Simpson Thacher & Bartlett

American Industrial Partners Closes Eighth Fund at $5 Billion Hard Cap

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Martedì, Ottobre 31, 2023
Insurance, Partnership, VII, VI, Engineering, Geography, AIP, American Industrial Partners, Simpson Thacher & Bartlett, Philosophy, Financial services

NEW YORK, Oct. 31, 2023 /PRNewswire/ -- American Industrial Partners ("AIP"), a New York-based industrial-focused private equity firm, closed its eighth fund, American Industrial Partners Capital Fund VIII, L.P. ("Fund VIII") at its hard cap of $5 billion in Limited Partner commitments and was oversubscribed.

Key Points: 
  • NEW YORK, Oct. 31, 2023 /PRNewswire/ -- American Industrial Partners ("AIP"), a New York-based industrial-focused private equity firm, closed its eighth fund, American Industrial Partners Capital Fund VIII, L.P. ("Fund VIII") at its hard cap of $5 billion in Limited Partner commitments and was oversubscribed.
  • Fund VIII achieved its hard cap with broad support from its long-term existing investor base that comprises pension plans, sovereign wealth funds, insurance companies, endowments, fund of funds, gatekeepers, and family offices, as well as new investors that further diversified AIP's investor base by size, type, and geography.
  • The Acalyx Advisors team, who previously worked alongside AIP raising Funds IV, V, VI, and VII, together with Finex Hong Kong Limited, served as placement advisors for Fund VIII.
  • Simpson Thacher & Bartlett LLP served as legal counsel to AIP for Fund VIII.

Textainer to be Acquired by Stonepeak for $7.4 Billion

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Lunedì, Ottobre 23, 2023
TGH, NYSE, South African rand, Myers, Disclosure, Acquisition, Senior, Growth, LLP, Deutsche Bank, JSE, Simpson Thacher & Bartlett, JSE Limited, BofA Securities, Security (finance), Cryptocurrency, Financial adviser, Textainer Group Holdings

Upon completion of the transaction and the redemption of Textainer’s Series A and B cumulative redeemable perpetual preference shares, Textainer will become a privately held company.

Key Points: 
  • Upon completion of the transaction and the redemption of Textainer’s Series A and B cumulative redeemable perpetual preference shares, Textainer will become a privately held company.
  • Under the terms of the definitive agreement, which was unanimously approved by the Textainer Board of Directors, Textainer common shareholders will receive $50.00 per share in cash, with the total value of the common shares equaling approximately $2.1 billion.
  • “By partnering with Stonepeak, we will gain access to investment capital and industry expertise, positioning us for continued growth in the years to come.
  • Prior to closing, Textainer intends to maintain its current quarterly dividend on both the Textainer common and preference shares.

Petra Funds Group Announces Strategic Investment from Charlesbank Capital Partners

Retrieved on: 
Giovedì, Ottobre 19, 2023
Partner, GP, ESG, Partnership, Latham & Watkins, Simpson Thacher & Bartlett, Entrepreneurship, Management, Charlesbank Capital Partners

NEW YORK, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Petra Funds Group (“Petra”), a leading fund administrator serving private investment firms, announced today that it has entered into a definitive agreement to receive a majority growth investment from Charlesbank Capital Partners (“Charlesbank”), a middle-market private investment firm based in Boston and New York.

Key Points: 
  • NEW YORK, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Petra Funds Group (“Petra”), a leading fund administrator serving private investment firms, announced today that it has entered into a definitive agreement to receive a majority growth investment from Charlesbank Capital Partners (“Charlesbank”), a middle-market private investment firm based in Boston and New York.
  • The Petra founders and management team remain significant shareholders alongside Charlesbank.
  • “We believe that Petra represents the next generation of fund administration,” said David Katz, Managing Director at Charlesbank.
  • Latham & Watkins LLP provided legal counsel to Petra, and Simpson Thacher & Bartlett LLP provided legal counsel to Charlesbank.

