and Stanton PRM.
Marriott International, an American multinational diversified hospitality company, completed the acquisition of Elegant Hotels, which owns and operates seven luxury freehold hotels and a beachfront restaurant, Daphne's, on the island of Barbados, for $207m.
"There is a strong and growing consumer demand for premium and luxury properties in the all-inclusive category. The addition of the Elegant portfolio will help us further jumpstart our expansion in the all-inclusive space while providing more choices on the breathtaking island of Barbados for our 133m Marriott Bonvoy members," Arne Sorenson, Marriott International President and Chief Executive Officer.
Elegant Hotels was advised by Liberum Capital, Macfarlanes, and Powerscourt. Marriott was advised by PricewaterhouseCoopers, Norton Rose Fulbright and Gibson Dunn & Crutcher.
Stellex Capital and Mill Rock-backed Grammer Industries, an Indiana-based hazardous materials transportation and logistics firm, completed the acquisition of LiMarCo Logistics, a logistic company. Financial terms were not disclosed.
As a result of the transaction, Grammer will be acquiring 26 tractors, 41 trailers, and 15 independent contractors. The Houston facility was not included in the transaction. The Corpus Christi facility, which is currently LiMarCo’s base of operations, will provide Grammer with an office, shop, and yard space for parking equipment.
“Both companies have commercial and operational synergies that make this a great fit. Grammer and LiMarCo share best-in-class safety and driver retention metrics, so we expect a smooth transition. This is a win-win for all involved,” Bart Middleton, Grammer CEO.
Grammer was advised by Katz Sapper & Miller, FINNEA Group, Milbank Tweed Hadley & McCloy, Scopelitis Garvin Light Hanson & Feary and Marketcom PR. LiMarCo was advised by Porter Hedges.
Goldman Sachs BDC and Goldman Sachs Middle Market Lending, two specialty finance companies, agreed to merge in $1bn deal. The transaction will also result in approximately 5.5% accretion to GSBD’s net asset value per share, based on GSBD’s and MMLC’s net asset values as of September 30, 2019. The combined company will continue to trade under the ticker symbol “GSBD” on the New York Stock Exchange.
“We are very excited to announce the merger of GSBD and MMLC. A transaction that delivers significant net asset value accretion for GSBD and a premium valuation for MMLC is an outstanding outcome for all parties, and reflects positively on GSAM’s ability to create substantial value for GSBD and MMLC stockholders,” Brendan McGovern, GSBD and MMLC President and CEO.
MMLC is advised by Morgan Stanley and Eversheds. GSBD is advised by Bank of America Merrill Lynch and Dechert. GSAM is advised by Wachtell Lipton Rosen & Katz.
Stifel Financial, an American multinational independent investment bank and financial services company, completed the acquisition of the capital markets business of GMP Capital, a capital market company, for $52m.
"We are excited to be joining forces with a like-minded partner and proven operator in Stifel. The combination with Stifel is immensely attractive to us, given it provides greater critical mass and access to significantly enhanced cross border capabilities to better serve our clients. I believe this transaction with Stifel and the considerable capabilities it brings to the table will allow our team to fuel further disruption in the small- to mid-cap segments of the Canadian capital markets," Harris Fricker, GMP CEO.
Stifel was advised by Keefe Bruyette & Woods and Sullivan & Cromwell. GMP Capital was advised by Lazard, Sheumack & Co, Goodmans and Stikeman Elliott.
Kinderhook Industries-backed PharMedQuest, a healthcare management company, agreed to acquire Longs Pharmacy Solutions, an independent specialty pharmacy, from Tailwind Capital, a middle-market private equity firm. Tailwind will retain an equity stake in the company alongside Kinderhook. Financial terms were not disclosed.
“This is a very exciting opportunity, as joining these two mission-driven companies together will accelerate the significant growth that each company has experienced over the past several years. We will bring the best of both companies together and deliver the highest quality care and services for our patients and Covered Entity clients,” Lorrie Carr, PharMedQuest CEO.
Long is advised by Harris Williams & Co. Kinderhook is advised by Kirkland & Ellis. Antares Capital, Audax Group and Madison Capital provide debr financing.
Boathouse Capital, a Philadelphia-based private equity firm, completed the investment in Fresh Dining Concepts, the third-largest Auntie Anne's franchisee and operates over 50 in-line stores, baking kiosks and satellite retail units along the East Coast. Green Shoot Capital co-invested in the deal. Financial terms were not disclosed.
