Airbus urged United Technologies to "keep its eye on the ball" in its role as a commercial aerospace supplier as it moves toward a planned merger with Raytheon. Airbus CEO, Guillaume Faury, said the world's largest aerospace supplier understood the message.
Last week, Raytheon Company, a principal US defense contractor and industrial corporation, and United Technologies, an American multinational aerospace conglomerate headquartered in Farmington, Connecticut, agreed to combine in $121bn merger of equals.
Citigroup, RBC Capital Markets, and Shearman & Sterling are advising Raytheon. Evercore, Goldman Sachs, Morgan Stanley, Wachtell Lipton Rosen & Katz, and Sullivan & Cromwell are advising United Technologies.
According to
Reuters, The US Justice Department will decide as early as next week whether to approve the proposed $59bn (including debt) tie-ups of Sprint and T-Mobile US.
Federal Communications Commission Chairman, Ajit Pai, agreed last month to support the merger of the third- and fourth-largest US wireless carriers, in part because the firms agreed to divest the prepaid service Boost Mobile.
Sprint is advised by Centerview Partners, JP Morgan, Mizuho Securities, SMBC Nikko, The Raine Group, Goodwin Procter, Morrison & Foerster, Potter Anderson & Corroon, Simpson Thacher & Bartlett, and Skadden Arps Slate Meagher & Flom. Deutsche Telekom is advised by Deutsche Bank, Evercore, Goldman Sachs, Morgan Stanley, PJT Partners, Allen & Overy, DLA Piper, Hogan Lovells, Latham & Watkins, Richards Layton and Finger, and Wachtell Lipton Rosen & Katz. Softbank is advised by Morrison & Foerster.
Brazilian state-run oil firm Petrobras concluded the sale of gas pipeline system Transportadora Associada De Gas to a consortium led by Engie and Caisse De Depot Et Placement Du Quebec.
According to a securities filing, Petrobras received a total of BRL33.5bn ($8.7bn) from buyers for the 90% stake it held in TAG. Last week, Brazil's Supreme Court cleared the deal.
Banco do Brasil, Bradesco, Itaú, Mizuho, MUFG, Sumitomo Bank, BNP Paribas, Crédit Agricole and Société Généralé are debt providers to Engie and CDPQ. Santander, Morgan Stanley, BR Partners, and Machado Meyer advised Petrobras. Citigroup and Jones Day advised Engie. FSB Comunicacoes advised CDPQ.
Barnes & Noble said it had not received any other offers from prospective bidders before Elliott 'Management's "keep-shop" deadline. Elliott Advisors, which offered $683m to take Barnes & Noble, the largest retail bookseller in the United States, private, had a provision that allows the hedge fund to be entitled to a payment of up to $4m if the retailer struck a deal with a third party before the deadline.
Barnes & Noble is advised by Evercore, Guggenheim Securities, Baker Botts, and Paul Weiss Rifkind Wharton & Garrison. Credit Suisse and Debevoise & Plimpton advise Elliot Advisors.
Group Mach, a Quebec real estate developer, formally made an offer for Transat AT, which was higher than Air Canada's earlier bid for the Canadian travel operator.
In response to Group Mach's formal offer, Air Canada said it is proceeding toward completion of a definitive purchase agreement to acquire Transat and expects the acquisition process to conclude by the end of this month.
Morgan Stanley advised Air Canada.
Hexaware Technologies, one of India's fastest growing IT Consulting firms, acquired Mobiquity for a total consideration of $182m. Mobiquity creates digital products for some of the most well-known brands in the world, such as Amazon Web Services or Philips.
R Srikrishna, CEO, Hexaware Technologies said "Hexaware enters an exciting new phase of growth and capability with the acquisition of Mobiquity. Both Hexaware and Mobiquity have created very strong impact for their clients and have a mutually complementing position. Our combined capabilities will enhance our market positioning and opportunity to make an impact for our clients. "
Skadden Arps Slate Meagher & Flom, Houthoff Cooperatief, and J. Sagar Associates advised Hexaware. CG Petsky Prunier advised Mobiquity.
Morgan Stanley Capital Partners, a leading private equity team within Morgan Stanley, acquired Impact Fitness, a leading fitness franchisee across USA and Canada, from Bain Capital Double Impact, and Bridges Fund Management. The acquisition extends MSCP's long track record of partnering with an innovative, multi-site retail business. Impact Fitness is a leading Planet Fitness franchisee. Financial terms were not disclosed.
"We are excited to partner with Impact's talented management team to continue the company's impressive growth. We have admired Planet Fitness and the franchisee system, and Impact has differentiated itself through its mission-driven culture. We are pleased to support the company as it expands and aims to bring its offering to additional communities in need." Aaron Sack, MSCP Managing Director.
