The deal has a premium valuation multiple of approximately 11 times adjusted EBITDA based on trailing twelve months ended July 1, 2023.

Upon closing the Transaction, Primo Water intends to repay the outstanding balance on its cash flow revolver, with a long-term goal of sustaining adjusted net leverage under 2.5 times Adjusted EBITDA.

Also, upon closing, an incremental $25 million share repurchase would be authorized, revising the share repurchase authorization to $75 million.

The company cites the agreement as the first step in exiting all of its international businesses. The deal enables focus on North America market where Primo Water has leadership, scale and a significant addressable customer opportunity.

Proceeds from the transaction would be used to drive organic growth, reduce leverage, accelerate Water Direct tuck-in M&A, pursue water adjacencies and return capital to shareowners via share repurchases.

The transaction is expected to close by December 31, 2023.

BMO Capital Markets Corp. is acting as exclusive financial advisor and White & Case LLP is serving as legal advisors to Primo Water.

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The Proposed Transaction gives GCL approximately $1.2 billion in pre-transaction equity value. The Proposed Transaction includes a minimum cash condition of $25,000,000 and is expected to result in GCL receiving gross proceeds of approximately $42.9 million.

The Combined Company will continue to be led by Jacky See Wee Choo, Group Chairman of GCL, Sebastian Toke, Group CEO of GCL.

GCL’s shareholders will retain a majority of the Combined Company’s outstanding shares.

Following the merger, GCL plans to leverage its comprehensive gaming ecosystem, bringing Asian-developed games to the global market, and U.S. and E.U.-developed games to the Asian market.

RF Acquisition and GCL have agreed to work together to pursue commitments for a private placement of equity, debt, or other alternative financings of up to $20 million.

Tse Meng Ng, Chairman and CEO of RF Acquisition, said “GCL can help game publishers in the U.S. and Europe navigate increasingly sophisticated Asian content and unlock the full potential of the high-growth Asian market. This is a unique opportunity for us to participate in a fast-growing, profitable company at an inflection point in its development.”

Jacky Choo, Group Chairman of GCL said, “With the support of RF Acquisition and enhanced visibility following the NASDAQ listing, we are now ready to enter the higher-margin segments of game publishing and IP management.”

GCL expects to use proceeds from the Proposed Transaction to accelerate its game publishing and IP management business, alongside its marketing reach with AAA/AA PC game titles.

The transaction is expected to be in the second quarter of 2024.

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The acquisition is expected to close in the fourth quarter of 2023 or early in the first quarter of 2024, subject to customary closing conditions.

Asbury said it plans to fund the purchase price with its existing liquidity, credit facility and cash on hand.

Kerrigan Advisors was the exclusive sell-side advisor on the deal, representing Koons.

Jim Koons Automotive includes 20 dealerships, 29 franchises, and six collision centers. The company is comprised of top volume franchises including Toyota, Lexus, Mercedes-Benz, Ford, Kia, Hyundai, Volvo, Stellantis and General Motors. It recorded over $3 billion in revenue in 2022.

Asbury currently operates 138 dealerships, representing 31 domestic and foreign brands, as well as 32 collision repair centers.

David Hult, Asbury’s President and Chief Executive Officer, said, “This acquisition is transformative for our company, enabling Asbury to further expand into one of the country’s top economies in one of its fastest growing regions, with some of the U.S.’ best performing dealerships. ….We expect the Koons dealerships’ profitability to be generally in line with the profitability of Asbury’s dealerships.”

In the deal, Stephen Dietrich and Brooke Sizer of Holland & Knight served as legal counsel to Koons, while Jones Day and Hill Ward Henderson served as legal counsel to Asbury.

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The initial consideration has been paid in cash, funded from the Group’s recent equity raise and existing debt facilities.

In addition, up to approx. 19 million pounds is payable, based on DICSA achieving stretch profit targets in 2024 and 2025.

