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Novartis is leaning toward spinoff of $25bn generics arm.
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Aker, an oil exploration and development company, completed the acquisition of the oil and gas business of Lundin Energy, an oil and gas exploration and production company, for $14bn.
“Through this merger we create the oil and gas company of the future. Aker BP is positioned with industry leading low cost and low CO2 emissions. The company has a target of net zero emissions by 2030 and is offering a reliable and secure source of energy,” ?yvind Eriksen, Aker President and CEO.
Aker BP was advised by Morgan Stanley, SEB Corporate Finance, BAHR and Hannes Snellman. Lundin Energy was advised by Barclays, Gernandt & Danielsson, Latham & Watkins and Schjodt.
II-VI, a manufacturer of optical materials and semiconductors, completed the acquisition of Coherent, a global company that manufactures and sells a variety of laser- based photonic products, for $7bn.
“I would like to thank Andy Mattes for his leadership of Coherent and enabling a very successful integration planning process. I am also very excited to announce a new direction for our brand: We plan for the combined company to be named Coherent. We will soon announce the date of the launch of our new brand identity," Vincent D. Mattera, Jr., II-VI CEO.
Coherent is advised by Bank of America, Credit Suisse, Skadden Arps Slate Meagher & Flom and Brunswick Group. Financial advisors to Coherent were advised by Cravath Swaine & Moore and Shearman & Sterling. Bain Capital was advised by Centerview Partners. II-VI was advised by Allen & Company, JP Morgan, Hengeler Mueller, K&L Gates, O'Melveny & Myers, Slaughter & May, Wachtell Lipton Rosen & Katz, and Sard Verbinnen & Co. Financial advisors to II-VI were advised by Simpson Thacher & Bartlett and White & Case. Debt financing was provided by JP Morgan.
SailPoint Technologies Holdings, an enterprise identity security provider, today announced that its stockholders voted to approve SailPoint’s pending acquisition by Thoma Bravo, a software investment firm, at SailPoint’s special meeting of stockholders.
The final voting results on the proposals voted on at the special meeting will be set forth in a Form 8-K filed by SailPoint with the US Securities and Exchange Commission, after certification by SailPoint’s inspector of elections.
Sailpoint is advised by Morgan Stanley, Goodwin Procter and ICR. Financial advisors are advised by Cooley. Thoma Bravo is advised by Kirkland & Ellis and Finsbury Glover Hering. Debt financing is provided by Blackstone, Golub Capital and Owl Rock Capital.
888 Holdings, a public company which owns several popular gambling brands and websites, completed the acquisition of the non-US assets of William Hill, an online gambling company, from Caesars Entertainment, an American casino and hotel company, for ￡2.05bn ($2.8bn).
"This combination brings together two high quality businesses to create a powerful, global betting and gaming business. We believe the acquisition will create significant value for shareholders, creating a combined business with leading technology, products and brands across sports betting and gaming. With a top quality management team, formed from talent from across both businesses, I am confident about our future plans," Lord Mendelsohn, 888 Holdings Chairman.
888 Holdings was advised by JP Morgan, Stifel, Herzog Fox & Neeman, Latham & Watkins and Hudson Sandler. Caesars was advised by Deutsche Bank and Linklaters.
Novartis is leaning toward spinoff of $25bn generics arm.
Novartis, the Swiss pharmaceutical giant, is leaning toward a spinoff of its generic-drug unit, as a challenging environment for leveraged buyouts makes a potential sale to private equity more difficult.
Novartis sees a separate listing of the $25bn Sandoz business as increasingly likely. Novartis is continuing to explore a variety of options for the business and hasn’t made a final decision.
Novatis said in October it was starting a strategic review of Sandoz to maximize shareholder value. The business attracted early interest from a number of private equity firms sizing up what could have ranked as one of the biggest-ever buyout deals. Blackstone and Carlyle Group held talks about a potential joint bid for Sandoz. Advent International, Hellman & Friedman and KKR were also studying the business,?Bloomberg?reported.
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