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World Bank seeks more funds to address climate change.
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Thermo Fisher Scientific , a supplier of scientific instrumentation, completed the acquisition of The Binding Site , a specialty diagnostics provider, from Nordic Capital , a private equity investor, for $2.8bn.
"This transaction perfectly aligns with our Mission and is an exciting addition to our existing specialty diagnostic offerings. With extensive expertise and a large and dedicated installed base in cancer diagnostics, The Binding Site will further enhance our specialty diagnostics portfolio. The Binding Site is extremely well-respected by researchers and clinicians alike for its pioneering diagnosis and monitoring solutions for multiple myeloma. We also know early diagnosis and well-informed treatment decisions for multiple myeloma can make a significant difference in patient outcomes. We are excited by the opportunity to enable further innovation in this area for the benefit of patients and look forward to welcoming The Binding Site team to Thermo Fisher," Marc N. Casper, Thermo Fisher Chairman, President and CEO.
The Binding Site was advised by Latham & Watkins (led by Tom Evans ). Thermo Fisher was advised by Linklaters (led by Cassandra Smith, Simon Branigan, Simon R. Pritchard and Aisling Zarraga ) and Joele Frank (led by Joele Frank ).
Inchcape plc , a retailer of premium automotive products and services, completed the acquisition of Derco , an independent automotive distributor in Latin America, for £1.3bn ($1.6bn).
"The combination with Derco is a transformative and unique opportunity to accelerate our global distribution business. We believe it will deliver substantial shareholder value and is another great example of our Accelerate strategy in action. Derco will dramatically increase our scale in the fast growth Americas region, bolstering our presence in several existing markets, and will secure Bolivia as a new Inchcape distribution market. Derco also brings a fantastic set of highly complementary OEM relationships, including deepening our decades-long relationship," Duncan Tait, Inchcape CEO.
Derco was advised by Industrieconsult and White & Case LLP (led by David Lewis and Mark Richardson ). Inchcape was advised by Greenhill & Co. (led by Charles Gournay), J.P. Morgan (led by Nicholas Hall ), Jefferies (led by Ed Matthews and Philip Noblet ), Herbert Smith Freehills (led by Roddy Martin , Aurell Taussig , Casey Dalton and Veronica Roberts ) and Brunswick Group (led by Susan Georgina Gilchrist and Kate Holgate ). Financial advisors were advised by Simmons & Simmons (led by Jamie Corner ). Debt financing was provided by BNP Paribas and MUFG .
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AmerisourceBergen , a provider of drug distribution and consulting services provider, completed the acquisition of PharmaLex , a provider of specialized services for the pharma, biotech, and medtech industries, from AUCTUS Capital Partners AG , a private equity firm, for €1.28bn ($1.29bn).
"The strategic acquisition of PharmaLex will expand our global platform of biopharma services, further advancing the strategy we detailed at our recent Investor Day. AmerisourceBergen is committed to building on our leadership in specialty services through a continued focus on innovation and partnerships, and by acquiring PharmaLex, we will be able to further enhance our value proposition to pharmaceutical manufacturers, from emerging biotechs to global biopharmaceutical leaders. We look forward to welcoming the PharmaLex team to create healthier futures with AmerisourceBergen," Steven H. Collis, AmerisourceBergen Chairman, President & CEO.
PharmaLex was advised by Harris Williams (led by Paul Hepper , Dr Julian Feneley and Cheairs Porter ), Noerr (led by Florian Becker and Sascha Leske ) and emnay Rechtsanwaltskanzlei Florian Aigner. AmerisourceBergen was advised by Evercore , Freshfields , Sidley Austin LLP and Joele Frank (led by Andrew Siegel and Scott Bisang ). Evercore was advised by Morrison Foerster (led by Spencer Klein ).
Targa Resources , a provider of midstream services, agreed to acquire a 25% stake in Grand Prix NGL Pipeline from Blackstone Energy Partners LP , an energy-focused private equity firm, for $1.05bn.
"The performance of our Grand Prix NGL Pipeline has exceeded expectations since it began full operations in the third quarter of 2019, integrating our leading NGL supply aggregation position in the Permian Basin to key demand markets in Mont Belvieu and along the US Gulf Coast. Our business has strong momentum for 2023, and this acquisition further simplifies Targa while also increasing our fee-based margin and providing additional cash flow stability," Matt Meloy, Targa CEO.
Targa Resources is advised by Truist Securities and Vinson & Elkins .
World Bank seeks more funds to address climate change.
The World Bank is seeking to vastly expand its lending capacity to address climate change and other global crises and will negotiate with shareholders ahead of April meetings on proposals that include a capital increase and new lending tools, according to an “evolution roadmap”.
The roadmap document – sent to shareholder governments – marks the start of a negotiation process to alter the bank’s mission and financial resources and shift it away from a country- and project-specific lending model used since its creation at the end of World War Two.
The World Bank management aims to have specific proposals to change its mission, operating model and financial capacity ready for approval by the joint World Bank and International Monetary Fund Development Committee in October.
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