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Subway comes up with debt plan to clinch $10bn-plus sale. (FS)
JP Morgan acquires assets of First Republic Bank.
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Astellas Pharma , a pharmaceutical company, agreed to acquire Iveric Bio, An Astellas Company , a biopharmaceutical company focused on the discovery and development of novel treatments for retinal diseases with significant unmet medical needs, for $5.9bn.
"We are pleased to reach an agreement with Iveric Bio, a company with exceptional expertise in the R&D of innovative therapeutics in the ophthalmology field. Iveric Bio has promising programs including Avacincaptad Pegol, an important program for Geographic Atrophy secondary to Age-Related Macular Degeneration, and capabilities across the entire value chain in the ophthalmology field. We believe that this acquisition will enable us to deliver greater VALUE to patients with ocular diseases at high risk of blindness," Naoki Okamura, Astellas President and CEO.
Iveric Bio is advised by 美国银行 , Centerview Partners , Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (led by? Graham Robinson ?and? Laura Knoll ) and WilmerHale . Astellas is advised by J.P. 摩根 and 众达律师事务所 (led by? Jonn Beeson ).
Repsol , a Spanish multinational energy and petrochemical company, agreed to acquire the remaining 49% stake in its joint venture with Sinopec International Petroleum Service Corporation , a Chinese oil and gas enterprise based in Beijing, for $2.1bn.
Repsol and Sinopec will continue their broader strategic collaboration, including through their joint venture in Brazil.
SPX Technologies , a supplier of highly engineered infrastructure equipment and technologies, agreed to acquire ASPEQ Heating Group , an electrical heating solutions provider, from Industrial Growth Partners , a specialist private investment partnership, for $418m.
"We are looking forward to welcoming ASPEQ to the SPX Technologies team. This will be our largest acquisition to date and will significantly expand our portfolio of electrical heating products where we see attractive growth trends, including decarbonization. ASPEQ's strong brands, custom-configured products and components, and diversified end markets are a very complementary fit with our existing HVAC Heating platform. We see multiple opportunities to enhance new product innovation and create efficiencies for customers through shared channels and resources. This is SPX Technologies' 13th acquisition since 2018, and further validates our strategy of building high-quality, market-leading platforms, and creating foundations for further growth in closely adjacent end markets," Gene Lowe, SPX Technologies President and CEO.
ASPEQ is advised by Hennepin Partners , Baird and Kirkland & Ellis . SPX is advised by William Blair and K&L Gates .
Subway comes up with debt plan to clinch $10bn-plus sale. (FS)
The bankers running the sale process for Subway have given the private equity firms vying for the sandwich chain a $5bn acquisition financing plan, hoping to overcome a challenging environment for leveraged buyouts and fetch the company's asking price of more than $10bn,?Reuters?reported.
Interest rates have been rising and concerns about an economic slowdown have increased since Subway said in February it was exploring a sale, making debt more expensive and less available for buyout firms pursuing deals.
JP Morgan acquires assets of First Republic Bank.
J.P. 摩根 acquired the majority of assets and assumed the deposits of First Republic , a former commercial bank and provider of wealth management services, from the Federal Deposit Insurance Corporation (FDIC) . The transaction includes all insured and uninsured deposits, with JP Morgan providing significant strength and execution capabilities to support the US financial system.?
"Our government invited us and others to step up, and we did. Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund," Jamie Dimon, JP Morgan Chairman and CEO.
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