Accelus, a commercial stage medical technology company, terminated merger with CHP Merger, a special purpose acquisition company formed by an affiliate of Concord Health Partners, in a $482m deal.
"In light of market conditions, we believe that this strategic pivot will best enable our team to execute on our mission to transform the spine surgery space by accelerating the adoption of MIS as the standard of care. We continue to see accelerating demand for our highly differentiated product portfolio, and for robotic-enabled minimally invasive techniques specifically, both in hospitals and ASCs. As we look ahead, I am confident that our team is more focused than ever on addressing critical constraints related to cost and efficiency and on fulfilling a significant unmet need. We are grateful for the support we have received from the CHP team and their enduring commitment to advancing MIS spine surgery," Chris Walsh, Accelus CEO.
Earthstone Energy, an energy company, completed the acquisition of Midland Basin assets of Bighorn Permian Resources, an energy company, for $729m.
"We are pleased to have taken multiple significant steps in the ongoing transformation of Earthstone as we have closed on the Bighorn Acquisition and on significant debt and equity financings this week. Based on the purchase price adjustments at closing as a result of the significant cash flows from the effective date, we will have funded the Bighorn Acquisition with well over 50% equity in the form of direct consideration to the seller," Robert J. Anderson, Earthstone President and CEO.
Bighorn was advised by RBC Capital Markets and Simpson Thacher & Bartlett. Earthstone was advised by Johnson Rice & Company, Haynes and Boone and Jones & Keller.
Twitter, an American microblogging and social networking service, announced that its board of directors has unanimously adopted a limited duration shareholder rights plan. The board adopted the rights plan following an unsolicited, non-binding proposal to acquire Twitter.
The rights plan is intended to enable all shareholders to realize the full value of their investment in Twitter. The rights plan will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium or without providing the board sufficient time to make informed judgments and take actions that are in the best interests of shareholders.
Elon Musk is advised by Morgan Stanley and McDermott Will & Emery. Twitter is advised by Goldman Sachs and JP Morgan.
GoodRx, a consumer-focused digital healthcare platform, completed the acquisition of vitaCare, a technology and services platform that helps patients navigate key access and adherence barriers for brand medications, from TherapeuticsMD, an innovative, leading healthcare company, for $157m.
"The vitaCare acquisition gives us unique capabilities to facilitate the brand prescription process from start to finish, expanding our capabilities beyond our digital platform and into the patient's pharmacy journey. We look forward to growing our reach across consumers and providers, along with our established relationships with manufacturers, to help more patients access the brand drugs they need," Doug Hirsch, Co-CEO and Co-Founder.
TherapeuticsMD was advised by Locust Walk, DLA Piper and In-Site Communications.
ALLETE, an electric services company, completed the acquisition New Energy Equity, a solar developer, for $166m.
"We've been signaling our move into the solar industry for some time, and as we met with New Energy Equity's leadership team we knew we had found the right company to position us well. The team brings a depth of distributed and community solar expertise and experience to ALLETE, along with a proven track record of financial success. The addition of New Energy Equity enhances our strong portfolio of companies and capabilities and opens new growth opportunities as we lead the way to a sustainable energy future," Bethany Owen, ALLETE Chair, President and CEO.
StepStone Group, a private equity firm, led a $108m Series D funding round in Filevine, a legal work platform, with participation from Golub Capital, Signal Peak Ventures and Meritech Capital.
"Having transformed legal work and business for private practices, we're excited to further expand within corporate, governmental, and nonprofit counsel teams that face the same work challenges but support their organizations differently. We're taking on this growth opportunity with new executives and a seasoned group of leaders who continue to awe our investors with their dedication and results," Ryan Anderson, Filevine CEO.
Filevine was advised by Next PR.
Weyerhaeuser to acquire Timberlands in North and South Carolina from Campbell Global for $265m. (FS)
Weyerhaeuser, a timberlands owner, announced an agreement to purchase 80.8k acres of high-quality timberlands in North and South Carolina from Campbell Global, a private equity firm, for $265m.
"This transaction is a great example of our ongoing efforts to enhance our portfolio with high-quality, well-managed timberlands that generate solid returns for our shareholders. These Carolina timberlands are strategically located, well-integrated with our existing operations and offer very attractive timberland attributes, and they will provide strong cash flows for our Southern Timberlands business," Devin Stockfish, Weyerhaeuser President and CEO.
Citigroup sees significant interest as Mexico sale talks kick-off.
Citigroup has begun the sales process for its consumer, small-business, and middle-market banking divisions in Mexico, though an initial public offering remains on the table.
The Citibanamex unit is attracting a lot of attention, and the company has begun fielding interest from buyers in preliminary sales talks, Chief Executive Officer Jane Fraser said. No deal is imminent, however, as Citigroup still needs to carve out the institutional businesses it hopes to keep, according to the CEO.
“This is not an uncomplicated transaction. This is going to take time. We want to do it properly. And by time I mean a few quarters. So I think we’re not anticipating at this very early stage whether that would be this year or early next year," Jane Fraser, Citigroup CEO.
Apollo considers IPO for ClubCorp at $4.5bn value. (FS)
Apollo Global Management, is weighing an initial public offering as early as this year for ClubCorp, the country club operator it took private in 2017.
The private equity firm is working with advisers on a process for the Dallas-based company. The company could be valued at about $4.5bn in an IPO. No final decision has been made and the timing or valuation of the listing could change, Bloombergreported.
Steinway files for a NYSE IPO.
Steinway Musical Instruments, a piano builder, has filed to go public through an initial public offering. Steinway plans to sell shares on the New York Stock Exchange.
