Deals of the day: Mergers and acquisitions
CCC•CCC Intelligent Solutions agreed to a $6.1 billion take-private deal, while Labcorp agreed to buy assets from an Opko Health subsidiary for $722 million, with up to $150 million in potential additional payments. Other reported developments included bids, talks and opposition to proposed deals.
1. Take-private and asset deal
CCC Intelligent Solutions said it agreed to be acquired by a consortium led by GTCR and including Elliott Investment Management in a $6.1 billion take-private deal. Labcorp said it will buy some assets from an Opko Health subsidiary for $722 million in cash, with a potential additional payment of up to $150 million tied to revenue from a prostate cancer test.
2. Other deal developments
Lufthansa is in talks to take full control of TAP, as Portugal's government seeks support for the sale of its remaining 50.1% stake for €1.351 billion. Private equity firms are exploring separate bids for International Paper's European packaging business, potentially valued at less than $6 billion, the Financial Times reported, citing people familiar with the matter.
3. Further bids and talks
Richemont is in talks to join a consortium bidding for De Beers, valued at about $1 billion. Cohere signed a letter of intent to buy cybersecurity startup AISLE; easyJet faces union opposition to its £5.7 billion takeover by Apollo but says it remains on track to complete the deal before the end of the first quarter of next year. EQT agreed to buy Stockbridge for an initial $375 million.
