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AG&P Pratham, Think Gas set for $1.1bn merger. (Financial Sponsors)
Intel-backed Horizon picks banks for $500m Hong Kong IPO. (FS)
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EQT Corporation , an independent natural gas production company, agreed to acquire Equitrans Midstream Corporation , an American energy company engaged in the pipeline transportion of natural gas and natural gas liquids, for $11.5bn.
"Equitrans is the most strategic and transformational transaction EQT has ever pursued, and we see this as a once in a lifetime opportunity to vertically integrate one of the highest quality natural gas resource bases anywhere in the world. As we enter the global era of natural gas, it is imperative for US natural gas companies to evolve their business models to compete on the global stage against vertically integrated rivals. We have identified multiple, high confidence near-term synergies, with significant upside from future infrastructure optimization projects that we believe will drive material value creation for shareholders over time. Our modern, data-driven operating model, first-hand knowledge of Equitrans' operations and successful track record integrating $9bn of acquisitions, all of which included midstream assets, gives me tremendous confidence in EQT's ability to seamlessly combine the two companies and capture synergies," Toby Z. Rice, EQT President and CEO.
Equitrans Midstream is advised by Barclays , 花旗 and Latham & Watkins (led by Ryan Maierson and Nick Dhesi ). EQT is advised by Guggenheim Partners , RBC Capital Markets , Kirkland & Ellis (led by David Feirstein , Cyril Jones , Jennifer Gasser and Steven Choi ) and FGS Global (led by Kelly Kimberly ).
Choice Hotels International , an American multinational hospitality company, failed to acquire Wyndham Hotels & Resorts , an American hotel company, for $9.8bn.
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"While the support from Wyndham stockholders tendering into the exchange offer was significant considering the number of investors structurally prevented from participating at this stage, it was not sufficient for Choice to conclude – particularly when taking into account the Wyndham board's obvious continuing disinterest in a combination – that a path towards a transaction is available at this time. As such, Choice has decided not to extend the exchange offer and is withdrawing its slate. Choice intends to continue focusing on its standalone strategy, which the Company is confident will create significant long-term value for its stockholders and franchisees," Choice Hotels.
默克 , a pharmaceutical company, completed the acquisition of Harpoon Therapeutics , a biotech company, for $680m.?
“At Harpoon, we have always been committed to advancing our cancer immunotherapy candidates to improve the lives of patients. With Merck’s recognized leadership in oncology clinical development and global commercial footprint, our lead candidate, HPN328, is well positioned moving forward,” Julie Eastland, Harpoon Therapeutics President and CEO.
Harpoon Therapeutics was advised by Centerview Partners and Goodwin (led by Stuart Cable , Lisa Haddad ?and Jean A. Lee ). Merck was advised by Evercore and Covington & Burling LLP (led by Catherine Dargan ).
AG&P Pratham, Think Gas set for $1.1bn merger. (FS)
Global infrastructure investor I Squared Capital -backed city gas distribution companies in India - AG&P Pratham and THINK Gas Distribution - are set to merge, The Economic Times reported.
The combined entity will be valued at over $1.1bn, acquiring the heft that will help it compete with rivals. It will be a stock-for-stock merger - a share of one company for each of the other.
Intel-backed Horizon picks banks for $500m Hong Kong IPO. (FS)
地平线 , a Chinese provider of autonomous driving computing solutions, has picked banks to help arrange its Hong Kong initial public offering this year that may raise about $500m, Bloomberg reported.
The Intel-backed firm is working with 中信建投证券 , 高盛 and 摩根士丹利 on the first-time share sale. The company may file its preliminary prospectus in the coming weeks.
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