Data Analyst Katrin Kostadinova highlights the most significant financial and corporate legal deals announced or closed in the last week
It is a bumper edition of the weekly report, covering the two weeks around the Easter break.
Americas
Two significant listing took place in the US recently. One saw GrafTech undertake an IPO on the NYSE. Offered were 37.8 million shares that are expected to be valued at $21 and $24 per share. The offeror is a graphite electrode maker.
Music-streaming company Spotify also made its debut on the NYSE. The technology company has undertaken an IPO with shares that opened at $165.9, which is up 26% from the reference price of $132. This is the largest listing made by the company.
On the M&A side of things, Concho Resources took over RSP Permian in a $9.5 billion deal. The deal will turn the company into the world’s largest producer in the Permian shale basin.
Elsewhere, Brookfield Property Partners has acquired GGP, the mall operator – General Growth Properties, for $9.25 billion. The deal is taking place at a moment when mall owners find it hard to reinvent their properties to appease investors.
Polycom has been acquired by Plantronics for $2 billion. The buyer aims to provide one-stop shopping for managing their communications thus the acquisition of the video conferencing equipment provider.
Transcontinental has taken over Coveris’s US packaging business in a $1.32 billion deal. The Canadian publishing company aims to join other companies in the region in the flexible packaging space.
GE’s Healthcare IT unit was acquired by Veritas Capital for $1.05 billion. The division includes the ambulatory care and workforce management software units. Veritas Capital is aiming to further diversify its portfolio.
Moving to Mexico, the Government has undertaken a $1.5 billion offering. Proceeds will be used to fund the development and construction of the New Mexico City International Airport.
Finally, returning to the US, Remington has undertaken a Chapter 11 restructuring. Sales of gun producers decreased since 2016’s US president elections. The company also owns Marlin and Bushmaster, other gun makers.
Asia-Pacific
In India, Manipal-TPG Capital has acquired Fortis Healthcare hospital assets in a Re150 billion deal that will see Manipal emerge as one of the largest hospital chains in the country.
Wealthy Link has received S$1.8 billion financing. Proceeds will be used to refinance its existing indebtedness and to develop a commercial office building on Central Boulevard, Singapore.
Europe, Middle East and Africa (EMEA)
Moving to Europe, the Carlyle Group and GIC have acquired the specialty chemicals business of AkzoNobel for €10.1 billion, with €1.2 billion debt in the year-end balance sheet included in the price. Most of the net proceeds, around €6 billion, will be distributed to the shareholders.
A cross-border deal between Germany and Belgium saw Elia take a 20% stake in 50Hertz for $1.2 billion. The deal will be financed through debt issuances. IFM Investors, the other current shareholder, will continue operating the remaining four-fifths.
Czechia, Bulgaria, Hungary, Montenegro, Norway and Serbia have seen the PPF Group taking over Telenor's CEE businesses for €2.8 billion. The deal is part of the firm’s aim to simplify and focus its portfolio.
Qatar Airways has acquired 25% of Vnukovo Airport – the third largest airport in the Moscow area. The airport is co-owned by the state and Vitaly Vantsev, a Russian businessman.
Finally, in Africa, the Republic of Senegal has issued $1 billion 6.75% sovereign bonds due 2048 and €1 billion 4.75% bonds due 2028. Proceeds from the bond issues will be used to repay some of the country’s outstanding liabilities and to finance public projects.