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Bain is exploring €1bn sale of Centrient Pharma.
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TG Natural Resources LLC , a natural gas supplier company, completed the acquisition of Rockcliff Energy II, an upstream natural gas company, from Quantum Energy Partners, a private equity firm, for $2.7bn.
"With this acquisition, TG Natural Resources is committed to leadership in the Haynesville Play, one of the world's most important sources of clean natural gas. We will have nearly a century in rig-years of gross operated and non-operated drilling inventory in the Haynesville, not counting the important plays in the Bossier and Cotton Valley. TGNR has a strong track record of investing across commodity cycles and this acquisition positions the company for long-term success," Craig Jarchow, TGNR CEO.
Rockcliff Energy was advised by J.P. Morgan , Vinson & Elkins and Joele Frank . TG Natural was advised by Bank of America , Goldman Sachs , Greenhill & Co. , Kirkland & Ellis (led by Chad Smith and Will Eiland ) and Pierpont Communications .
KKR, a global investment firm that manages multiple alternative asset classes, completed the acquisition of the remaining 37% stake in Global Atlantic Financial Group, a provider of a broad range of retirement, life and reinsurance products, for $2.7bn.
“KKR and Global Atlantic are a powerful combination. Our shared culture and commitment to excellence continues to enhance our ability to think – and invest – longer-term and deliver compelling solutions for our clients and policyholders. We are thrilled for what lies ahead as a wholly-owned subsidiary of KKR,” Allan Levine, Global Atlantic Co-Founder, Chairman & CEO.
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KKR was advised by Simpson Thacher & Bartlett LLP (led by Chris May ). Global Atlantic was advised by Barclays and Debevoise & Plimpton (led by Nicholas Potter ). Barclays was advised by Sullivan & Cromwell LLP (led by Stephen Kotran ).
Blackstone Infrastructure Partners, an active investor across sectors, including energy infrastructure, transportation, digital infrastructure, completed the acquisition of a 19.9% stake in NIPSCO, a gas company, from NiSource, a utility company, for $2.15bn.
"We're pleased to reach this agreement at a compelling valuation following a robust and competitive process and are confident that Blackstone is the right partner for NIPSCO and NiSource going forward, given its global footprint and deep infrastructure experience, including in renewable development and procurement. With this transaction, our commitment to Indiana remains unchanged, and we will be able to drive further sustainable growth for our stakeholders. This financing transaction will have no impact on NIPSCO's current strategic direction or on our commitment to our gas and electric customers in Indiana," Lloyd Yates, NiSource President and CEO.
Blackstone was advised by Barclays, Latham & Watkins (led by David Allinson ) and Paul, Weiss, Rifkind, Wharton & Garrison LLP (led by Ravi Purohit ). Debt financing was provided by Sumitomo Mitsui Banking Corporation. Debt providers were advised by Milbank LLP (led by Marcus Dougherty ). NiSource was advised by Goldman Sachs , Lazard , McGuireWoods LLP and Joele Frank (led by Andrew Siegel ).
Williams, an energy infrastructure company that provides transport, storage, and delivery solutions, completed the acquisition of a portfolio of natural gas storage assets from Hartree Partners, a global merchant commodities firm, for $1.95bn.
“Demand for natural gas has greatly outpaced natural gas storage capacity since 2010, demonstrating the intrinsic value this well-connected and strategically located Gulf Coast storage portfolio brings to our transportation network as we serve growing demand driven by LNG exports and power generation,” Alan Armstrong, Williams President and CEO.
Williams was advised by Bank of America and Davis Polk & Wardwell LLP (led by Oliver Smith ). Hartree Partners was advised by Evercore, Wells Fargo, and Milbank LLP.
Bain is exploring €1bn sale of Centrient Pharma.
Bain Capital is exploring a sale of Centrient Pharmaceuticals , an antibodies manufacturer that could be valued at as much as €1bn ($1.1bn).
The private equity firm is working with Citi and Jefferies on a possible divestment of Netherlands-based Centrient, Bloomberg reported.
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