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AMERICAS
US chipmaker Broadcom's Chief Executive Hock Tan will try to convince EU antitrust enforcers that his proposed $61bn bid for cloud computing firm VMware, which has triggered scrutiny on both sides of the Atlantic, is pro-competitive, Reuters reported.
Tan, flanked by his executives and lawyers, in Brussels for a closed hearing on one of the biggest tie-ups in the history of the technology sector.
VMware is advised by Goldman Sachs (led by Sam Britton), JP Morgan, Gibson Dunn & Crutcher (led by Andrew Kaplan and Barbara Becker) and FGS Global (led by Paul Kranhold). Financial advisors are advised by Debevoise & Plimpton (led by Michael Diz) and Sullivan & Cromwell (led by John L. Savva and Alison S. Ressler). Broadcom is advised by Bank of America (led by Ron Eliasek and Kevin Brunner), Barclays (led by Gary Posternack, Richard Hardegree and Laurence Braham), Citigroup (led by Daniel Mallegni and Tyler Dickson), Credit Suisse, Morgan Stanley (led by Anthony Armstrong), Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers (led by Adit Khorana), Wachtell Lipton Rosen & Katz (led by Viktor Sapezhnikov, Ronald Chen and David Karp), Brunswick Group and Joele Frank (led by Arielle Rothstein, Tim Ragones and Joele Frank). Financial advisors are advised by Cooley (led by Ben Beerle). Silver Lake is advised by Simpson Thacher & Bartlett (led by Atif Azher).
A consortium of investors, including Elliott, Patient Square and Veritas Capital, agreed to acquire Syneos Health, a health care company, for $7.1bn.
“This agreement is the culmination of a comprehensive review of opportunities available to Syneos Health, including interest from multiple parties with the assistance of independent financial and legal advisors. The Syneos Health Board of Directors unanimously determined that this all-cash transaction maximizes value for our shareholders and is in the best interests of the Company and all stakeholders. The Company has a strong operating foundation, differentiated, integrated solutions and a focus on being committed to customers. We believe this transaction will enable Syneos Health to continue to accelerate its growth strategy, enhance customer delivery and evolve the organization toward a tech-enabled future,” John Dineen, Syneos Health Chair of the Board of Directors.
Syneos is advised by Bank of America, Centerview Partners, Ernst & Young and Latham & Watkins. Elliott is advised by Gibson Dunn & Crutcher. Veritas is advised by Covington & Burling and Milbank. Patient Square is advised by Kirkland & Ellis (led by Maggie Flores, Michael Weisser and Daniel Wolf). Debt financing is provided by BMO Capital Markets, Citigroup, Goldman Sachs, HSBC, Jefferies & Company, Macquarie Group, Natixis Partners, RBC Capital Markets, Truist Securities, UBS and Wells Fargo Securities.
MoneyGram International a global financial technology company that connects the world's communities, provided an update on its previously announced agreement to be acquired by funds affiliated with Madison Dearborn Partners.
The parties received approval from the Reserve Bank of India. As a result, all money transmission regulators in all applicable domestic and international jurisdictions have now provided their approval or non-objection of the transaction. All other regulatory conditions to closing had previously been met.
MoneyGram is advised by Bank of America, Vinson & Elkins and Joele Frank. Bank of America is advised by Paul Hastings. Madison Dearborn Partners is advised by Barclays, Deutsche Bank, Goldman Sachs, JP Morgan, Covington & Burling, Kirkland & Ellis, Latham & Watkins (led by Fiona M. Maclean, Ian Bushner, Christopher Drewry and Neal Reenan), Abernathy MacGregor Group. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton (led by Paul Shim) and Davis Polk & Wardwell. Debt financing is provided by Barclays, Deutsche Bank and Goldman Sachs.
Advent International and Warburg Pincus, two private equity investors, agreed to acquire BioPharma Solutions business from Baxter, a global medtech company, for $4.25bn.
