Notable Mergers and Acquisitions of the Day 06/06: (CHK) (ACOM) (CLMT)
- Market Wrap: Markets Weak on Greece, China; Aetna Moves to Acquire Humana; ISM Service Index Gained in June
- Advanced Micro Devices (AMD) Cuts Q2 Outlook
- After-Hours Stock Movers 07/06: (SUNE) (AAP) (CTCT) Higher; (AMD) (SHLM) (ETRM) Lower (more...)
- Nike (NKE) to Become Wolverines' Official Athletic Footwear, Apparel and Equipment Provider
- UPDATE: ECB Keeps Emergency Liquidity for Greek Banks Unchanged, Adjusts Haircuts on Collateral
- 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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Notable Mergers and Acquisitions 7/6: (HUM)/(AET) (WTW) (MPET) (NPD)
- Twitter (TWTR) Trades at Session Highs Amid Unconfirmed Rumors
- Notable Analyst Rating Changes 7/2: (T) (KOS) (KIM) Upgraded; (GNRC) (BTU) (RF) Downgraded
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!