Reuters News
Blackstone Group has launched a US$5.5 billion bridge loan to support the pending bond issuance for its acquisition of a majority stake in Thomson Reuters’ Financial and Risk division (F&R), Reuters reported. The bridge loan is separate from a US$8 billion-equivalent term loan B portion of Blackstone’s US$13.5 billion loan and bond financing, which is also being shown to large institutional investors. The financing package supports Blackstone’s US$20 billion buy of a 55 percent stake in the Thomson Reuters unit.
The US$8 billion-equivalent term loan B portion of the debt financing backing Blackstone Group’s US$20 billion acquisition of a 55 percent stake in Thomson Reuters’ Financial and Risk (F&R) unit is being shown to large institutional investors before an anticipated September launch, sources told Reuters. The US$13.5 billion financing, which includes loans and bonds, is being led by JP Morgan, Bank of America Merrill Lynch and Citigroup and is the largest buyout financing since the financial crisis.
Canada's Hudson’s Bay Co is in discussions with Austrian property and retail group Signa Holding GmbH about a joint venture for its German retail chain Kaufhof, sources told Reuters. The joint ventures calls for Signa’s department store operator Karstadt to acquire half of Kaufhof’s property company, and 51 percent of its operating company, with the option to buy the rest at a later date. Hudson’s Bay rejected Signa’s 3 billion euro bid (US$3.7 billion) for Kaufhof earlier in 2018.
Australia’s Gateway Lifestyle Group has received a sweetened A$713.8 million (US$531 million), or A$2.35 a share, takeover offer from Hometown Australia Holdings Pty Ltd and Hometown America Communities LP, Reuters reported. The revised bid came after Canada’s Brookfield Asset Management launched a A$698.6 million bid for the retirement village owner last week. Gateway operates 50 retirement villages, often former caravan parks converted into communities for residents over 50 years old.
China Renaissance Group, an investment bank led by one of the country’s most famed rainmakers, aims to raise as much as $800 million in a Hong Kong IPO, sources told Reuters.
European insurer Allianz has agreed to a joint venture with asset manager Greystar Real Estate Partners and Canada’s Public Sector Pension Investment Board (PSP Investments) to develop U.K. student housing, Reuters reported. Allianz said the equity value of the deal was about US$465.05 million. The deal sees Allianz take a stake in London-focused Chapter alongside existing investors Greystar and PSP Investments. The company aims to double the size of its portfolio to 10,000 student beds within five years.
Australia’s AMA Group (AMA.AX) said on Friday it has halted a deal to sell its vehicle panel repair arm to Blackstone Group (BX.N) for A$508 million ($375 million) following an unfavorable ruling from the Australian Taxation Office.
Brazil’s antitrust watchdog Cade on Friday approved buyout firm Advent International’s acquisition of Walmart Inc’s (WMT.N) Brazilian operations, and sought no additional asset sales, Reuters reported.
Activist investor Land & Buildings this week resumed its criticism of Canadian department store owner Hudson’s Bay Co, urging it to correct its under-performance and extract value from its substantial real estate holdings, Reuters reported. The hedge fund agreed in December to cease public statements about the company until its shareholder meeting on June 12. Now, Land & Buildings founder Jonathan Litt is again pushing HBC to boost its share price, which is below the value of its assets following a run of earnings disappointments, and to monetize its prime property assets.
Royal Dutch Shell announced the sale on Wednesday of oil and gas assets in Norway and Malaysia for over $1.3 billion, bringing it closer to a target of $30 billion in disposals by year-end.