MergerLinks Daily Review
MergerLinks
Join a community of 250,000+ M&A professionals. Expand your network and discover new business opportunities.
Welcome to MergerLinks Daily Review.?Sign up here?to get the full round up of your daily dose of blue-chip M&A news directly to your inbox.
?Adnoc is in advanced talks to buy Covestro in a €11bn deal.
Nissan, Renault ready to announce new alliance deal in days.
You can access today’s complete newsletter?here.
Scroll down for more…
Britain's competition regulator has provisionally cleared Broadcom's $69bn deal to buy VMware, adding that it would not weaken competition in the supply of critical computer server products.
The Competition and Markets Authority raised concerns that the deal could make servers more expensive, prompting an in-depth investigation,?Reuters?reported.
"After examining the evidence gathered from Broadcom, VMware and other interested parties, an independent CMA panel has provisionally found the deal would not substantially reduce competition in the supply of server hardware components in the UK," CMA.
VMware is advised by Goldman Sachs (led by?Sam Britton), JP Morgan, Gibson Dunn & Crutcher (led by?Andrew Kaplan?and?Barbara Becker) and FGS Global (led by?Paul Kranhold). Financial advisors are advised by Debevoise & Plimpton (led by?Michael Diz) and Sullivan & Cromwell (led by?John L. Savva?and?Alison S. Ressler). Broadcom is advised by Bank of America (led by?Ron Eliasek?and?Kevin Brunner), Barclays (led by?Gary Posternack,?Richard Hardegree?and?Laurence Braham), Citigroup (led by?Daniel Mallegni?and?Tyler Dickson), Credit Suisse, Morgan Stanley (led by?Anthony Armstrong), Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers (led by?Adit Khorana), Wachtell Lipton Rosen & Katz (led by?Viktor Sapezhnikov,?Ronald Chen?and?David Karp), Brunswick Group and Joele Frank (led by?Arielle Rothstein,?Tim Ragones?and?Joele Frank). Financial advisors are advised by Cooley (led by?Ben Beerle). Silver Lake is advised by Simpson Thacher & Bartlett (led by?Atif Azher).
Macquarie, a private equity firm, agreed to acquire a 20% stake in the gas transmission and metering business of National Grid, an electricity and gas utility company, in a ￡9.6bn ($12.5bn) deal.
“This additional investment underlines our commitment to National Gas and the critical role it plays in the UK’s energy system. We have been working closely with the National Gas team since January as they have continued to meet the energy needs of millions of households and businesses. We are pleased to continue our strong relationship with National Grid, and aspire to acquire the Remaining Interest in due course," Martin Bradley, Macquarie European Head of Infrastructure.
National Grid is advised by Barclays (led by?Alisdair Gayne?and?Vera Kaufmann) and Robey Warshaw (led by?Philip Apostolides?and?Simon Robey).
Newmont?announced that the Canadian Competition Bureau issued a “no action” letter clearing Newmont’s previously announced transaction with Newcrest Mining under Canadian competition law. Newmont is progressing towards receiving regulatory approvals in other jurisdictions for a transaction close expected in the fourth quarter.
On May 14, Newmont announced a definitive agreement to acquire Newcrest. The combination would create a world-class portfolio of assets with the highest concentration of Tier 1 operations, primarily in favorable, low-risk mining jurisdictions.?
Newmont is advised by BMO Capital Markets, Bank of America, Centerview Partners, Lazard, King & Wood Mallesons, White & Case (led by?Gregory Pryor,?Farhad Jalinous?and?Henrik Patel), Cleary Gottlieb Steen & Hamilton (led by?Paul Shim), Weil Gotshal and Manges (led by?Michael J. Aiello) and Joele Frank (led by?Scott Bisang).
Adnoc is in advanced talks to buy Covestro in a €11bn deal.
Abu Dhabi National Oil, the energy giant seeking to expand its chemical operations through a series of ambitious deals, has boosted its takeover offer for Covestro to about €11bn ($12.4bn),?Bloomberg?reported.
Adnoc increased its proposal to about €57 ($64m) per share in the hopes of convincing the German company to enter talks. That’s up from its first informal bid of around €55 ($62m).
Nissan, Renault ready to announce new alliance deal in days.
Nissan and Renault will make an announcement in the coming days on their restructured alliance and have finalised the deal,?Reuters?reported.
The automakers announced a framework agreement in February and had aimed to finalise negotiations as early as March. Under the framework, the Japanese automaker would take as much as 15% of Renault's new electric vehicle unit, Ampere, while Renault would reduce its 43% stake in Nissan.
Interested to find more??Sign up here?to get full round up of your daily dose of blue-chip M&A news directly to your inbox.
You can access today’s complete newsletter?here.