Deal Archives - Delron-Buckley

Could you buy stock in the Red Sox? Explaining Fenway Sports Group’s potential deal to go public

October 13, 20201 min read

The talks may not end with a handshake. But the estimated $1.5 billion FSG would get from RedBall and other investors would give Henry (who also owns the Globe) the financial flexibility to expand the company, which includes its English gem, Premier League champion Liverpool Football Club.

There’s even a Yankees twist. (More on that later.)

Savvy investors may understand how the process of raising money and going public through a SPAC works, but the average Red Sox fan is likely to have questions, especially about the potential for them to buy stock in the team. We try to answer some of those questions here.

How would the deal work?

RedBall, a shell company with no operations, would acquire 20 percent to 25 percent of FSG using money it raised by selling stock in August. The investment would value FSG at $8 billion, as first reported by the WSJ. Henry

finance

Mexico’s Cemex extends $2 bln loan maturities in ‘green’ finance deal

October 13, 20201 min read

Adds CFO’s comments, details of deal

MEXICO CITY, Oct 13 (Reuters) – Mexican cement maker Cemex said in a statement on Tuesday that it has extended repayment dates on about $2.1 billion of credit and will prepay some $530 million in loans, as part of a so-called “green” financing deal.

Cemex also changed some $313 million of dollar-denominated credit to Mexican pesos and around $82 million to Euros in the deal, under which the company incorporated green metrics into approximately $3.2 billion of commitments.

Cemex said the transaction meant it had no important debt maturities through July 2023.

“We are pleased with this transaction, which allows us to improve our debt maturity profile and underscores Cemex’s commitment to sustainability as one of our key strategic pillars,” said chief financial officer Maher Al-Haffar.

The green metrics include reducing net CO2 emissions related to cement products and power consumption from

business

EXCLUSIVE-Supply chain software firm E2open nears deal to go public -sources

October 13, 20201 min read

By Joshua Franklin

Oct 13 (Reuters) – U.S. supply chain management software firm E2open LLC is nearing a deal to go public through a merger with blank-check acquisition company CC Neuberger Principal Holdings I PCPL.N at a valuation of more than $2.5 billion, including debt, people familiar with the matter said on Tuesday.

An agreement could be announced as soon as Wednesday, the sources said, cautioning that talks could still falter. E2open is owned by private equity firm Insight Partners.

The sources requested anonymity because the matter is confidential. CC Neuberger declined to comment. E2open and Insight Partners did not immediately respond to requests for comment.

CC Neuberger I is a special purpose acquisition (SPAC), which is a shell company that uses money raised in an initial public offering to acquire a private company which then becomes public as a result.

CC Neuberger I, led by veteran Wall Street

business

General Dynamics Wins $328M Deal to Aid Virginia-Class Submarine

October 13, 20201 min read

General Dynamics Corp.’s GD Electric Boat division recently secured a $327.8-million worth modification contract in relation to the Virginia-class submarines. The deal was awarded by The Naval Sea Systems Command, Washington, DC.

Per the terms of the deal, the company will offer lead yard support, development studies and design efforts for the Virginia class submarines. Majority of work related to the deal will get executed in Groton, CT.

The contract is expected to be completed by April 2021.

Recent Developments in the Virginia-Class Submarines

General Dynamics is the lead contractor of the Virginia-class submarine program. Since the delivery of the lead Virginia-class submarine, General Dynamics has substantially reduced the cost and delivery time of these submarines from 84 months to 66 months alongside improving mission capability and ship construction quality. Moreover, the company is developing the Virginia Payload Module (VPM) for the fifth block of Virginia-class submarines.

In 2019,

business

Riverstone’s SPAC Decarbonization Plus Acquisition lowers deal size by 33% ahead of $200 million IPO

October 13, 20201 min read

Decarbonization Plus Acquistion, a third blank check company formed by Riverstone targeting businesses advancing global decarbonization, lowered the proposed deal size for its upcoming IPO on Tuesday.

The Menlo Park, CA-based company now plans to raise $200 million by offering 20 million units at a price of $10. The company had previously filed to offer 30 million units at $10. Each unit now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Units previously contained one-third of a warrant. At the revised deal size, Decarbonization Plus Acquistion will raise -33% less in proceeds than previously anticipated.

The company is led by CEO and Director Erik Anderson, founder and CEO of investment firm WestRiver Group, and CFO and CAO Peter Haskopoulos, a Managing Director and CFO of Riverstone. Riverstone co-founders Pierre Lapeyre and David Leuschen will serve as Directors. The company plans

business

China Set to Price $6 Billion Debt Deal as Soon as Wednesday

October 13, 20201 min read

(Bloomberg) — China’s government is expected to price a potential $6 billion bond sale as early as Wednesday, ahead of possible volatility from U.S. elections next month.

