Pacific Exploration receives $830m bid from EIG

Pacific Exploration received a $830m bid from private equity firm EIG Global Energy Partners, which argues that its bid was superior to the one selected last month by the company’s board.

The bid comes ahead of its restructuring-related court hearing on Tuesday in Canada.

Previously, the company’s board selected a bid submitted by Catalyst Capital Group, which had support from debt holders holding more than 75% of the company’s debt.

EIG’s new bid was considered to be superior to Catalyst’s offer, according to the company’s CEO R. Blair Thomas.

Washington-based EIG argued in its letter that the total creditor recovery of $830m in its new bid was 67% higher than the Catalyst offer and the implied enterprise value of $1.53bn was 39% higher too.

The $300m in sponsor equity contributed to the company was 20% higher in the new bid than what Catalyst proposed, the letter said. The $550m in total cash contributed to the company was also 10% higher than Catalyst’s. EIG said the binding offer will expire May 31.

Source:  Globe and Mail

Multiplan Inc. to be acquired by private equity-backed consortium

The consortium’s members comprise of GIC, Singapore’s sovereign wealth fund and Leonard Green & Partners.

According to sources involved in the deal, Multiplan could valued at about $7.5bn.

As per the company’s statement, Starr Investment Holdings and Partners Group will retain minority investments in MultiPlan.

Barclay’s Plc, Goldman Sachs and Simpson Thatcher & Bartlett are advising the buyers whilst JP Morgan Chase and Kirkland & Ellis LLP are advising Multiplan.

Source:  Bloomberg


CVC exits its investment in China’s EIC, ending its IPO plans

PE firm CVC Capital exited its stake in Chinese firm Education International Corp. (EIC), a provider of educational advice to Chinese students. The sale ended the company’s plans of launching an IPO, which would have valued the company at c.$500m (source: Thomson Reuters IFR)

According to sources involved in the deal stated that CVC earned RMB 4.5bn ($692m) from the sale to certain Chinese private equity firms led by NLD Investment LLP and EIC’s founder Joe Li as well as other EIC management.

CVC had invested $200m in the firm in 2013.

Source: Reuters

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