Hilton Grand Vacations Successfully Reprices Term Loan B

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Venerdì, Ottobre 6, 2023
Professional Services, Other Construction & Property, Finance, Lodging, Construction & Property, Travel, Hilton Grand Vacations, NYSE, Term loan, Communication, Analysis, Tax, Bank of America, Annual report, SOFR, Financial condition report, Result, Bank, HGV, Simpson Thacher & Bartlett, Risk, Security (finance)

Hilton Grand Vacations Inc. (NYSE:HGV) announces today the successful re-pricing of its existing $1.3 billion Term Loan B, maturing Aug. 2, 2028.

Key Points: 
  • Hilton Grand Vacations Inc. (NYSE:HGV) announces today the successful re-pricing of its existing $1.3 billion Term Loan B, maturing Aug. 2, 2028.
  • Additionally, the interest rate floor for the Term Loan B has been lowered from 50 basis points to 0 basis points.
  • “Even in light of volatile markets, we were able to successfully lower our pricing on our Term Loan B by 25 basis points reflecting our strong leverage position and ample free cash flow,” said Dan Mathewes, chief financial officer of Hilton Grand Vacations.
  • “The combination of new investors and annual interest savings over $3 million a year further position us to successfully execute on our strategic priorities.”
    Proceeds of the issuance, net of fees, were used to reprice the existing Term Loan B due 2028.

Latham & Watkins Adds Highly Skilled Data & Technology Transactions Partner in New York

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Lunedì, Ottobre 2, 2023
Intellectual property, George Washington University Law School, Jessica, IP, Simpson Thacher & Bartlett, Acquisition, Data, JD, Law, Office, Cornell University, Latham & Watkins, BA, Cryptocurrency

NEW YORK, Oct. 2, 2023 /PRNewswire/ -- Latham & Watkins LLP1 is pleased to announce that Jessica Cohen has joined the firm's New York office as a partner in the Data & Technology Transactions Practice. Cohen advises on the intellectual property (IP) and technology aspects of complex transactions and has a broad-based counseling practice focused on the acquisition, development and commercialization of intellectual property and technology.

Key Points: 
  • NEW YORK, Oct. 2, 2023 /PRNewswire/ -- Latham & Watkins LLP1 is pleased to announce that Jessica Cohen has joined the firm's New York office as a partner in the Data & Technology Transactions Practice.
  • Cohen advises on the intellectual property (IP) and technology aspects of complex transactions and has a broad-based counseling practice focused on the acquisition, development and commercialization of intellectual property and technology.
  • "Jessica understands the sophisticated IP and technology issues that arise in high-stakes transactions, and we are delighted to welcome her to the firm," said Marc Jaffe, Office Managing Partner of Latham & Watkins' New York office.
  • Gail Crawford, Global Chair of the firm's Data & Technology Transactions Practice, said: "Jessica is a fantastic addition to our leading global team.

Trimble and AGCO to Form Joint Venture to Better Serve Farmers Worldwide with Mixed Fleet Precision Agriculture Solutions

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Giovedì, Settembre 28, 2023
Transfer, Slate, Data management, Centerview Partners, Technology transfer, Satellite navigation, Public utility, GNSS, Internet, Nikon, Farmer, Software, Original equipment manufacturer, Centerpoint, Morgan Stanley, ID, JV, Simpson Thacher & Bartlett, TRMB, NYSE, ViewPoint, Forestry, Investment, Skadden, Arps, Slate, Meagher & Flom, AGCO, Growth, Hilti, Supply, Adjustment, Project, Cryptocurrency, Agriculture, Online shopping, Financial adviser, Caterpillar

WESTMINSTER, Colo., Sept. 28, 2023 /PRNewswire/ -- Trimble (NASDAQ: TRMB) announced today a definitive agreement to form a joint venture (the "JV") with AGCO (NYSE: AGCO) to better serve farmers with factory fit and aftermarket applications in the mixed fleet precision agriculture market. Trimble and AGCO's shared vision is to create a global leader in mixed fleet smart farming and autonomy solutions. 

