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☆ First Republic Bank Taps Lazard for Help With Review of Strategic Options
▼ + stars: | 2023-03-21 | by ( Lauren Thomas | Laura Cooper | ) www.wsj.com time to read: 1 min

Options for First Republic could include a sale, a capital infusion or asset trimming. First Republic Bank is beefing up its adviser ranks as the troubled lender seeks to stay afloat and plan for a postcrisis future amid a trans-Atlantic crisis of confidence in the banking system. The California bank this week tapped Lazard Ltd. to help with a review of strategic options that could include a sale, a capital infusion or asset trimming, according to people familiar with the matter. It also hired consulting firm McKinsey & Co. to help map out a postcrisis structure for the bank, the people said.

☆ Apollo Global to Buy Univar in $8.1 Billion Deal, Including Debt
▼ + stars: | 2023-03-14 | by ( Laura Cooper | Lauren Thomas | ) www.wsj.com time to read: 1 min

Apollo Global Management Inc. has agreed to acquire chemical company Univar Solutions Inc. for $8.1 billion including debt, according to people familiar with the matter, in one of the biggest recent leveraged buyouts. The deal is expected to value Univar at $36.15 a share and to be unveiled Tuesday, the people said. Shares of Univar closed at $31.17 on Monday.

☆ Apollo Global to Buy Univar in $8.1 Billion Deal Including Debt
▼ + stars: | 2023-03-14 | by ( Laura Cooper | Lauren Thomas | ) www.wsj.com time to read: 1 min

Apollo Global agreed to buy Univar Solutions, a global specialty chemical and ingredients business. Apollo Global Management Inc. has agreed to acquire chemical company Univar Solutions Inc. for $8.1 billion including debt, in one of the biggest recent leveraged buyouts. Shares of Univar were up more than 10% in premarket trading on the news, which The Wall Street Journal first reported early Tuesday.

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☆ Apollo in Talks to Acquire Arconic
▼ + stars: | 2023-02-28 | by ( Lauren Thomas | Laura Cooper | ) www.wsj.com time to read: 1 min

An aluminum coil at an Arconic manufacturing facility in Alcoa, Tenn., last year. Private-equity firm Apollo Global Management Inc. is in talks to acquire aerospace-parts maker Arconic Corp., according to people familiar with the matter. Apollo submitted a bid in February and has debt financing in place, the people said.

☆ Analysis: European stocks lure global investors as rate hikes hurt U.S. more
▼ + stars: | 2023-02-27 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +4 min

Banks (.SX7P) accounted for nearly 16% of the STOXX 600 index (.STOXX) and have benefited from the high-rate environment, gaining nearly 20% to hit their highest in almost five years. In contrast, 35% of the S&P 500 (.SPX), the world's largest index by market value, are technology companies. Tech stocks (.SPLRCT) on the index have gained just 9% this year as rising rates make future profits for tech companies less valuable. CHEAPER IN EUROPEOn the valuation front too, the European stock market is much cheaper than the U.S. The STOXX 600 trades at about 13 times its 12-month forward price-to-earnings ratio, while the S&P 500 trades at some 18 times.

☆ Third Point to Launch Proxy Fight at Bath & Body Works
▼ + stars: | 2023-02-22 | by ( Laura Cooper | ) www.wsj.com time to read: 1 min

Bath & Body Works benefited from increased consumer spending during the pandemic, but lately its growth has slowed. Dan Loeb ’s Third Point LLC plans to launch a proxy fight against Bath & Body Works Inc. to address what the activist investor says is excessive executive pay and lagging financial performance at the soap and fragrance maker. Third Point, which first disclosed a stake of more than 6% in Bath & Body Works in December, plans to nominate candidates to the company’s board including at least one shareholder representative, according to people familiar with the matter. The activist hasn’t yet determined which directors it will aim to replace, at the annual meeting expected this spring.

☆ Going Private Again Is All the Rage Among Newly Public Companies
▼ + stars: | 2023-02-19 | by ( Corrie Driebusch | Laura Cooper | ) www.wsj.com time to read: 1 min

A growing number of newly public companies are racing back to private ownership after discovering that an IPO isn’t always all it’s cracked up to be. Of the hundreds of companies that went public in the boom years of 2020 and 2021, 10 have already agreed to sell themselves to private-equity firms, according to Dealogic. Of those that went public in 2018 or 2019, only eight have gone private in the ensuing years.

☆ Francisco Partners Nears $1.7 Billion Deal For Software Provider Sumo Logic
▼ + stars: | 2023-02-09 | by ( Lauren Thomas | Laura Cooper | ) www.wsj.com time to read: 1 min

Ramin Sayar, president and chief executive officer at Sumo Logic Inc., at the company’s headquarters in Redwood City, Calif.Sumo Logic Inc., a data-analytics software provider, is nearing a deal to be sold to private-equity firm Francisco Partners for roughly $1.7 billion, according to people familiar with the matter. The deal could be unveiled as soon as Thursday, the people said, assuming the talks don’t hit a last-minute snag.

