The Madison Square Garden Co. (NYSE: MSG) may separate its sports and live entertainment businesses into two publicly-traded companies, with James Dolan serving as CEO of both companies. The sports division includes the National Basketball Association's New York Knicks, the Women's National Basketball Association's New York Liberty (currently up for sale) and the National Hockey League's New York Rangers. The entertainment business houses the Madison Square Garden and Radio City Music Hall venues. "We believe this proposed transaction would provide each company with enhanced strategic flexibility, its own defined business focus and clear investment characteristics," Dolan said in a statement. J.P. Morgan (NYSE: JPM), PJT Partners, and Sullivan & Cromwell are advising MSG. Read the full story from Bloomberg News: Madison Square Garden explores spinoff of Knicks and Rangers.

Deal News Inc. (Nasdaq: AMZN) is buying online pharmacy PillPack. The target, founded in 2013, delivers medications in pre-sorted dose packaging, coordinates refills and renewals, and makes sure shipments are sent on time. The company's strategy aims to make taking medication easier for people on multiple daily prescriptions. "PillPack is meaningfully improving its customers’ lives, and we want to help them continue making it easy for people to save time, simplify their lives, and feel healthier," says Jeff Wilke the CEO of Amazon Worldwide Consumer. PillPack delivers products in every state except Hawaii.

Audax Private Equity has purchased Revolution Dancewear, a supplier of dance recital costumes, competition costumes, footwear, and dancewear, from Incline Equity Partners. Robert W. Baird and Cohen & Grigsby PC advised the sellers. Kirkland & Ellis advised Audax.

Bain Capital Private Equity is buying Italmatch Chemicals SpA from Ardian. Italmatch manufactures chemical additives for water and oil treatment, lubricants, flame retardants and plastic additives.

BV Investment Partners has made a majority investment in Risk International, an independent, risk management and benefits information services provider. Risk International helps mid-market and large-cap businesses reduce their recurring total cost of risk for commercial insurance and employee benefits, while preserving or improving coverage.

Schott AG, a glass and ceramic materials materials manufacturer based in Mainz, Germany, is expanding into the U.S. through acquisitions. The company is seeking targets that have up to $174 million in sales. "Our activities have seen acquisitions across the globe lead to high value creation, and we expect the same results from further U.S. investments," says Schott CFO Jens Schulte.

People Moves
Larry Prior has joined the Carlyle Group LP (Nasdaq: CG) as an operating executive consultant for the aerospace, defense and government services team. Prior is the former CEO of information technology services company CSRA Inc.

James McGinnnis has been hired by nvestment bank PJ Solomon as a managing director to the lead the firm's renewables coverage. McGinnis was most recently the CEO of Mainstream Renewable Capital Inc.

Sophie Kornowski is joining healthcare-focused investment firm Gurnet Point Capital as a senior partner. Kornowski was formerly an executive vice president at Roche.

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