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.
TenneT explores a $27bn option for its German assets.?
Figma?valued?at $12.5bn in secondary share sale. (FS)
You can access today’s complete newsletter here.
Scroll down for more…
美国银行 , a multinational investment bank and financial services holding company, agreed to acquire the multi-family loan portfolio from WaFd Bank , a retail and commercial bank, for $2.9bn.
WaFd disclosed?the portfolio of?2k commercial multi-family real estate?loans?had an aggregate unpaid principal balance of $3.2bn. After the deal is closed, WaFd said BofA is planning to enter into a structured transaction or loan sale with one or more?funds of?Pacific Investment Management.
Iberdrola , a Spanish multinational electric utility company, agreed to acquire the remaining 18.4% stake in Avangrid , an energy services and delivery company, for $2.48bn.
"We are excited about Iberdrola's continued investment in Avangrid and commitment to the United States. As a wholly-owned member of the Iberdrola Group, we will continue to serve our customers and build our renewable energy assets work to achieve our vision to lead the clean energy transition with a strong commitment to sustainability, community, governance, and our employees," Pedro Azagra, Avangrid President and CEO.
Avangrid is advised by Moelis & Company , Latham & Watkins , Paul, Weiss, Rifkind, Wharton & Garrison LLP .?Iberdrola?is advised by 摩根士丹利 , Clifford Chance , Sullivan & Cromwell LLP (led by George Sampas and Lee Parnes ) and White & Case LLP .
Eldridge Industries -backed Metropolis Technologies , a technology company whose computer vision platform enables checkout-free payment experiences, completed the acquisition of SP+ (SP Plus) , a provider of parking, baggage handling, ground transportation, facility maintenance, event logistics, and security services, for $1.5bn.
"This unprecedented take-private is a once-in-a-generation opportunity to unite two companies at the top of their fields.?This?isn't just an acquisition; it's about our shared vision to forge a legacy of innovation and raise the bar for AI in the real world. By deploying our computer vision technology to more than 50 million consumers and our real estate partners globally, we will enable checkout with a speed, ease and convenience that is unparalleled, even online. While transforming the parking experience is our focus and priority today, the opportunities for our growth are limitless.?We are excited for the future?and?we're?just getting started,"?Alex Israel, Metropolis Co-Founder and CEO.
SP Plus was advised by 摩根士丹利 , Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates and?Advisiry?Partners. Morgan Stanley was advised by 富而德律师事务所 .?Metropolis was advised by BDT & MSD Partners , 高盛 , Maranon Capital , Fenwick & West , Willkie Farr & Gallagher LLP and FGS Global .?Debt financing was provided by 高盛 , Maranon Capital and PNC . Debt providers were advised by?Sullivan & Cromwell. Eldridge was advised by Sidley Austin LLP and Prosek Partners .?Temasek was advised by Debevoise & Plimpton .
TenneT explores a $27bn option for its German assets.?
Dutch electricity grid operator TenneT will consider listing its German operations or selling them to a third party, as talks between The Hague and Berlin have?so far?failed to agree a sale to the German state.
A sale of the assets for as much as $27bn has been?close to completion?several times only to encounter German budget difficulties. TenneT said it had explored the possibility of?a full?sale of?its German operations to state bank KfW, Reuters reported.
Figma?valued?at $12.5bn in secondary share sale. (FS)
Design startup Figma is pursuing a secondary share sale at a $12.5bn valuation after its proposed acquisition by Adobe fell apart in December. The sale is expected to be as much as $900m and will be available to current and former employees or other holders of Figma equity.?
New investors?including?Fidelity,?Franklin?Venture Partners and existing ones?such?as Sequoia and?a16z?are expected to acquire stakes?totaling?about $600m to $900m in the secondary sale. Figma was last valued at $10bn?in a private funding round in 2021, Bloomberg reported.
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.