"Auntie Anne's has over 1.2k locations in the US and has established a dominant foothold as the world's largest soft-pretzel franchise. We are thrilled to partner with Green Shoot Partners and the FDC management team to build upon the Company’s current success in the Auntie Anne’s franchise system," Steve Gord, Boathouse Capital General Partner.
Green Shoot Partners is advised by ReInvest Capital and Marks & Klein. Boathouse Capital is advised by Stevens & Lee. Debt financing is provided by Bank United.
A Fitbit investor sued the athletic technology company and its board in Delaware federal court, claiming that Fibit tried to mislead investors about the financial analyses regarding the $2.1bn acquisition by Google.
Fitbit is advised by Qatalyst Partners and Fenwick & West. Google is advised by Cleary Gottlieb Steen & Hamilton.
Hudson's Bay slams a shareholder advisory firm Institutional Shareholder Services, who recommended shareholders to vote against a plan by the chairman of Canadian retail business group Hudson's Bay. Hudson's Bay stated the report to be flawed and asks shareholders to reconsider supporting the $1.3bn all-cash deal.
In its report, ISS said Hudson’s Bay offered no clear reason why shareholders should accept the deal when Catalyst offered a higher price. Hudson’s Bay disputed ISS’ rationale, saying an offer is only superior if it can reasonably be completed.
Hudson's Bay is advised by Centerview Partners, JP Morgan, and Blake Cassels & Graydon.
Investment firm 1251 Capital Group agreed to acquire Ziegler Capital Management, an asset management boutique, from Stifel. Financial terms were not disclosed.
"The team at Ziegler Capital Management has an impressive record of success, and the firm's diversified client base and range of specialized investment strategies makes ZCM an excellent fit with 1251," Michael Wilson, 1251 Capital Group Co-CEO.
Ziegler is advised by Quarles & Brady. 1251 is advised by Morgan Lewis & Bockius. Stifel is advised by Bryan Cave Leighton Paisner.
OptumRx, the pharmacy care services business of Optum, agreed to acquire Diplomat Pharmacy, a provider of specialty pharmacy and infusion services, for c. $300m.
“With its focus in specialty and infusion services, Diplomat has a proven track record of solving the unique challenges facing patients with complex health care needs. This combination will expand the innovative specialty pharmacy and infusion solutions OptumRx can offer to the consumers and clients we serve, helping ensure people get the right medications and services at the right time, in the right setting,” John Prince, OptumRx CEO.
OptumRX is advised by Hogan Lovells. Diplomat Pharmacy is advised by Sidley Austin.
MAI Capital Management, an independent registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, completed the acquisition of Rodman Capital Management, an investment management provider. Financial terms were not disclosed.
“Joining with MAI provides an exceptional long-term solution for my clients. I see an outstanding opportunity for my clients with MAI, as MAI brings the full depth and breadth of its considerable resources and experience to bear on helping my clients to achieve their financial goals,” David Rodman, Rodman Capital Founder and Principal.
MAI Capital was advised by Dix & Eaton and Gregory FCA.
Bayswater, a Denver-based oil and natural gas development company, and a private investment fund led by investment professionals at York Capital agreed to form a joint venture. Financial terms were not disclosed.
"The Joint Development Agreement with YTEF allows us to efficiently maximize our capital deployment and continue to aggressively develop our core Wattenberg holdings. The deal provides a synergistic alignment of interests and we are excited about the partnership and look forward to working with the YTEF team," Steve Struna, Bayswater President and CEO.
York Capital Management is advised by Brownstein Hyatt Farber Schreck and Willkie Farr & Gallagher.
AdaptHealth, the third-largest home medical equipment company in the United States, agreed to acquire Advanced Home Care, a not-for-profit, hospital-affiliated company that offers in-home health care. Financial terms were not disclosed.
"The Southeast represents an important market for AdaptHealth, and we are excited to expand our presence through our acquisition of Advanced Home Care’s HME business. Advanced Home Care is a true leader in the industry, and we look forward to welcoming members of the management team to AdaptHealth and continue enhancing the products and services we’re able to provide to patients and healthcare professionals throughout the region," Josh Parnes, AdaptHealth President and COO.
AdaptHealth is advised by The Equity Group.
Malone Workforce Solutions, a staffing and recruiting company, completed the acquisition of Matthews Aviation Staffing, a provider of contract labor for manpower sourcing in the aviation industry, and its subsidiaries. Financial terms were not disclosed.
