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EQT revives talks to acquire Global Switch in a $6.5bn deal. (FS)
Charlesbank targets $1.2bn for a third opportunistic credit fund. (FS)
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Cedar Fair Entertainment Company , an amusement park company, agreed to merge with Six Flags , an entertainment services company, in a $8bn deal.
“Our merger with Six Flags will bring together two of North America’s iconic amusement park companies to establish a highly diversified footprint and a more robust operating model to enhance park offerings and performance. Together, we will have an expanded and complementary portfolio of attractive assets and intellectual property to deliver engaging entertainment experiences for guests. The combination also creates an enhanced financial profile with strong cash flow generation to accelerate investments in our parks to delight our guests, driving increased levels of demand and in-park value and spending. I have great respect for the Six Flags team and look forward to joining forces as we embark on this next chapter together,” Richard Zimmerman, Cedar Fair President and CEO.
Cedar Fair is advised by Perella Weinberg , Squire Patton Boggs , Weil, Gotshal & Manges LLP (led by Michael J. Aiello ) and Joele Frank (led by Andrew Siegel and Lucas Pers ). Six Flags is advised by Goldman Sachs , Kirkland & Ellis and FGS Global (led by Hayley Cook and Robin Weinberg ).
TPG , a global alternative asset management firm, completed the acquisition of TPG Angelo Gordon , an alternative investment firm focused on credit and real estate investing, for $2.7bn.
“This is a milestone transaction for TPG, representing an important step in our continued evolution as a diversified global alternative asset manager. As we continue to operate and invest in dynamic markets, the addition of Angelo Gordon expands our capabilities and creates highly compelling investment opportunities. We approach today's market from a position of strength with best-in-class talent, deep, sector-driven expertise, and broad flexibility to provide solutions for portfolio companies, clients, and shareholders. Moving forward, TPG expects to continue to deliver excellent performance, build an inclusive and diverse culture, and accelerate growth through new and existing strategies,” Jon Winkelried, TPG CEO.
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TPG was advised by Ardea Partners , J.P. Morgan , Morgan Stanley , Cleary Gottlieb Steen & Hamilton LLP (led by Adrian Leipsic , Liz Dyer and Maurice Gindi ), Davis Polk & Wardwell LLP (led by David Schnabel ), Shearman & Sterling LLP (led by John Cannon and Gillian Emmett Moldowan ), Weil, Gotshal & Manges LLP (led by Brian Parness and Harvey Eisenberg ), Freshfields (led by Ethan Klingsberg ) and Joele Frank (led by Ed Trissel and Greg Klassen ). Angelo Gordon was advised by Goldman Sachs , Piper Sandler , Paul, Weiss, Rifkind, Wharton & Garrison LLP (led by Marco Masotti , Steven Williams , Samuel Welt and Maury Slevin ), Sullivan & Cromwell LLP (led by Stephen Kotran ) and Gasthalter & Co. LP (led by Nathaniel Garnick and Amanda Shpiner ).
Public Investment Fund (PIF) -backed AviLease , an aircraft lessor with a portfolio of the latest generation, environmentally friendly aircraft, on lease to commercial airlines, completed the acquisition of global aviation finance leasing business from Standard Chartered , a banking firm that provides banking and financial services, for $700m.
“The sale of our Aviation Finance leasing business allows us to continue focusing our efforts on those areas where we are most differentiated, and make further progress on our Return on Tangible Equity journey. I want to thank our Aviation Finance colleagues, whose commitment to building an outstanding franchise over more than 15 years has enabled the success of this transaction,” Simon Cooper, Corporate, Commercial & Institutional Banking and Europe & Americas at Standard Chartered CEO.
Standard Chartered was advised by J.P. Morgan . AviLease was advised by Citi , KPMG , Allen & Overy and Arthur Cox LLP (led by Ruth Lillis and Maeve Moran ). Debt financing was provided by BNP Paribas , HSBC , MUFG and Citi . Debt providers were advised by Clifford Chance (led by Graham Brewer ).
EQT revives talks to acquire Global Switch in a $6.5bn deal. (FS)
EQT Group has resumed seeking to acquire Global Switch in a deal that could value the data center company at around $6.5bn, months after earlier talks stalled over disagreements on valuation, Bloomberg reported.
The private equity firm is in discussions with Global Switch's Chinese owners about a potential deal. An agreement could be reached in the coming months depending on the outcome of the due diligence.
Charlesbank targets $1.2bn for a third opportunistic credit fund. (FS)
Charlesbank Capital Partners is aiming to raise $1.2bn for its third opportunistic credit fund, looking to invest in new corporate loans as well as to purchase them from other private credit shops to take advantage of market dislocations.
The fundraising, which so far has closed on a commitment of $1.2bn, is looking to wrap up early next year. The fund has already deployed $900m. Credit Opportunities Fund III will focus mainly on direct lending debt, often defined as senior secured loans to risky companies, that range from performing to stressed and distressed.
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