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QuotedData’s morning briefing 1 September 2021

In QuotedData’s morning briefing 1 September 2021:

  • PS VII Master (PSVII), an affiliated co-investment vehicle of Pershing Square Holdings (PSH) has notified Vivendi S.E. that it plans to exercise its option to acquire 52,769,098 ordinary shares of Universal Music Group, representing 2.9% of the company, for approximately $21.78 per share. This comes after the board of PSH’s special purchase acquisition company (SPAC), Pershing Square Tontine Holdings, decided not to proceed with its planned acquisition of a stake in Universal Music Group. The total cash consideration of $1.1bn represents an equity value for UMG of €33bn. PSVII’s purchase will not increase PSH’s ownership of UMG. PSVII’s purchase means PSH and its affiliates will own 10% of the ordinary shares of UMG.
  • Apax X, in which Apax Global Alpha (APAX) is a limited partner, has signed a definitive agreement to acquire a majority ownership stake in SavATree, a leading, professional tree, shrub and lawn care provider. The transaction is expected to close in Q4 2021, subject to customary closing conditions. On a look through basis, APAX is expected to invest approximately €23m in the company, depending on final closing arrangements.
  • SDCL Energy Efficiency Income (SEIT) has extended and increased its revolving credit facility to £145m for short-term financing of acquisitions. Three new banks have been added to the RCF, which are ING, Intesa Sanpaolo and HSBC Bank. The new expiry date of the RCF is 30 June 2024 and it also includes an uncommitted accordion of a further £55m.
  • Following VietNam Holding’s (VNH) tender offer, 28,736,221 shares were validly tendered of which 12,356,927 shares were in respect of basic entitlements and 12,087,126 shares were in respect of excess applications. As a result, all valid tenders will be satisfied in full up to the basic entitlement and, following application of the scale-back mechanism, tenders in excess will be satisfied to the extent of 3.9% of the excess shares tendered. The tender price is due to be announced next week.

We also have interim results from BH Macro and Third Point Investors shares an update on its strategic measures. Acorn Income also shared an update on its future.

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