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Centerbridge weighs $3bn sale of cloud IT firm Ahead. (FS)
Carlyle considers selling its $2bn Sequa aircraft-parts business. (FS)
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Twitter won its first legal fight against Elon Musk when a Delaware judge granted the company’s request to fast-track its lawsuit seeking to compel the world’s richest person to complete his $44bn purchase of the social-media site,?WSJ?reported.
Chancellor Kathaleen St. Jude McCormick, Delaware Chancery Court chief judge, ordered a five-day trial in October, over Mr. Musk’s objections. Chancellor McCormick said the case should be resolved quickly, agreeing with Twitter’s claim that it could be harmed by uncertainty about its future as a public company.
“Those concerns are on full display in the present case. Typically, the longer the merger transaction remains in limbo, the larger the cloud of uncertainty cast over the company and the greater the risk of irreparable harm to the sellers," Chancellor McCormick.
Twitter is advised by Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett, Wachtell Lipton Rosen & Katz, 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, Quinn Emanuel, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. Financial advisors are advised by Davis Polk & Wardwell. Debt financing is provided by BNP Paribas, Bank of America, Barclays, Mitsubishi UFJ Financial Group, Mizuho Securities, Morgan Stanley and Societe Generale.
Parker Hannifin, a provider of motion and control technologies, welcomes the announcement from the UK’s Secretary of State for Business, Energy and Industrial Strategy that, following public consultation, he accepts the competition and national security undertakings provided by Parker concerning the Meggitt acquisition.
As previously announced on August 2, 2021, the boards of Meggitt and Parker reached an agreement on the terms and conditions of an $8.8bn recommended all cash acquisition by Parker. Parker also confirms that it has signed legally binding economic commitments with the UK Government.
Parker is advised by Citigroup, Freshfields Bruckhaus Deringer, Jones Day and Brunswick Group. Debt financing is provided by Citigroup. Citigroup is advised by Weil Gotshal and Manges. Meggitt is advised by Bank of America, Morgan Stanley, Rothschild & Co, Slaughter & May and FTI Consulting.
Mondee, a group of leading travel technology, service, and content companies driving disruptive innovative change in the leisure, corporate, and retail travel markets, went public via a SPAC merger with ITHAX Acquisition, a blank check company, in a $1bn deal. PIPE investors in the deal include Morgan Stanley Capital Partners, ARCPE, Origami, Travco and Entertainment Benefits Group.
“Mondee developed industry-changing technology that transformed the existing antiquated travel infrastructure with a modern agile platform. Our platform and industry relationships provide the right marketplace with the right tools and the right content offerings to enable and accelerate our customers’ success. Today’s announcement marks the beginning of the next chapter of our growth as the travel market continues to normalize," Prasad Gundumogula, Mondee Founder and CEO.
Mondee was advised by Cantor Fitzgerald, Union Square Advisors, Kirkland & Ellis and ICR. ITHAX Acquisition is advised by AXIA Ventures, Cantor Fitzgerald, Deutsche Bank and Reed Smith.
Centerbridge weighs $3bn sale of cloud IT firm Ahead. (FS)
Private equity firm Centerbridge Partners is preparing a sale of Ahead in a deal that could value the enterprise cloud solutions provider at more than $3bn including debt.
Centerbridge has interviewed banks to hire a financial adviser for the sale and is expected to launch a process later this summer. Chicago-based Ahead is expected to generate $2.5bn in revenue this year, up from $2.2bn in 2021, with annual earnings before interest, taxes, depreciation and amortization of more than $230m.
Carlyle considers selling its $2bn Sequa aircraft-parts business. (FS)
Carlyle Group is exploring the sale of the remainder of Sequa, an aircraft-parts supplier and service provider that could fetch as much as $2bn including debt, Bloomberg reported.
The firm is working with advisers to solicit interest. Sequa owns Chromalloy, which repairs turbine airfoils and other engine parts. The business is expected to draw interest from other aerospace and defense companies.
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