M&A Deal News – August 30, 2019
Hilton Grand Seeks a Buyer, Apollo Scores a Deal with GE, and Another Bank Merger
M&A Deal News – August 30, 2019: M&A deal news from around the globe. Each day, we focus on deals in the private equity, real estate, AI and tech, and others impacting the alternative investment space. Here’s our recap for Friday evening.
Private Equity M&A Deal News
- Hilton Grand Vacations is pushing higher on news that its board will explore strategic options. This includes the possible sale of its business to a private equity firm. Last week, the New York Post reported that Apollo Global has made an offer for the timeshare operator. The PE shop owns time-share operator Diamond Resort Holdings.
- Earlier this week, Tallgrass Energy received an offer from Blackstone Infrastructure Partners for outstanding shares. Blackstone has offered $19.50 per share, which is a sharp discount to where Tallgrass stock stood when the PE shop first started accumulating shares. Ian Bezek at Seeking Alpha reports that investors are angry about this possible deal.
- Apollo Global Management and Athene Holding are buying the aircraft lending business of GE Capital. No party disclosed the terms of the deal for PK AirFinance. However, Reuters did report that Apollo will receive AirFinance’s insurance holding company and its aircraft lending platform. Athene is receiving the firm’s loan portfolios. The deal should close at the end of the fourth quarter.
- Comhar Capital is off and running. The new PE shop has made its first investment in Fabriweld Tubular Steel Products. Under terms of the deal Fabriweld CEO, Nigel Gibson will step down and take a new role.
Banking Deal News
- Farmers National Banc is buying Maple Leaf Financial for $640 per share or 45.59 common shares of Farmers. Based on Farmers’ closing price on Thursday, the deal is worth about $39.6 million.
Other Fund Deal News
- French financial giant BNP Paribas is pushing to take over Deutsche Bank’s equity derivatives book, according to Reuters. Such a deal would come after the announcement that Deutsche Bank plans to transfer 800 staff members to the French lender.
- Goldman Sach and Point72 Ventures are set to invest $42 million in Mexico’s Credijusto in a Series B. This is Point72’s “first foray into the Mexican market” according to a statement released by Credijusto. The company offers asset-backed loans and leases to SMEs and launched in 2015.
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