Elliott’s BP pressure campaign

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Financial Times 15h ago

Elliott’s BP pressure campaign - Financial Times

Quick Summary:

For its part, Thoma Bravo was sitting on about $40bn of unspent cash for PE deals, sources told the FT, allowing the software-focused PE group to “reach” to beat out bidders including TPG and Francisco Partners.

Competition to lend was so intense that in the weeks before the deal was signed, it appeared as if Apollo might lose its position as the agent and lead on the loan to Blackstone, people briefed on the matter said.

Apollo Global Management celebrated on Tuesday when Thoma Bravo, which won the near $11bn bidding war for the Boeing unit, signed its debt commitment papers.