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KKR vies with Cellnex for $14bn Vodafone tower unit.
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Elliott Management, the biggest shareholder in Swedish Match, has decided to back Philip Morris's $17.4bn offer for the smokeless tobacco specialist, putting completion of the deal within reach,?FT?reported. PMI's offer had received more than 80% of shareholder acceptances, as of the latest count on Friday.
"We are pleased to announce this exciting next step in Philip Morris International's and Swedish Match's trajectory toward a smoke-free future. Underpinned by compelling strategic and financial rationale, this combination would create a global smoke-free champion—strengthened by complementary geographic footprints, commercial capabilities and product portfolios—and open up significant platforms for growth in the US and internationally. Swedish Match's dedicated employees and management have steadfastly pursued the company's vision of a world without cigarettes, while delivering very strong results. We look forward to building upon this success and joining forces to accelerate our shared smoke-free mission," Jacek Olczak, PMI CEO.
Swedish Match is advised by 高盛 , SEB (led by?Rikard Schwalbe?and?Carl Montalvo), KANTER Advokatbyr? , Mannheimer Swartling (led by? Patrik Marcelius ) and Sullivan & Cromwell LLP (led by? Evan Simpson ). Financial advisors are advised by Cleary Gottlieb Steen & Hamilton LLP (led by?Sebastian Sperber). Philip Morris is advised by 美国银行 , 花旗 , Clifford Chance , DLA Piper (led by? Tom Heylen ?and? Tracey Renshaw ), Davis Polk & Wardwell LLP (led by?Vanessa L. Jackson) and Roschier (led by? Jens Bengtsson ). Debt financing is provided by 美国银行 and 花旗 . Debt providers are advised by Simpson Thacher & Bartlett LLP (led by?Bill Sheehan).
KKR and Global Infrastructure Partners agreed to acquire an 81.7% stake in Vantage Towers, a telecommunication infrastructure provider, from Vodafone, a telecommunications group, in a $16.3bn deal.
"We're delighted to join forces with Vodafone and KKR to invest in Vantage Towers, a high-quality European tower portfolio with strong upside potential. We are looking forward to capturing the exciting value-creating opportunities in the European telecoms infrastructure sector by advancing Vantage Towers' strategy and supporting its capacity to build new sites. As strategic partners with Vodafone and KKR, we will bring our deep infrastructure expertise and resources to help the company deliver the best data connectivity for individuals and businesses and contribute to enabling Europe's digital future in the interest of all stakeholders," Will Brilliant, GIP Partner and Head of Digital Infrastructure.
KKR and GIP are advised by 摩根士丹利 and Latham & Watkins (led by? Conrad Andersen ,? Tobias Larisch ?and? John Guccione ). GIP is advised by FGS Global (led by? Christian Falkowski ?and? Alastair Elwen ). Vodafone is advised Robey Warshaw , 瑞银集团 and 年利达 . Vantage Towers is advised by Rothschild & Co and 奥睿 .
GIC, a sovereign wealth fund to manage Singapore's foreign reserves, and Dream Industrial REIT, a real estate investment trust company, agreed to acquire Summit Industrial Income REIT, an open-ended mutual fund trust focused on growing and managing a portfolio of light industrial properties across Canada, for $4.4bn.
"We are pleased to provide an immediate and certain premium value to our unitholders through this all-cash transaction with GIC and Dream. The entire Board of Trustees and management team are proud to have executed on our strategy to develop and aggregate an attractive, diversified portfolio with a team that is dedicated to delivering best-in-class services to our tenants, and this value optimization transaction represents a successful culmination of these efforts. We are confident this transaction is in the best interest of the REIT and unitholders," Paul Dykeman, Summit CEO and Trustee.
Summit Industrial Income REIT is advised by Sodali & Co , 满地可银行 , McCarthy Tétrault and Joele Frank (led by? Matthew Sherman ). GIC is advised by 世邦魏理仕 , TD Securities , Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates . Dream Industrial REIT is advised by Scotiabank , Goodmans LLP , King & Spalding and Osler, Hoskin & Harcourt LLP .
Chart Industries, a manufacturer of highly engineered equipment servicing multiple applications, agreed to acquire Howden, a provider of air and gas handling solutions, from KPS Capital, a private equity firm, for $4.4bn.
"The combination of Chart and Howden furthers our global leadership position in highly engineered process technologies and products serving the Nexus of Clean? – clean power, clean water, clean food and clean industrials. The offerings of Chart and Howden are highly complementary, bringing multiple cost synergies, commercial synergies and efficiencies in the first year, along with significant aftermarket, service and repair exposure, which lifts the margin profile of the combined business, adds resiliency and broadens our end markets. The two companies have shared customer-centric values and are both very committed to innovation which will result in expanded reach into global markets and acceleration in product development," Jill Evanko, Chart CEO and President.
Howden and KPS are advised by Barclays , Evercore , 摩根大通 , 摩根士丹利 and Paul, Weiss, Rifkind, Wharton & Garrison LLP . Chart is advised by 美国银行 and Winston & Strawn LLP .
KKR vies with Cellnex for $14bn Vodafone tower unit.?
KKR is seen as the party to beat as it competes with Spanish wireless telecommunications infrastructure and services company Cellnex Telecom in the final race for a stake in Vodafone Group’s towers unit.
The private equity firm, which has teamed up with Global Infrastructure Partners (GIP) , is in pole position as Vodafone evaluates the binding offers it received last week for a stake in Frankfurt-listed Vantage Towers.
Cellnex Telecom is bidding together with Singapore sovereign wealth fund GIC. Cellnex is seeking to buy a majority stake that would give it operational control.?
Vodafone, which owns 82% of the tower business, could aim to reach an agreement by the time of its November 15 half-year results announcement. The company continues to study the bids and hasn’t yet picked a winner,?Bloomberg?reported.
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