Carlyle Group in talks to acquire $7B stake in Medtronic unit: 5 big deal reports

(C) Reuters.

By Davit Kirakosyan

Here is your Pro Recap of 5 head-turning deal dispatches you may have missed last week: deals at Chicos/Sycamore Partners, Blue Apron/Wonder, Carlyle in talks to acquire a majority stake in Medtronic units, Bain Capital considering a takeover of CCC Intelligent Solutions, and John Malone’s Liberty Media considering merging its stake in SiriusXM with the rest of the radio company.

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Chicos FAS to be acquired by Sycamore Partners for $1 billion

Chico’s FAS (NYSE:CHS) shares soared by over 63% on Thursday following the company’s announcement of its agreement to be acquired by Sycamore Partners for a total of $1 billion ($7.60 per share in cash), as reported in real-time on InvestingPro.

This acquisition, led by the private equity firm, will result in Chicos transitioning into a private company.

The deal is expected to close by the end of the first calendar quarter of 2024. In addition, it includes a 30-day “go-shop” period that will expire at the end of the day on October 27. The “go-shop” period permits Chico’s FAS to solicit and consider alternative acquisition proposals actively.

Marc Lore’s Wonder acquires Blue Apron for $103 million

Blue Apron (NASDAQ:APRN) shares jumped more than 134% on Friday after the company announced its acquisition by Marc Lore’s Wonder Group for $13.00 per share of Class A common stock, totaling around $103 million.

The merger aims to create a leading mealtime platform with enhanced choice, flexibility, and convenience, focusing on chef-curated meals with high-quality ingredients.

Blue Apron’s operations will continue under the Blue Apron brand, with new synergies between consumer-facing apps and delivery logistics. The transaction is expected to close in Q4/23.

Carlyle in exclusive talks to acquire majority stake in Medtronic units for $7B

According to Reuters, citing sources familiar with the matter, Carlyle Group (NASDAQ:CG) is currently in exclusive discussions to acquire a majority stake in Medtronic’s (NYSE:MDT) Patient Monitoring and Respiratory Intervention units at a valuation exceeding $7B.

Should an agreement be reached in the coming weeks, it would signify the conclusion of Medtronic’s year-long evaluation of its patient monitoring and respiratory interventions businesses, which it had contemplated spinning off into a separate publicly traded entity.

These businesses that Medtronic intends to divest would be transferred to a new company majority-owned by Carlyle, with Medtronic retaining a stake of more than 35% in the new entity, as per the sources.

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