The second week of February 2016 continues to be very rewarding for Barclays Capital Canada, one of Barclays Bank plc.
On Tuesday, the day Fortis announced it had agreed to offer US$6.9 billion to get U.S. power transmission company ITC Holdings Corp., tucked away in the bottom from the release was that Barclays, along with Morgan Stanley, advised the seller.
ITC, which is based in Michigan, operates 25,000 kilometres of transmission lines and facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma. It’s “the largest independent pure-play electric transmission company within the U.S.”
Fortis, that is located in St. John’s, is offering US$45 a share. It will finance the money part of deal via a US$2-billion debt raise, and “the sale of up to 19.9 per cent of ITC to 1 or more infrastructure-focused minority investors.” The equity portion is going to be financed with the offering of 0.7520 Fortis shares for every ITC share held. The transaction, which needs a quantity of approvals, isn’t expected to close until near year-end.
Goldman Sachs and Scotiabank advised Fortis and provided committed financing.
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- Fortis shares wear blockbuster deal to buy U.S. power-line operator ITC for $6.9 billionFour Amaya employees may join CEO David Baazov in bid to take PokerStars owner private
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The previous day the Fortis announcement, additional information were provided concerning the plans by Amaya to take the company private. For the reason that transaction, David Baazov, Amaya’s chairman and chief executive C with some other key executives C have said they desire to make an all-cash proposal to acquire Amaya for $21 a share.
One of the steps necessary for that plan to proceed may be the formation of a special committee from the board whose job is to opine around the fairness of the transaction towards the remainder of Amaya shareholders.
On Monday, Amaya announced the special committee has appointed Barclays Capital Canada Inc. to act since it’s exclusive financial adviser. For the reason that role Barclays works with Blake, Cassels & Graydon, the law firm hired by the special committee.
So with two deals in two days, can Barclays complete a hat trick? I suppose we will know on Wednesday.
