We are marking another strong week in the capital markets and M&A sectors around the world.
Starting with the largest acquisition this week that took place in the United States - General Dynamics took over CSRA for $9.6 billion. The deal is a major step for the acquirer as it will expand its customer base and capabilities. The transaction will be financed through cash and new debt financing.
In a cross-border deal between the United States and Switzerland, Roche Holding has acquired Flatiron Health in a $1.9 billion deal. The acquisition is aiming to speed the cancer medicines development.
Moving on to Mexico, Petróleos Mexicanos (Pemex) has issued $4 billion bonds. The issue consisted of 5.35% notes due 2028 and 6.35% notes due 2048, all issued under the firm’s MTN program. The bonds will be listed on the Luxembourg Stock Exchange.
And another major bond issue – the Republic of Chile has undertaken a $2 billion 3.24% notes issue, due 2028.
And lastly, Western Digital has issued $1 billion in 1.5% senior notes in the United States. Bonds mature in 2024. The issuer is a provider and manufacturer of data storage devices and provides information technology solutions.
In China JD Logistics has received a $2.5 billion financing package. The company has sold a stake in its logistics business, with proceeds to be used for new technologies such as drones and robotics.
Moving to Europe, and the capital markets sector in particular, Acea has issued €1 billion senior notes in Italy. The issue consists of two tranches – the first one aggregating to €300 million in floating-rate notes due 2023, the second €700 million 1.5% notes due 2027.
Also in Italy, Global Infrastructure Partners has acquired Italo – Nuovo Trasporto Viaggiatori for €1.94 billion. The target is the only privately-owned railway operator in the country and after successful closing of the deal, the owners will be shifted to the United States.
Moving to the Middle East, in the United Arab Emirates DXB Entertainments has undertaken a $1.15 billion debt restructuring programme. The procedures were necessary due to low visitor numbers..
Meanwhile, the Israel Electric Corporation has issued $1 billion in 4.25% bonds. The issue was oversubscribed by investors from 30 jurisdictions and the notes are due 2028.
Another cross-border deal has taken place this week back in Europe – KIKA and Leiner have undertaken restructuring procedures in Germany and Austria. The furniture retailer has secured financing for its companies operating in Austria. Proceeds will be used for improving the online presence of the firm.
Finally, in the United Kingdom, TruFin has undertaken an IPO on the AIM. The company has managed to raise £185 million. The issuer is focused on growth-businesses, like fintech, and other banking businesses.