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Covestro to start deal talks after ADNOC raises bid price to €14bn.
New Era prepares for a $5bn IPO. (FS)
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Bridgepoint , a private equity firm, agreed to acquire ECP (Energy Capital Partners) , an energy transition investor, for $1bn.
"We have enjoyed interacting extensively with ECP for more than a year as we have been jointly evaluating a combination of the businesses. We have found our cultures and approaches to business to be aligned and we are attracted to ECP's leading infrastructure position across the rapidly expanding energy transition theme. Together we offer more diverse revenue streams and greater growth opportunities with accelerating earnings expectations and a broader product mix to offer to our combined LP relationships. We expect ECP to continue on its successful growth path, with new and accelerated opportunities for development, and the ECP team, under Doug and team's continuing leadership, will bring invaluable experience to the Group," Raoul Hughes, Bridgepoint Managing Partner.
ECP is advised by 美国银行 , Kirkland & Ellis (led by Michael Reeves, Cyril V. Jones and Rami Totari) and FGS Global (led by Kerry Golds and Kelsey Markovich). Bridgepoint is advised by 法国巴黎银行 , Campbell Lutyens , J.P. 摩根 (led by Harry Hampson and Alia Malik), 摩根士丹利 (led by Ben Grindley and Simon Parry-Wingfield), Simpson Thacher & Bartlett LLP and FGS Global (led by James Murgatroyd and Anjali Unnikrishnan).
C&S Wholesale Grocers , a grocery store chain, agreed to acquire 413 stores, 8 distribution centers and 2 offices from Kroger , a retail company that operates supermarkets and multi-department stores, and Albertsons , a grocery store company, for $1.9bn.
"This is another exciting opportunity for C&S to expand into the retail market, which is an important component of our long-term growth. We have a strong foundation of retail experience with our Piggly Wiggly franchise and corporate-owned stores in the Midwest and Carolinas and the reopening of our iconic Grand Union — totaling more than 160 retail locations — all of which demonstrate C&S's ability to deliver solid retail performance. This will also further enhance C&S's ability to serve our customers as we will be in a unique position as a leading wholesale supplier and retailer to help grow their business and continue our legacy of braggingly happy customers," Eric Winn, C&S Wholesale Grocers COO and designated CEO.
C&S Wholesale Grocers is advised by Centerview Partners and Sullivan & Cromwell LLP . Kroger is advised by 花旗 , 富国银行 , Arnold & Porter Kaye Scholer LLP and Weil, Gotshal & Manges LLP and Manges (led by?Michael J. Aiello).?Albertsons is advised by 瑞信 , 高盛 , Debevoise & Plimpton , Jenner & Block and White & Case LLP .
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Repsol , a multinational energy and petrochemical company, agreed to acquire ConnectGEN LLC , a a multi-technology renewable energy platform, from Quantum Capital Group , a private equity firm, for $768m.?
“This transaction is another step in our firm commitment to transforming our industry and becoming a zero net emissions company by 2050, while maintaining our profitable growth, diversification and multi-energy focus and ensuring shareholder returns. The addition of ConnectGen accelerates our commitment to renewable generation in one of the markets with the greatest potential for future growth. In that sense, bringing on board its valuable team of experts is key to ensure our successful future growth with robust profitability in the market,” Josu Jon Imaz, Repsol CEO.
Repsol is advised by Guggenheim Partners and Baker Botts . Quantum Capital is advised by Nomura , 富国银行 and Kirkland & Ellis (led by John D. Pitts and Zach Savrick).
Covestro to start deal talks after ADNOC raises bid price to €14bn.?
German chemical company 科思创 has agreed to enter into “open-ended” talks on a potential acquisition by the Abu Dhabi National Oil Company , after the Mideast state-owned energy group raised its offer to roughly €14bn ($15bn).
Adnoc’s most recent offer for Covestro was $64 per share conveyed verbally, said people familiar with the matter. That marks an increase from June when it offered $59 per share, which at the time equated to a 40% premium from Covestro’s undisturbed share price. The latest offer is equivalent to an almost $12.4bn valuation for the company’s equity, before taking debt and other factors into account.
Covestro cautioned that the possible conditions of a deal would depend on negotiations, and that the company would look specifically at ensuring it can continue its sustainability strategy. That strategy has been an issue in discussions between Adnoc and Covestro advisers, alongside the Middle East group’s willingness to invest in the German company’s future growth, FT reported.
ADNOC is advised by 摩根士丹利 .
New Era prepares for a $5bn IPO. (FS)
New Era Cap , a supplier of major US sports league headware, has kicked off preparations for an initial public offering in New York that could value it at $4bn to $5bn.
New Era, which makes caps affiliated with the National Football League, Major League Baseball and National Basketball Association, has invited investment banks and law firms to pitch this month for roles in its stock market debut.
The company, which is controlled by its founding family and in which private equity firm ACON Investments holds a significant minority stake, aims to go public in 2024. MLB, the NFL and the NBA hold minority stakes in New Era, Reuters reported.
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