The acquisition is expected to immediately add to earnings; add approx. 5 percent to EPS growth during the first full year of ownership, and would cover its cost of capital from the outset. The business would also be accretive to the Group’s organic growth and margins.

For the 12-month period ended 31 December 2022, DICSA generated revenue of 87.7 million euros and adjusted EBIT of 20.2 million euros. DICSA has also achieved long term organic revenue CAGR of 11% with EBIT margins of more than 20%.

DICSA is a value-add distributor of a diverse range of hydraulic hoses, fittings and components, similar to the products offered by the company’s UK Aftermarket Seals business, R&G.

The acquisition is expected to provide a strong strategic fit to the business, adding to its established positions in the US and UK, expanding its aftermarket fluid power capability and accessing key strategic markets in Continental Europe.

Shares of Diploma closed Wednesday’s trading at 2964 pence, up 68 pence or 2.35 percent from the previous close.

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It was in mid March that UBS agreed to buy Credit Suisse for 3 billion Swiss francs or about $3.24 billion after the latter lost much of its value in the wake of banking industry turmoil following the failure of U.S banks Silicon Valley Bank and Signature Bank, deemed as the biggest U.S. banking failures since the 2008 financial crisis.

UBS agreed to buy Credit Suisse after the Swiss Federal Department of Finance, the Swiss National Bank and the Swiss Financial Market Supervisory Authority FINMA asked both companies to conclude the transaction to restore necessary confidence in the stability of the Swiss economy and banking system.

Last Friday, UBS said it signed Loss Protection Agreement or LPA with the Swiss Government to bear potential realized losses upon the completion of the Credit Suisse acquisition. With this, the Government guarantees losses of up to 9 billion Swiss francs, if realized on a designated portfolio of Credit Suisse non-core assets once UBS bears the first CHF 5 billion of any realized losses.

UBS now noted that Monday marks the last trading day of Credit Suisse shares on SIX Swiss Exchange. Credit Suisse ADS also will no longer be traded on the New York Stock Exchange.

As per the agreement, Credit Suisse shareholders would receive 1 UBS share for every 22.48 Credit Suisse shares held.

As announced earlier, UBS will operate a particular governance model pending further integration. UBS Group AG will manage two separate parent banks, such as UBS AG and Credit Suisse AG. Each institution will continue to have its own subsidiaries, branches, and operations.

UBS Group AG’s Board of Directors and Group Executive Board will hold overall responsibility for the consolidated group.

UBS also announced Board of Director nominations for certain Credit Suisse entities.

Sergio Ermotti, CEO of UBS Group AG, said, “Instead of competing, we’ll now unite as we embark on the next chapter of our joint journey. Together, we’ll present our clients an enhanced global offering, broader geographic reach and access to even greater expertise. We’ll create a bank that our clients, employees, investors and Switzerland can be proud of.”

Ermotti, who was UBS’ CEO for 9 years from November 2011 to October 2020, was called back to the top role in late March to guide it through the Credit Suisse merger.

Following the deal closure, UBS expects its CET1 capital ratio to be around 14 percent in the second quarter of 2023 and to remain around that level throughout 2023.

It also projects that Credit Suisse’s operating losses and significant restructuring charges will be offset by reductions in RWA.

UBS will report consolidated financial results for the combined group under IFRS in US dollar.

In Switzerland, UBS Group shares were trading at 18.37 Swiss francs, up 0.93 percent.

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JPMorgan expects to recognize an upfront, one-time, post-tax gain of around $2.6 billion, which does not reflect approximately $2.0 billion post-tax restructuring costs anticipated over the course of 2023 and 2024.

In pre-market activity on the NYSE, JPMorgan shares are gaining around 3 percent, while First Republic Bank shares are losing around 46 percent after it lost nearly 43 percent on last Friday’s regular trade.

Jamie Dimon, Chairman and CEO of JPMorgan Chase, said, “Our government invited us and others to step up, and we did. Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund.”

The bank expects the acquisition to modestly add to earnings and generate more than $500 million of incremental net income per year, excluding the expected gain or restructuring costs.

