MergerLinks Weekly 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.
ADNOC and Apollo negotiate a $7.6bn offer for Braskem.
Apollo dials back $25bn goal for flagship buyout fund.
You can access today’s complete newsletter?here.
Scroll down for more…
A consortium of investors, including Elliott Investment Management L.P. , Patient Square Capital ?and Veritas Capital , agreed to acquire Syneos Health , a health care company, for $7.1bn.
“This agreement is the culmination of a comprehensive review of opportunities available to Syneos Health, including interest from multiple parties with the assistance of independent financial and legal advisors. The Syneos Health Board of Directors unanimously determined that this all-cash transaction maximizes value for our shareholders and is in the best interests of the Company and all stakeholders. The Company has a strong operating foundation, differentiated, integrated solutions and a focus on being committed to customers. We believe this transaction will enable Syneos Health to continue to accelerate its growth strategy, enhance customer delivery and evolve the organization toward a tech-enabled future,” John Dineen, Syneos Health Chair of the Board of Directors.
Syneos is advised by 美国银行 , Centerview Partners , 安永 and Latham & Watkins . Elliott is advised by Gibson Dunn . Veritas is advised by Covington & Burling LLP and Milbank LLP . Patient Square is advised by Kirkland & Ellis (led by? Maggie Flores ,? Michael Weisser ?and? Daniel Wolf ). Debt financing is provided by BMO Capital Markets , 花旗 , 高盛 , 汇丰 , Jefferies , 麦格理集团 , Natixis Partners , RBC Capital Markets , Truist Securities , 瑞银集团 and 富国银行 .
Sika China 西卡中国 , a Swiss multinational specialty chemical company that supplies to the building sector and motor vehicle industry, completed the acquisition of MBCC Group , the former BASF construction chemicals unit, from Lone Star Funds , a private equity firm, for $6bn.
"Today is a historic day for Sika. We are delighted to welcome the MBCC employees to the Sika family. We embark on our exciting journey and will continue to drive Sika’s growth story. Thanks to our extensive experience in integrating companies, we will successfully bring Sika and MBCC together and combine our strengths to create the new reference in the construction chemicals industry. Together we will deliver worldclass performance for our customers and develop innovative, sustainable solutions," Thomas Hasler, Sika CEO.
Sika was advised by 美国银行 , 瑞银集团 , 贝克?麦坚时 (led by? Dr. Florian K?stle ). Debt financing was advised by 花旗 and 瑞银集团 . Financial advisors were advised by Homburger . Lone Star Funds was advised by 花旗 (led by? Anthony Diamandakis ), 高盛 , J.P. 摩根 , Kirkland & Ellis (led by? Samuel Sherwood ) and Weil, Gotshal & Manges LLP .
Advent and Warburg Pincus LLC , two private equity investors, agreed to acquire BioPharma Solutions business from Baxter International Inc. , a global medtech company, for $4.25bn.
“Today represents an important step in Baxter’s ongoing transformation journey as we continue to execute against our strategic priorities, enhance our focus and create additional value for all our stakeholders. BPS has long been recognized worldwide as a trusted and preferred partner of contract manufacturing services for the pharmaceutical and biotech industries. Advent International and Warburg Pincus have extensive experience helping innovative healthcare companies advance their mission and strategic priorities. I am confident that under their stewardship, BPS will continue to build on its leadership position, foster world-class talent, invest in new capabilities and capacity, and provide leading-edge, high-quality solutions for its clients," José E. Almeida, Baxter Chairman, President and CEO.
Warburg is advised by Truist Securities and Ropes & Gray LLP (led by? Annie Sipe ?and? Christian Westra ). Baxter is advised by Perella Weinberg and Sullivan & Cromwell LLP (led by? Melissa Sawyer ). Advent is advised by Moelis & Company , Cleary Gottlieb Steen & Hamilton LLP and Hengeler Mueller (led by? Elisabeth Kreuzer ?and? Daniel Wiegand ).?
ADNOC?and Apollo negotiate a $7.6bn offer for Braskem.?
Braskem , a Brazilian petrochemicals maker,?received an offer of as much as $7.6bn from ADNOC Group and Apollo Global Management, Inc. .
Adnoc, as the Abu Dhabi-based oil and gas producer is known, has been diversifying geographically and adding business lines, growing in power and influence even amid climate change. Acquiring Braskem could be difficult because its two biggest shareholders, Novonor and Petroleo Brasileiro, haven’t always seen eye to eye, pulling a planned share sale last year because they couldn’t agree on price,?Bloomberg?reported.
Apollo dials back $25bn goal for flagship buyout fund.
Apollo Global Management, Inc. expects commitments for its 10th flagship private equity fund to reach the “low $20bn range,” falling short of the buyout giant’s earlier $25bn target,?Bloomberg?reported.
The fund received $16bn of commitments through March 31, with a final close expected in the summer, after the firm reported a sharper-than-expected drop in first-quarter profit.
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.