Simpson Thacher & Bartlett

Bristol Myers Squibb Strengthens Neuroscience Portfolio with Acquisition of Karuna Therapeutics

Retrieved on: 
Venerdì, Dicembre 22, 2023
Mental Health, Research, Clinical Trials, Biotechnology, Health, Pharmaceutical, General Health, Other Science, Science, Akathisia, BMY, Cognition, Food, Bristol Myers Squibb, Simpson Thacher & Bartlett, Multimedia, Drug development, Extrapyramidal symptoms, Psychiatry, Bipolar I disorder, FDA, Acquisition, PDUFA, Psychosis, NDA, KRTX, Prolactin, Citigroup, Therapy, Schizophrenia, Covington & Burling, M1, Goldman Sachs, Weight gain, Growth, Webcast, Patient, Safety, M4, Pharmaceutical industry

Bristol Myers Squibb (NYSE: BMY) and Karuna Therapeutics, Inc. (NASDAQ: KRTX) (“Karuna”) today announced that they have entered into a definitive merger agreement under which Bristol Myers Squibb has agreed to acquire Karuna for $330.00 per share in cash, for a total equity value of $14.0 billion, or $12.7 billion net of estimated cash acquired.

Key Points: 
  • Bristol Myers Squibb (NYSE: BMY) and Karuna Therapeutics, Inc. (NASDAQ: KRTX) (“Karuna”) today announced that they have entered into a definitive merger agreement under which Bristol Myers Squibb has agreed to acquire Karuna for $330.00 per share in cash, for a total equity value of $14.0 billion, or $12.7 billion net of estimated cash acquired.
  • The transaction was unanimously approved by both the Bristol Myers Squibb and Karuna Boards of Directors.
  • “There are tremendous opportunities in neuroscience, and Karuna strengthens our position and accelerates the expansion and diversification of our portfolio in the space.
  • Gordon Dyal & Co. and Citi are serving as financial advisors to Bristol Myers Squibb, and Covington & Burling LLP is serving as legal counsel.

Simpson Thacher Adds Prominent Fund Finance Partner in London

Retrieved on: 
Martedì, Dicembre 19, 2023
Professional Services, Insurance, Finance, NAV, Lawyer, Simpson Thacher & Bartlett, Travers Smith, Partner

Simpson Thacher & Bartlett LLP announced today that Katie McMenamin will join the Firm’s Fund Finance Practice as a Partner in the London office.

Key Points: 
  • Simpson Thacher & Bartlett LLP announced today that Katie McMenamin will join the Firm’s Fund Finance Practice as a Partner in the London office.
  • “We are very pleased to welcome her to the Firm.”
    Ranked by Chambers as one of the leading lawyers in banking and finance, Katie focuses on fund finance matters, advising borrowers across numerous fund strategies, as well as private credit lenders, on the full spectrum of products available in the market.
  • “The addition of Katie reflects the continued enhancement of our London-based funds offering, cementing our position as a leader amongst advisors for global investment funds.”
    “Katie is a rising star in the fund finance space,” said Mary Touchstone, Head of Simpson Thacher’s Fund Finance Practice.
  • Built over more than four decades, Simpson Thacher has a thriving, multidisciplinary European practice featuring approximately 250 attorneys delivering innovative lawyering and dedicated client service.

DQE Communications To Be Acquired by GI Partners

Retrieved on: 
Martedì, Dicembre 19, 2023
Duquesne Light Company, Simpson Thacher & Bartlett, TD Securities, Sale, DLH, GI Partners, Taft Stettinius & Hollister, Education, Growth, The Company, DQE, Asset management

PITTSBURGH, Dec. 19, 2023 /PRNewswire/ -- GI Partners, a leading investor in data infrastructure businesses, announced today that it has signed an agreement to acquire DQE Communications ("DQE" or the "Company") from its parent company, Pittsburgh-based Duquesne Light Holdings Inc. ("DLH"). The transaction provides DQE with additional resources to expand as it continues to provide best-in-class connectivity services as a standalone fiber infrastructure provider.

Key Points: 
  • PITTSBURGH, Dec. 19, 2023 /PRNewswire/ -- GI Partners, a leading investor in data infrastructure businesses, announced today that it has signed an agreement to acquire DQE Communications ("DQE" or the "Company") from its parent company, Pittsburgh-based Duquesne Light Holdings Inc. ("DLH").
  • The investment by GI Partners uniquely positions DQE as a scaled and trusted strategic network provider," said Jim Morozzi, CEO of DQE Communications.
  • We are committed to continuing our investment into the growth of the DQE Communications business leading up to close.
  • TD Securities served as financial advisor, and Simpson Thacher & Bartlett LLP served as legal counsel to GI Partners.

