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ICG closes fund dedicated to GP-led secondaries at $5bn. (FS)
Accel announces a $4bn late-stage fund. (FS)
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Twitter's board has recommended unanimously that shareholders approve the proposed $44bn acqusiition of the company to Elon Musk.
Musk reiterated his desire to move forward with the acquisition last week during a virtual meeting with Twitter employees. However, shares of Twitter remain far below his offering price, signaling that investors have considerable doubt that it will happen.
Twitter is advised by Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett, Wilson Sonsini Goodrich & Rosati and Joele Frank. Financial advisors are advised by Sullivan & Cromwell. Elon Musk is advised by Bank of America, Barclays, Morgan Stanley, McDermott Will & Emery, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. 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.
Thoma Bravo, a private equity and growth capital firm, completed the acquisition of Anaplan, a company which provides a connected planning platform that helps businesses make better-informed plans and decisions faster, for $10.3bn.
“Under Frank’s leadership, Anaplan emerged as a market leader in Connected Planning, and I am honored to work with the talented team at Anaplan to build upon this strong foundation as we begin this next chapter as a private company. The closing of this transaction represents an important milestone, and we are excited to leverage Thoma Bravo’s extensive expertise as we continue to solidify our leadership position and deliver best-in-class solutions for our customers," Charles Goodman, Anaplan CEO.
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Anaplan was advised by Goldman Sachs, Qatalyst Partners, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. Financial advisors were advised by Morrison & Foerster and Sullivan & Cromwell. Thoma Bravo was advised by Cadwalader Wickersham & Taft, Kirkland & Ellis, Finsbury Glover Hering, FGS Global and Joele Frank. Debt financing was provided by Apollo Global Management, Blackstone Credit, Golub Capital and Owl Rock Capital.
Ascension Capital and TowerBrook Capital-backed R1 RCM, a provider of technology-enabled revenue cycle management services, completed the acquisition of Cloudmed, a healthcare revenue intelligence services provider, from New Mountain Capital, a private equity firm, for $4.1bn.
"This transaction accelerates our strategy to build the most scalable, flexible, and integrated platform for the revenue cycle and consumer engagement in healthcare. Our combined solutions, including enhanced automation capabilities, will further transform the patient experience and drive continued improvement in our customers' financial results," Joe Flanagan, R1 President and CEO.
Cloudmed was advised by Barclays, Ropes & Gray and Abernathy MacGregor Group. Ascension was advised by Covington & Burling. TowerBrook was advised by Wachtell Lipton Rosen & Katz. R1 was advised by Centerview Partners, JP Morgan, Kirkland & Ellis and Joele Frank.
ICG closes fund dedicated to GP-led secondaries at $5bn. (FS)
ICG, an alternative asset manager, has held the final close of the ICG Strategic Equity IV fund, which is focused on GP-led secondaries, at over $5bn in capital commitments.
The report cites unnamed sources as revealing that the fund reached a final close after just 18 months in the market, launched in November 2020.
Accel announces a $4bn late-stage fund. (FS)
Accel, a global venture capital firm, announced a new $4bn global late-stage fund aiming to double down on investing in companies within its portfolio and new startups.
"This fund is a critical element in our global strategy, and will provide expansion capital to promising companies within our portfolio worldwide, as well as to aspiring companies new to the Accel family," Accel.
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