| View this email online The Wire Dec. 3, 2021 Amex Global Business Travel agrees to $5.3bn deal with Apollo SPAC, Carlyle invests in GTCR-backed Resonetics 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... Also of note (may require subscriptions) "Real Madrid and Barcelona have launched a late bid to thwart private equity group CVC's €2bn cash injection into Spanish football, with a counter-offer they claim is economically superior." (Financial Times)
"Clayton, Dubilier & Rice has delayed plans to raise £6.6bn in debt to finance its buyout of supermarket chain Wm Morrison, the UK's biggest take-private deal in more than a decade." (Financial Times) "Private equity faces calls for tougher rules against money laundering" (WSJ Pro)
"Canadian tech investor Georgian targets $2.8 billion for two funds" (WSJ Pro) PE Deals They said it “I am confident that this will be the year when we exceed $100 billion. Whilst 2020 was heavily focused on concentrated deals, we now see the bounce back of LP portfolios and should end up somewhere around 50:50 for 2021.” — Adrian Millan, partner at PJT Partners, talks to Buyouts about secondaries activity. Today's letter was prepared by Chris Witkowsky Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MORE Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC. London | New York | Hong Kong PEI Media Group Ltd is registered in England no.6135779 Registered office: 7th Floor, 100 Wood Street, EC2V 7AN To update your PE Hub email preferences, or to unsubscribe, click here. | 