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Saudi Arabia set to raise more than $11.2bn from Aramco stock offering. (FS)
Suzano could borrow up to $19bn for International Paper bid.
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Bain Capital , a private equity firm, agreed to acquire a majority stake in PowerSchool , a provider of cloud-based software for K-12 education, for $5.6bn.
“PowerSchool is a leader in K-12 SaaS technology in North America and is uniquely positioned to provide differentiated, mission-critical solutions that drive better education outcomes, empower educators, and help district operations run more efficiently. With Bain Capital’s support, PowerSchool will have access to additional resources and the flexibility to deliver even more growth and innovation, particularly with PowerBuddy, our generative AI platform, and scale our global reach in helping schools personalize education for every student journey," Hardeep Gulati, PowerSchool CEO.
PowerSchool is advised by Centerview Partners , 高盛 , 富而德律师事务所 and Kirkland & Ellis . Centerview Partners is advised by Cravath, Swaine & Moore LLP . Bain Capital is advised by Ropes & Gray LLP and Stanton PRM. Debt financing is provided by Ares Capital , Blackstone , Blue Owl Capital , Golub Capital , HPS Investment Partners, LLC and Sixth Street .
Blackstone agreed to acquire the remaining 40% stake in Copeland , a climate technologies manufacturing company, from 艾默生 , a technology and software company, for $3.5bn. Abu Dhabi Investment Authority (ADIA) and GIC will invest alongside Blackstone as part of the transaction.
“This transaction is a key step to simplify our portfolio and enhance Emerson’s focus as a global leader in automation. We believe now is the right time to execute our plans to fully exit the Copeland business. This agreement with Blackstone provides certainty and portfolio simplification to Emerson shareholders, while enhancing our focus on executing in our attractive, high growth automation markets," Lal Karsanbhai, Emerson President and CEO.
Blackstone is advised by Barclays , RBC Capital Markets and Simpson Thacher & Bartlett LLP (led by Elizabeth Cooper , William Allen and Louis Argentieri ). Debt financing is provided by Barclays , 高盛 , RBC Capital Markets , 三井住友银行 and 富国银行 . Emerson is advised by 高盛 , Davis Polk & Wardwell LLP (led by Marc O. Williams ) and Joele Frank (led by Joseph M. Sala and Greg Klassen ).
L Catterton , a private equity firm, completed the acquisition of a 36% stake in TOD'S , a luxury fashion house, in a €2bn ($2.2bn) deal.
"At this time exiting the stock market, with which we have always had excellent relations, we believe it is the most strategically appropriate choice. Sharing this path with L Catterton, the world's leading private equity firm in the consumer goods sector, will give us the opportunity to develop further,” Diego Della Valle, Tod's CEO.
Tod's was advised by 美国银行 , 高盛 and PedersoliGattai . Financial advisors were advised by Sullivan & Cromwell LLP . L Catterton was advised by J.P. 摩根 and BonelliErede .?
Saudi Arabia set to raise more than $11.2bn from Aramco stock offering. (FS)
Saudi Arabia is set to raise more than $11.2bn after pricing its offering of aramco stock toward the lower end of the targeted range. Saudi Aramco's bankers have told investors it plans to price the shares at 27.25 Saudi riyals, or $7.27 each.
The stake sale, a first since Aramco's record-setting IPO in 2019, was announced last week in a landmark deal to help fund Crown Prince Mohammed bin Salman's plan to diversify the economy. The Saudi government directly holds just over 82% of Aramco. Public Investment Fund (PIF) owns 16%, 12% directly and four% through subsidiary Sanabil Investments , with the remainder held by public investors.
Saudi Arabia is offering investors about 1.545bn Aramco shares, or 0.64%, at 26.7 to 29 riyals, or just under $12bn at the top end of the range. The stock closed at 28.30 Saudi riyals.
花旗 , 高盛 , 汇丰 , J.P. 摩根 , 美国银行 and 摩根士丹利 , along with local firms The Saudi National Bank - SNB , Al Rajhi Capital , Riyad Capital and Saudi Fransi are helping to manage the sale, Reuters reported.
Suzano could borrow up to $19bn for International Paper bid.?
Suzano could borrow as much as $19bn while still keeping net debt for the combined company close to five times earnings before interest, taxes, depreciation and amortization. That’s a leverage level Suzano, the world’s largest pulp producer, has reached a few times since the company got its investment grade rating back, in 2018.
Suzano, which has roughly $12bn in net debt, has reassured investors that it won’t make any offer that would jeopardize its investment grade rating. International Paper rebuffed an initial offer of $42 per share, which would have valued the company at almost $15bn. The packaging manufacturer is likely to reject any offer that’s below the mark of $50 per share, or a total $17.3bn, Bloomberg reported.
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