Franco-Nevada Buys Stake in Weyburn Oil, Apollo Global Bids For McGraw-Hill Unit: M&A Recap
Franco-Nevada Corporation (NYSE:FNV) purchases an approximate 11.7 percent net royalty interest in the Weyburn Oil Unit with Penn West Petroleum (NYSE:PWE) for the amount of C$400 million in cash. Current output levels are about 26,000 barrels per day of medium grade slightly sour crude. The buyer says that the acquisition should be immediately accretive to earnings, revenue, and cash flow.
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Apollo Global Management (NASDAQ:APO) and the private equity firm Apax Partners are currently out in front in their bids for the education publishing division of McGraw-Hill Companies (NYSE:MHP), say sources to the Wall Street Journal. The companies have reportedly done “serious financial diligence” on the unit and McGraw-Hill will name a preferred bidder, subsequent to which it will have to form a transaction.