Features

Chinese streaming boom spills into M&A and IPO dealmaking

Online streaming platforms appear to be taking up a lot of bandwidth at the moment; be it news of multi-million-dollar investments, mergers and acquisitions (M&A) or announced/completed initial public offerings (IPOs), it feels as though the ongoing stream of reports have been never-ending in 2018.

Banner year as Vietnamese M&A in 2017 topped USD 10bn

Mergers and acquisitions (M&A) targeting companies based in Vietnam reached a record USD 10,397 million last year, just ahead of 2012 (USD 10,150 million) as the year was rounded off with the historic state-run auction of a majority stake in Saigon Beer Alcohol Beverage, the country’s largest brewer, to a local unit of Thai Beverage for USD 4,843 million, according to information collected by Bureau van Dijk, a Moody’s Analytics company, and the leading publisher of company information. 

Dutch virtual reality streaming group targeted by angel investors in January

The volume and value of angel investment in Western Europe is off to a reasonable start in 2018. According to Zephyr, the M&A database published by Bureau van Dijk, 22 deals worth EUR 112 million have been signed off in January 2018 so far. 

Arby's Restaurant Group to acquire Buffalo Wild Wings

Arby’s Restaurant has signed a definitive agreement to purchase Buffalo Wild Wings for about USD 2,900 million, including the assumption of debt. The bid of USD 157 per share represents a 32.1 per cent premium over the target’s close of USD 118.85 on 10th November 2017, the last trading day prior to the deal being announced.

LHC to purchase Almost Family

LHC has announced it will acquire Almost Family in an all-stock deal worth USD 2,400 million. The buyer has offered to pay USD 60.88 per share, representing a 15.6 per cent premium over the target’s close on 15th November 2017, the last trading day prior to the deal being announced.

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.

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