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EQT’s skincare firm Galderma sets terms for $2.6bn IPO.
Inflexion closes minority fund at record ￡1.75bn. (FS)
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Kimmeridge Texas Gas, a producer of natural gas in close proximity to US domestic and export markets, agreed to merge with SilverBow Resources , an independent oil and natural gas company engaged in the development, exploration, acquisition and operation, in a $1.4bn deal.??
"Given the combination's clear strategic and financial merits, and in the interests of full transparency, we are making public our offer letter and supporting deck. Shareholders can assess for themselves the benefits of the proposed merger relative to SilverBow's current standalone trajectory," Ben Dell, Kimmeridge Co-Founder and Managing Partner.
Kimmeridge Texas Gas is advised by Kekst CNC (led by Daniel Yunger and Anntal Silver ).?
安赛乐米塔尔集团 , a multinational steel manufacturing corporation, agreed to acquire a 28.4% stake in Vallourec , a global company in premium tubular solutions primarily serving the energy markets, from Apollo Global Management, an alternative investment manager, for €955m ($1bn).
"Vallourec is a quality, high added-value tubular business, with established positions of strength in the attractive Brazilian and US markets. As a producer of premium tubular solutions, it has a critical role to play in the energy transition, producing vital products for hydrogen, CCS and geothermal applications, for which demand is expected to grow. It also has a comparatively low carbon footprint with ambitious improvement targets. We look forward to being part of the company's future," Aditya Mittal, ArcelorMittal CEO.
ArcelorMittal is advised by Teneo (led by?Zoe Watt).
诺华 , a Swiss multinational pharmaceutical company, completed the acquisition of IFM Due, a biopharmaceutical company developing small-molecule, orally available drug candidates, from IFM Therapeutics , a pharmaceutical company focused on developing biological treatments for autoimmune diseases, for $835m.
"We have been steadfast in our belief that selectively targeting STING to block the cGAS-STING pathway has the potential to deliver a powerful therapeutic option for patients with serious chronic illnesses. Novartis has been an outstanding collaborator, and the program couldn't be in better hands. Today, as IFM Therapeutics marks the third major acquisition by a global pharmaceutical company, we cannot be more proud of our team's accomplishments and look forward to seeing our vision of precisely targeting the innate immune system to address a variety of serious inflammation-driven diseases become a reality for patients in need," H. Martin Seidel, IFM CEO.
IFM Therapeutics was advised by Spectrum Science (led by Cherise Adkins) and Stern IR (led by Hannah Deresiewicz ).
EQT’s skincare firm Galderma sets terms for $2.6bn IPO.
Skincare company Galderma Group set the price range for a CHF2.3bn ($2.6bn) initial public offering, in what would be the largest listing in Europe since that of Porsche in 2022, Bloomberg reported.
The shares are being marketed at CHF49 ($56) to CHF53 ($60) apiece through March 20, the EQT-backed company said in a statement, with the stock set to start trading two days later. Based on the offer price range, Galderma will have an implied market capitalization of up to CHF12.6bn ($14.4bn).
Inflexion closes minority fund at record ￡1.75bn. (FS)
European mid-market private equity firm Inflexion has closed the Inflexion Partnership Capital Fund III at its ￡1.75bn ($2.24bn) hard cap, making it the largest dedicated minority fund in Europe and 75% larger than its ￡1bn predecessor fund.?
According to a press release, the fund’s strategy targets minority equity investments into high-growth, high-margin businesses looking to accelerate growth and has covered 24 investments to date, with eight exits generating realised returns of 3.9× gross multiple and 45% gross IRR.
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