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Goldman Sachs AM among bidders in a possible $10bn Subway sale. (FS)
Leonard Green weighs $5b sale of Pro Mach. (FS)
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EIG , an institutional investor in the global energy and infrastructure sectors, completed the acquisition of a 25% stake in Repsol Upstream, a gas-weighted global E&P company that will own and operate Repsol’s globally diversified portfolio of upstream assets, delivering cash generative and resilient operations, for $4.8bn.
“Repsol is a leader in the energy transition, and we are pleased to have completed this transaction with a global company that shares our commitment to reducing emissions while meeting the world’s energy demands. The transaction sets Repsol Upstream on a path toward an accelerated decarbonization future, strong cash flow generation and potential market liquidity," R. Blair Thomas, EIG Chairman and CEO.
EIG was advised by 高盛 , J.P. 摩根 (led by?Ignacio de la Colina), Lazard, Debevoise & Plimpton (led by? Andrew Ahern ), Latham & Watkins (led by? Samuel Newhouse ?and? Simon Tysoe ) and FGS Global . JP Morgan was advised by Gibson Dunn . Repsol was advised by PJT Partners and Rothschild & Co (led by? Juan Gich ).
aramco , a petroleum and natural gas company, completed the acquisition of the global products business from Valvoline Inc. , a distributor of automotive oil, additives, and lubricants, for $2.65bn.
"It is a historic day for our 157-year-old brand. With the sale of the global products business to Aramco, each business can now better focus on future growth. Today, Valvoline Inc. becomes a pure-play, automotive services company with a right-sized capital structure and enhanced capital allocation. Additionally, Valvoline Inc.?expects to offer significant capital returns to our shareholders through equity buybacks over the next 18 months. All this combined allows us to focus our efforts on and further strengthen our brand as a premier auto after-market services provider," Sam Mitchell, Valvoline CEO.
Saudi Aramco was advised by J.P. 摩根 (led by? Anu Aiyengar ), White & Case LLP (led by? Greg Pryor ?and? Frank L. ) and 博然思维集团 . Valvoline was advised by 高盛 (led by? Stephan Feldgoise ), Cravath, Swaine & Moore LLP (led by?Robert Townsend), Squire Patton Boggs (led by? Jonathon Whittlesey ) and FGS Global (led by? Jamie Tully ?and? Devin Broda ). Goldman Sachs was advised by Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates .
Corteva Agriscience , a publicly traded, global pure-play agriculture company, completed the acquisition of Stoller , an independent biological company, for $1.2bn.
"These acquisitions illustrate Corteva's commitment to providing farmers with sustainable solutions that bring value and productivity to the farm. We are pleased to officially welcome Symborg and Stoller employees to Corteva. We believe their knowledge and expertise, combined with Corteva's innovations capabilities, will come together to form a leading Biologicals Business ready to accelerate and grow with the rapidly expanding biologicals market," Chuck Magro, Corteva CEO.
Stoller Group was advised by J.P. 摩根 , Piper Sandler , Baker Botts (led by?Dan Mark) and Latham & Watkins (led by? Ryan Maierson ?and? John Greer ). Corteva was advised by Evercore and Kekst CNC .
Goldman Sachs AM among bidders in a possible $10bn Subway sale. (FS)
高盛 ' asset management arm is among the suitors for the US based sandwich chain Subway , which has been put up for sale with an estimated $10bn price tag.
Bain Capital , TPG and TDR Capital are also among the other suitors. The sandwich chain last month said it was exploring a possible sale of its business due to surging costs and mounting competition from deeper-pocketed rivals. The array of suitors for Subway has emerged weeks after the family-owned chain said it was exploring a sale.
Bankers at J.P. 摩根 are overseeing the sale process, with a number of other bidders also said to have expressed an interest.
Leonard Green weighs $5b sale of Pro Mach. (FS)
Private equity firm Leonard Green & Partners (LGP) is exploring a sale of ProMach , in a deal that could value the US packaging company at around $5bn.
Leonard Green is working with investment bank 高盛 Group on an auction for Pro Mach, which has attracted interest from other buyout firms.
Leonard Green is also considering the sale of a minority stake in Pro Mach as an alternative to an outright sale. That would preserve Pro Mach‘s debt structure and would not require bidders to secure leveraged buyout financing,?DealStreetAsia?reported.
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