Law360 (February 20, 2020, 4:18 PM EST) -- The deals rumor mill is often overflowing with transactions that are reportedly close to being signed, but with so many rumors it can be hard to know which ones to stay on top of every week.
Here, Law360 breaks down the deal rumors from the past week that you need to be aware of.
7-Eleven Mulls $22B Takeover Of Speedway
The Japanese owner of
7-Eleven is in talks to buy convenience store and gas station chain
Speedway from
Marathon Petroleum in a deal that could be worth around $22 billion, Bloomberg reported Wednesday. According to the report, a purchase of Speedway is merely one of many options
Seven & i Holdings Co. is considering, with other acquisitions or partnerships also on the table. Seven & i Holdings is trying to secure financing for a potential deal, which could be announced by the end of the month, the report said.
TDR Capital has also expressed interest in Speedway, the report said. Marathon Petroleum
said in October that it was planning to spin off Speedway in the wake of pressure from activist investor
Elliott Management Corp. to split into three separate business lines.
ThyssenKrupp Nears €16B Sale Of Elevator Biz
ThyssenKrupp AG is on the verge of completing a deal to sell its entire elevator business in a transaction worth about €16 billion ($17.3 billion), Reuters reported Thursday. According to the report, two groups are vying for the business, and while ThyssenKrupp is aiming to sell the business in its entirety, there is a small chance the company will keep a minority stake. The makeup of the two bidding groups was not disclosed. The report comes a few weeks after ThyssenKrupp's CEO Martina Merz
expressed confidence that the elevator business is worth the hefty price it is set to demand.
A Front-Runner to Buy Univision Communications Has Emerged
A group featuring the former chief financial officer of
Viacom Inc. and private equity firm
Searchlight Capital Partners has entered into exclusive talks concerning a potential deal for Spanish-language media company
Univision Communications Inc., according to a Wall Street Journal report from Feb. 14. According to the report, Wade Davis and Searchlight Capital are discussing a deal that could value Univision at nearly $10 billion, including debt. Although there are no guarantees the group will reach an agreement, "it appears to be the most likely potential buyer" at this point, the report said. Reports
late last month named the Davis-Searchlight Capital group as a potential suitor, with others in the running, including a consortium comprising the investment business of
Liberty Global PLC and
Hemisphere Media Group Inc.
Permira Considering $1.6B Deal For EF Education's Chinese Operations
Swiss private education and travel organization
EF Education First is discussing the potential sale of its operations in China to European private equity outfit
Permira, with Reuters reporting Monday that the two sides are in exclusive talks about a deal that could be valued at $1.6 billion. EF Education is working with
JPMorgan Chase & Co., the report said. EF Education was originally seeking a valuation of about $2 billion for the business during a first round of bids that included participation from suitors including
Hillhouse Capital,
Boyu Capital,
CVC Capital Partners and
General Atlantic, the report said. Permira is planning to wait to make a decisive offer until EF China's financial reports from the first quarter of this year are released, the report added.
PE Owners Seek Sale Of Turkish Natural Gas Distributor
Turkish natural gas distributor
Enerya Gaz Dagitim AS is up for grabs, with Reuters reporting Monday that the company's private equity owners have hired
Citigroup to help with a sale process. According to the report,
STFA Investment Holding and
Swiss Partners Group Holding are mulling multiple options, one of which is a sale of their entire shareholding in the business. No potential price was disclosed. The two companies have co-owned Enerya since
September 2014, when Partners Group acquired a 30% stake in the business for an undisclosed amount. Since then, they have operated Enerya as a joint venture.
Chinese Takeover Of HNA Will Aim To Contain Economic Effects Of Coronavirus
The Chinese government intends to take over debt-ridden
HNA Group Co. and divest its airline assets, Bloomberg reported Wednesday, in a move viewed as a step to try to contain economic fallout from the country's ongoing coronavirus outbreak. According to the report, the government of Hainan, a southern island province where HNA is based, is holding discussions about a deal to grab control of the company. An announcement could come as soon as this week, although it's also possible that no agreement will materialize, the report said. Per the report, the government's plan would be to sell most of HNA's airline assets to three major airline companies:
Air China Ltd.,
China Southern Airlines Co. and
China Eastern Airlines Group. No potential price tags were disclosed.
Italian Fintech Co. Gears Up For Milan Stock Listing
Italian payment services company
SIA SpA is likely to tap
JPMorgan and
UniCredit SpA for roles on its planned stock exchange listing in Milan, according to a report from Reuters on Wednesday. According to the report, SIA, which is being advised by
Rothschild & Co. as it determines its next steps, intends to hire banks to assist with a stock offering in the next few weeks. The plan is to issue shares worth as much as €1.5 billion ($1.6 billion).
Reports last month said SIA was considering multiple options, including an initial public offering and a merger with larger rival
Nexi SpA.
--Editing by Stephen Berg.
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