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Carlyle raises $4.6bn for second credit opportunities fund. (FS)
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Brookfield Business Partners, a global business services and industrial company, agreed to acquire CDK Global, an automotive retail technology company, for $8.3bn.
"This transaction is an exciting next step for CDK that provides our shareholders with both certainty of value and a meaningful premium. It also allows CDK to continue executing our long-term strategy to connect our industry at every level and create an open and collaborative future. In consultation with our outside advisors, CDK's Board of Directors carefully evaluated a range of strategic and financial alternatives over several months and determined that this transaction is superior to all other available alternatives," Brian Krzanich, CDK Global President and CEO.
CDK Global is advised by Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison. Brookfield is advised by Davis Polk & Wardwell.
Euronav, an independent tanker company, agreed to merge with Frontline, an independent tanker company, in a $4.2bn deal.
"Frontline believes this transaction would form a powerful combination at an exciting point in the cycle. The combination would create a strong platform to further enhance shareholder value for our investors," Lars H. Barstad, Frontline CEO.
Frontline is advised by ABG Sundal Collier, DNB Bank, Allen & Overy, MJM Barristers & Attorneys, Schjodt, Seward & Kissel and KPMG. Euronav is advised by Lazard and Freshfields Bruckhaus Deringer.
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Citizens Financial, a provider of consumer banking services, completed the acquisition of Investors Bancorp, a provider of banking services, for $3.5bn.
"The acquisition of Investors, following on the heels of the acquisition of HSBC's East Coast branches, further strengthens our formidable franchise in the northeast, together adding roughly one million customers and boosting our near and long-term growth potential. We are confident in our ability to successfully integrate these acquisitions, and to overtime deliver the same attractive offerings to customers and strong financial performance in the New York City metro region and New Jersey as we do in other major metro areas we serve," Bruce Van Saun, Citizens Chairman and CEO.
Investors Bancorp was advised by Keefe Bruyette & Woods, Lazard, Piper Sandler and Luse Gorman. Citizens was advised by Morgan Stanley and Sullivan & Cromwell. Morgan Stanley was advised by Debevoise & Plimpton.
Veritas Capital, a private equity firm, completed the acquisition of Houghton Mifflin Harcourt, a learning technology company, for $2.8bn.
"Partnering with Veritas will provide HMH with the opportunity to accelerate our momentum and increase our impact on the four million teachers and 50m students that we support each day. With accelerating billings growth, strong free cash flow and a transformed cost structure, we are at an important inflection point, and the time is right to move into the next phase of our long-term growth strategy alongside a partner that brings significant industry expertise," Jack Lynch, HMH President and CEO.
Houghton Mifflin Harcourt was advised by Evercore, Latham & Watkins and WilmerHale. Veritas Capital was advised by Milbank and Sard Verbinnen & Co. Debt financing was provided by Bank of America, Deutsche Bank, JP Morgan and Macquarie Group.
Carlyle raises $4.6bn for second credit opportunities fund. (FS)
American multinational alternative asset management The Carlyle Group tapped investors for $4.6bn for its second credit opportunities fund - Carlyle Credit Opportunities Fund.
The US buyout giant exceeded its $3.5bn target and attracted almost double the amount raised for its predecessor fund. Including available leverage, investable capital is approximately $6bn.
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