Debevoise & Plimpton served as legal advisor to MSCP. Harris Williams served as financial advisor to Impact Fitness and BCDI.
Boeing agreed to acquire EnCore Group, an aerospace interiors company that designs, certifies and produces airplane galleys and seats for airlines and also supplies products and components to Boeing. Financial terms were not disclosed.
Boeing's acquisition of EnCore Group will strengthen internal capabilities and increase innovation within its cabin vertical to provide higher end-to-end value to airline customers—from increased options and better products to improved capacity and availability.
"With this acquisition, we aim to deliver quality and high-value interior offerings that our customers expect and passengers prefer. Boeing and EnCore have a history of partnering on products, and we are excited for EnCore and its employees to join the Boeing family," said Sheila Remes, cabin vertical leader and vice president of Strategy at Boeing.
Pernod Ricard agreed to acquire a majority share of Rabbit Hole Whiskey, known for an award-winning range of Kentucky spirits. Financial terms were not disclosed.
Alexandre Ricard, CEO of Pernod Ricard, said: "Rabbit Hole is a fast-growing brand, strongly rooted in its terroir and very well positioned in the high-end Bourbon and Kentucky whiskey categories. We are excited to take the brand to the next stage of its very promising development."
Cvent, a meetings, events, and hospitality technology provider, acquired DoubleDutch, one of the companies in the mobile event app industry based in San Francisco. The acquisition of DoubleDutch highlights Cvent's investment in the mobile technology space and will complement and grow the company's signature mobile event app and onsite solution capabilities. Financial terms were not disclosed.
"DoubleDutch is an innovator in the mobile event app space and both Cvent and DoubleDutch have a shared mission to unlock the business value of human connection," said Lawrence Coburn, CEO, and founder of DoubleDutch. "We are incredibly proud to join the market-leading team at Cvent. With their global reach and scale, we can fuel our passion to change the way people connect, learn, and grow at live events."
Netshoes agreed to consume a merger with Brazilian retailer Magazine Luiza as shareholders of online sports retailer Netshoes approved its bid for the company at $3.70 per share. The company, which was rivaling with retailer Grupo SBF, said the $115m transaction would be concluded by June 19.
Grupo SBF revised its latest offer for Netshoes to $4.10 per share, corresponding to about $127m. Netshoes received the revised offer but said the board would be unable to evaluate it before a shareholder vote on the transaction scheduled for Friday. Netshoes' board reaffirmed a recommendation for a deal with Magazine Luiza.
Goldman Sachs, Campbells, Demarest Advogados, and Simpson Thacher & Barlett are advising Netshoes.
According to the official document, Mexican Federal Competition Commission blocked Walmart deal to buy delivery app Cornershop because Walmart could not guarantee a level playing field for rival retailers, whose customers use the app to order groceries and other goods.
Walmart made an offer to buy the popular app for $225m to boost its e-commerce ambitions in Mexico and better compete with Amazon. The deal would put Walmart in the position of owning an online platform selling its merchandise alongside goods sold by rivals, with access to data about orders placed with competitors.
Morrison & Foerster advised Walmart.
Universal mCloud Corp, a provider of asset management solutions combining IoT, cloud computing, artificial intelligence, and analytics, signed the final binding definitive agreement to acquire Fulcrum Automation Technologies and Autopro Automation Consultants for $30m.
"Autopro's extensive expertise in industrial process automation along with the many strong customer relationships they maintain within oil and gas create the opportunity to take AI-powered asset management across the industry," said Russ McMeekin, mCloud President, and CEO.
Maxar to sell its space robotics business.
Maxar Technologies, a US satellite imagery company is exploring the sale of its space robotics unit. The transaction would fetch $1bn and allow Maxar to pay down some of its debt.
According to
Reuters, the sale of the business, also known as MacDonald, Dettwiler, and Associates, would help address concerns about Maxar' s $3.2bn debt. Its WorldView-4 satellite failed in January, causing shares to slide.
Maxar shares ended trading on Friday up 9.1% at $6.72 following the news, giving the company a market capitalization of $400m.
Apollo to finance Dish Network bid for T-Mobile & Sprint Assets. (FS)
Private equity group Apollo Global Management is in talks with satellite TV provider Dish Network to finance a bid for wireless assets that will be dissolved in the proposed merger between T-Mobile and Sprint.
The talks between Apollo and Dish demonstrate private equity interest in the wireless business as regulators are pushing to create a viable fourth US wireless competitor, even as the nation's third- and fourth-largest carriers are combining.
