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Abu Dhabi National Oil Co. (Adnoc) is nearing a $13 billion deal to acquire Germany's Covestro, a major producer of polymer materials used in various industries. The deal is part of Adnoc's efforts to transform into a fully integrated energy company and expand into chemical production. Talks have been ongoing for over a year, with negotiations focused on price and job protections for Covestro employees. Adnoc's challenge will be to revive Covestro's slumping sales and profits in the face of underwhelming demand and prices for its products. [Extracted from the article]

Neuberger Berman, a U.S. asset manager, is close to finalizing a deal to purchase a minority stake in Nord Anglia Education, an international-school operator, for a valuation of $15 billion. The stake would be acquired from Nord Anglia's existing shareholders, including EQT and Canada Pension Plan Investment Board. Nord Anglia operates over 80 international day and boarding schools across 30 countries, including 11 schools in the U.S. with annual tuition fees ranging from $8,600 to almost $70,000. The deal would provide Neuberger Berman with a consistent source of income and exposure to the growth of the education market. [Extracted from the article]

Saudi Arabia is planning to sell $10 billion to $20 billion worth of stock in Aramco, the world's most valuable oil company, in order to raise funds for mega projects aimed at diversifying the economy beyond oil. The offering, if it proceeds, would alleviate near-term pressure on the kingdom. Saudi Arabia currently owns over 82% of Aramco, with the rest held by public investors. The size of the offering will depend on the appetite of international investors. [Extracted from the article]

Blackstone, a private equity firm, is in advanced talks to acquire U.K.-based software developer Civica for approximately $2.5 billion, including debt. This potential deal is part of Blackstone's strategy to expand its presence in the U.K. and Europe. Additionally, Blackstone, along with rival buyout firm Permira, has launched a tender offer for Adevinta, an Oslo-listed online-classifieds business. The decline in buyout activity in Europe due to higher interest rates and volatile markets may be stabilizing, potentially leading to more deal making. Civica, owned by Partners Group, specializes in software used in various sectors such as education, government, and healthcare. [Extracted from the article]

Teck Resources, a Canadian mining company, is in advanced talks to sell its coal assets to Glencore, a mining and trading giant. The deal, valued at close to $10 billion, would be one of the largest in the mining industry this year. The price reflects the strong market for metallurgical coal used in steelmaking. Glencore has been one of the few major resources groups to continue investing in coal, while other companies have reduced their exposure to the commodity due to pressure to reduce greenhouse gas emissions. [Extracted from the article]

Vista Equity Partners has agreed to acquire EngageSmart, a business-software company, in a $4 billion deal. EngageSmart develops cloud-based software used by clinicians to manage their practices and offers electronic-invoice technology for billing clients more efficiently. The company is controlled by General Atlantic, and Vista will purchase about 65% of EngageSmart while General Atlantic retains the rest. This acquisition is part of a series of recent deals for Vista, indicating a potential increase in buyer and seller agreement on sale prices. [Extracted from the article]

Earlier this month, the FTC agreed to end its legal challenge of the deal as part of a proposed settlement with Amgen, paving the way for the company's acquisition of Horizon to close as soon as next month. Florida-based Pentwater stands to be a large winner from the FTC's recent failed bid to block the Amgen-Horizon deal. Keywords: wsjfinance-eur; photo-illo; kwexclusive; Biotechnology Services; Pharmaceuticals; Computers/Consumer Electronics; Software; Applications Software; Toys/Games; Trusts/Funds/Financial Vehicles EN wsjfinance-eur photo-illo kwexclusive Biotechnology Services Pharmaceuticals Computers/Consumer Electronics Software Applications Software Toys/Games Trusts/Funds/Financial Vehicles N.PAG N.PAG 1 09/26/23 20230925 NES 230925 Pentwater Capital predicted that FTC attempts to block big deals would fail The efforts by Federal Trade Commission Chair Lina Khan to protect Main Street are inadvertently enriching some on Wall Street, generating outsize profits for Pentwater Capital Management and other large hedge funds that bet on merger deals. [Extracted from the article]

Shein's founder and CEO, Sky Xu, is meeting with potential U.S. investors as the fashion giant moves closer to a potential listing in London. This will be the first opportunity for large institutional investors to meet Xu, who rarely makes public appearances. Shein, which has faced scrutiny from governments worldwide, has shifted its focus to London after its plans for a stock listing in New York fell through. The company is still awaiting approval from the U.K.'s Financial Conduct Authority and the Chinese securities regulator for its IPO. Shein, known for its affordable and trendy clothing, had approximately $32 billion in sales and $1.6 billion in profit in 2023. However, compliance efforts and geopolitical tensions may impact its projected revenue growth for 2024. The company has also faced criticism for its sourcing practices and environmental impact. [Extracted from the article]

Kwexclusive, Telecommunication Services, Wireless Telecommunications Services, Mobile Telecommunications, Banking, Credit Types/Services, Real Estate Transactions, Building Construction, Business/Consumer Services, Office Real Estate Keywords: kwexclusive; Building Construction; Telecommunication Services; Wireless Telecommunications Services; Mobile Telecommunications; Banking; Credit Types/Services; Real Estate Transactions; Office Real Estate; Business/Consumer Services EN kwexclusive Building Construction Telecommunication Services Wireless Telecommunications Services Mobile Telecommunications Banking Credit Types/Services Real Estate Transactions Office Real Estate Business/Consumer Services N.PAG N.PAG 1 03/11/21 20210310 NES 210310 The injection of funds deepens the potential losses the giant tech fund will take from Greensill's failure The injection of funds deepens the potential losses the giant tech fund will take from Greensill's failure. [Extracted from the article]