☆ Third Point Has a Stake in Salesforce
▼ + stars: | 2023-02-09 | by ( Laura Cooper | Lauren Thomas | ) www.wsj.com time to read: 1 min

Dan Loeb ‘s Third Point LLC has a stake in Salesforce Inc., according to people familiar with the matter, the fifth known activist shareholder with a position in the software company’s shares. Third Point is known for taking stakes and pushing for change at blue-chip companies including Campbell Soup Co., Shell PLC and Walt Disney Co., with which it reached a settlement agreement last year.

☆ Francisco Partners Nears $1.7 Billion Deal for Software Provider Sumo Logic
▼ + stars: | 2023-02-08 | by ( Lauren Thomas | Laura Cooper | ) www.wsj.com time to read: 1 min

Ramin Sayar, president and chief executive officer at Sumo Logic Inc., at the company’s headquarters in Redwood City, Calif.Sumo Logic Inc., a data-analytics software provider, is nearing a deal to be sold to private-equity firm Francisco Partners for roughly $1.7 billion, according to people familiar with the matter. The takeover is expected to value Sumo Logic around $12 to $13 a share, one of the people said.

CVS, the parent of its namesake pharmacies, is seeking to move deeper into the direct provision of healthcare. CVS Health Corp. is close to an agreement to acquire Oak Street Health Inc. for about $10.5 billion including debt, a deal that would rapidly expand the big healthcare company’s footprint of primary-care doctors with a large network of senior-focused clinics, according to people with knowledge of the matter. The companies are discussing a price of about $39 a share, the people said. The deal, if it goes through, could be announced as soon as this week, they said. CVS is scheduled to report earnings on Wednesday.

☆ Juul in Deal Talks With Three Tobacco Giants
▼ + stars: | 2023-01-25 | by ( Jennifer Maloney | Laura Cooper | ) www.wsj.com time to read: 1 min

Juul in December agreed to pay $1.7 billion in a settlement covering over 5,000 lawsuits. Juul Labs Inc. is looking for a new partner. The e-cigarette maker, which came close to filing for bankruptcy protection last fall, is now in early-stage talks with three tobacco giants, according to people familiar with the matter. Juul is seeking a potential sale, strategic-investment, licensing or distribution deal, the people said.

☆ Elliott Management Takes Big Stake in Salesforce
▼ + stars: | 2023-01-23 | by ( Lauren Thomas | Laura Cooper | ) www.wsj.com time to read: 1 min

Activist investor Elliott Management Corp. has made a multibillion-dollar investment in Salesforce Inc., according to people familiar with the matter, adding to the pressures facing the business-software provider. While details of the campaign couldn’t be learned, Elliott, one of the biggest and most prolific activists, often seeks board representation and pushes for companies to make operational improvements and other changes.

☆ RedBird Capital Takes More Than 5% Stake in Blade Air Mobility
▼ + stars: | 2023-01-18 | by ( Laura Cooper | ) www.wsj.com time to read: 1 min

Blade Air Mobility provides short-distance passenger flights throughout the U.S., Canada, Europe and India. The private-equity firm RedBird Capital Partners has amassed a more than 5% stake in the air-transportation provider Blade Air Mobility Inc., according to the investment firm’s founder. RedBird, best known for its investments in media companies and pro sports teams including the Boston Red Sox and AC Milan, has built the stake since originally taking a 1% position in Blade in 2021, according to the firm’s founder and managing partner, Gerry Cardinale .

☆ Bain Capital Co-Chairman to Retire
▼ + stars: | 2023-01-17 | by ( Laura Cooper | Dana Mattioli | ) www.wsj.com time to read: 1 min

Steve Pagliuca will remain a senior adviser at the firm, and will be involved in portfolio companies in which he holds a board seat. Bain Capital co-chairman Steve Pagliuca is retiring after a 34-year career at the private-equity firm. Mr. Pagliuca will remain a senior adviser at the firm, and will continue to be involved in the portfolio companies in which he holds a board seat, and he will be a significant investor in Bain’s funds, part of a plan put in place years ago, he said. Co-managing partners John Connaughton and Jonathan Lavine will continue to run Bain, roles they assumed in 2016.