First Republic, the San Francisco-based bank, had been suffering from deposit withdrawals since the failures of Silicon Valley Bank and Signature Bank, deemed as the biggest U.S. banking failures since the 2008 financial crisis. Last week, concerns about the health of the U.S. banking sector were revived after the regional bank reported a loss of more than $100 billion in deposits in the first quarter.

The Federal Deposit Insurance Corp. or FDIC, which was appointed as receiver after First Republic Bank was closed by the California Department of Financial Protection and Innovation, was in the auction process for finalizing a sale of the troubled bank. As per reports, about six banks, including JPMorgan, were bidding for the lender.

As per the purchase and assumption agreement, Columbus, Ohio -based JPMorgan Chase Bank, N. A. will assume all of the deposits and substantially all of the assets of First Republic Bank.

First Republic Bank’s 84 offices in eight states will reopen as branches of JPMorgan Chase on Monday, May 1, as normal, and will offer uninterrupted service including digital and mobile banking capabilities, to clients.

All depositors of First Republic Bank will become depositors of JPMorgan, and they have full access to their deposits.

The acquired First Republic businesses will be overseen by JPMorgan’s Consumer and Community Banking or CCB Co-CEOs, Marianne Lake and Jennifer Piepszak.

As of April 13, First Republic Bank had approximately $229.1 billion in total assets and $103.9 billion in total deposits.

The deal includes acquisition of the substantial majority of First Republic Bank’s assets, including around $173 billion of loans and approximately $30 billion of securities. It also includes assumption of around $92 billion of deposits, including $30 billion of large bank deposits, which will be repaid post-close or eliminated in consolidation.

JPMorgan Chase is not assuming First Republic’s corporate debt or preferred stock.

FDIC will provide loss share agreements covering acquired single-family residential mortgage loans and commercial loans, as well as $50 billion of five-year, fixed-rate term financing.

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Upon close, Endeavor will hold a 51% controlling interest in the new company and existing WWE shareholders will hold a 49% interest in the new company.

The new company will be led by Ariel Emanuel as Chief Executive Officer. He will also continue in his role as CEO of Endeavor. Dana White will continue in his role as President of UFC and Nick Khan will serve as President of WWE.

Together, UFC and WWE expect to deliver an estimated $50 million to $100 million in annualized run rate cost synergies by leveraging, among other things, Endeavor’s back office and robust infrastructure.

The transaction values UFC at an enterprise value of $12.1 billion and WWE at an enterprise value of $9.3 billion. The transaction represents a contribution price of WWE of approximately $106 per share.

Additionally, UFC and WWE will each contribute cash to the new company so that it holds approximately $150 million. At closing, Endeavor intends to sweep all excess cash at UFC, and shareholders of the new company (other than Endeavor) are expected to receive a post-closing dividend.

Under the terms of the transaction, existing WWE shareholders will roll all existing equity into the new entity, which will be named later, that will be the parent company of UFC and WWE. The new entity intends to list on the New York Stock Exchange under the ticker symbol “TKO”.

The transaction has been unanimously approved by the Executive Committee of the Board of Directors of Endeavor and by the Board of Directors of WWE.

The transaction, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals, is expected to close in the second half of 2023.

This marks the successful conclusion of WWE’s strategic alternatives review process.

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Earnings per ordinary share were 179 US cents, down from 1002 US cents a year ago. Earnings per ordinary share from continuing operations were 165 US cents, compared to 996 US cents last year.

Headline earnings per ordinary share were 11 US cents, compared to 144 US cents a year ago.

On a continuing operations basis, headline loss per ordinary share was 3 US cents, compared to profit of 138 US cents a year earlier.

Group trading profit declined 49 percent to $1.4 billion, mainly reflecting Tencent’s 26 percent lower contribution to the group’s trading profit and losses in consolidated ecommerce business.

Group revenue, measured on an economic-interest basis, grew 1 percent to $16.5 billion, driven mainly by a 35 percent increase in Ecommerce revenues.

