Features

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.

CF to buy Fidelity & Guaranty Life

Blank check company CF is acquiring Fidelity & Guaranty Life (FGL) for about USD 1,835 million, which includes the assumption of debt worth USD 405 million. According to Zephyr, the M&A database published by Bureau van Dijk, the takeover is set to become the second-largest acquisition of a pension products provider to date. This comes after the FGL pulled out of its planned merger with Chinese insurer Anbang almost two months ago following US state regulators’ refusal to approve the USD 1,573 million deal.

Clariant to buy Huntsman

Clariant is acquiring Huntsman in an all-stock transaction worth an estimated USD 6,251 million. If the merger goes through it will create a chemical giant with an enterprise value of about USD 20,000 million, according to the press releases of both companies.

Atlantia to acquire Abertis Infraestructuras

Italian toll road operator Atlantia has made a EUR 16,341 million offer to acquire France’s Abertis Infraestructuras as it seeks to expand outside its home country, where business growth has slowed in recent years. According to Zephyr, the M&A database published by Bureau van Dijk, this is Atlantia’s biggest transaction to date and is the largest takeover of a toll operator worldwide.

PetSmart to buy Chewy

PetSmart, a brick-and-mortar pet accessories retailer, is acquiring Chewy in a bid to extend its presence in the e-commerce space. The consideration has not been disclosed, but people familiar with the matter told Recode that the transaction could be worth around USD 3,350 million. According to Zephyr, the M&A database published by Bureau van Dijk, this is the retail sector’s third largest deal to have been announced so far this year.

German surgical appliance and supplies maker among recipients of angel investment in April

2017 has gotten off to a good start in terms of European angel investment. According to Zephyr, the M&A database published by Bureau van Dijk, in Q1 2017 both volume and value were higher than for the same three months in 2016. In total there were 166 European angel investments worth a combined EUR 403 million announced in Q1, marking an improvement on the EUR 318 million invested across 142 deals in the opening quarter of 2016. The result is also higher on both fronts when compared with Q4 2016 (129 deals worth EUR 317 million). This is encouraging and will give many hope that Q2 can also surpass the same period of 2016, thereby getting the year off to a positive start. Q2 is only just underway, but there have already been a number of fairly large angel investments announced since the beginning of April. In the quarter to date EUR 30 million has been invested across 17 deals. A few larger injections will need to be made over the coming months if results are to come close to those for other recent quarters. In 2016 Q2 surpassed Q1 in terms of volume and value, so if 2017 is to surpass 2016 as a whole it is important that significant levels of dealmaking are recorded in the coming months.

Lyft obtains funding from KKR

Last week, Lyft successfully raised USD 600 million from private equity giant KKR in its seventh funding round, amid speculation that the taxi booking application (app) provider may go public in the near future. The deal values the technology company at USD 7,500 million, according to various media reports.

JAB and BDT Capital to buy Panera Bread

Eat-in bakery cafĂ© Panera Bread agreed last week to be acquired by JAB Holdings (JAB) and BDT Capital for around USD 7,500 million in cash. This is the 11th largest deal to have been announced or completed in the US this year, according to Zephyr, the M&A database published by Bureau van Dijk. The transaction came just days after a person familiar with the matter told Bloomberg the Nasdaq-listed group could potentially be targeted by JAB, Starbucks and Domino’s Pizza.

Hong Kong tycoon Li Ka Shing steps up investment in Canada

Cheung Kong Property Holdings (CKPH), a company controlled by the family trust of tycoon Li Ka Shing, is acquiring Reliance Comfort at an equity price of CAD 2,820 million (USD 2,100 million). Private equity investor Alinda Capital Partners, which is making a full exit through the all-cash deal, has been the owner of the target since 2007 when it took over UE Water Income Fund for around CAD 1,134 million.

Sealed Air signs asset sale deal with Bain Capital

Sealed Air has agreed to dispose of USD 3,200 million-worth of assets to Bain Capital, representing its largest divestment to date, according to Zephyr, the M&A database published by Bureau van Dijk. The seller is shedding its kitchen and workplace cleaning products division Diversey Care, held under Diversey Holdings (DH), as well as a part of its food hygiene business Food Care. The move came almost six years after Sealed Air splurged on the USD 4,300 million acquisition of DH, then owned by Clayton, Dubilier & Rice and the Johnson family.

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