☆ Subway Explores Sale That Could Value Sandwich Chain at More Than $10 Billion
▼ + stars: | 2023-01-12 | by ( Laura Cooper | Heather Haddon | ) www.wsj.com time to read: 1 min

Subway says menu changes have helped to boost sales, along with efforts to renovate restaurants and improve online ordering. Sandwich chain Subway has retained advisers to explore a sale of the closely held company, according to people familiar with the situation. The process, which is in the early stages, is expected to attract potential corporate buyers and private-equity firms, and could value Subway at more than $10 billion, the people said. Still, it is possible there won’t be a sale or other deal.

☆ Russia is letting prisoners soak up withering Ukrainian fire in a 'savage' battle, 'trading' them and others for bullets, US official says
▼ + stars: | 2023-01-10 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

Russian forces are sending prisoners to absorb heavy Ukrainian fire around the war-torn city of Bakhmut. Moscow's applying a classic tactic of "trading individuals for bullets," a senior US military official said. The official added that Moscow's current tactic of "trading individuals for bullets" has been used on the battlefield throughout Russian history. "You're talking about thousands upon thousands of artillery rounds that have been delivered between both sides," the official said. Ukrainian President Volodymyr Zelenskyy said in a nightly address on Monday that Russia has concentrated its "greatest efforts" on Soledar.

☆ U.S. announces over $3.75 billion in new military assistance to Ukraine, other countries
▼ + stars: | 2023-01-06 | by ( Mike Stone | ) www.reuters.com time to read: +3 min

WASHINGTON, Jan 6 (Reuters) - The United States will provide more than $3.75 billion in military assistance to Ukraine and countries affected by the Russian invasion of its neighbor, U.S. Secretary of State Antony Blinken announced on Friday. That authority allows the United States to transfer defense items like Humvees, trucks and munitions from stocks quickly without congressional approval in response to an emergency. RIM-7 Sea Sparrow missiles, used for air defense, will also be sent to Ukraine. Ukrainian President Volodymyr Zelenskiy has stressed the need for better air defenses to curb Russian missile strikes that have damaged the country's energy infrastructure during winter. The United States and Germany have also pledged to send Patriot missile systems to repel Russian missile and drone attacks.

☆ Putin war aims unchanged but lacks manpower, morale -Pentagon
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Jan 6 (Reuters) - President Vladimir Putin's aim of seizing Ukrainian territory has not changed, but Russian forces continue to suffer from military weaknesses including the amount of troops they have, the Pentagon said on Friday, as Washington hopes the latest record weapons package for Kyiv will help Ukraine retake territory occupied by Russia. "Putin has not given up his aims of dominating Ukraine and continuing to acquire Ukraine's territory," said Laura Cooper, a deputy assistant secretary of defense focusing on Russia and Ukraine. "But the reality of Russian weaknesses, the Russian armed forces weaknesses has collided with those aims," Cooper said, adding that Russian troops also suffer from low morale. Reporting by Phil Stewart and Idrees Ali; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Drugmakers Spent Freely in 2022 to Protect Revenue
▼ + stars: | 2022-12-30 | by ( Jared S. Hopkins | Laura Cooper | ) www.wsj.com time to read: 1 min

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Amgen Inc. has agreed to acquire Horizon Therapeutics PLC in an all-cash deal valued at $27.8 billion, marking the largest healthcare merger of the year. Under the terms of the deal, which was first reported by The Wall Street Journal, Amgen will pay $116.50 for each Horizon share owned. The offer was equal to a premium of 19.7% over the stock’s closing price Friday at $97.29.

Amgen Inc. is in advanced talks to buy drug company Horizon Therapeutics PLC, according to people familiar with the matter, in a takeover likely to be valued at well over $20 billion and mark the largest healthcare merger of the year. The U.S. biotechnology company was the last of three suitors standing in an auction for Horizon, the people said, after French drugmaker Sanofi SA said Sunday it was out of the running.

☆ Cash-Hungry Companies Get Creative Raising Capital
▼ + stars: | 2022-12-02 | by ( Corrie Driebusch | Laura Cooper | ) www.wsj.com time to read: 1 min

The end of the era of easy money is forcing companies that need cash to get creative. Dozens of companies have recently raised money through so-called structured private funding rounds, and bankers and lawyers say there are many more in the works.

☆ Horizon Therapeutics Fields Takeover Interest From Pharma Giants
▼ + stars: | 2022-11-29 | by ( Ben Dummett | Laura Cooper | ) www.wsj.com time to read: 1 min

A Horizon Therapeutics exhibit, called ‘Listen to Your Eyes,’ in Atlanta last June. Drugmaker Horizon Therapeutics PLC is fielding takeover interest, according to people familiar with the matter, as large pharmaceutical companies compete for fast-growing medicines to fuel sales. A deal for Horizon, which develops medicines for rare and immune diseases, would be big. The company has a market value of almost $18 billion and, with a typical takeover premium, could fetch a price well over $20 billion.

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