 Masonite Announces Transformative Acquisition of PGT Innovations, Creating a Leading Door and Window Solutions Company with Over $4 Billion In Combined Revenue

Retrieved on: 
Lunedì, Dicembre 18, 2023
Retail, Architecture, Other Construction & Property, Home Goods, Residential Building & Real Estate, Commercial Building & Real Estate, Construction & Property, Sale, Webcast, EBITDA, Glass, Acquisition, NYSE, Engineering, PGT, Masonite International, Simpson Thacher & Bartlett, Multinational corporation, EPS, Jefferies Group, Conference, Sumitomo Mitsui Banking Corporation, Hand, Growth, Management, Fine chemical, Masonite

The per share consideration represents a premium of approximately 24% to PGT Innovations’ 30-day volume weighted average share price.

Key Points: 
  • The per share consideration represents a premium of approximately 24% to PGT Innovations’ 30-day volume weighted average share price.
  • Upon completion of the transaction, Masonite shareholders will own approximately 84% of the combined company, with PGT Innovations shareholders owning approximately 16%.
  • “The acquisition of PGT Innovations accelerates our strategy and is an exciting and transformational step in the nearly 100-year history of Masonite,” said Howard Heckes, President and Chief Executive Officer of Masonite.
  • At the closing, Jeff Jackson, PGT Innovations CEO, and one additional PGT Innovations director will join the Masonite Board of Directors.

Blackstone Real Estate Debt Strategies, Blackstone Real Estate Income Trust, CPP Investments and Rialto Capital Acquire a 20% Equity Stake in a Venture Holding Approximately $17 Billion Commercial Real Estate Loan Portfolio of Former Signature Bank

Retrieved on: 
Giovedì, Dicembre 14, 2023
Asset Management, Professional Services, Finance, Gibson Dunn, Federal Deposit Insurance Corporation, CPP Investment Board, Investment, Simpson Thacher & Bartlett, Multimedia, Signature Bank, Ropes & Gray, CRE, FDIC, Partnership, CPP, Financial services, Real estate

The FDIC is maintaining an 80% ownership stake in the venture and provided financing equal to 50% of the venture’s value.

Key Points: 
  • The FDIC is maintaining an 80% ownership stake in the venture and provided financing equal to 50% of the venture’s value.
  • Blackstone is the largest owner of commercial real estate globally and has originated or acquired more than $170 billion of real estate loans and securities since the inception of its real estate credit business.
  • Rialto Capital has oversight of over $100 billion of commercial real estate loans and has experience managing public private partnerships.
  • Jones Lang LaSalle served as real estate advisor to Blackstone, CPP Investments and Rialto Capital.

KKR to Acquire Remaining 37% of Global Atlantic for $2.7 Billion in All-Cash Transaction

Retrieved on: 
Mercoledì, Novembre 29, 2023
Professional Services, Other Professional Services, Data Analytics, Insurance, Finance, Asset Management, Consulting, Webcast, NYSE, Risk management, Jardine Strategic Holdings, Bae, Investment, Simpson Thacher & Bartlett, KKR, Optimism, Multimedia, Culture, DeBevoise, Partnership, Barclays, Total, EST, Growth, Martha Plimpton, Airline, Bank, Hong Kong

KKR & Co. Inc. (NYSE: KKR) and Global Atlantic Financial Group LLC (“Global Atlantic” or “GA”) today announced a definitive agreement under which KKR will acquire the remaining 37% stake of leading insurance company Global Atlantic, increasing KKR’s ownership to 100%.

Key Points: 
  • KKR & Co. Inc. (NYSE: KKR) and Global Atlantic Financial Group LLC (“Global Atlantic” or “GA”) today announced a definitive agreement under which KKR will acquire the remaining 37% stake of leading insurance company Global Atlantic, increasing KKR’s ownership to 100%.
  • Global Atlantic’s assets under management have grown significantly, up from $72 billion in 2020 to $158 billion today.
  • Global Atlantic management is expected to exchange a majority of its Global Atlantic equity interests for KKR equity.
  • KKR also announced a series of other Strategic Initiatives that are contingent on the closing of the Global Atlantic transaction.

Global Blue Announces $100M Strategic Equity Investment From Tencent

Retrieved on: 
Giovedì, Novembre 16, 2023
Retail, Other Professional Services, Data Management, Technology, Finance, Fintech, Banking, Apps, Applications, Professional Services, Online Retail, Other Retail, Electronic Commerce, Digital Cash Management, Digital Assets, Payments, Software, Internet, NYSE, Senior, Security (finance), Travel, J.P. Morgan & Co., Investment, Deutsche Bank, Homburger, Davis Polk, Adjustment, BofA Securities, Simpson Thacher & Bartlett, Growth, Silver, Partners Group, Cryptocurrency, Tencent, Global Blue

Tencent has agreed to invest $100 million in Global Blue common equity at a price of $5.50 per share, which is generally in line with the volume-weighted average price over the past 3 months.