Key Points: 
  • WESTMINSTER, Colo., Sept. 28, 2023 /PRNewswire/ -- Trimble (NASDAQ: TRMB) announced today a definitive agreement to form a joint venture (the "JV") with AGCO (NYSE: AGCO) to better serve farmers with factory fit and aftermarket applications in the mixed fleet precision agriculture market.
  • Trimble and AGCO's shared vision is to create a global leader in mixed fleet smart farming and autonomy solutions.
  • The JV will align two leading companies dedicated to serving farmers worldwide with cutting-edge technologies to help farmers drive productivity, efficiency and sustainability.
  • "Farmers today are looking for mixed fleet solutions across their tractors and the implements that they use to most efficiently and sustainably feed the world.

AGCO to Acquire Trimble Ag Assets and Technologies Through a Joint Venture Focused on Next-Generation Precision Ag Technology

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Giovedì, Settembre 28, 2023
Other Manufacturing, Engineering, Transport, Manufacturing, Machinery, Logistics, Supply Chain Management, Agriculture, Retail, Natural Resources, Slate, Data management, Centerview Partners, Farmer, Original equipment manufacturer, COVID-19, Form 10-K, Morgan Stanley, Multimedia, Joint venture, JV, Simpson Thacher & Bartlett, TRMB, EBITDA, Acquisition, Skadden, Arps, Slate, Meagher & Flom, AGCO, Growth, Weather, Commercial, OEM, NYSE, Bank, Fine chemical, Financial adviser

AGCO Corporation (NYSE: AGCO), a worldwide manufacturer and distributor of agricultural machinery and Precision Ag technology, announced it has entered into a Joint Venture (JV) with Trimble (Nasdaq: TRMB), where AGCO will acquire an 85% interest in Trimble’s portfolio of Ag assets and technologies for cash consideration of $2.0 billion and the contribution of JCA Technologies.

Key Points: 
  • AGCO Corporation (NYSE: AGCO), a worldwide manufacturer and distributor of agricultural machinery and Precision Ag technology, announced it has entered into a Joint Venture (JV) with Trimble (Nasdaq: TRMB), where AGCO will acquire an 85% interest in Trimble’s portfolio of Ag assets and technologies for cash consideration of $2.0 billion and the contribution of JCA Technologies.
  • View the full release here: https://www.businesswire.com/news/home/20230927470614/en/
    The JV creates a global leading mixed-fleet Precision Ag platform that will be the exclusive provider of Trimble Ag’s comprehensive technology offering, supporting the future development and distribution of next-generation Ag technologies.
  • Trimble Ag offers a wide variety of user-friendly technologies compatible across brands, equipment models and farm types.
  • Hansotia continued, “The exclusive access to Trimble Ag products, combined with AGCO’s existing Precision Ag offerings also accelerates AGCO’s growth ambitions around autonomy, precision spraying, connected farming, data management and sustainability.

Audax Private Equity Partners With Management to Support the Growth of Oakbridge Insurance

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Martedì, Settembre 26, 2023
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Audax Private Equity (“Audax”), a leading alternative investment manager and capital partner to middle market companies, announced a partnership alongside management to invest in Oakbridge Insurance Agency LLC (“Oakbridge” or the “Company”), a leading independent insurance and risk management agency.

Key Points: 
  • Audax Private Equity (“Audax”), a leading alternative investment manager and capital partner to middle market companies, announced a partnership alongside management to invest in Oakbridge Insurance Agency LLC (“Oakbridge” or the “Company”), a leading independent insurance and risk management agency.
  • Oakbridge is a scaled insurance brokerage firm focused on commercial P&C, employee benefits, surety, personal P&C, and risk management services.
  • Oakbridge has exhibited strong growth over the past several years, driven by consistent organic growth and the completion of 25 acquisitions since inception.
  • The Oakbridge management team and employee base will continue to maintain a significant ownership position in the Company.

