Deals of the day: Mergers and acquisitions
AXTA•AkzoNobel and Axalta offered remedies to secure EU approval for their $25 billion merger. Other reported deals included a €1.8 billion combination of Panzani and Cerealis, UniCredit taking control of Commerzbank, CCC Intelligent Solutions’ $6.1 billion take-private deal, and Proofpoint’s $6.3 billion acquisition of Varonis Systems.
1. Reported transactions
AkzoNobel and U.S. peer Axalta Coating Systems offered remedies in an effort to secure EU antitrust approval for their $25 billion merger, a European Commission filing showed. French pasta maker Panzani and Portugal’s Cerealis are in exclusive talks to combine operations in a deal valuing the merged business at about €1.8 billion ($2.03 billion).
2. Banking and buyouts
UniCredit said the European Central Bank had authorized it to take control of Commerzbank after a hostile takeover offer completed in July lifted its stake in the German rival to 48%. CCC Intelligent Solutions agreed to be acquired by a consortium of private investment firms led by GTCR and including Elliott Investment Management in a $6.1 billion take-private deal.
3. Other deal developments
Britain’s culture minister Lisa Nandy said she would not refer Axel Springer’s planned purchase of Telegraph Media Group to a more detailed competition investigation, clearing the way for the deal to proceed. Thoma Bravo-owned Proofpoint will buy Varonis Systems in an all-cash deal valued at about $6.3 billion.