There is no certainty that Apollo will participate in Dish's bid, and Apollo may decide to finance another bidder or pass on the opportunity. The US Department of Justice has been in discussions with Dish, Altice USA and Charter to purchase wireless assets from the merger to preserve competition in the industry.
Brazil Government & BB Seguros to sell shares of IRB Brasil worth $2bn.
Brazil's government and BB Seguros Participações plan to sell their stakes in reinsurer
IRB Brasil Resseguros by July in a share offering worth up to BRL8bn ($2bn). The Brazilian Treasury and BB Seguros, a company controlled by insurance holding company BB Seguridade, own an 11.7% and 15.2% stake in IRB, respectively.
Investment banking units of Caixa, Banco Bradesco, Itau Unibanco Holding, UBS Group, Citigroup, Bank of America, and Banco do Brasil, which controls BB Seguridade, will manage the deal.
Providence to sell OEConnection for $1bn. (FS)
After acquiring OEConnection from Ford in 2016, Providence Equity Partners has put the software maker on the block after a three-year hold. The first round of bidding is due in two weeks.
UBS is advising Providence on the sale.
Ouro Petro outbids Trident for offshore oilfields. (FS)
Brazilian energy company Ouro Preto Oleo e Gas delivered the highest bid to acquire a pair of Brazilian oil clusters from state-run oil company Petrobras.
It was competing against at least one other bidder: Trident Energy, a Warburg Pincus-backed firm specializing in mid-life oil assets, which delivered an offer in March. Petrobras has been in talks with potential buyers for these oil clusters for roughly one year.
The fields produce almost 39k barrels of oil equivalent per day, according to July 2018 figures, making them the largest mature production asset in Petrobras' divestment portfolio. Both are located off the coast of Rio de Janeiro.
Axel Springer's Insider and eMarketer to merge.
Axel Springer will bring together its US companies Insider, publisher of Business Insider and Markets Insider, and eMarketer, a research authority in the digital space of marketing, media, and commerce, in 2020. The combined group will provide expertise and a global perspective on digital transformation for clients in many business sectors.
Jan Bayer, President News Media International at Axel Springer, stated: "As we are entering the next phase of our US growth strategy, we will combine the growth and reach of Insider with the unsurpassed expertise of eMarketer, thereby creating the condition for sustainable long-term growth also in the B2B sector. Insider and eMarketer will both benefit from this next phase of development."
GE to sell its stakes in more than 100 startups. (FS)
General Electric is evaluating strategic options for its venture arm. GE Ventures is looking for a buyer for its portfolio of more than 100 startups, as parent company General Electric tries to orchestrate a turnaround and get its debt problem under control.
GE has a $110bn in debt as of March 31, and it continues to burn cash as CEO Larry Culp works through what he's calling a multiyear turnaround. The stock is down 23% over the past 12 months even after rallying 43% so far this year. GE Capital reduced its liabilities in the first quarter, completing $1.1bn in asset reductions in the period.
GE Ventures hired the investment bank, Lazard, to manage the process.
Spartan Motors acquired truck body manufacturing facility.
Spartan Motors, the North American leader in specialty vehicle manufacturing and assembly for the commercial and retail vehicle industries, purchased the assets of General Truck Body and will begin operating a production facility located in Montebello, California. Going forward, the facility will be used to manufacture and assemble custom aluminum and composite-side truck bodies, refrigerated trucks, and stake body trucks, among others.
"This facility effectively provides Spartan and Utilimaster with a West Coast truck body operation that expands our footprint to better serve current and prospective customers in the region," said Daryl Adams, President and Chief Executive Officer of Spartan Motors.
Allianz acquired a stake in Hudson Yards Tower for $384m.
Allianz invested $384m for a 49% interest in an office condominium in New York's iconic 30 Hudson Yards office building. Allianz entered into a sale-leaseback agreement as part of a consortium alongside Related Companies and a third-party investor, who has acquired the remainder of the office condominium.
The construction of Hudson Yards, spearheaded by Related, involved financing from US banks and German, Dutch, Japanese and French lenders, said Craig Bender, head of Real Estate Finance Americas in ING.
"30 Hudson Yards is a highly attractive investment opportunity on a long-term view, underpinned by a prime tenant and the very highest environmental and technical standards," Christoph Donner, Allianz Real Estate of America CEO.
Jana Partners might push Callaway for sale. (FS)
Activist investment firm Jana Partners, which owns a 9.2% stake in Callaway Golf Co may push for changes including a possible sale. Callaway Golf, with a market value of about $1.7bn, rose as much as 16.4% on the news and traded up 14.1% at 2:24 p.m. in New York Thursday, its most significant gain since 2018. The shares had fallen about 21% in the past year through Wednesday's close.
