MergerLinks Daily Review

MergerLinks Daily Review

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AppLovin to acquire Unity for $17.5bn.

Philip Morris extends $16bn Swedish Match deals to October.

BREIT completed the acquisition of American Campus Communities for $12.8bn. (Financial Sponsors)

SoftBank sells 9% stake in Alibaba for $34bn.

Elon Musk sells $6.9bn Tesla share to back the Twitter deal.

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AppLovin to acquire Unity for $17.5bn.

AppLovin, a mobile entertainment company, agreed to acquire Unity, a video game software maker, for $17.5bn.

AppLovin makes tools for app developers to improve marketing and revenue generation. Unity operates a platform for developing mobile, console and computer videogames as well as other interactive software applications. Together, they essentially would provide a one-stop shop of tools and resources for mobile-game and other app developers.

AppLovin is advised by JP Morgan and Wilson Sonsini Goodrich & Rosati.

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Philip Morris extends $16bn Swedish Match deals to October.

Philip Morris International, a Swiss-American multinational cigarette and tobacco manufacturer, extended its $16bn takeover bid for Swedish Match, a Swedish multinational tobacco company, to October 21 because it doesn’t expect the European Commission to rule on the deal in time, Bloomberg reported.

The Marlboro maker said discussions with the authorities in Brussels indicated they won’t complete a review of the proposed deal before September 30, when the bid was due to expire. Philip Morris, said its “assessment is that the process with the European Commission will instead be completed during October 2022.”

Swedish Match is advised by Goldman Sachs, SEB Corporate Finance, KANTER Advokatbyra, Mannheimer Swartling and Sullivan & Cromwell. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton. Philip Morris is advised by Bank of America, Citigroup, Clifford Chance, DLA Piper, Davis Polk & Wardwell and Roschier Attorneys. Debt financing is provided by Bank of America and Citigroup. Debt providers are advised by Simpson Thacher & Bartlett.

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BREIT completed the acquisition of American Campus Communities for $12.8bn. (FS)

Blackstone Real Estate Income Trust, a perpetual-life, institutional quality real estate investment platform, completed the acquisition of American Campus Communities, a real estate investment trust, for $12.8bn.

“We are proud and excited to have our best-in-class company join Blackstone, whose expertise, resources and consistent access to capital will allow us to grow and continue to lead the student housing industry. This transaction created significant value for our shareholders and represents the culmination of our team’s passionate and dedicated service to our student residents and university partners," Bill Bayless, American Campus Communities Co-Founder & CEO.

American Campus Communities was advised by Bank of America, KeyBanc Capital Markets, Dentons and Joele Frank. Blackstone was advised by Citigroup, JP Morgan, Morgan Stanley, TSB Capital, Wells Fargo Securities and Simpson Thacher & Bartlett.

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SoftBank sells 9% stake in Alibaba for $34bn.

SoftBank Group expects to post a gain of more than $34bn from selling down its stake in Alibaba Group Holding, cashing in on its most storied investment to shore up finances as global markets deteriorate, Bloomberg reported.

The investment giant's board approved the early physical settlement of prepaid forward contracts corresponding to about 242m American Depositary Receipts. After the settlement, its stake in China's e-commerce leader will fall to 14.6% from 23.7% as of the end of June.

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Elon Musk sells $6.9bn Tesla share to back the Twitter deal.

Elon Musk offloaded $6.9bn worth of stock in Tesla, saying he wanted to avoid a sudden sale in the event he's forced to go ahead with his deal to acquire TwitterBloomberg reported.

Tesla's chief executive officer sold about 7.92m shares. Musk tweeted that he was done selling and would buy shares in the electric-car maker if the Twitter deal doesn't close.

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