EQT and PSP complete acquisition of Radius Global Infrastructure

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Giovedì, Settembre 21, 2023
Residential Building & Real Estate, Commercial Building & Real Estate, Carriers and Services, Technology, Construction & Property, Professional Services, Other Technology, Telecommunications, Mobile, Wireless, Other Construction & Property, Finance, Exercise, LLP, Partnership, Tunnel, Senior, Investment, Conversion, Public Sector Pension Investment Board, Debt-to-GDP ratio, Public, Cravath, Swaine & Moore, Weil, Gotshal & Manges, Goldman Sachs, Simpson Thacher & Bartlett, Holder, Citigroup, EQT, Acquisition, Growth, Say on pay, Fundamental, Market, PSP, Barclays, Cryptocurrency, Security (finance), Financial adviser, Note, Radius, Indenture

Radius Global Infrastructure, Inc. (“Radius”) (NASDAQ: RADI), a leading global aggregator of real property interests underlying wireless telecommunications cell sites and other digital infrastructure assets, announced the completion of its approximately $3.0 billion acquisition (the “Acquisition”) by the EQT Active Core Infrastructure Fund (“EQT Active Core Infrastructure” or “EQT”) and the Public Sector Pension Investment Board (“PSP Investments” or “PSP”).

Key Points: 
  • Radius Global Infrastructure, Inc. (“Radius”) (NASDAQ: RADI), a leading global aggregator of real property interests underlying wireless telecommunications cell sites and other digital infrastructure assets, announced the completion of its approximately $3.0 billion acquisition (the “Acquisition”) by the EQT Active Core Infrastructure Fund (“EQT Active Core Infrastructure” or “EQT”) and the Public Sector Pension Investment Board (“PSP Investments” or “PSP”).
  • “We are excited to begin this next chapter as a private company under EQT and PSP ownership,” said Bill Berkman, Co-Chairman and CEO of Radius.
  • “The acquisition of Radius provides PSP Investments with an important opportunity to further increase its exposure to core, high-quality digital infrastructure assets benefiting from inflation passthrough mechanisms.
  • Morgan Stanley & Co. LLC and Simpson Thacher & Bartlett LLP served as financial and legal advisors, respectively, to EQT Active Core Infrastructure.

Cisco to Acquire Splunk, to Help Make Organizations More Secure and Resilient in an AI-Powered World

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Giovedì, Settembre 21, 2023
Slate, Acceleration, LLP, Telephone number (mathematics), Conference call, Qatalyst Partners, Calendar, Telephone, Cravath, Swaine & Moore, Morgan Stanley, Great Places, Organization, Simpson Thacher & Bartlett, Share repurchase, Sumathi Best Television Current Reporting Award, Trust, Acquisition, Investment, Skadden, Arps, Slate, Meagher & Flom, SAN, Webcast, CSCO, EPS, Conference, Chair, Security (finance), Management, Network equipment provider, Renewable energy, Cisco, AI, Splunk

SAN JOSE, Calif. and SAN FRANCISCO, Sept. 21, 2023 /PRNewswire/ -- Cisco (NASDAQ: CSCO) and Splunk (NASDAQ: SPLK), the cybersecurity and observability leader, today announced a definitive agreement under which Cisco intends to acquire Splunk for $157 per share in cash, representing approximately $28 billion in equity value. Upon close of the acquisition, Splunk President and CEO Gary Steele will join Cisco's Executive Leadership Team reporting to Chair and CEO Chuck Robbins.

Key Points: 
  • The combination of these two established leaders in AI, security and observability will help make organizations more secure and resilient.
  • Our combined capabilities will drive the next generation of AI-enabled security and observability," said Chuck Robbins, chair and CEO of Cisco.
  • "From threat detection and response to threat prediction and prevention, we will help make organizations of all sizes more secure and resilient."
  • Organizations need a better way to manage, protect, and unlock data's true value and stay digitally resilient.