Features

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.

Diageo takes a shot at George Clooney’s tequila company

Alcoholic beverages producer Diageo is acquiring Casamigos Tequila for up to USD 1,000 million as it seeks to expand further in the fast-growing tequila sector. This will add to Diageo’s portfolio of luxury tequila brands, which currently include Don Julio, DeLeon and Peligroso. The consideration covers an earn-out payment of USD 300 million based on the target’s performance over the next 10 years.

EQT to take over Rice Energy

Energy firm EQT is acquiring Rice Energy in a deal worth around USD 8,200 million to expand its natural gas business. The two New York Stock Exchange-listed companies, when merged, will become the largest natural gas producer in the US, according to the purchaser’s press release. The announcement comes as energy companies are pouring money into places like Pennsylvania, West Virginia and Ohio, with the US soon to be the largest natural gas exporter globally, Reuters reported.

Glencore launches rival bid for Rio Tinto’s coal assets

Glencore is attempting to outbid Yanzhou Coal Mining for Coal & Allied Industries (CAI), a thermal coal mining subsidiary of Rio Tinto, with a USD 2,550 million cash offer that remains valid until 26th June this year. The payment, of which USD 500 million will be settled over five years after closing, will be funded by cash on hand and committed facilities.

Deere to purchase Wirtgen Group

Deere is carrying out a EUR 4,600 million deal to acquire Wirtgen Group Holding as it seeks to expand into the road construction sector and grow its footprint overseas. The transaction, which is expected to close next year, will be funded by cash and new debt facilities.

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