Simpson Thacher & Bartlett Archives

U.S. Bancorp Enters Agreement to Acquire MUFG Union Bank

U.S. Bancorp entered into a definitive agreement to acquire MUFG Union Bank’s core regional banking franchise from Mitsubishi UFJ Financial Group. Under the terms of the agreement, U.S. Bancorp will purchase MUFG Union Bank for approximately $8 billion.

CitiGroup & Goldman Sachs Provide Financing to Support Avantor’s Acquisition of Masterflex

Avantor entered into a definitive agreement to acquire the Masterflex bioprocessing business and related assets of Antylia Scientific, a privately held, portfolio company of investment firms GTCR and Golden Gate Capital.

J.P. Morgan Provides Financing to Support Hyatt Hotels’ Acquisition of Apple Leisure Group

Hyatt Hotels entered into a definitive agreement to acquire Apple Leisure Group from affiliates of KKR and KSL Capital Partners for $2.7 billion in cash. Hyatt secured a financing commitment from J.P. Morgan to help support the acquisition.

Ares Acquires Black Creek Group

A subsidiary of Ares Management entered into a definitive agreement to acquire 100% of Black Creek Group’s U.S. real estate investment advisory and distribution business.

BofA Securities Provides Debt Financing to Support Platinum Equity’s Buy of Club Car

Platinum Equity entered into a definitive agreement to acquire Club Car from Ingersoll Rand in a transaction valued at approximately $1.7 billion. BofA Securities will lead the debt financing for Platinum Equity and Club Car in connection with the transaction.

M&T Bank Acquires People’s United Financial in All-Stock Transaction

M&T Bank and People’s United Financial entered into a definitive agreement under which M&T will acquire People’s United in an all-stock transaction. The implied total transaction value based on closing prices on Feb. 19, 2021, is approximately $7.6 billion.

JPMorgan and Others Arrange $500MM ABL for NGL Energy Partners

JP Morgan Chase Bank served as issuing lender, joint lead arranger, joint bookrunner and the collateral and administrative agent on a $500 million asset-based revolving credit facility for NGL Energy Partners. The facility will be used to refinance existing debt.

Harvest Capital Credit and Portman Ridge Finance to Merge

Harvest Capital Credit (HCAP) and Portman Ridge Finance (PTMN) entered into a definitive agreement under which HCAP will merge with and into PTMN, a business development company managed by Sierra Crest Investment Management.

Huntington Bancshares and TCF Financial to Merge

Huntington Bancshares, the parent company of Huntington National Bank, and TCF Financial, the parent company of TCF National Bank, signed an agreement under which the companies will combine in an all-stock merger with a total market value of approximately $22 billion.

A&M Serves as Restructuring Advisor to Superior Energy Services in Chapter 11

Alvarez & Marsal served as restructuring advisor to Superior Energy Services in the company’s financial restructuring and commencement of its Chapter 11 case. Superior serves drilling, completion and production-related needs of oil and gas companies.

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