Features

Shanghai Pharmaceuticals to purchase Cardinal Health’s unit

Shanghai Pharmaceuticals Holding is acquiring Malaysia-incorporated Cardinal Health L (Cardinal Malaysia) for USD 1,200 billion, subject to further adjustments based on the target’s working capital, existing cash and assumed debt. The buyer has obtained financing from third party financial institutions and is making the purchase via its Shanghai Pharma Century Global arm. Pending approval from China’s Ministry of Commerce, the deal is expected to complete by the end of Cardinal Health’s fiscal year.

Permira Advisers buy Duff & Phelps

 UK private equity group Permira Advisers has signed a USD 1,750 million deal to acquire a majority interest in Duff & Phelps. The New York-based financial consultant’s shareholders, Carlyle Group, Neuberger Berman and the University of California, are making a full exit through the transaction. Members of Duff & Phelps’ management team, however, will retain a significant stake and will resume their current roles to lead the target’s business. 

 

Tencent to spin off e-book platform on HKEX

China Literature, a unit of technology giant Tencent, is listing its equity on the Hong Kong Stock Exchange (HKEX) through an initial public offering worth about HKD 8.33 billion (USD 1.07 billion). According to the terms, the online publisher is issuing 135.96 million new shares, while its existing investors, Shanghai Trust Bridge Partners and the Carlyle Group, are offering to sell a further 15.41 million through the transaction.

Amneal agrees merger with Impax

 

Amneal Pharmaceuticals is acquiring Impax Laboratories in an all-stock transaction worth USD 1,600 million.  Under the terms, the buyer’s shareholders will control 75.0 per cent of the combined entity, with the remaining 25.0 per cent stake being held by the target’s owners. The boards of the two companies have approved the deal, which is expected to complete in the first half of 2018. Amneal has appointed JP Morgan as an advisor, while Impax is being assisted by Bank of America, Morgan Stanley and Sullivan & Cromwell.

 

Teva to offload assets

Teva Pharmaceutical Industries is selling its intrauterine device manufacturing business ParaGard to Cooper Companies for USD 1.10 billion as it seeks to raise money to reduce debt. The deal is expected to close by the end of this year, subject to closing conditions and regulatory approvals.

Gilead to purchase Kite

Gilead has announced a USD 11,900 million tender offer to acquire Kite Pharma as it seeks to diversity its revenue streams. The purchaser has agreed to pay USD 180.00 per share, 29.4 per cent higher than the cancer drug developer’s close of USD 139.10 on 25th August 2017, the last trading day prior to the deal being announced.

Axis Capital increases price to purchase Novae

Axis Capital has sweetened its offer to acquire Novae Group for GBP 477.60 million. The New York Stock Exchange-listed insurance carrier is carrying out the deal via its unit AXIS Specialty UK Holdings and has agreed to pay GBP 7.15 for each share in the target, up from the GBP 7.00 it previously offered.

United Rentals outbids H&E for Neff

United Rentals is acquiring Neff in a cash deal worth around USD 1,300 million. Under the terms, United Rentals is offering USD 25.00 per share, which is 26.9 per cent higher than the target’s close on 13th July 2017, the last trading day before the takeover was first reported.

Blackstone’s Invitation Homes to acquire Starwood Waypoint

Invitation Homes has agreed to purchase Starwood Waypoint Homes in an all-scrip deal worth approximately USD 4.35 billion.  The offer implies a purchase price of USD 33.88 per share, representing a 0.8 per cent premium over the target’s close of USD 33.62 on 9th August, the last trading day prior to the bid being announced.

FMC to purchase NxStage

Germany’s Fresenius Medical Care (FMC) is expanding in the US by acquiring medical devices maker NxStage in a cash deal worth about USD 2,000 million. The purchaser is offering to pay USD 30 per share, representing a 30 per cent premium over the target’s close of USD 23 on 4th August 2017, the last trading day prior to the deal being announced. Adams Street Partners, a private equity firm invested in NxStage, will make a full exit if the transaction goes through.

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