MergerLinks Daily Review

MergerLinks Daily Review

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Twitter, Musk deal includes $1bn termination agreement.

Sale of Trumps’ Washington Hotel poised to close next week. (Financial Sponsors, Real Estate)

Goldman Sachs completed the acquisition of a minority stake in iSpot.tv for $325m.

TPG Growth completed the acquisition of a majority stake in Morrow Sodali. (FS)

KPMG to acquire a 50% stake in Acceleris.

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Twitter, Musk deal includes $1bn termination agreement.

Twitter will be required to pay a termination fee of $1bn under certain circumstances if it ends an agreement to be acquired by Elon Musk for $44bn. Musk will also be subjected to the same fee if he ends the deal,?Bloomberg?reported.

The fee would have to be paid if Musk isn’t able to deliver the funding for the acquisition as promised, for example, or if Twitter were to accept a competing acquisition proposal or recommend shareholders vote against Musk’s offer.

Twitter is advised by Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett and Wilson Sonsini Goodrich & Rosati. Financial advisors are advised by Sullivan & Cromwell. Elon Musk is advised by Bank of America, Barclays, Morgan Stanley, McDermott Will & Emery and Skadden Arps Slate Meagher & Flom. Debt financing is provided by?BNP Paribas, Bank of America, Barclays, Mitsubishi UFJ Financial Group, Mizuho Securities, Morgan Stanley and Societe Generale. Debt providers are advised by Davis Polk & Wardwell.

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Sale of Trumps’ Washington Hotel poised to close next week. (FS, RE)

The $375m sale of Trumps’ Washington Hotel to CGI Merchant, a private equity, alternative investment manager, is poised to close next week.

CGI Merchant Group agreed to buy the lease to the property in November. The hotel is owned by the federal government, but with extensions the lease runs close to 100 years. It is housed in the former Old Post Office, which is located a short walk down Pennsylvania Avenue from the White House.

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Goldman Sachs completed the acquisition of a minority stake in iSpot.tv for $325m.

Goldman Sachs, an investment banking company, completed the previously announced acquisition of a minority stake in iSpot.tv, a company that aims to help advertisers verify the reach and impact of their TV and streaming-video ads, for $325m.

“These acquisitions have been great for the company. Certainly, those are not the last ones,” Sean Muller, iSpot.tv Founder and CEO.

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TPG Growth completed the acquisition of a majority stake in Morrow Sodali. (FS)

TPG Growth, an investment company, completed the acquisition of a majority stake in Morrow Sodali, a global shareholder engagement and governance advisory firm. Financial terms were not disclosed.

"We are thrilled to become a TPG portfolio company. Joining forces with an organization of TPG's strength and breadth will allow us to further enhance our market leadership position, forged over decades of guiding clients through every critical trend impacting corporations, shareholders, and the financial markets. Our focus is on delivering value creation and as we move forward with TPG’s backing, we’ll grow that value for our clients, especially as they increase their focus on corporate purpose and the goals of diversity, inclusiveness, and sustainability,” Alvise Recchi, Morrow Sodali Chief Executive Officer.

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KPMG to acquire a 50% stake in Acceleris.

KPMG, a big four accountancy firm, agreed to acquire a 50% stake in Acceleris, a venture capital advisory specialist. Financial terms were not disclosed.

"Fast-growing companies are the heartbeat of the UK economy, but access to funding remains a big barrier for entrepreneurs trying to grow their businesses. By partnering with Acceleris we will enable companies to unlock the finance they need, and help them navigate what remains a volatile operating environment," Jon Holt, KPMG UK CEO.

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