This entity will be a joint venture between Malone Workforce Solutions and its woman-owned Professional Staffing services entity, which is owned by Denise Malone.
“Matthews Aviation has a very good reputation in the aviation industry and its founder Jerry Matthews shares the same vision, values, and dedication to customer service and employee support as Malone Workforce Solutions does. The addition of Matthews Aviation will add over 250 employees to the Malone payroll, and will bring the total Malone annual revenue to over $330m,” Tim Malone, Malone Co-Owner.
Malone was advised by ClearEdge Marketing.
Rambus, a silicon IP and chip provider, completed the acquisition of the Silicon IP and Secure Protocols business of Verimatrix, a content security company, for $45m at closing, and up to an additional $20m, subject to certain revenue targets for the transferred business for 2020.
“This acquisition is a natural fit for the company in line with our areas of focus in semiconductor. The addition of this business from Verimatrix augments our portfolio of mission-critical embedded security products and expands our offerings for data center, AI, networking and automotive,” Luc Seraphin, Rambus President and CEO.
Chesapeake Utilities, a diversified energy company, agreed to acquire Elkton Gas, a gas company in Elkton, Maryland, from South Jersey Industries, a publicly held energy services holding company. Financial terms were not disclosed.
"Acquiring these operational resources in Cecil County offers close proximity to the I-95 interstate corridor and to our existing Cecil County service territory, which will better position us for the commercial, industrial and residential growth opportunities projected for the area," Shane Breakie, Chesapeake Utilities Vice President.
Volvo Group Venture Capital, a corporate investment company, completed its investment in Autotech Ventures, an American venture capital fund focusing on start-ups in the ground transportation sector. Financial terms were not disclosed.
"Through the co-operation with Autotech Ventures we look forward to interact with more world-class start-ups transforming our industry," Anna Westerberg Volvo Group Venture Capital CEO.
IFF competes against Kerry to acquire the $25bn DuPont nutrition unit.
International Flavors & Fragrances, an American corporation producing flavors and fragrances and cosmetic actives, is set to compete against Kerry Group, a public food company, for the acquisition of the $25bn nutrition division of DuPont.
The transaction will create a new company comprised of the bidder’s assets and DuPont’s nutrition business that will be spun off to existing investors.
Kerry Group is advised by Goldman Sachs.
SpaceX looks to raise $730m to fund Starlink project. (FS)
SpaceX, a privately owned rocket company, founded by Elon Musk, is actively raising up to $730m in new capital to fund its Starlink constellation project.
The Ontario Teachers’ Pension Plan is leading the raise, which will value SpaceX at approximately $33.3bn. Earlier this year, SpaceX raised $1.3bn in three oversubscribed tranches at the same valuation.
Peregrine Ventures raises $115m for its fourth fund. (FS)
Peregrine Ventures, an Israeli med-tech venture capital fund, closed its fourth fund Peregrine 4, raising $115m. Peregrine 4 will continue to invest in early-stage and late-stage rounds of medical technology startups. The performance of Peregrine’s portfolio places them firmly in the upper quadrant of IRR results for all venture firms in Israel.
"Peregrine 4 is due to the trust and confidence of investors in both our team and investment model. We chose to limit the Peregrine 4 fund to $115m since we believe this is the size that best suits our management team and abilities to find the best opportunities and take an active role in helping them achieve their goals," Eyal Lifschitz, Peregrine Managing Partner.
EMEA
Prosus, the international internet assets division of Naspers, raised its unsolicited cash offer for British food delivery service Just Eat to $6.5bn, increasing the pressure on rival Takeaway.
Prosus' new cash offer is about 5% higher than Takeaway’s all-share bid, which has the backing of Just Eat. Prosus also lowered its acceptance threshold to 50% plus one share, down from 75%, and extended its offer period to December 27.
“Unlike the Takeaway.com offer, which relies on (its) shares remaining at an above-sector multiple, our cash offer provides certainty of value to Just Eat shareholders,” Bob van Dijk, Prosus CEO.
Just Eat is advised by Goldman Sachs, UBS, Oakley Advisory, Linklaters, and Brunswick Group. Takeaway is advised by Bank of America Merrill Lynch, Gleacher Shacklock, Lazard, Cravath Swaine & Moore, De Brauw Blackstone Westbroek, NautaDutilh, and Slaughter & May. Prosus is advised by JP Morgan, Allen & Overy, and Finsbury Hering Schuppener. Debt financing to Prosus is offered by Investec.