The Ministry of Finance is arranging investor calls for 144a and Regulation S senior bonds Tuesday, according to people familiar with the matter who aren’t authorized to speak publicly. The ministry is seeking to raise about $6 billion via multi-tranche notes that will likely include three-year, five-year, 10-year and 30-year maturities, Bloomberg reported last week.

Officials at the ministry weren’t immediately available to comment.

The planned bond sale follows the ministry’s jumbo global debt offerings in two currencies in November, when it sold $6 billion of dollar bonds and 4 billion euro notes. The former drew bumper demand with orders at more than triple the targeted size.

chart, treemap chart: Scarce Supply

© Bloomberg
Scarce Supply

China’s fresh sovereign debt sale this week comes as uncertainty ahead of

business

Alstom: A Pricey Deal Filled With Uncertainties (OTCMKTS:ALSMY)

October 12, 20201 min read

Alstom (OTCPK:ALSMY) (OTCPK:AOMFF) recently announced the signing of a definitive purchase agreement for Bombardier Transport (BT) at an updated €7.15 billion enterprise value – a €300 million reduction from the previous announcement. The expected closing has been moved forward to Q1 ’21 (relative to H1 ’21 previously). While the lower valuation is a slight positive, I believe that the revised terms remain unfavorable to Alstom, considering the risks associated with BT’s project execution and the challenging path toward margin recovery at BT. Pending evidence of free cash flow improvement and the resolution of project issues at BT, I remain on the sidelines.

A Closer Look at the Updated Terms

To recap, a definitive purchase agreement has now been officially signed between Bombardier (OTCQX:BDRBF), Alstom, and Caisse de depot (CDPQ) that will see Alstom purchase BT (currently owned by CDPQ) for a lowered $8.4 billion enterprise value (€7.15 billion). Excluding

business

Year’s Biggest Bank Merger Sealed as Saudi Rivals Reach Deal

October 12, 20201 min read

(Bloomberg) —

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National Commercial Bank, Saudi Arabia’s largest lender by assets, agreed to buy rival Samba Financial Group for $15 billion in the biggest banking takeover this year.

NCB will pay 28.45 riyals ($7.58) for each Samba share, based on Thurday’s close, valuing the smaller lender at about 55.7 billion riyals. The kingdom’s sovereign wealth fund, the biggest single shareholder in the two banks, will have the largest stake in the combined entity with 37.2%.

The new bank will have total assets of more than $220 billion, creating the Gulf region’s third-largest lender. Its $46 billion market capitalization nearly matches that of Qatar National Bank QPSC, which is still the Middle East’s biggest lender with about $268 billion of assets.

NCB shares rose as much as 3.6% on Monday, the most in over three months, before trimming their increase to 1.3% as of 11:56 a.m. in Riyadh. Samba

business

Five years on, Israelis see few benefits from major gas deal

October 12, 20201 min read

JERUSALEM — Five years after Israel signed a landmark agreement to develop large offshore gas fields over the objections of antitrust authorities, environmentalists and consumer advocates, ordinary Israelis have yet to see the windfall promised by the government.

The deal has chiseled away at the monopoly held by Houston-based Noble Energy and Israel’s Delek Group, which discovered and developed the fields, bringing prices down. The country is on track to phase out coal and derive nearly all its electricity from cleaner-burning gas and solar power by 2025, and is exporting gas to neighboring Egypt and Jordan.

But the financial benefits have yet to trickle down to Israeli consumers, who continue to pay stubbornly high electricity costs even as oil and gas prices have plunged in recent years.

As the scramble for natural gas creates new alliances and rivalries across the eastern Mediterranean, Israel’s experience shows that while big gas discoveries

business

Saudi’s National Commercial Bank buys Samba in $14.8B deal

October 11, 20201 min read

DUBAI, United Arab Emirates (AP) — Saudi Arabia’s National Commercial Bank said Sunday it will purchase rival lender Samba Financial Group in a deal valued at $14.8 billion, creating what would become the kingdom’s largest bank.

The bank will control some $223 billion in assets and a market capitalization of $46 billion after the merger wins regulatory approvals and is completed, National Commercial Bank said in a filing on Riyadh’s Tadawul stock market announcing the deal.

The new bank will control a quarter of all banking in the kingdom, it said.

NCB will pay Samba a premium of 3.5% on the closing price of its stock Thursday in the deal, which will see it dissolve into the NCB brand.

The bank’s largest shareholders will be Saudi Arabia’s Private Investment Fund, the Public Pension Agency and the General Organization for Social Insurance, all government entities.

The two banks described the merger

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