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Canada's Brookfield raises record $28bn for infrastructure fund. (FS)
UAE set to announce $30bn climate finance fund at COP28. (FS)
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Clayton, Dubilier & Rice, an American private equity company, completed the acquisition of Veritiv, a distributor of packaging, facility solutions and print products, for $2.3bn.
"The completion of this transaction represents an important milestone in our company's journey. CD&R's significant investment in Veritiv is a testament to our company's strong positioning as a leading specialty distribution solutions company and to our team's hard work and commitment. We are confident that this partnership, along with the financial and operational flexibility we will now have as a private company, will enable us to continue enhancing the innovative and sustainable solutions we deliver to our customers today – and into the future," Sal Abbate, Veritiv CEO.
Veritiv was advised by Morgan Stanley and Alston & Bird. Clayton, Dubilier & Rice was advised by BMO Capital Markets, Goldman Sachs, Guggenheim Partners, RBC Capital Markets, UBS, Wells Fargo Securities, Debevoise & Plimpton and?Kirkland & Ellis (led by Rick Campbell and David Klein ). Debt financing was provided by BMO Capital Markets, Goldman Sachs, RBC Capital Markets, UBS and Wells Fargo Securities.
Banc of California, a provider of a full-service banking and home lending to individuals and their businesses and families, completed the merger with PacWest, a bank holding company headquartered in Los Angeles, California, in a c. $1.15bn deal. Warburg Pincus and Centerbridge Partners will invest an aggregate of $400m for newly issued equity securities concurrently with, and subject to, closing of the merger.?
“This transformational merger will create a robust, well-capitalized and highly liquid institution poised to deliver exceptional service to even more California businesses and communities. We believe both Banc of California and PacWest stockholders will benefit from the compelling economics of the combined company and its enhanced ability to deliver profitable and sustainable growth. Out of the gate, the combined company will have the strength and market position to support the banking needs of small and medium-size businesses in California and to capitalize on the opportunities created for stronger financial institutions in the wake of the recent banking industry turmoil,” Jared Wolff, Banc of California President and CEO.?
Banc of California was advised by JP Morgan, Davis Polk & Wardwell (led by Margaret Tahyar ar and David Portilla ), Skadden Arps Slate Meagher & Flom (led by Sven Mickisch ) and Prosek Partners (led by Kiki Tarkhan ). PacWest was advised by Piper Sandler, Sullivan & Cromwell (led by Patrick S. Brown and H. Rodgin Cohen) and Joele Frank (led by Greg Klassen ). Warburg Pincus was advised by Jefferies & Company and Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy, Richard Kim, Mark Veblen and Mark Stagliano ). Centerbridge Partners was advised by Simpson Thacher & Bartlett (led by Lee Meyerson ) and Kekst CNC (led by Jeremy Fielding ).
Kering, a multinational corporation specializing in luxury goods, completed the acquisition of a 30% stake in Valentino, an Italian luxury fashion house, from Mayhoola, a private equity firm, for €1.7bn.
“I am impressed with the evolution of Valentino under Mayhoola ownership and very delighted that Mayhoola has chosen Kering as its partner for the development of Valentino, a unique Italian house that is synonymous with beauty and elegance. I am very pleased of this first step in our collaboration with Mayhoola to develop Valentino and pursue the very strong strategic journey of brand elevation that Jacopo Venturini will continue to lead,” Fran?ois-Henri Pinault, Kering Chairman and CEO of Kering.
Kering was advised by Centerview Partners and Rothschild & Co. Mayhoola was advised by Intesa SanPaolo and JP Morgan. JP Morgan was advised by White & Case.?
Canada's Brookfield raises record $28bn for infrastructure fund. (FS)
Canada's Brookfield Asset Management said on December 1 it had raised $28bn for its largest-ever fund, wagering on infrastructure assets the company believes would benefit from a shift to "deglobalization", given recent geopolitical tensions, FT reported.
The fund, raised by the group's Brookfield Infrastructure Partners arm, is the largest-ever dedicated to investing in assets such as airports, toll roads, pipelines and natural gas export plants. It is also the biggest fund ever raised by Brookfield, which manages $850bn across sectors spanning real estate, credit and insurance, renewable energy and corporate buyouts.
UAE set to announce $30bn climate finance fund at COP28. (FS)
The United Arab Emirates is preparing to announce a new $30bn climate-focused investment fund during COP28 with backing from some of the world's biggest investors including BlackRock,?Reuters ?reported.
UAE would provide the bulk of the money and private equity firm TPG and infrastructure investor Brookfield would also be involved. Money would be overseen by UAE-backed investor Lunate Capital.
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