Amex Global Business Travel agrees to $5.3bn deal with Apollo SPAC, Carlyle invests in GTCR-backed Resonetics

The merger includes $335 million private investment in public equity (PIPE) financing from new investors; the Carlyle deal continues the firm's focus on medical products businesses.

Happy Friday! 

SPAC attack: Apollo’s SPAC agreed to merge with American Express Global Business Travel in a $5.3 billion deal. The merger includes $335 million private investment in public equity (PIPE) financing from new investors including Zoom, Sabre and Ares Management. Read it here on PE Hub.

Apollo Strategic Growth Capital has about $815 million, according to Wall Street Journal. The firm raised a second SPAC in February.

The company has commitments for an about $1 billion credit facility, which could be used to fund any withdrawals before the deal closes, WSJ said.

Big one today from Carlyle Group — the firm invested in medical device contract manufacturer Resonetics in a deal that values the company at $2.25 billion. Carlyle is joining existing investor GTCR in the company. 

The deal continues Carlyle’s focus on medical products businesses, including Medline, Ortho Clinical Diagnostics, Unchained Labs and MicroPort, among others. Read more here on PE Hub.

GTCR invested in Resonetics in 2018 through its portfolio company Regatta Medical Holdings, which it formed in partnership with CEO Chip Hance. At the time, Resonetics management team, led by CEO Tom Burns, were retaining their roles. 

Legal: Transom Capital Group, which we covered a few months ago as it worked through a potential key-person issue, acquired Wolters Kluwer’s Legal & Regulatory U.S. legal education business. Transom renamed the business Aspen Publishing.

Earlier this year, Transom got the green light from limited partners to continue investing its third fund after a senior level departure threatened to trigger key-person protections. Managing partner Ty Schultz left the firm in June after leading the firm’s Seattle office. Transom worked with LPs to get the waiver from the key-person provision, which was granted. Read it here on Buyouts.

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