Altria sells Ste Michelle Wine Estates for USD 1 2 billion iclg.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from iclg.com Daily Mail and Mail on Sunday newspapers.
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The global outbreak of COVID-19 hit the United States in March 2020. Over a year later, it has irrevocably altered the way that M&A parties negotiate and structure agreements for the purchase and sale of private companies.
In the wake of the pandemic, parties to privately negotiated M&A agreements have begun adding provisions or modifying existing ones to account for the many challenges COVID-19 has presented. For example, since March 2020, many M&A agreements specifically include or exclude the pandemic and its effects from the definition of “material adverse event” (MAE). This definition and the negotiations relating to it are extremely important because the definition serves the purposes of (a) allocating pre-closing adverse-change risk and (b) qualifying the seller’s or the company’s representations or bring-down closing conditions.
Royal Caribbean Group completes the sale of its Azamara brand to Sycamore Partners prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
Cruise
Holland America Line’s former boss to join Azamara, as new owners reveal plans for fourth ship 29 Jan 2021
Sycamore Partners has wasted no time since announcing its acquisition of Azamara, announcing a new senior appointment as well as plans to expand the cruise line’s fleet.
Orlando Ashford has been named as the incoming executive chairman of Azamara, with his appointment to become effective upon the completion of Sycamore’s
$260 million acquisition, which is expected to occur in the first quarter of this year.
Ashford most recently spent more than five years as president of Holland America Line, before
26 January 2021
The new private equity owners of Azamara have unveiled plans to add a new ship to the fleet.
Following a full-ship renovation, investors Sycamore Partners said a fourth ship is scheduled to sail for its inaugural season in Europe in 2022.
She will join f Azamara Journey, Azamara Quest and Azamara Pursuit.
This news follows an announcement earlier this month that Sycamore Partners has entered into a definitive agreement to acquire Azamara, presently under the portfolio of Royal Caribbean Group.
The deal is expected to close in the first three months of the year.
“The addition of this ship is an important milestone and reflects Sycamore Partners’ commitment to supporting Azamara in its next phase of growth,” said Stefan Kaluzny, managing director of Sycamore Partners.”