Mon, Jul. 11, 7:01 AM
- Thomson Reuters (NYSE:TRI) enters into a definitive agreement with private equity funds affiliated with Onex (OTCPK:ONEXF) and Baring Private Equity Asia to sell its Intellectual Property & Science business for $3.55B in cash. The transaction should close in the next few months.
- The IP & Science business provides comprehensive intellectual property and scientific information, decision support tools and services that enable the life cycle of innovation for governments, academia, publishers and corporations to discover, protect and commercialize new ideas and brands. The portfolio includes Web of Science, Thomson CompuMark, Thomson Innovation, MarkMonitor, Thomson Reuters Cortellis and Thomson IP Manager.
- CEO Jim Smith says, "We are pleased to announce the agreement today to sell our Intellectual Property & Science business to Onex and Baring Asia. With the completion of this divestiture, Thomson Reuters will be even more focused on operating at the intersection of global commerce and regulation."
- Thomson Reuters intends to use ~$1B of the net proceeds to buy back shares and the remainder to pay down debt (primarily commercial paper) and reinvest in the business.
Mon, Jan. 11, 10:54 AM
- ChemChina agrees to acquire German machinery maker KraussMaffei from Onex (OTCPK:ONEXF) in a deal valued at ~€925M (US$1B) to help the Chinese state-run company upgrade its expertise in manufacturing plastics and rubber.
- ChemChina says buying 178-year-old KraussMaffei will bolster its chemical machinery business and fits with the Chinese government’s broader plans to upgrade its manufacturing sector over the next decade.
- The purchase adds to ChemChina’s emergence as one of China’s most ambitious dealmakers after buying or investing in assets in Italy, France, Norway, the U.K. and Singapore in recent years, including tiremaker Pirelli; it also reportedly offered to buy Syngenta at a price that could value the company at ~$44B.
Nov. 24, 2014, 9:44 AM
- Onex (OTCPK:ONEXF +1.1%) agrees to pay up to €3.75B ($4.64B) for Swiss carton packaging maker SIG Combibloc Group from New Zealand-based Reynolds Group.
- SIG is one of the world’s largest manufacturers of carton packaging for the food and beverage industry.
- Reynolds said earlier that SIG’s Q3 revenue fell 3% to $549M on lower sales in Europe, the Middle East and Asia, where a raw milk shortage slowed demand for cartons.
Nov. 10, 2014, 3:35 AM
- Golden Gate Capital has so far outbid other buyout firms, including Onex (OTCPK:ONEXF) and Metalmark Capital, in the battle to acquire Angus Chemical, a specialty chemicals subsidiary of Dow Chemical (NYSE:DOW).
- Golden Gate has put in a bid for more than $1B, Reuters reports.
- Dow has been facing investor pressure to sell off its less-lucrative businesses and return more money to shareholders. Most recently, activist investor Daniel Loeb urged the company to separate its commoditized raw materials businesses from its specialty chemicals operations.
Apr. 4, 2014, 12:02 PM
- Blackstone (BX +0.3%) seals the deal to buy industrial-products maker Gates Global from Onex (ONEXF +0.9%) and the Canada Pension Plan Investment Board for $5.4B, reports Bloomberg, which says the official announcement could come later today.
- It would be Blackstone's biggest private-equity deal since taking over Hilton Worldwide in 2007.
- Blackstone has seemingly been more seller than buyer of late as soaring stock markets make public valuations pricier than private ones. At $5.4B, Blackstone would be paying 9.6x Gates' adjusted EBITDA. Gates had filed to go public last December.
Mar. 25, 2014, 6:08 PM
- Blackstone (BX) reportedly is close to a deal to buy Gates Global for more than $5.5B, in the final stages of negotiations with Gates' P-E owners Onex (ONEXF) and the Canada Pension Plan Investment Board with an agreement possible by early next week.
- BX apparently is preparing to do the deal on its own after TPG Capital, which it had teamed up with to submit a joint bid two weeks ago, backed out.
- The deal is expected to value the auto parts and building products maker at $5.5B-$6B, including debt.
Aug. 26, 2013, 1:58 AM
- The Pritzker Organization (TPO) has reportedly agreed to acquire TMS International (TMS), a provider of procurement and other services to steel mills, for $1B, including around $300M in debt.
- The offer of $17.50 a share represents a 12.4% premium to the stock's closing price of $15.57 on Friday.
- TPO, which is the investment firm of billionaire Tom Pritzker, is acquiring TMS after winning an auction. The latter's main owner is Canadian private-equity firm Onex (ONEXF.PK) with a 60% stake.
Apr. 26, 2013, 4:48 AM
Onex (ONEXF.PK) might reportedly have to settle for a price of $2.5B for its Carestream Health unit, or not sell it at all, after just Bain and Thomas H. Lee Partners were left in the auction for the medical imaging company. Onex's hopes of getting up to $3.5B were dampened after the likes of Carlyle (CG) and KKR (KKR) pulled out of talks due to Carestream Health's uncertain outlook.| Apr. 26, 2013, 4:48 AM
Feb. 20, 2013, 4:17 AM
KKR (KKR) is reportedly the only private-equity firm left in the auction for Gardner Denver, which has a market cap of $3.39B, with final bids due tomorrow. TPG, Onex (ONEXF.PK) and CCMP Capital Advisors have cast an eye upon the maker of industrial pumps, but they're not as interested as KKR, although they could re-enter the fray if the company's valuation changes.| Feb. 20, 2013, 4:17 AM
Nov. 26, 2012, 8:41 AM