The British competition watchdog flagged concerns regarding the potential price increase at some pubs resulting from the $3.9bn acquisition of Ei Group by Stonegate. CMA is concerned that the acquisition could damage competition in 51 local areas.
“The CMA is therefore concerned that, if the businesses were to merge, pub-goers in those areas could be faced with price increases or lower quality products and services,” CMA
Ei Group is advised by Deutsche Bank, Rothschild & Co, CMS, and Tulchan Communications. Stonegate Pub Company is advised by Barclays, Goldman Sachs, Nomura, TDR Capital, Kirkland & Ellis, Shearman & Sterling, Ashurst, Instinctif Partners and Tulchan Communications.
Equistone-backed WHP Telecoms, a wireless telecommunications services business, completed the acquisition of Sitec Infrastructure Services, a project management company providing end-to-end solutions for the UK’s mobile and fixed-line network operators. Financial terms were not disclosed.
"Sitec is an excellent fit for WHP Telecoms, both in terms of our culture and the skillset that the team will bring to the company. The acquisition is consistent with our appetite to lead consolidation in the sector and continue to strengthen our services and breadth of offering," Rob Potter, WHP CEO.
Sitec was advised by JDC Corporate Finance and Mills & Reeve. WHP was advised by BDO, Clearwater and Addleshaw Goddard.
Growthpoint, a REIT providing innovative and sustainable property solutions in a diversified portfolio, completed the acquisition of a stake in Capital & Regional, a manager of property assets - mainly shopping centers, for $197m.
"This puts Capital & Regional on the front foot by reducing leverage and allowing our strong management team to focus its full attention on executing its strategy and implementing the rollout of its community center asset management plan," Hugh Scott-Barrett, Capital & Regional Chairman.
Capital & Regional was advised by JP Morgan, Numis Securities and FTI Consulting. Growthpoint was advised by Goldman Sachs and Ashurst.
Exponent Private Equity is set to acquire the pensions advisory practice of KPMG, a multinational professional services network, and one of the Big Four accounting organizations. Financial terms were not disclosed.
The sale will see all 20 pension partners and 500 staff from KPMG transfer to a special purpose vehicle owned by Exponent and the partners, including the UK head of pensions, Andrew Coles, who will take up the role of chief executive.
Exponent is advised by Macfarlanes.
AVTOVAZ, a Russian automobile manufacturer, agreed to acquire General Motors' stake in the GM-AVTOVAZ joint venture. Financial terms were not disclosed.
"Within the agreement, AVTOVAZ is getting the second off-roader in the product range, which will organically supplement the legendary 4x4 and support AVTOVAZ future development. Historically, the JV production processes are deeply connected with AVTOVAZ main plant in Togliatti, which is a very good starting point for future developments to satisfy our customers of the famous NIVA. I would like to wish a very warm welcome to all employees from GM-AV into AVTOVAZ Group," Yves Caracatzanis, AVTOVAZ President and CEO.
Saudi Aramco IPO proceeds rise to $29.4bn after option exercised.
The proceeds from Saudi Aramco's record initial public offering rose to $29.4bn after the oil company exercised an option to sell 15% more stock, Reuters reported. Aramco’s main IPO raised $25.6bn on Thursday.
Luftansa to sell rest of LSG stake in 2020.
German carrier Lufthansa is in advanced talks to dispose of the remaining stake in its catering unit LSG early next year.
Lufthansa announced the disposal of European operations of LSG to Gategroup on November 26, 2019. On Monday, it said it had concluded that purchase agreement, setting up a new joint venture company for the Frankfurt and Munich operations which provide catering for its flights, with Lufthansa retaining a minority shareholding. Lufthansa said the sale is part of its new strategy to focus on its airline business.
MET Energy Holding looking for M&A deals in Europe.
"We have been like a child tiptoeing to see what’s on the table. We could not participate in big European deals efficiently. The Keppel partnership will give us the necessary capital requirements for more significant acquisitions," Benjamin Lakatos, MET CEO.
Alexander Forbes Group to eye acquisitions in 2020.
Alexander Forbes Group, a South African retirement services provider, is exploring strategic options to make acquisitions that would help the firm bolster its administration capabilities.
