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Shell maintains pace of buybacks as profit beats estimates.
Sculptor closes $379m European CLO XI. (FS)
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Top US oil and gas producer ExxonMobil has won the approval of the Federal Trade Commission to close its deal for Pioneer Natural Resources Company on the condition that former Pioneer CEO Scott Sheffield is kept off its board, Reuters reported.
The US oil and gas industry went on a $250bn buying spree in 2023 and the consolidation wave has continued into 2024.
The mergers and acquisitions have drawn increased antitrust scrutiny, with the FTC reviewing multi-billion dollar deals, including those involving Chevron , Diamondback Energy , Oxy and Chesapeake Energy .
Pioneer is advised by Bank of America (led by Patrick Ramsey), Goldman Sachs (led by Suhail Sikhtian ), Morgan Stanley (led by Greg Weinberger), Petrie Partners, LLC (led by John Hughes), Gibson Dunn (led by Tull Florey , Andrew Kaplan and Jeffrey Chapman ) and FGS Global (led by Paul Verbinnen ). Exxon Mobil is advised by Centerview Partners (led by Blair Effron ), Citi (led by Kevin Cox and Claudio Sauer ), Davis Polk & Wardwell LLP (led by Louis Goldberg, Oliver Smith and Shanu Bajaj ) and White & Case LLP (led by Denise Cerasani).
Blackstone , an alternative asset manager, completed the acquisition of Tricon Residential , a Canadian real estate company, for $3.5bn.
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“This transaction marks an exciting new chapter in Tricon’s history, one poised to deliver exceptional outcomes for our residents. In partnership with Blackstone, we have the capital and expertise to take our business to the next level, including growing our Canadian multi-family development platform that is providing much needed market rate and affordable housing supply. In the U.S., we will continue to help hard-working American families access quality single-family homes and good schools in desirable neighborhoods, and our commitment to genuine, caring customer service remains unwavering," Gary Berman, Tricon President & CEO.
Tricon Residential was advised by Morgan Stanley , RBC Capital Markets , Scotiabank , Goodmans LLP , Osler, Hoskin & Harcourt LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP . Financial advisors to Tricon were advised by Sullivan & Cromwell LLP . Blackstone was advised by Bank of America , Desjardins , Deutsche Bank , J.P. Morgan , PJT Partners , TD Securities , Wells Fargo , Davies Ward Phillips & Vineberg LLP , Simpson Thacher & Bartlett LLP and Joele Frank .
Novartis , a pharmaceutical company, agreed to acquire Mariana Oncology , a fully integrated biotechnology company pioneering a new era of radiopharmaceutical innovation to treat people with cancer, for $1.75bn.
“Novartis is an established leader in the commercialization of radiopharmaceuticals with a world-class team and global reach. Together, we offer a compelling combination of capabilities. In the short time since founding the company, the team at Mariana Oncology has developed a leading radiopharmaceutical discovery platform and an innovative pipeline. Our strategy has centered on overcoming the unique challenges of end-to-end radiopharmaceutical R&D and ultimately, delivery of these drugs to the bedside. Both Mariana and Novartis are committed to transforming cancer care, and together we will be in a better position to do that,” Simon Read, Mariana Oncology Founder and CEO.
Mariana Oncology is advised by Centerview Partners , Goodwin , and ICR Westwicke (led by Christopher Brinzey ).
Shell maintains pace of buybacks as profit beats estimates.
Shell kept up the pace of share buybacks as first-quarter profit dropped less than expected, maintaining the focus on shareholder returns that has become a hallmark of the oil majors, Bloomberg reported.
The London-based energy producer said it would repurchase $3.5bn of shares in the second quarter, matching the amount in the preceding two reporting periods. Shell has made dividends and buybacks a priority as it seeks to close the valuation gap with its US peers.
Sculptor closes $379m European CLO XI. (FS)
Sculptor Capital Management , an alternative investment company operating multi-strategy, credit and real estate strategies, has closed a €354m ($379m) European collateralised loan obligation, Sculptor European CLO XI.
SCULE 11, arranged by Barclays , is the second CLO issued by Sculptor in 2024 following the closing of its $406m US CLO XXXII, builds on the company’s institutional credit strategies business and will invest predominantly in broadly syndicated senior secured loans.
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