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Extra Space Storage , a real estate investment trust headquartered in Cottonwood Heights, Utah, agreed to acquire Life Storage , a real estate investment trust headquartered in Williamsville, New York, for $12.7bn.
"We are impressed with the management team's strategic repositioning of the Life Storage portfolio over the last seven years, creating a highly diversified portfolio of quality storage assets in strong growth markets. The business combination is highly synergistic, creating an even stronger combined company that will drive long-term, outsized operational and external growth opportunities through scale efficiencies, higher retained cash flow, data analytics, third-party management relationships and more. We look forward to welcoming the Life Storage family to Team Extra Space and bringing our organizations together to drive enhanced growth," Joe Margolis, Extra Space CEO.
Life Storage is advised by 美国银行 , 富国银行 , 霍金路伟 , Quinn Emanuel and Joele Frank (led by? Andrew Siegel ?and? Dan Moore ). Extra Space is advised by 花旗 , J.P. 摩根 and Latham & Watkins .
Endeavor , an American holding company for talent and media agencies, agreed to acquire BALAMURUGAN R , an American professional wrestling promotion company, for $9.3bn.
Endeavor will merge WWE with UFC, to form a new, publicly listed company consisting of two iconic, complementary, global sports and entertainment brands. Upon close, Endeavor will hold a 51% controlling interest in the new company and existing WWE shareholders will hold a 49% interest in the new company. Together, UFC and WWE will have global reach, impressive scale and omnichannel distribution. On a combined 2022 fiscal year-end basis, UFC and WWE achieved revenue of $2.4bn and a 10% annual revenue growth rate since 2019.
World Wrestling Entertainment is advised by J.P. 摩根 , Moelis & Company , The Raine Group , Kirkland & Ellis ?(led by? Edward J. Lee ,? Jonathan Davis ?and? Chelsea Darnell ) and Paul, Weiss, Rifkind, Wharton & Garrison LLP (led by? Kyle Seifried ?and?Scott Barshay). Endeavor is advised by 高盛 , 摩根士丹利 , Latham & Watkins ?(led by? Justin G. Hamill ,? Michael Anastasio ,?Jonathan Solomon,? Ian Nussbaum ,? Rick Offsay ?and? Morgan Brubaker ) and 博然思维集团 .
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Glencore , a Swiss multinational commodity trading and mining company, offered to acquire Teck Resources Limited , a diversified natural resources company headquartered in Vancouver, for $23.2bn. The offer was rejected by Teck's board of directors.
"The Board is not contemplating a sale of the company at this time. We believe that our planned separation creates a greater spectrum of opportunities to maximize value for Teck shareholders. The Special Committee and Board remain confident that the proposed separation into Teck Metals and Elk Valley Resources is in the best interests of Teck and all its stakeholders, is a much more compelling transaction and does not limit our optionality going forward," Sheila Murray, Teck Chair of the Board.
Teck Resources is advised by Ardea Partners , BMO Capital Markets , Barclays , 高盛 , Origin Merchant Partners , Blake, Cassels & Graydon LLP , Paul, Weiss, Rifkind, Wharton & Garrison LLP , Stikeman Elliott LLP and Sullivan & Cromwell LLP .
Ovintiv , a hydrocarbon exploration and production company, agreed to acquire Midland Basin assets of EnCap Investments L.P. , an American private equity firm, for $4.3bn.
"We are acquiring a unique undeveloped asset in the Northern Midland Basin. Located in some of the best rock in the Permian, these assets have demonstrated leading well performance and are a natural fit with our existing Martin County acreage. The acquisition checks all the boxes on our disciplined durable returns strategy – it will be immediately and long-term accretive across all key financial metrics, the acreage is in an area where we have a competitive operating advantage, and it significantly increases our premium Permian well inventory. This will expand free cash flow per share and enhance our ability to deliver durable returns to our shareholders. We are confident that – given our operational efficiency, culture of innovation, and expertise and scale in the Permian Basin – Ovintiv is best positioned to convert this high-quality resource into tremendous value for our shareholders," Brendan McCracken, Ovintiv President and CEO.
Ovintiv is advised by 高盛 , 摩根士丹利 , TPH&Co. , Blake, Cassels & Graydon LLP , Gibson Dunn and Kirkland & Ellis . EnCap Investments is advised by Jefferies and Vinson & Elkins .
玛氏食品 , a confectionery, pet food, and other food products manufacturer, agreed to acquire Heska , an advanced veterinary diagnostic and specialty healthcare products manufacturer, for $1.3bn.?
"Today's announcement is a great testament to the quality of our Heska family - we are small, but our people and their creativity, execution, expertise, and value-creation have made us exceptional. We are thrilled to join Mars Petcare on its quest to build A BETTER WORLD FOR PETS?. Working together, Heska's innovations will more quickly reach more veterinarians to help more pet families live better, healthier, longer lives. That's been our mission for over a decade and today is an incredible milestone towards realizing it," Kevin Wilson, Heska CEO & President.
Mars is advised by 美国银行 , Piper Sandler and Gibson Dunn . Heska is advised by Lazard and Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates .
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