Investment firm Paulson founded by billionaire John Paulson, acquired the master piano maker in 2013. The company has attracted takeover interest over the years, including a $1bn offer from Chinese state-owned company China Poly Group in 2018. Proceeds of the offering will go to selling shareholders including Paulson, who will control more than half of the company’s voting power after the listing, Bloomberg reported.
Adams Street Partners closes its second private credit program with more than $3bn of capital. (FS)
Adams Street Partners, a private markets investment management firm, completed fundraising for its second Private Credit program, closing the oversubscribed program with more than $2.1bn of committed capital and over $3bn, including leverage.
“We are extremely pleased with the investor support for our second Private Credit program. The strong demand for Adams Street’s Private Credit offering shows the value of the asset class and the appetite in this market for investments that target high-yields while also prioritizing stable returns. Our team looks forward to continuing to work with our longstanding sponsor relationships," Bill Sacher, Adams Street Partner and Head of Private Credit.
John Rainey leaves PayPal to join Walmart as CFO.
Walmart, a retail giant, said it has appointed John Rainey to become its next chief financial officer. Mr. Rainey will join Walmart effective June 6. Mr. Rainey has served as CFO of PayPal for nearly seven years.
PayPal said Mr. Rainey will leave at the end of May and its board has launched a formal search for a successor. Mr. Rainey is set to receive an annual base salary of $1m as well as a $5m sign-on bonus to be paid six months after he starts in the role. He also will receive a $15m sign-on grant of restricted stock vesting over two years, WSJ reported.
“While it is never easy to say goodbye, I am taking this next step in my career with confidence. I know that I am leaving PayPal in strong and capable hands," John Rainey.
Investcorp is in talks to acquire AC Milan for $1.1bn. (FS)
The Middle East’s biggest alternative asset manager was said to be in exclusive talks to buy Italy’s AC Milan, the seven-time European soccer champion once owned by former Prime Minister Silvio Berlusconi.
Investcorp, which has among its shareholders Abu Dhabi sovereign fund Mubadala Investment, is in discussions with Elliott Management to buy the iconic club for an enterprise value of $1.1bn, Bloomberg reported.
Goldman Sachs and Morgan Stanley to lead Intel's Mobileye IPO.
Intel's Mobileye, a company which develops autonomous driving technologies and advanced driver-assistance systems including cameras, computer chips and software, has tapped investment banks Goldman Sachs and Morgan Stanley to lead preparations for the initial public offering of the self-driving car unit.
The stock market flotation, which is set to launch later this year, could value Mobileye at as much as $50bn. The valuation and size of the IPO are subject to market conditions.
The amount to be raised in the IPO could not be learned. Mobileye's preparation is coming at a tough time for the IPO market. Stock market volatility triggered by a sell-off in technology stocks and Russia's invasion of Ukraine has forced several high-profile firms, to postpone their plans to go public this year, Reuters reported.
Private equity firms Smash Capital, Insight Partners, and GIC completed the acquisition of a minority stake in Coda Payments, a company helps digital content providers monetize their products and services, for $690m.
"This investment marks a significant milestone for Coda as we seek to offer content publishers and consumers more monetization options. We have spent more than 10 years building the world's leading independent platform for digital content monetization and are thrilled to welcome Smash Capital, Insight Partners, and GIC as partners as the company embarks on its second decade of growth," Neil Davidson, Coda Payments Executive Chairman and Co-founder.
Apollo is in talks to acquire AMP Capital Infrastructure equity business. (FS)
Apollo Global Management is in talks to acquire part of AMP Capital’s infrastructure equity business. A deal could be reached as early as next week and would include $5bn to $7bn of assets.
AMP Capital, which is in the process of being spun off from Sydney-based AMP, abandoned talks last year with Ares Management. about a potential sale of its infrastructure and real estate management unit, Bloomberg reported.
GreenTree weighs a privatization deal with CICC Capital. (FS)
The management of GreenTree Hospitality Group is considering teaming up with a buyout firm for an offer to take the New York-listed Chinese hotel chain private.
CICC Capital is working with the firm’s management on the possible buyout bid. The consortium has been discussing a potential offer at a premium of at least 30% to GreenTree’s recent share price, Bloomberg reported.
China Resources weighing $1bn IPO of C’estbon Bottled water unit.
China Resources Holdings, a Chinese state-owned conglomerate, is considering a Hong Kong initial public offering of its bottled water unit that could raise as much as $1bn.
The Chinese conglomerate has discussed the potential listing of China Resources C’estbon Beverage internally, as well as with several financial advisers. A listing could happen as early as next year. Deliberations are at an early stage and details of the IPO such as size or timing could change.
Plateau Consumer, a holding company, is planning to sell some of the shares to Chinese investors as part of a mixed-ownership program. Some of the potential investors could be state-owned funds. China Resources Holdings has been looking to monetize its assets, encouraging its business units to tap funding on their own, Bloomberg reported.
Didi Global to vote on US delisting next month, says no new listing plan before NYSE exit.
Didi Global, the Chinese ride-hailing giant being investigated by Beijing for cybersecurity breaches, said it will hold a special shareholder meeting on May 23 to vote on its “voluntary” delisting in the United States.
Didi Global said that it would not apply for another listing on any other exchange before completing its delisting from the New York Stock Exchange. In a statement issued in December, Didi had said that it would delist from New York and pursue a listing in Hong Kong.
The planned delisting, uncertainties arising from its cybersecurity investigation and the lack of immediate prospects for a relisting, are set to deal a heavy blow to the company’s valuation – and could even undermine investor confidence in Chinese stocks, SCMP reported.
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