M&A Features

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.