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HKBN said to draw interest from Stonepeak. (FS)
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MGM Resorts International, a hospitality and entertainment company, completed the acquisition of The Cosmopolitan of Las Vegas, a resort and casino, from Blackstone, an alternative investment management company, for $1.63bn.
"We are proud to add The Cosmopolitan, a luxury resort and casino on the Las Vegas Strip, to our portfolio. The Cosmopolitan brand is recognized around the world for its unique customer base and high-quality product and experiences, making it an ideal fit with our portfolio and furthering our vision to be the world's premier gaming entertainment company. We look forward to welcoming The Cosmopolitan's guests and employees to the MGM Resorts family," Bill Hornbuckle, MGM Resorts CEO & President.
Stonepeak Infrastructure Partners was advised by Sard Verbinnen & Co. MGM Restorts was advised by Latham & Watkins and Weil and Gotshal and Manges. Blackstone was advised by Deutsche Bank, PJT Partners and Simpson Thacher & Bartlett.
ArcLight, a private equity firm focused on energy, completed the acquisition of a 25% stake in the Gulf Coast Express Pipeline, a natural gas pipeline system that transports gas, from Targa Resources, a growth-oriented provider of midstream services, for $857m.
"ArcLight is pleased to acquire newly constructed, critical-path midstream infrastructure to assist continued energy transition efforts. We strongly believe that, alongside our operating partners, GCX will continue to help supply growing global gas demand by bringing responsibly-sourced Permian Basin natural gas production to key demand markets as we transition to a clean and secure energy future," Lucius Taylor, ArcLight Managing Director.
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ArcLight was advised by Macquarie Group and Latham & Watkins.
Antin Infrastructure Partners, a private equity firm focused on infrastructure investment, with offices in Paris, London and Luxembourg, agreed to invest $158m in Power Dot, a European electric vehicle charging platform.
"Destination charging is amongst the fastest growing segments by demand, and also one where rapid charging needs are strongest. With strong political support aiming to ban the sale of internal combustion vehicles within the EU by 2035, EVs are expected to account for approximately 50% of passenger car production by 2030. In partnership with Antin, Power Dot is poised to capitalize on these strong market tailwinds that are creating a significant EV charging market," Luis Santiago Pinto, Power Dot CEO.
Power Dot is advised by Improved Corporate Finance and Linklaters. Antin is advised by Ernst & Young, UBS, Orrick Herrington & Sutcliffe and Brunswick Group.
Public Investment Fund, a global investment company, completed the acquisition of a 5% stake in Nintendo, a multinational consumer electronics company that develops game consoles, for $3bn.
The acquisition marked the latest purchase by the $500bn fund in the video games and e-sports sectors, where the Saudis have been expanding in the past two years.
HKBN said to draw interest from Stonepeak. (FS)
Stonepeak and PAG are among suitors considering bids for Hong Kong telecommunications provider HKBN,?Bloomberg?reported.
The private equity firms have been working with advisers to conduct due diligence on HKBN. Shares of HKBN are little changed in Hong Kong trading this year, giving the business a market capitalization of about $1.6bn.
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