Deals of the day-Mergers and acquisitions

Electric Power Development

04/03/2024 15:34

(Adds: JetBlue Airways, JCET Group, Vista Outdoor, TC Energy,
United Rentals  Updates: Piraeus Bank, Macy's)
       March 4 (Reuters) - The following bids, mergers,
acquisitions and disposals were reported by 1530 GMT on Monday:

        ** Low-cost air carriers JetBlue Airways  JBLU.O  and
Spirit Airlines  SAVE.N  canceled their $3.8 billion merger
agreement, seeing no path forward after a U.S. judge blocked the
deal in January on anti-competition concerns.
  
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        ** Chinese chip assembly and testing firm JCET Group
 600584.SS  said it plans to buy an 80% stake in a Shanghai
flash memory facility owned by Western Digital Corporation
 WDC.O  for about $624 million in cash.
  
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        ** The sale of a 27% stake in Piraeus Bank by Greece's
bank bailout fund (HFSF), worth about 1.3 billion euros ($1.41
billion), was oversubscribed by more than three times, sources
close to the process told Reuters.
  
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        ** Vista Outdoor  VSTO.N  said it had rejected a $2.9
billion takeover offer from investment firm MNC Capital as the
bid "significantly undervalued" the sporting and outdoor
products maker.
  
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        ** TC Energy  TRP.TO  has agreed to sell Portland
Natural Gas Transmission System (PNGTS) to BlackRock  BLK.N  for
$1.14 billion as part of its ongoing efforts to reduce debt and
fund investments.
  
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        ** Industrial equipment and tool-rental firm United
Rentals  URI.N  said it had agreed to buy construction company
Yak Access for about $1.1 billion in cash from Platinum Equity,
as it expands its portfolio to include matting.
  
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        ** Macy's  M.N  shares jumped 16% before the bell after
investors Arkhouse Management and Brigade Capital sweetened
their take-private bid over the weekend, valuing the U.S.
department store operator at $6.58 billion.
  
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    ** British insurer Aviva  AV.L  said it will re-enter the
historic Lloyd's insurance market with a 242 million pound ($307
million) acquisition of insurance platform Probitas.
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    ** Vivendi's  VIV.PA  French media company Canal+ will
publish a firm intention to buy shares of South African pay-TV
company MultiChoice  MCGJ.J  that it does not already own by no
later than April 8, it said.
     urn:newsml:reuters.com:*:nL2N3FI0H3

    ** German chemicals group Evonik Industries  EVKn.DE  said 
it is selling its superabsorbents business to the International
Chemical Investors Group (ICIG) for a price in the low
triple-digit million-euro range.
     urn:newsml:reuters.com:*:nS8N3ES001
    
    ** Bayer  BAYGn.DE  said  it acquired the exclusive
marketing rights for Europe for a new drug that is under
regulatory review to treat a rare, potentially fatal heart
disease for up to $310 million upfront.
     urn:newsml:reuters.com:*:nL5N3FI19I
    
    ** The founding shareholders of SoftwareOne  SWON.S  have
scrapped their agreement with U.S. investor Bain Capital to buy
the Swiss IT services company, they said.
     urn:newsml:reuters.com:*:nL5N3FI0MW
    
    ** Japan's Electric Power Development (J-Power)  9513.T  
lodged a A$380.9 million ($248.7 million) bid for Australian
renewable energy firm Genex Power  GNX.AX , as Japan's appetite
for overseas acquisitions rapidly grows.
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 (Compiled by Rajarshi Roy and Vallari Srivastava in Bengaluru)
 ((Rajarshi.Roy@thomsonreuters.com;))