"We will start looking outside for growth. We have made the sales now, so 2020 will be about the acquisitions, and that is key for us. We are looking at a few smaller deals, mainly to get our foot in the door and see how we can execute on them, but obviously to make a bigger impact we need to look at some bigger deals and we are also busy discussing that,” Dawie de Villiers, AFGH CEO.
HSBC names new Co-heads of investment banking. (People)
HSBC promoted Georges Elhedery and Greg Guyett to co-heads of its global banking and markets division, succeeding Samir Assaf.
The announcement came amid a series of other senior management changes at the bank. Group chief operating officer Andy Maguire is retiring, HSBC said, and will be succeeded by John Hinshaw, a former head of technology and operations at Hewlett Packard Enterprise. HSBC also promoted its head of wholesale market and credit risk, Pam Kaur, to group chief risk officer, succeeding Marc Moses, FT reported.
APAC
KKR and GIC completed the $685m investment in Metro Pacific Hospital, the operator of private hospitals and healthcare network in the Philippines with interests in 14 hospitals and c. 3.2k beds across the country.
“We welcome KKR as a new shareholder. Its cash infusion into Metro Pacific Hospitals will enable us to further grow our network, on our way to our new target of 5k beds and 30 hospitals before 2030. We also look forward to accessing KKR’s various healthcare companies in its global portfolio to bring over new technologies and processes to improve healthcare services in our country,” Augusto P. Palisoc Jr., Metro Pacific Hospitals President & CEO.
GIC was advised by Milbank, Picazo Buyco Tan Fider & Santos, Bank of America Merrill Lynch and UBS. KKR was advised by Simpson Thacher & Bartlett and Sycip Salazar Hernandez & Gatmaitan.
The Carlyle Group agreed to acquire Pioneer Credit, an Australian financial services provider, for $197m.
"The Board of Pioneer has carefully considered a range of alternatives following an extensive process involving several parties. Having completed that process, the Board has unanimously concluded that, based on the Total Cash Consideration, the Scheme is in the best interests of our shareholders, in the absence of a Superior Proposal, and is also subject to an Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of Pioneer shareholders," Michael Smith, Pioneer Chairman.
Pioneer Credit is advised by Azure Capital, K&L Gates and Citadel Magnus.
Hyundai Heavy Industries' $1.8bn deal to take over Daewoo Shipbuilding & Marine Engineering will face a full-scale investigation in Europe due to serious EU antitrust concerns. Hyundai in January announced the deal to create the world’s biggest shipbuilder with a 21% market share, in part a response to over-capacity in the industry.
The European Commission will launch an investigation into the deal next week following a preliminary review, which ends on December 17, Reuters reported.
AUB Group, Australasia’s largest equity-based insurance broker network, terminated its deal to acquire Coverforce, Australia's largest privately-owned insurance broker, from Pemba Capital. The deal was announced in August 2019.
AUB Group said delivery of due diligence materials, which was one of the conditions of the agreement, has not occurred and it has not waived its right to due diligence.
Malaysia's Etika, a Halal beverage company, agreed to acquire Advend Systems, a vending operator, refurbisher of vending machines and systems solutions provider for the vending industry. Financial terms were not disclosed.
“As automation starts to gain predominance, we foresee this to be a trend even in the FMCG industry. Etika’s acquisition of Atlas Vending provides a major growth opportunity for us to expand our business portfolio and provide consumers with a fully automated purchasing experience,” Khalid Alvi, Etika CEO of Malaysia, Singapore and Brunei.
Petronas raises $1.4bn by cutting stakes in listed units.
Malaysia's state oil company Petronas raised $1.4bn by cutting its stakes in three listed units. Petronas reduced its holdings in retail subsidiary Petronas Dagangan, natural gas transporter Petronas Gas, and shipping company MISC.
Petronas said in a statement it completed block trades in these companies. The block trades were marketed to Malaysian institutional funds to allow for more local participation and ownership in these listed companies.
Tesco considers exiting the Asian market.
Britain's retailer Tesco is in advanced talks to further retreat from the remaining Asian businesses, which could result in a sale of Thai and Malaysian operations.
"Tesco confirms that, following inbound interest, it has commenced a review of the strategic options for its businesses in Thailand and Malaysia, including an evaluation of a possible sale of these businesses. No decisions concerning the future of Tesco Thailand or Malaysia have been taken and there can be no assurance that any transaction will be concluded,” Dave Lewis, Tesco CEO.
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