This week has been an interesting one in the M&A and capital markets sectors.
Aramark has acquired Avendra and AmeriPride Services for $2.35 billion. The merger of those uniform services will develop a leading provider in North America.
Assurant took over the Warranty Group for $1.9 billion – a deal that allows the company to expand in the Asia-Pacific region and to add contract services to its portfolio of property and casualty.
South Jersey Industries took over Elizabethtown Gas and Elkton Gas assets for $1.7 billion from Pivotal Utility Holdings. The seller is a subsidiary of Southern Company Gas.
Siris Capital has acquired IntraLinks Holdings for $1 billion from Synchronoss Technologies, a software producer. The target company is a cloud-based business that provides software.
Moving to the capital markers sector in Mexico – Mexichem has undertaken a $1 billion notes issue. The issue consisted of $500 million 4% notes due 2027 and $500 million 5.5% notes due 2048. Proceeds will be used for debt repayments and financing of future acquisitions.
Back in the US, meanwhile, Qudian – a Chinese micro-credit provider – has completed a NYSE IPO. The company managed to raise $900 million and successfully completed the largest ever listing on the NYSE made by a Chinese financial technology company.
Social Capital Hedosophia Holdings has also undertaken a NYSE IPO. The company managed to raise $600 million and aims to give its companies easier access to capital.
The other major news in the US is that KKR has established the Real Estate Credit Opportunity Partners fund. It is the company’s first credit opportunity fund and has managed to raise $1.1 billion. It will focus on newly issued CMBS B-pieces.
The government of Portugal has issued €1.25 billion in two tranches that set record negative interest rates – €950 million in -0.325% notes due September 2011 and €300 million in -0.389% notes due January 2018.
In Italy, TIM has undertaken a €1.25 billion 2.365% bond issue. €300 million of the issue will mature in January 2018, with the remaining €950 million due in September 2018.
Meanwhile, a significant cross-border deal between France, Luxembourg and Germany has taken place this week. Bridegepoint's Primonial has established a €4.5 billion strategic alliance with AviaRent, a real estate investment company. Primonial is the manager of more than €3.5 billion in healthcare and education in Europe.