It was a busy day on Wall Street, so let’s recap the buyouts, IPOs, and more dealmaking you might’ve missed. 👀
First up is the Mediterranean restaurant chain Cava confidentially filing for an IPO. The fast-casual restaurant was founded in 2006 and expanded in 2018 by buying Zoes Kitchen for $300 million. It recently raised $230 million in April 2021 at a valuation of $1.71 billion. Now, the company is looking to go public as the market reheats following an ice-cold 2022. 🥗
Newmont Mining shares fell 5% after offering $17 billion to acquire Australia’s Newcrest Mining Ltd. The stock-only proposal would be the largest takeover deal globally so far this year. Elsewhere in the industry, Pan American Silver Corp. and Agnico Eagle Mines Ltd. are taking over Yamana Gold Inc. in a $4.8-billion deal. ⚒️
As part of their alliance restructuring, Nissan is set to buy up to a 15% stake in Renault’s electric vehicle unit Ampere. Nissan’s chief operating officer said, “Previously the alliance was more about synergies…and global volumes.” and“…the next 15 years is about how we become the number one value creator for each other and our shareholders.” ⚡
Public Storage is going hostile on competitor Life Storage, looking to buy it for $11 billion. The proposed all-stock deal would give Life Storage shareholders 0.4192 shares of Public Storage, roughly $129.3 per share based on Public Storage’s most recent closing price. That represents an approximately 19% premium and would value Life Storage at approximately $15 billion. 📦
Paris-listed investment bank Rothschilds & Co. rose 17% on news that the Rothschild family is looking to take it private. As of the end of last year, the Rothschild family owned close to 55% of the bank’s shares and 69% of exercisable voting rights. 🏦
And in slightly less noteworthy news…
The National Enquirer was sold to a group that includes a company Theodore Farnsworth, the indicted ex-chairman of MoviePass, founded. Pricing wasn’t disclosed, but speculation is that it was slightly below $100 million. 📰
Finally, Social Chain, the social media agency founded by Dragons’ Den star Steven Bartlett is being sold in a 7.7 million euro deal. Social media and digital media group Brave Bison is purchasing the agency in hopes that it will increase its social media advertising revenue. 📱