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US charges British billionaire Joe Lewis with insider trading.
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Banc of California , a provider of a full-service banking and home lending to individuals and their businesses and families, agreed to merge with PacWest, a bank holding company headquartered in Los Angeles, California, in a c. $1.15bn deal. Warburg Pincus LLC and Centerbridge Partners, L.P. will invest an aggregate of $400m for newly issued equity securities concurrently with, and subject to, closing of the merger.
“This transformational merger will create a robust, well-capitalized and highly liquid institution poised to deliver exceptional service to even more California businesses and communities. We believe both Banc of California and PacWest stockholders will benefit from the compelling economics of the combined company and its enhanced ability to deliver profitable and sustainable growth. Out of the gate, the combined company will have the strength and market position to support the banking needs of small and medium-size businesses in California and to capitalize on the opportunities created for stronger financial institutions in the wake of the recent banking industry turmoil,” Jared Wolff, Banc of California President and CEO.
Banc of California is advised by J.P. 摩根 , Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (led by? Sven Mickisch ?and? Brian Christiansen ), and Prosek Partners (led by? Aiden Woglom ). PacWest is advised by Piper Sandler and Sullivan & Cromwell LLP (led by? Patrick S. Brown ?and?H. Rodgin Cohen). Warburg Pincus is advised by Jefferies and Wachtell, Lipton, Rosen & Katz (led by?Edward Herlihy,? Richard K. Kim ,? Mark Veblen , and? Mark Stagliano ). Centerbridge Partners is advised by Simpson Thacher & Bartlett LLP .
H.I.G. Capital , a Miami, Florida–based private equity and alternative assets investment firm, agreed to acquire RBmedia , an audiobook publisher, from KKR , a global investment firm. Financial terms were not disclosed.
"This acquisition marks a milestone achievement for RBmedia and represents the next chapter in our ongoing business growth and expansion. Over the last five years, we have been privileged to work with the KKR team to create a leading company and to become a trusted partner for authors, publishers, distributors and voice actors, and we look forward to working with H.I.G. to build on that foundation," Tom MacIsaac, RBmedia CEO.
RBmedia is advised by 高盛 , LionTree and Simpson Thacher & Bartlett LLP . H.I.G. is advised by 摩根士丹利 , RBC Capital Markets and Latham & Watkins (led by? Tana Ryan ?and? Matt Goulding ).
凯雷投资集团 , a global investment firm, agreed to acquire Evolution Funding Ltd , the UK's largest used auto finance platform, from LDC , a mid-market private equity house. Financial terms were not disclosed.
"We believe Evolution holds a unique position in the UK's motor finance market, built upon capturing the opportunity to provide a differentiated, technology-based platform which helps both lender and dealer partners navigate change from digitization and regulation. In Carlyle, we have found the ideal partner to continue our growth journey, given their experience growing and scaling entrepreneurial technology businesses like ours," Lee Streets, Evolution Funding Founder and CEO.
The Carlyle Group is advised by Alvarez & Marsal , 艾意凯咨询公司 , Houlihan Lokey , DLA Piper and Seedcloud . Evolution Funding and LDC are advised by KPMG , OC&C Strategy Consultants , Arma Partners , Gowling WLG and Crosslake Technologies .
日产 , a Japanese multinational automobile manufacturer, agreed to acquire a stake in Ampere, a provider of electric vehicle and software, from Renault , a French multinational automobile manufacturer, for $663m.
“These agreements provide us with a solid base to reactivate business operations worldwide in key markets, with the potential to generate hundreds of millions in value for Renault, Nissan, Mitsubishi and stakeholders. They give us the strategic agility that we need more than ever in today’s rapidly evolving environment. We are all engaged with the right mindset and welcome Nissan as a strong partner in our upcoming EV and Software pure player Ampere. It confirms the attractiveness of the project to be front runner in Europe, allowing Renault and its Alliance partners to position themselves ahead of the starting grid for the EV and software race in Europe,” Luca de Meo, Renault Group CEO.
Nissan is advised by Rothschild & Co .
US charges British billionaire Joe Lewis with insider trading.
Joe Lewis, the British billionaire and owner of the Tottenham Hotspur Football Club , has been criminally charged in New York for orchestrating a "brazen" insider trading scheme,?Reuters?reported.
Prosecutors said Lewis exploited his access to corporate boardrooms by passing tips about companies in which he invested to friends, personal assistants, private pilots and romantic partners, enabling them to reap millions of dollars of profit.
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