M&A Features

Softbank invests in satellite network provider after Trump meeting

Japanese telecommunications giant Softbank is injecting USD 1,000 million in OneWeb, a Virginia-based company that uses satellites to provide rural areas with affordable high-speed internet access. The target’s existing investors are also participating in the funding round and will invest a further USD 200 million. Pending regulatory approvals, the transaction is expected to close in the first quarter next year.

Australia’s Crown Resorts plans Macau exit amid graft crackdown

Crown Resorts, Australia’s largest gaming group, is offloading part of its holdings in Melco Crown, a Macau-focused casino operator listed on Nasdaq. Hong Kong-based Melco International Development, which jointly formed the target with Crown Resorts in 2004, expects to take over a 13.4 per cent interest from its partner for approximately USD 1,188 million. This will reduce Crown Resorts’ stake in Melco Crown to 14.0 per cent.

Tycoon Li Ka Shing pursues another Australian energy firm

After failing to acquire power transmission firm Ausgrid months ago, Hong Kong billionaire Li Ka Shing is giving Australia’s lucrative energy sector another shot. This time he is pinning his hopes on Duet Group with a takeover offer worth around AUD 7.30 billion (USD 5.44 billion). His flagship company Cheung Kong Infrastructure Holdings this week proposed to purchase each share in the utility firm for AUD 3.00, representing a 27.7 per cent premium over the target’s closing price on 2nd December, the last trading day prior to the deal being announced. The news fueled investor enthusiasm, causing Duet Group’s shares to close 16.6 per cent higher on 5th December.

Chinese couriers sort through M&A, IPOs in 2016

Black Friday. Cyber Monday. Singles’ Day. (For those not in the know the latter being not just the largest single-day e-commerce retail event in China but, reportedly, the largest globally). Also, do not forget the run-up to Christmas when some consumers forego traditional brick-and-mortar shopping for the ease of clicking and buying presents from the comfort of a couch.

Anbang in the headlines

Anbang Insurance is the acquisitive holding company that not only has an opaque ownership structure but has also hit the headlines numerous times recently. 

Danish toymaker features in November’s angel investments

In November 2016 to date there have been 16 European angel investments worth a combined EUR 65 million, according to Zephyr, the M&A database published by Bureau van Dijk. It is worth noting that at the time of writing there are still nine days to go until the end of the month, meaning comparisons with previous months will not be on a like-for-like basis.

Boral bets on Trump’s infrastructure plan

Construction materials manufacturer Boral is carrying out its largest-ever investment by acquiring Nasdaq-listed Headwater for around USD 2,600 million as President-elect Donald J. Trump, who will take office in January, seeks to ramp up spending on infrastructure. The Australian firm is offering to buy each share for USD 24.25, a 20.7 per cent premium over Headwater’s close on 18th November. As a result, the target’s equity jumped 17.1 per cent to close at USD 23.52 following the announcement.

Estée Lauder seeks to court millennials

Having missed sales estimates, makeup group Estée Lauder is spicing up its portfolio by acquiring Too Faced Cosmetics, whose quirkily-named products, such as Better Than Sex mascara and Chocolate Bar eye shadow palettes, are popular with youngsters. Private equity firm General Atlantic and married co-founders Jeremy Johnson and Jerrod Blandino are expected to exit by the end of the year. Valued at around USD 1,450 million, the acquisition is by far Estée Lauder’s largest-ever, according to Zephyr, the M&A database published by Bureau van Dijk.

CICC to buy China Investment Securities via reverse-takeover

A year after its listing on the Hong Kong Stock Exchange (HKEX), China International Capital Corporation (CICC) announced last week that it agreed to buy brokerage firm China Investment Securities (CIS) through a share swap. The acquisition will see sole owner Central Huijin Investment, a unit of sovereign wealth fund China Investment Corporation, make a full exit from the target.

Blackstone to take TeamHealth private

Private equity giant Blackstone, alongside other co-investors, has agreed to purchase TeamHealth. With a bid price of USD 43.50 apiece, which represents a 32.6 per cent premium over TeamHealth’s close on 3rd October, the previous day before news of the deal was first reported, the acquisition can be valued at around USD 6,100 million including debt. As part of the board-approved transaction, TeamHealth has 40 days following the execution of the agreement to seek offers from other potential suitors.

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