Key Points: 
  • Tencent has agreed to invest $100 million in Global Blue common equity at a price of $5.50 per share, which is generally in line with the volume-weighted average price over the past 3 months.
  • At closing, Tencent will own 18.18 million common shares, representing approximately 8% of the total fully-diluted share capital.
  • Jacques Stern, Global Blue CEO said: “We are pleased to welcome Tencent as a shareholder as we continue to diversify our ownership base.
  • We are pleased to make a strategic investment in Global Blue to help support its future growth and look forward to continued growth in cross-border travel and shopping, including travel from China."

Liberty Media and SiriusXM Announce Transaction to Simplify Ownership Structure of SiriusXM

Retrieved on: 
Martedì, Dicembre 12, 2023
Liberty Media, Stock dilution, Advertising, Form 10-K, Local, Pandora, Growth, Bank of America, Sport, News, Webcast, Sirius XM, Telephone, Bank, J. P. Morgan, Form, Cost-exchange ratio, Formula One, Participation, Principal, EBITDA, Simpson Thacher & Bartlett, Morgan Stanley, SIRI, Par value, O'Melveny & Myers, Solomon Partners, Prospectus, Proxy, Lead, Policy, Attention, ANY, DeBevoise, Committee, Risk, AS, The Company, Martha Plimpton, AND, Cryptocurrency, Holding company, Insurance, Security (finance), Music, Liberty

ENGLEWOOD, Colo. and NEW YORK, Dec. 12, 2023 /PRNewswire/ -- Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) and Sirius XM Holdings Inc. (NASDAQ: SIRI) ("SiriusXM" or the "Company"), the leading audio entertainment company in North America, today announced that they have entered into definitive agreements whereby Liberty Media's Liberty SiriusXM tracking stock group (NASDAQ: LSXMA, LSXMB and LSXMK) (collectively "LSXM"), will be combined with SiriusXM to create a new public company ("New SiriusXM"), which will continue to operate under the SiriusXM name and brand. New SiriusXM will have a single outstanding series of common stock and is expected to continue to be traded on the Nasdaq Global Select Market under the ticker symbol "SIRI".

Key Points: 
  • New SiriusXM will have a simplified ownership structure and benefit from greater strategic flexibility and independence.
  • A wholly owned subsidiary of SplitCo will then merge with SiriusXM, and existing SiriusXM stockholders (other than Liberty Media) will receive 1:1 shares of SplitCo, which will become New SiriusXM.
  • A subsidiary of Liberty Media owning a majority of the outstanding shares of SiriusXM has delivered a written consent approving the transaction on behalf of SiriusXM stockholders.
  • Liberty Media and SiriusXM will hold a joint investor conference call and webcast at 8:30 AM ET to discuss the details of the transaction.

EQT Infrastructure to acquire a majority position in Heritage Environmental Services, a leading provider of industrial waste management

Retrieved on: 
Lunedì, Dicembre 11, 2023
CHIPS, Industrial waste, EQT, Acquisition, HES, THG, LLP, Ecosystem, Kirkland & Ellis, Recycling, Investment, Culture, EQT Partners, Digital technology, Person, Partnership, Simpson Thacher & Bartlett, Growth, The Company, Cherokee heritage groups, Environment, Tourism, Renewable energy, Heritage

Founded in 1970, HES is a family-owned leading provider of sustainability and industrial waste management services in the US.

Key Points: 
  • Founded in 1970, HES is a family-owned leading provider of sustainability and industrial waste management services in the US.
  • HES and its nearly 1,600 full-time team members safely manage approximately 660 thousand tons of industrial waste per year for more than 1,800 customers.
  • Industrial waste management is a vital part of the waste disposal value chain, offering total elimination of waste from the environment and enabling safe and sustainable industrial manufacturing and production.
  • EQT previously partnered with The Heritage Group on its investment in Cirba Solutions, a premier battery recycling materials and management company.

EQT Infrastructure to acquire a majority position in Heritage Environmental Services, a leading provider of industrial waste management

Retrieved on: 
Lunedì, Dicembre 11, 2023
CHIPS, Industrial waste, EQT, Acquisition, HES, THG, LLP, Ecosystem, Kirkland & Ellis, Recycling, Investment, Culture, EQT Partners, Digital technology, Person, Partnership, Simpson Thacher & Bartlett, Growth, The Company, Cherokee heritage groups, Environment, Tourism, Renewable energy, Heritage

Founded in 1970, HES is a family-owned leading provider of sustainability and industrial waste management services in the US.

Key Points: 
  • Founded in 1970, HES is a family-owned leading provider of sustainability and industrial waste management services in the US.
  • HES and its nearly 1,600 full-time team members safely manage approximately 660 thousand tons of industrial waste per year for more than 1,800 customers.
  • Industrial waste management is a vital part of the waste disposal value chain, offering total elimination of waste from the environment and enabling safe and sustainable industrial manufacturing and production.
  • EQT previously partnered with The Heritage Group on its investment in Cirba Solutions, a premier battery recycling materials and management company.