Data Analyst Katrin Kostadinova highlights the most significant financial and corporate legal deals announced or closed in the last week
Americas
We start this week’s report with an acquisition in the United States. Centene has acquired Fidelis Care for $3.75 billion. Both companies are healthcare providers.
In other M&A news Cooper Cos has acquired Paragard for $1.1 billion from Teva Pharmaceuticals Industries. The deal is part of Teva’s long term plan to divest assets for the repayment of old debts.
Finally United Technologies has taken out $6.5 billion in new financing for the acquisition of Rockwell Collins. United Technologies is an American engine producer, while Rockwell Collins is an aircraft electronics producer.
The last week has also seen a number of notable bond issues. Toronto-Dominion Bank has offered $1 billion in 1.85% green bonds, the first by the issuer in the United States. All proceeds will be invested into a portfolio until further allocations are undertaken.
Elsewhere Toyota Motor Credit has issued $1.5 billion 2.15% and floating rate notes due 2022; Visa has undertaken a $2.5 billion notes issue, consisting of $1 billion 2.15% senior notes due 2022, 2.75% notes due 2027 and 3.65% notes due 2047; Xerox has issued $1 billion in 3.625% notes; and Zoetsi has issued $1.25 billion in 3% and 3.95% notes.
In a deal spanning several jurisdictions offshore drilling company Seadrill announced that it is undertaking a restructuring via prearranged Chapter 11 cases filed in the Southern District of Texas along with the restructuring plan. $1.06 billion of new capital has been received from the consortium of lenders and investors.
Asia-Pacific
Two major M&A deals have taken place in India this week. Firstly National Thermal Power Corporation (NTPC), the biggest power producer in India, has divested 6.6% of its shares for $1.43 billion. Elsewhere Reco Diamond has acquired a $1.9 billion 33.34% stake in DLF Cyber City Developers. Reco Diamond is an affiliate of the sovereign wealth fund in Singapore.
In Malaysia Bunge has acquired a 70% controlling stake in IOI Loders Croklaan. The target is a Malaysian palm and tropical oil producer.
Finally Tajikistan has issued $500 million in sovereign Eurobonds with a 7.125% yield. The funds raised will be used to fund a significant hydropower plant in the country.
Europe, Middle East and Africa (EMEA)
This week saw the Republic of Austria become the first country to issue a Euro-denominated century bond in the form of €3.5 billion 2.1% sovereign notes due 2117. The country will lock-in low yields for the next hundred years through this issue.
In other significant sovereign finance news, the Republic of Gabon undertook a $500 million 6.95% issue of sovereign notes due 2025. By reopening the issue, the country will repay $200 million in existing debt.
In Germany, Bayer has sold a 9.4% stake in Covestro for €1.2 billion. The company plans to end its business relationship with the plastics company.
In Poland the Warsaw Spire development, including Poland’s second tallest building, has undertaken a €370 million refinancing. Helaba, Deutsche Pfandbriefbank and Berlin Hyp have acted as lenders on the deal.
In Russia, CEFC China Energy has acquired a 14.16% stake in Rosneft for $9.1 billion. CEFC is a Chinese private energy company founded in 2002, it has plans for further investment into logistics assets both in Russia and Georgia.
Finally in the United Kingdom, PR company Bell Pottinger has gone into administration. The situation came about after the agency lost a string of clients in the wake of a scandal in South Africa where it was accused of stirring up racial tensions by The Public Relations and Communications Association (PRCA).