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Apollo $APO to Acquire @Outerwall $OUTR Kiosks Owner in $1.6B Deal

Apollo $APO to Acquire @Outerwall $OUTR Kiosks Owner in $1.6B Deal

the company started exploring strategic alternatives. The deal was unanimously approved by Outerwall’s board of directors. “We are pleased to reach this agreement, which follows a robust process and provides an immediate and substantial cash premium to our shareholders,” said Erik E. Prusch, Outerwall’s chief executive. “Apollo is an ideal partner to support Outerwall’s efforts to continue serving our millions of loyal customers and dedicated retail partners through our unrivaled network of kiosks and automated retail offerings.” “We are extremely excited for our funds to acquire Outerwall,” said David Sambur, partner at Apollo. “Outerwall is a dynamic customer-focused business that delivers superior kiosk experiences that delight consumers and generate value for its retailer partners. We look forward to working with Outerwall’s talented and dedicated team to continue the business’s strong heritage of growth and innovation.” The transaction is subject to regulatory approvals and other customary closing conditions, including the condition that that shares representing more than 50 percent of Outerwalls’s common shares be tendered. The transaction is currently expected to close during the third quarter of 2016. Following the transaction, Outerwall will become a privately held company and Outerwall’s common shares will no longer be listed on any public market. Morgan Stanley & Co. LLC is serving as financial advisor to Outerwall and Wachtell, Lipton, Rosen & Katz and Perkins Coie LLP are serving as legal counsel. LionTree Advisors, Bank of America Merrill Lynch, Barclays, Credit Suisse and Jefferies LLC are acting as M&A advisors to Apollo and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal advisor to Apollo. Financing is being provided by Bank of America Merrill Lynch, Jefferies Finance LLC, Barclays and Credit Suisse. Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Singapore, Mumbai, Delhi, Shanghai and Hong Kong. Apollo had assets under management of approximately $173 billion as of March 31, 2016, in private equity, credit and real estate funds. The company had been targeted by various activist investors as a result of poor stock performance, internal management disagreements and executive departures, as previously reported by ExitHub. Under a cooperation and standstill agreement with Newport Beach, Calif.-based activist investor Engaged Capital, which started agitating for change since February 2016, Outerwall was pressured to appoint three board members submitted by Engaged Capital, whose founder, principal and CIO is Glenn W. Welling. He previously served as principal and managing director at Relational Investors, a $6 billion activist equity fund, and as a managing director at Credit Suisse.]]>

Hines REIT to Dissolve, Sells CRE Assets to @Blackstone $BX for $1.16B

Hines REIT to Dissolve, Sells CRE Assets to @Blackstone $BX for $1.16B

Hines was said to have hired Lazard to explore a divestment of its $5.5 billion Hines Global REIT Inc. property portfolio. The deal with Blackstone is structured as an asset purchase of approximately 3 million square feet of office properties, and includes Howard Hughes Center in Los Angeles, Calif.; Daytona Buildings in Redmond, Wash.; Laguna Buildings in Redmond, Wash.; 5th and Bell in Seattle, Wash.; 2100 Powell in Emeryville, Calif.; 2851 Junction Avenue in San Jose, Calif.; and 1900 and 2000 Alameda in San Mateo, Calif. Hines REIT is also in the process of selling its interests in and liquidating the remaining assets that comprise its portfolio, including Chase Tower in Dallas, 321 North Clark in Chicago and a grocery-anchored retail portfolio located primarily in the southeastern United States. “When we first launched Hines REIT in 2003, it was structured as a perpetual life vehicle, much like many institutional funds,” said Sherri Schugart, president and CEO of Hines REIT. “Impacts from the great recession caused us to close the fund to new investors in 2009, so we began considering other options that could provide the best opportunities for enhancing stockholder value through the following economic recovery. By making strategic asset sales and redeploying proceeds into Class A West Coast office properties over the last several years, we’ve been able to add to the overall quality and concentration of our portfolio, sustain attractive distributions to investors, and increase our net asset value per share. After our management and Board of Directors considered a variety of strategic alternatives to maximize stockholder value through a liquidity event, we are confident that the plan of liquidation achieves that goal,” Schugart added. Hines REIT, one of three public non-listed REITs sponsored by Hines, said its board of directors unanimously voted to approve a plan for liquidation and dissolution of the company, subject to stockholder approval. The transaction with Blackstone will be subject to stockholder approval of the plan of liquidation, and certain closing conditions. There will be no financing contingency associated with the transaction. The Eastdil Secured group of Wells Fargo Securities LLC acted as financial advisor to Hines REIT on this transaction and Robert A. Stanger & Co. Inc. provided certain financial advisory services. Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 182 cities in 20 countries. Hines has $89.1 billion of assets under management, including $42.5 billion for which Hines provides fiduciary investment management services, and $46.6 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,126 properties, totaling over 351 million square feet. The firm’s current property and asset management portfolio includes 457 properties, representing over 193 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.]]>

Nippon Paper to Buy Liquid Packaging Plant From @Weyerhaeuser $WY for $285M

Nippon Paper to Buy Liquid Packaging Plant From @Weyerhaeuser $WY for $285M

Nikkei Asian Review reported. The Japanese company will establish a wholly owned subsidiary by the end of September, buying Weyerhaeuser’s facilities in Washington state, as well as sales offices in Japan, the U.S. and South Korea. Nippon Paper will also take on about 500 employees. According to Nikkei, the acquisition will be the largest for the company since spending 42.6 billion yen to purchase a stake in a Chinese firm in 2010. Weyerhaeuser announced the planned sale of its pulp mills in May 2016. A strategic review of the company’s Cellulose Fibers business was initiated in November 2015. The company’s review of its printing papers joint venture is ongoing. “This transaction creates significant value for Weyerhaeuser shareholders and enhances the focus of our portfolio as we work to be the world’s premier timber, land, and forest products company,” said Doyle R. Simons, president and chief executive officer. Weyerhaeuser expects to use a substantial portion of the estimated $225 million after-tax proceeds for repayment of debt. The transaction is subject to customary closing conditions, including regulatory review, and is expected to close in the third quarter 2016. The Weyerhaeuser liquid packaging board mill and Nippon Paper Industries will continue to operate separately until the transaction closes. Nippon Paper Industries Co., Ltd. is a holding company which engages in the manufacture and sale of paper products. Its operations are carried out through the following segments: Paper and Pulp, Paper-related, Wood Products and Construction Related, and Other. Nippon’s Paper and Pulp segment handles the production and sale of printing paper, paperboard, household paper, pulp, and papermaking materials. The Paper-related segment provides processed paper, chemical products, and functional materials. The Wood Products and Construction Related segment offers lumber, construction materials, and civil engineering services. The Other segment includes beverage, logistics, and leisure businesses. The company was founded in 1949 and is headquartered in Tokyo, Japan. Weyerhaeuser, one of the world’s largest private owners of timberlands, began operations in 1900. The company owns or controls more than 13 million acres of timberlands, primarily in the U.S., and manages additional timberlands under long-term licenses in Canada. It manages these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. Weyerhaeuser is also one of the largest manufacturers of wood and cellulose fibers products. The company operates a real estate investment trust (REIT). In February 2016, it merged with Plum Creek Timber Co. Inc. In 2015, Weyerhaeuser and Plum Creek, on a combined basis, generated approximately $8.5 billion in net sales and employed nearly 14 thousand people worldwide. The company is based in Federal Way, Washington.]]>