On a consolidated basis, total revenue increased 18 percent to $3.24 billion from $2.75 billion in the prior period.

Separately, Prosus said it has closed the acquisition of remaining 33.3 percent stake in iFood Holdings B.V. and IF-JE Holdings B.V. from minority shareholder Just Eat Holding Limited for 1.5 billion euros in cash.

It was in August that Prosus group entered into an agreement to acquire the remaining stake. Closing of the transaction was subject to approval by the Just Eat Takeway.com shareholders .

The deal prise also includes a contingent consideration of up to a maximum of 300 million in cash .

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

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NextEra Energy Partners expects to acquire the interests in the assets for total consideration of approximately $805 million, plus the assumption of its share of the portfolio’s estimated $1.5 billion in tax equity financing, subject to working capital and other adjustments.

NextEra Energy Partners expects to complete the acquisition later this year, subject to customary closing conditions.

Immediately following the acquisition, NextEra Energy Partners will contribute its interests in the newly acquired projects and in six existing renewables assets to a new portfolio.

In conjunction with the acquisition and creation of the new portfolio, NextEra Energy Partners has entered into a 10-year convertible equity portfolio financing with Ontario Teachers’ Pension Plan Board, a leading global infrastructure investor, to invest $805 million into the new portfolio.

Under the terms of the financing, the investor will initially fund approximately $645 million, which will be used by NextEra Energy Partners to finance its acquisition of the newly acquired assets.

A second funding of approximately $160 million is expected to occur by the end of the third quarter of 2023 upon the achievement of the commercial operations of Appaloosa Run Wind, Eight Point Wind and Yellow Pine Solar.

The investor is expected to earn an effective annual coupon of approximately 2.8% on the outstanding investment over its initial 10-year period.

Looking ahead, from a base of its fourth quarter 2021 distribution per common unit at an annualized rate of $2.83, NextEra Energy Partners continues to expect 12% to 15% growth per year in limited partner distributions per unit as being a reasonable range of expectations through at least 2025, subject to the usual caveats.

NextEra Energy Partners expects the annualized rate of the fourth-quarter 2022 distribution that is payable in February 2023 to be in a range of $3.17 to $3.25 per common unit.

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The definitive agreement says Poseidon would acquire all outstanding common shares of Atlas not owned by Fairfax, Washington and Sokol for $15.50 per share in cash. Fairfax, Washington and Sokol currently own approximately 68 percent of the outstanding common shares. The per share purchase price represents a 34 percent premium to Atlas’ unaffected share price as of August 4, 2022, the last trading day prior to a publicly disclosed proposal from Poseidon to acquire Atlas.

Atlas would continue payment of all ordinary course quarterly dividends regardless of the timing of any closing.

The transaction is expected to close in the first half of 2023, subject to approval by holders of a majority of Atlas common shares not owned by Poseidon and its affiliates.

Upon the closing of the transaction, Atlas common shares would cease trading on the New York Stock Exchange. Atlas preferred shares would continue trading on the NYSE under current terms.

Following completion of the transaction, Washington and Fairfax would own a majority of the equity of Atlas. Bing Chen would continue to serve as President and CEO of Atlas and would contribute his equity in Atlas to become an owner of the company along with Poseidon.

Morgan Stanley & Co. LLC is serving as financial advisor to the Special Committee of the Board of Atlas whereas Gibson, Dunn & Crutcher LLP and Morris, Nichols, Arsht & Tunnell LLP are serving as legal advisors.

Citi is serving as financial advisor to Ocean Network Express Pte. Ltd and Latham & Watkins LLP is serving as legal advisor.

Torys LLP is serving as legal advisor to Fairfax, K&L Gates LLP is serving as legal advisor to Washington, and Honigman LLP is serving as legal advisor to David Sokol and Poseidon.

Shares of Atlas Corp are currently trading in pre-market at $14.79, down $0.01 or 0.07 percent from the previous close.

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