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Deals of the day-Mergers and acquisitions

ReutersFeb 12, 2025 3:11 PM

Adds TE Connectivity, ONGC, BlackRock; Updates Spirit Airlines

- The following bids, mergers, acquisitions and disposals were reported by 1430 GMT on Wednesday:

** TE Connectivity < TEL.N> said it will buy utility grid products maker Richards Manufacturing Co for about $2.3 billion in cash, as it looks to strengthen its position in the electrical utilities market to take advantage of a power demand surge.

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** Spirit Airlines SAVEQ.PK on Tuesday rejected Frontier Group's < ULCC.O> revised acquisition offer, worth about $2.16 billion, saying the bid from its fellow ultra-low-cost carrier was less beneficial to shareholders than its ongoing reorganization plan.

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** State-owned explorer Oil and Natural Gas Corporation (ONGC) < ONGC.NS > said that its joint venture with utility firm NTPC Green Energy NTPG.NS will acquire Ayana Renewable Power, which operates solar and wind plants.

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** Britain's competition regulator said it will not refer U.S.-based asset management firm BlackRock's BLK.N 2.55 billion pounds ($3.17 billion) acquisition of UK data firm Preqin to an in-depth Phase 2 probe.

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** Balkan telecoms and media company United Group has agreed to sell its broadband provider Serbia Broadband to e& PPF Telecoms Group and other assets to Telekom Srbija in a deal with an enterprise value of 1.5 billion euros, United said.

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** The Australian government said it was open to acquiring collapsed airline Regional Express Holdings REX.AX to ensure its regional services continue, in what would be the first state ownership of a carrier in the country in three decades.

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** Merck KGaA MRCG.DE, the German healthcare and technology group, said on Monday it is in advanced talks to acquire U.S. cancer and rare diseases drugmaker SpringWorks Therapeutics SWTX.O.

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** French retailer Carrefour said in a statement on Tuesday it plans to acquire all outstanding shares of Carrefour Brazil from minority shareholders, boosting its stake in Carrefour Brazil from 67.4% to 100%.

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