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Dutch insurer Achmea weighs $3.2bn sale of life insurance division.
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Diamondback Energy , an independent oil and natural gas company headquartered in Midland, Texas, agreed to acquire Endeavor Energy Resources, LP , a privately-held exploration and production company, for $26bn.
"This is a combination of two strong, established companies merging to create a 'must own' North American independent oil company. The combined company's inventory will have industry-leading depth and quality that will be converted into cash flow with the industry's lowest cost structure, creating a differentiated value proposition for our stockholders," Travis Stice, Diamondback Chairman and CEO.
Endeavor Energy Resources is advised by Goldman Sachs , J.P. Morgan , Paul, Weiss, Rifkind, Wharton & Garrison LLP (led by Krishna Veeraraghavan and Benjamin Goodchild ), Vinson & Elkins (led by Doug McWilliams , Bryan Loocke and Jackson O'Maley ) and Joele Frank (led by Aaron Palash and Andrew Siegel ). Diamondback is advised by Citi , Jefferies and Wachtell, Lipton, Rosen & Katz (led by Zachary Podolsky and Steven Green ). Jefferies & Company is advised by Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (led by Ann Beth Stebbins ).
AbbVie , a pharmaceutical company, completed the acquisition of ImmunoGen, Inc. , a biotechnology company focused on the development of antibody-drug conjugate therapeutics for the treatment of cancer, for $10.1bn.
"The acquisition of ImmunoGen demonstrates our commitment to deliver on our long-term growth strategy and enables AbbVie to further diversify our oncology pipeline across solid tumors and hematologic malignancies. Together, AbbVie and ImmunoGen have the potential to transform the standard of care for people living with cancer," Richard A. Gonzalez, AbbVie Chairman and CEO.
ImmunoGen was advised by Goldman Sachs , Lazard (led by Stephen Sands ) and Ropes & Gray LLP (led by Tara Fisher ). AbbVie was advised by J.P. Morgan , Morgan Stanley (led by Clint Gartin), Wachtell, Lipton, Rosen & Katz (led by David Lam and Steven Green ). Financial advisors were advised by Cravath, Swaine & Moore LLP (led by Andrew Wark and Minh Van Ngo).
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Gilead Sciences , a biopharmaceutical company, agreed to acquire CymaBay Therapeutics , a clinical-stage biopharmaceutical company focused on improving the lives of people with liver and other chronic diseases, for $4.3bn.
"We are looking forward to advancing seladelpar by leveraging Gilead's long-standing expertise in treating and curing liver diseases. Building on the strong research and development work by the CymaBay team to date, we have the potential to address a significant unmet need for people living with PBC and expand on our existing broad range of transformational therapies," Daniel O'Day, Gilead Sciences Chairman and CEO.
CymaBay Therapeutics is advised by Centerview Partners , Lazard and LifeSci Advisors, LLC (led by Peter (PJ) Kelleher ). Gilead Sciences is advised by Bank of America and Guggenheim Partners .
CRH , a provider of building materials solutions, completed the acquisition of cement and readymixed assets from Martin Marietta , a supplier of aggregates and heavy building materials, for $2.1bn.
"The acquisition of these high-quality assets further strengthens our market-leading position in Texas and increases our exposure to attractive, high-growth markets. Our ability to leverage our cement expertise and technical capabilities will enable us to enhance and optimize our existing footprint in Texas, resulting in significant synergies and self-supply opportunities. This transaction reflects our disciplined approach to capital allocation as well as our commitment to deliver further growth and value creation for our shareholders. We also believe there is significant potential to unlock additional growth opportunities across an expanded footprint in this attractive growth market," Albert Manifold, CRH Chief Executive.
Martin Marietta was advised by Evercore and Cravath, Swaine & Moore LLP (led by Robert Townsend and George Schoen ).
Dutch insurer Achmea weighs $3.2bn sale of life insurance division.
Dutch insurer Achmea is weighing the sale of its life insurance division. Achmea has hired J.P. Morgan to chart the possibilities for the division, including a sale which bankers estimated could yield around €3bn ($3.2bn), Reuters reported.
Achmea is the Netherlands' largest cooperative insurer, whose customers contributed €21bn (22.7bn) in premiums in 2022.
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