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Northvolt advances on $12bn battery IPO plan. (FS)
Reckitt weighs shelving $7bn infant nutrition sale
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Siemens, a technology company focused on industry, infrastructure, transport, and healthcare, agreed to acquire Brightly Software, a software-as-a-service provider of cloud-based enterprise asset management and facility operations management, from Clearlake Capital, a private equity firm, for $1.9bn.
"This is a very exciting day for Brightly as it represents an important milestone in the Company's history after going through a strategic transformation over the past few years under Clearlake's guidance. Siemens' acquisition of Brightly represents confidence in our ongoing plans to scale across end-markets and geographies, our ability to accelerate our market leadership position in enterprise asset management, and our goal to help our clients create more sustainable communities. We are proud and grateful to Clearlake of the work we have done together," Kevin Kemmerer, Brightly Software CEO.
Brightly Software is advised by SVB Leerink, William Blair & Co, Sidley Austin and PAN Communications. Clearlake is advised by Lambert & Co.
JetBlue modified its proposal to acquire Spirit after Frontier raised its bid for Spirit last Friday. JetBlue continues to encourage Spirit shareholders to vote against Frontier's offer, which is due on June 30.
JetBlue increased the overall value of the deal to $34.15 per share, and raised the breakup fee to Spirit by $50m for a total of $400m if the deal fails to get regulatory approval. It will also prepay $2.50 per share as a cash dividend to Spirit stockholders following approval of the transaction.
Spirit Airlines is advised by Barclays, Morgan Stanley, Debevoise & Plimpton, Paul Weiss Rifkind Wharton & Garrison and Sard Verbinnen & Co. Financial advisors are advised by Skadden Arps Slate Meagher & Flom and Sullivan & Cromwell. JetBlue is advised by Goldman Sachs and Shearman & Sterling. Debt financing is provided by Bank of America and Goldman Sachs. Frontier Group is advised by Citigroup, Latham & Watkins and Joele Frank. Citigroup is advised by Fried Frank Harris Shriver & Jacobson.
Earthstone Energy, an energy company, agreed to acquire the northern Delaware Basin asset of Titus, an oil and gas company, for $627m.?
"We are very pleased with the execution of our operations in the Northern Delaware Basin assets acquired earlier this year and expect to apply that knowledge to the Titus Acquisition assets after closing. We have continued to build out our high margin asset base, which is generating significant Free Cash Flow to which this acquisition will contribute in a meaningful way," Robert J. Anderson, Earthstone President and CEO.
Earthstone is advised by Haynes and Boone and Jones & Keller. Titus is advised by Jefferies & Company and Bracewell.
Northvolt advances on $12bn battery IPO plan. (FS)
Sweden’s Northvolt, whose customers include BMW and Volkswagen, is planning to go public within the next two years as battery demand for electric vehicles booms,?Bloomberg?reported.
The firm is “well positioned” for an initial public offering, founder and Chairman Carl-Erik Lagercrantz said in an interview. The venture, which has been valued at around $12bn after raising some $6.5bn through debt and equity, is part of a trio of green technology startups spearheaded by Lagercrantz and private equity veteran Harald Mix.
Reckitt weighs shelving $7bn infant nutrition sale.
Reckitt Benckiser Group is considering whether to shelve the sale of its infant nutrition unit, as the high-profile deal falls victim to chaos in the industry and worsening financing markets,?Bloomberg?reported.
Talks between the London-listed consumer goods and potential acquirers have stalled in recent weeks. The business, which sells brands including Enfamil, was expected to fetch around $7bn.?
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