Happy Friday!
SPAC attack: Apollo’s SPAC agreed to merge with American Express Global Business Travel in a $5.3 billion deal. The merger includes $335 million private investment in public equity (PIPE) financing from new investors including Zoom, Sabre and Ares Management. Read it here on PE Hub.
Apollo Strategic Growth Capital has about $815 million, according to Wall Street Journal. The firm raised a second SPAC in February. The company has commitments for a $1 billion term loan, $400 million of which can be used to fund any redemptions before the deal closes - which has become more common. Redemption rates have hovered around 50 percent, up from 20 percent last year, according to DealBook, citing Dealogic.
Big one today from Carlyle Group — the firm invested in medical device contract manufacturer Resonetics in a deal that values the company at $2.25 billion. Carlyle is joining existing investor GTCR in the company.
The deal continues Carlyle’s focus on medical products businesses, including Medline, Ortho Clinical Diagnostics, Unchained Labs and MicroPort, among others. Read more here on PE Hub.
That’s it for me! Hit me up at [email protected] or over on LinkedIn.
Read the full wire commentary on PE Hub...
