M&A; Watch: Barclays, Sinopec, Galp, Citi, EMI, TransForce, I.E. Miller
Friday, November 11, 2021 10:22 AM

Some noticeable M&A taking place today are discussed below.

Management to Buy Barclays Private Equity Arm

Barclays Private Equity (BARC.L) is being bought by its own management team for an undisclosed sum. The arm will be re-named as Equistone Partners Europe. The bank added that the approximate value of the assets to be sold off is around 45 million pounds or $71.5 million. The sale is part of bank’s strategy to sell of the non-core assets.  

Sinopec to Acquire 30 Percent of Galp Svcs for $3.54 Billion

Sinopec Group(SHA:600688) announced agreement with Portugal based Galp Energia SGPS SA to acquire 30 percent stake in Galp Brazil for $3.54 billion. Sinopec said, “Taking into consideration this investment and projected future capital expenditure the total cash payout amounts to approximately $5.18 billion at closing."

Citi to Sell EMI Units for $4.1 Billion

Vivendi’s Universal Musical Group is set to buy EMI’s recorded-music unit for $1.9 billion, while the publishing operation of the company will be bought for $2.2 billion by a group led by Sony’s music division, a Wall Street Journal report said. Citigroup, which owns EMI, may announce the deal on Friday or will wait till the weekend.   

TransForce To Acquire I.E. Miller Services

TFA Holdings USA, Inc., a subsidiary of TransForce Inc. (TSX: TFI.TO), announced acquisition of I.E. Miller Services Inc., a provider of rig relocation services., from Complete Production Services Inc. (NYSE:CPX) I.E. Miller operates eight strategically located terminals located in key proximity to North American basins in Texas, Louisiana, Oklahoma, Colorado, and North Dakota.