M&A

September 21, 2021

DraftKings Rolls The Dice 🎲

Football SZN is here, sports betting SZN is here, and now apparently sports betting DEAL SZN is here, too. 🎲 🤑

Sources disclosed DraftKings’ offer to buy Entain, a U.K.-based online sports betting company. Currently, MGM and Entain are involved in their BetMGM partnership, but MGM’s offer to completely acquire Entain for $11 billion earlier this year was rejected.

According to Entain, MGM’s offer did not reflect the company’s actual valuation. DraftKings’ offer, however, is $18 billion worth of both stock and cash. 💰 The only issue is that MGM kind of owns Entain, so the deal would have to be approved by MGM… yeah, lol.

DraftKings declined to comment. We’ll be keeping an eye out for the next big moves in sports betting. 🕵️‍♂️

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M&A

February 5, 2024

Another Day Of M&A

As usual, it was another busy Monday of mergers and acquisitions. Let’s recap the biggest deals. 📝

First, Danish pharmaceutical giant Novo Nordisk’s parent company is buying drug manufacturer Catelent for $16.5 billion to help boost the supply of popular weight loss injection Wegovy and diabetes shot Ozempic. Novo Nordisk will then buy three of Catalent’s manufacturing sites from its parent company for $11 billion, giving it further access to the fill-finish part of its Wegovy product. 🏭

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M&A

January 8, 2024

Biotech Builds Buyout Momentum

It was another busy Monday of M&A activity in the biotech and healthcare space, with more expected during this week’s annual JPMorgan Healthcare Conference. Let’s quickly recap today’s deals. 📝

Johnson & Johnson will acquire cancer drug developer Ambrx Biopharma for $2 billion in cash. Ambrx is aiming to target multiple cancers with drugs called antibody-drug conjugates, or ADCs, which are described by researchers as “guided missiles” to directly target and kill cancer cells while limiting damage to healthy cells. 🎯

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M&A

February 20, 2024

Walgreens Gets The Boot

It’s tough being part of the U.S. stock market’s largest indexes. With thousands of individual stocks to choose from, if any one component isn’t performing, it’s simply replaced by something else. 🔀

In other words, everyone is replaceable. That’s the harsh truth that Walgreens is facing today after discovering Amazon is replacing it in the Dow Jones Industrial Average. 🔀

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M&A

May 22, 2023

An M&A-Filled Monday

It was a busy day for dealmaking activity, so let’s quickly review.

Regional banks were buoyed after PacWest Bancorp said it would sell a portfolio of real estate construction loans to shore up its balance sheet. The company will sell 74 loans with an aggregate principal outstanding of $2.6 billion to a unit of Kennedy-Wilson Holdings. It’s also selling them six additional loans with an aggregate balance of around $363 million. While the deal comes at a discount, investors are celebrating PacWest’s steps toward improving its liquidity position. 💵

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M&A

October 12, 2022

Cameco Shares Melt Down On Acquisition News

The world’s largest publicly traded uranium company, Cameco Corp., is falling on news that it’s acquiring Westinghouse Electric Company. However, it won’t be tackling the deal on its own; it’s recruiting the help of Brookfield Renewable Partners. 🤝

Under the $4.5 billion deal terms, they’ll split the cost and ownership almost evenly. Ultimately, Cameco will own 49% of Westinghouse Electric, and Brookfield Renewable will own 51%. And although Cameco has the funds on hand to support the acquisition, it is seeking alternatives to fund the deal to maintain its balance sheet health.

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M&A

April 3, 2023

An M&A Monday

It was a busy day for dealmakers, so let’s recap some of the biggest movers. 🤩

After months of searching for a deal, Vince McMahon’s World Wrestling Entertainment (WWE) has agreed to merge with the UFC as part of a deal with Endeavor Group. The deal values WWE at $9.3 billion and Endeavor’s asset UFC at $12.1 billion. 💰

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M&A

June 26, 2023

Dealmakers Rush Before Quarter End

While there are typically a lot of deals announced after a weekend, today was exceptionally busy. Let’s take a look. 👇

The world’s largest industrial property real estate investment trust, Prologis, owns 1.2 billion square feet in 19 countries. And it’s about to get even bigger. The company announced today it’s buying a portfolio of U.S. warehouses and distribution properties for $3.1 billion. It signals that industrial properties remain strong in an otherwise shaky commercial property industry. 🏗️

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