Financial News

BASEL, Switzerland — Novartis on Wednesday announced that its merger agreement with Alcon has been settled to the tune of $12.9 billion. The new $8.7 billion Alcon eye care division, which includes CIBA Vision and selected ophthalmic medicines, will be led by current Alcon president and CEO Kevin Buehler.

Shares of Novartis were up 7.6% to more than $60 in early morning trading.

"The full merger is the logical conclusion of our initial strategic investment in Alcon,” stated Daniel Vasella, Novartis chairman.

ATLANTA — Private equity firm Roark Capital Group last week closed the deal on its acquisition of Atkins Nutritionals, a weight-control and nutrition brand. Atkins' management team, led by CEO Monty Sharma — who invested alongside Roark Capital in the transaction — will remain with the business.

Terms of the transaction were not disclosed.

NEW YORK — L'Oréal USA is extending its coverage of American hair salons by acquiring the professional distribution business of Peel's Salon Services, a Nebraska-based company.

L'Oréal USA acquired Peel's Salon Services through its SalonCentric division. Through the acquisition, the SalonCentric division is extending its distribution territory, now covering the vast majority of the United States.

LONDON — GlaxoSmithKline on Monday announced its acquisition from Darwin Private Equity of Maxinutrition, a U.K. company that manufactures protein-enhanced functional nutrition products.

“This deal will give GSK a strong presence in the fast-developing protein-based sports nutrition market, appealing across a broad spectrum of consumers, from elite athletes to sports participants and those seeking additional nutritional supplementation,” stated John Clarke, GSK Consumer Healthcare president.

MONTVALE, N.J. — Bankrupt grocer A&P has announced that the U.S. Bankruptcy Court for the Southern District of New York has approved the $800 million debtor-in-possession financing provided by JPMorgan Chase. Of the total DIP facility, a $350 million term loan immediately has been made available.

As previously reported, A&P filed for bankruptcy on Sunday and will keep its 395 stores open and operational during the proceedings.

In addition, the court granted A&P's motion to approve its request for "first day orders," including:

SCOTTSDALE, Ariz. — Matrixx Initiatives on Tuesday announced that it has entered into a definitive merger agreement to be acquired by affiliates of private equity firm H.I.G. Capital.

The board of directors of Matrixx unanimously has approved the merger agreement. Under the terms of the merger agreement, affiliates of H.I.G. will commence a tender offer to purchase all of the outstanding shares for approximately $75.2 million.

WASHINGTON — With just days left before the holiday shopping season draws to a close, the National Retail Federation has increased its forecast as the economic environment gives way to increased consumer spending.

MONTVALE, N.J. — Battling hefty debt and intense competition, grocer A&P filed for bankruptcy on Sunday and has secured $800 million in debtor-in-possession financing to keep the 395-store chain open and operational during the proceedings.