Notable Mergers and Acquisitions of the Day 06/06: (CHK) (ACOM) (CLMT)
- Microsoft (MSFT) Names ValueAct's Morfit to Board
- Microsoft (MSFT), Apple (AAPL) Top List as U.S. Offshore Corp. Cash Pile Swells
- Energy XXI (EXXI) to Acquire EPL Oil & Gas (EPL) in $2.3B Deal
- Huge Explosion Reported in East Harlem, New York
- King Digital Ent. (KING) Sees IPO Price of $21 - $24/Share
- Chesapeake Energy (NYSE: CHK) is in talks to sell pipelines valued at $4 billion to Global Infrastructure Partners, according to reports from Bloomberg.
Chesapeake is facing a cash-crunch due to a decline in natural gas prices and shareholder pressure from corporate governance issues. The sale would include its stake in Chesapeake Midstream Partners LP (NYSE: CHKM) . If talks go smoothly, a deal is expected to be reached in days.
- According to reports out Wednesday, Ancestry.com Inc. (Nasdaq: ACOM) has hired Frank Quattrone's Qatalyst Partners LLC to find buyers.
The news comes after shares have been clobbered after NBC canceled TV series "Who Do You Think You Are?," where the company's services was highlighted.
Private equity firms, or Internet giants like Google Inc. (Nasdaq: GOOG) and Facebook (Nasdaq: FB) could see value in the family-history research website.
- Calumet Specialty Products Partners, L.P. (Nasdaq: CLMT) has signed a definitive agreement to acquire Royal Purple, Inc., for total consideration of approximately $335 million, subject to customary purchase price adjustments (the "Royal Purple Acquisition"). The Royal Purple Acquisition is expected to close by the middle of July 2012, subject to customary closing conditions and regulatory approval.
Royal Purple is a manufacturer of high performance lubricants primarily for automotive, industrial, marine, motorcycle and racing applications.
Pursuant to the agreement, Royal Purple will be converted into a limited liability company, and Calumet will acquire 100% of its membership interests at the closing. Calumet intends to finance the Royal Purple Acquisition through a combination of cash on hand (including a portion of the approximately $149 million of net proceeds from its recently completed common unit offering), borrowings under its senior secured revolving credit facility and potentially other long-term debt financing, subject to market conditions for such long-term debt financing. Calumet's obligation to consummate the Royal Purple Acquisition is not conditioned upon the receipt of financing.
Latham & Watkins LLP is acting as legal counsel to Calumet with respect to the Royal Purple Acquisition. Hallett & Perrin, P.C. is acting as legal counsel to Royal Purple. Cleary Gull Inc. is acting as financial advisor to Royal Purple.
You May Also Be Interested In
- Citron Says Plug Power (PLUG) Fair Value is 50 Cents
- Market Wrap: Men's Wearhouse/Jos. A. Bank Strike Deal; Fuel Cell Stocks Pop, Drop; Bye, Bye Fannie and Freddie?
- Pre-Open Stock Movers 3/11: (LJPC) (BYD) (FCEL) Higher; (FTEK) (RTK) (MYGN) Lower (more...)
Create E-mail Alert Related CategoriesSpecial Reports
Related EntitiesNotable Mergers and Acquisitions
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!