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.
KKR nears deal for Cotiviti valuing firm at $11bn.?
Manulife to reinsure $10bn with KKR's Global Atlantic.?
You can access today’s complete newsletter here.
AMETEK , a provider of industrial technology solutions, completed the acquisition of Paragon Medical , a provider of highly engineered medical components and instruments, from American Securities , a private equity firm, for $1.9bn.
"We are excited to welcome the Paragon team to AMETEK. Paragon's outstanding capabilities and market leadership align seamlessly with AMETEK's commitment to delivering high-performance solutions, further broadening our presence in the attractive MedTech industry," David A. Zapico, AMETEK Chairman and CEO.
Paragon Medical was advised by Jefferies and Piper Sandler . American Securities was advised by Hunton Andrews Kurth LLP , Weil, Gotshal & Manges LLP and Prosek Partners .
Ascendent Capital Partners, a private equity investment management firm, agreed to acquire HollySys Automation Technologies, an automation control system solutions provider, for $1.6bn.
"This agreement marks the successful culmination of a formal sale process that was part of a review of various strategic options to maximize value for shareholders, including continued execution of the current strategic plan. A sale was determined to provide maximum value discovery to realize the highest value for shareholders," Hollysys Automation Technologies.
Ascendent Capital is advised by Appleby, Morrison Foerster and Zhong Lun Law Firm. Hollysys Automation Technologies is advised by Deutsche Bank, Davis Polk & Wardwell LLP, Haiwen & Partners, Mourant and Brunswick Group (led by Daniel Del Re, CESGA ).
General Atlantic , a global growth equity firm, and Dragoneer Investment Group , a public and private investor, completed the acquisition of Arco Platform, a developer of educational software, for $1.5bn.
The per share merger consideration represents a 55% premium over the closing price of $9.04 per Share on November 30, 2022, the last trading day before the company disclosed receipt of the bidders' proposal to acquire all of the public shares.
Arco Platform was advised by Evercore , BMA Advogados , Carey Olsen (led by? Alistair Russell ), Davis Polk & Wardwell LLP (led by Manuel Garciadiaz ?and? Cheryl Chan ), Lobo de Rizzo Advogados , Maples Group and Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (led by J. Mathias von Bernuth ). Evercore was advised by Sullivan & Cromwell LLP (led by Stephen Kotran ). General Atlantic was advised by Mattos Filho , Paul, Weiss, Rifkind, Wharton & Garrison LLP (led by Christopher Cummings) and Walkers . Dragoneer was advised by Ropes & Gray LLP (led by Thomas Holden and? Eric Issadore ).
KKR nears deal for Cotiviti valuing firm at $11bn. (FS)
Private equity firm KKR is said to be nearing a deal to buy a stake in healthcare technology firm Cotiviti from Veritas Capital, reviving a battle between Wall Street banks and private credit lenders to provide financing for one of the year's biggest buyouts, Bloomberg reported.
KKR is in discussions to buy a 50% stake in Cotiviti that would value the health-care technology company at between $10bn and $11bn.
Manulife to reinsure $10bn with KKR's Global Atlantic.?
Manulife Financial Advisers Pte Ltd agreed to reinsure $10bn of reserves with KKR 's Global Atlantic Financial Group and its partners in a deal the company said is the largest long-term care reinsurance transaction in the industry's history,?Bloomberg?reported.
The deal includes $4.4bn of long-term care reserves, or 14% of Manulife's total, and will release $883m of capital, which the Toronto-based insurer said it plans to return to shareholders through share buybacks. That will add to core earnings per share and return on equity.
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.