MergerLinks Daily Review
MergerLinks
Join a community of 250,000+ M&A professionals. Expand your network and discover new business opportunities.
Welcome to MergerLinks Daily Review. Sign up here to get the full round up of your daily dose of blue-chip M&A news directly to your inbox.
Patanjali Group aims for a $62.7bn valuation in an upcoming IPO.
Lufthansa Technik’s $8bn sale draws interest from financial investors.
You can access today’s complete newsletter here.
Scroll down for more…
Senator Elizabeth Warren urged federal airline regulators to block JetBlue ’s proposed merger with Spirit Airlines by invoking a rarely used authority from the 1950s to argue that the $7.6bn deal isn’t “consistent with the public interest.”
In a letter to Transportation Department Secretary Pete Buttigieg, Warren, a Massachusetts Democrat, said the agency could use its authority over airline certification transfers to stop the merger. She contends that the elimination of Spirit, a low-cost carrier, would likely lead to higher airline ticket prices, particularly in places where Spirit and JetBlue overlap, Bloomberg reported.
“DOT has the statutory authority to block mergers that it determines are inconsistent with the public interest at the agency level without having to go to court - a significant advantage over DOJ - and you have an enormous opportunity to protect consumers nationwide by using this authority aggressively,” Senator Warren.
Spirit Airlines (led by Ted Christie ) is advised by Barclays , Morgan Stanley , Debevoise & Plimpton (led by Marisa Demko and Katherine E. Durnan), Paul, Weiss, Rifkind, Wharton & Garrison LLP , Okapi Partners (led by Jason Alexander) and Sard Verbinnen & Co (led by Andrew Cole). Financial advisors are advised by Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (led by Alexandra McCormack) and Sullivan & Cromwell LLP (led by George J. Sampas). JetBlue (led by Robin Hayes) is advised by Goldman Sachs , Shearman & Sterling LLP (led by Daniel Litowitz and Derrick Lott), White & Case LLP (led by Elena Maria Millerman) and Kekst CNC (led by Jeremy Fielding). Goldman Sachs is advised by Cravath, Swaine & Moore LLP . Debt financing is provided by Bank of America and Goldman Sachs .
Prologis , a logistics real estate firm, completed the acquisition of the logistics facilites of MARK-backed Crossbay , a pan-European last-mile logistics platform, for $1.6bn.
“This acquisition underscores our ongoing ability to provide our customers with quality urban logistics locations and opportunities beyond the real estate near highly populated areas that serve their growth needs,” Ben Bannatyne , Prologis President.
Prologis (led by Ben Bannatyne ) was advised by JLL and Clifford Chance . mark vc (led by Marcus Meijer ) was advised by CBRE , Eastdil Secured and Jones Day .
Billionaire Elon Musk accused Twitter of fraud by concealing serious flaws in the social media company's data security, which the entrepreneur said should allow him to end his $44bn deal for the company, Reuters reported.
Musk, the world's richest person, amended his previously filed lawsuit by adopting allegations by a Twitter whistleblower, who told Congress on Tuesday of meddling on the influential social media platform by foreign agents.
Twitter (led by Parag Agrawal ) is advised by Allen & Company LLC. , Goldman Sachs , J.P. Morgan , Simpson Thacher & Bartlett LLP , Wachtell, Lipton, Rosen & Katz (led by Leo E. Strine), Wilson Sonsini Goodrich & Rosati (led by Katharine A. Martin) and Joele Frank . Financial advisors are advised by Sullivan & Cromwell LLP . Elon Musk is advised by Bank of America , Barclays , Morgan Stanley , McDermott Will & Schulte , Quinn Emanuel , Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (led by Mike Ringler) and Sard Verbinnen & Co . Debt financing is provided by BNP Paribas , Bank of America , Barclays , MUFG , Mizuho , Morgan Stanley and Societe Generale . Debt providors are advised by Davis Polk & Wardwell LLP .
Patanjali Group aims for a $62.7bn valuation in an upcoming IPO.
Patanjali Ayurved Limited , which is run by the yoga guru Ramdev, is aiming for a combined market value of $62.7bn by listing four more companies on Indian exchanges over the next five years.
Patanjali food-to-wellness group will float initial public offerings for Patanjali Ayurved, Patanjali Wellness, Patanjali Medicine and Patanjali Lifestyle, Bloomberg reported.
Lufthansa Technik’s $8bn sale draws interest from financial investors.
Lufthansa 's plan to sell a stake in its aircraft maintenance business Lufthansa Technik has drawn more interest from financial investors than rival engineering firms.
Lufthansa was more likely to opt for a stake sale of around 20-30% than the alternative of launching an initial public offering.
In a best case scenario, the board could then have a list of non-binding offers in January of next year. The board is aiming for a valuation of between $6bn and $8bn including debt, Reuters reported.
Interested to find more? Sign up here to get full round up of your daily dose of blue-chip M&A news directly to your inbox.
You can access today’s complete newsletter here.