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Nova Chemicals is considering selling a $2bn cracker plant. (FS)
Ubisoft draws buyout interest from private equity firms. (FS)
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Elon Musk is in talks with private equity firm Thoma Bravo about partnering on a $43bn possible takeover bid for Twitter,?Reuters?reported. Thoma Bravo could be the key to Musk moving forward with a binding offer for Twitter. Musk said he has lined up $46.5bn in debt and equity financing to buy Twitter and was considering taking his offer directly to shareholders.
Wall Street banks, and some international ones too, showed up in force to back Elon Musk’s run to buy Twitter. The package includes a $13bn debt commitment letter with about 90% of it coming from Morgan Stanley, Bank of America, Barclays and MUFG Bank. Three other banks - BNP Paribas, Mizuho and Societe Generale - agreed to contribute the rest. That includes a $6.5bn senior secured term loan facility and a $500m senior secured revolver. Musk got a separate $12.5bn margin loan commitment letter from Morgan Stanley, Bank of America, Barclays, MUFG, Credit Suisse, BNP Paribas, Citigroup, Deutsche Bank, Mizuho, Royal Bank of Canada, Societe Generale and Canadian Imperial Bank of Commerce.
Twitter is advised by Goldman Sachs and JP Morgan. Elon Musk is advised by Morgan Stanley and McDermott Will & Emery. Debt providers are advised by Davis Polk & Wardwell.
The UK Competition and Markets Authority said that it will look into Sika's acquisition of construction chemicals company MBCC Group over competition concerns. The CMA said it is inviting comment from interested parties by May 12 ahead of a possible formal investigation.
The Competition and Markets Authority said it is looking into whether the tie-up between the Swiss specialty-chemicals company and Germany-based MBCC will result in a substantial lessening of competition in the UK.
Sika is advised by Bank of America, UBS and Baker McKenzie. Financial advisors are advised by Homburger. Debt financing is provided by Citigroup and UBS. Lone Star Funds is advised by Citigroup, Goldman Sachs, JP Morgan, Kirkland & Ellis and Weil Gotshal and Manges.
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The UK Competition and Markets Authority said that Noble's acquisition of Maersk Drilling raises competition concerns and that it will refer the deal for a further review unless the companies offer a solution to address them.
The regulator, which started an investigation into the deal in February, said that the deal could increase operating costs for oil-and-gas producers in the UK North Sea. If the merging businesses are unable to address the CMA's concerns, the deal will be referred for an in-depth Phase 2 investigation, to be carried out by a group of independent CMA panel members.
"The CMA is concerned that the combined businesses would not face sufficient competition after the merger, which could lead to higher prices and lower quality services for oil and gas producers in the North Sea," CMA.
Maersk is advised by JP Morgan, Davis Polk & Wardwell and?Gorrissen Federspiel. JP Morgan is advised by Cravath Swaine & Moore. Noble is advised by DNB Bank, Ducera Partners, Kirkland & Ellis, Plesner and Travers Smith. Financial advisors are advised by Morrison & Foerster.
Nova Chemicals is considering selling a $2bn cracker plant. (FS)
ADIA-backed Nova Chemicals, a Canadian petrochemical group, is considering a sale of its majority stake in a Louisiana cracker plant,?Bloomberg?reported.
The company is working with an adviser to gauge interest in the Geismar facility. A deal could be valued at around $2bn.?
Ubisoft draws buyout interest from private equity firms. (FS)
Ubisoft Entertainment, the video game publisher behind the “Assassin’s Creed” franchise, is attracting preliminary takeover interest from buyout funds,?Bloomberg?reported.?
Several private equity firms, including Blackstone and KKR, have been studying the French business. Ubisoft hasn’t entered into any serious negotiations with potential acquirers, and it’s unclear whether its major shareholder is willing to pursue a deal.
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