January 22, 2020 / 10:09 AM / 25 days ago

Deals of the day-Mergers and acquisitions

(Updates Fiat Chrysler, adds Telecom Italia, Hilco Redevelopment Partners)

Jan 22 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Wednesday:

** Real estate developer Hilco Redevelopment Partners has entered into a $240 million agreement to purchase the Philadelphia Energy Solutions (PES) oil refinery, which was the largest and oldest on the East Coast, according to court documents.

** Discussions between Telecom Italia and Open Fiber to merge their fibre-optic assets are still ongoing but “in life there is always a plan B,” the chief executive of Italy’s biggest phone group said.

** European buyout fund Eurazeo has hired Citigroup and Evercore to prepare the sale of its payments business, Planet, in a deal that could value the Irish firm at up to 2 billion euros ($2.22 billion), three sources told Reuters.

** A global group of investors led by Stone Point Capital and Further Global will buy financial services firm Duff & Phelps for $4.2 billion, the companies said.

** Shared workplace operator WeWork said it sold cloud and analytics services provider Teem to digital workplace solutions provider iOFFICE, as it offloads non-core businesses after a botched initial public offering last year.

** Fiat Chrysler’s chief executive Michael Manley said that merger talks with Peugeot owner PSA to create the world’s No. 4 carmaker are progressing well and he hopes to have a deal within 12-14 months.

** China’s Tencent Holdings launched a 1.33 billion Norwegian crown ($148 million) bid for computer games maker Funcom.

** CapitaLand said it had proposed the merger of CapitaLand Mall Trust and CapitaLand Commercial Trust in a cash-and-stock deal valued at S$8.2 billion ($6.1 billion), adding to sector consolidation.

** Japan’s most prominent activist investor demanded Toshiba Machine Co hold an extraordinary shareholders meeting to discuss its plans to introduce defence measures against a hostile takeover.

** French investment fund HLD Europe has entered into exclusive negotiations with London-based IK Investment Partners to buy a majority stake in Exxelia, a manufacturer of components in the space and defence industries, the companies said.

** Italy’s biggest infrastructure fund F2i has picked Rothschild to sell a minority stake in its solar power venture EF Solare Italia to pay down debt, three sources said.

** Hungary’s OTP Bank is in talks to buy Garanti BBVA’s Romanian unit, Romanian online financial news outlet Profit.ro said, citing banking market sources. (Compiled by Nivedita Balu and Dania Nadeem in Bengaluru)

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