“Today represents an important step in Baxter’s ongoing transformation journey as we continue to execute against our strategic priorities, enhance our focus and create additional value for all our stakeholders. BPS has long been recognized worldwide as a trusted and preferred partner of contract manufacturing services for the pharmaceutical and biotech industries. Advent International and Warburg Pincus have extensive experience helping innovative healthcare companies advance their mission and strategic priorities. I am confident that under their stewardship, BPS will continue to build on its leadership position, foster world-class talent, invest in new capabilities and capacity, and provide leading-edge, high-quality solutions for its clients," José E. Almeida, Baxter Chairman, President and CEO.
Crosspoint Capital Partners, a venture capital firm, agreed to acquire Absolute Software, a software company, for $870m.
“In the modern remote and hybrid work environment, maintaining device integrity and protection is more difficult than ever. We are impressed with how Absolute has built upon its asset visibility and control heritage and expanded into solutions that provide endpoint resilience and the reliable access needed in today’s hybrid work environments. We look forward to partnering with Christy and the Absolute team as they continue to deliver highly differentiated solutions to the market,” Greg Clark, Crosspoint Capital Partners Managing Partner.
Absolute Software is advised by Perella Weinberg Partners, Raymond James, Blake Cassels & Graydon and Cooley. Crosspoint Capital Partners is advised by Barclays, Ropes & Gray and Stikeman Elliott.
A Brian Kahn-led consortium agreed to acquire the remaining 64% stake in Franchise Group, an American publicly traded holding company that acquires and manages mainly franchise companies, for $1.7bn.
"This transaction is an exciting milestone for our company. The Special Committee and its advisors conducted an independent process and review of the strategic alternatives available to the Company, with a focus on obtaining the best outcome for public stockholders. We believe the proposed transaction delivers immediate and certain value for public stockholders at a significant premium to the unaffected share price, and we have the flexibility to explore other potential transaction opportunities during the go shop period under the Merger Agreement," Matt Avril, Franchise Group Chairman of the Board of Directors and the Special Committee.
Franchise Group is advised by Jefferies & Company, Troutman Pepper and Wachtell Lipton Rosen & Katz (led by David A. Katz and Zachary S. Podolsky). Brian Kahn is advised by Willkie Farr & Gallagher. B. Riley is advised by Sullivan & Cromwell. Irradiant Partners is advised by Davis Polk & Wardwell.
Centerbridge Partners, a global multi-strategy private equity firm, agreed to invest in TA Associates-backed Netwrix, a private IT security software company that develops software to help companies identify and secure sensitive data and assist with compliance auditing. Financial terms were not disclosed.
"Netwrix solutions help organizations of any size strengthen their security posture across all the primary attack surfaces: data, identity and infrastructure, as well as ensure regulatory compliance. With Centerbridge and TA's backing and technology acumen, we're well positioned to address our customers' mission-critical needs," Steve Dickson, Netwrix CEO.
Netwrix is advised by Jefferies & Company and Avista PR (led by Eric Jones). Centerbridge Partners is advised by Moelis & Co and Kirkland & Ellis. TA Associates is advised by DLA Piper and Goodwin Procter.
ADIA, Bain Capital, Flexpoint and Ares, investors, agreed to acquire a 20% stake in US wealth unit from CI Financial, an investment management firm, for $1.34bn.
“This investment from several leading global financial institutions validates our differentiated U.S. wealth management strategy and the considerable success we have achieved in just over three years building and executing on the growth of the business,” Kurt MacAlpine, CI CEO.
CI Financial is advised by RBC Capital Markets, Skadden Arps Slate Meagher & Flom (led by Ryan Dzierniejko), Stikeman Elliott and StreetCred PR (led by Jimmy Moock).
HireVue, a video interviewing, assessments and text-enabled recruiting tools company, completed the acquisition of Modern Hire, an enterprise hiring platform that enables organizations to continuously improve hiring experiences, from The Riverside Company, a private equity firm. Financial terms were not disclosed.
“We’re proud of the work we’ve accomplished with Modern Hire in our nearly 6-year ownership period. We are grateful to our Modern Hire management team, its customers and partners for their support as we remained committed to delivering innovative solutions to drive success in the ever-evolving world of talent acquisition," Loren Schlachet, Riverside Micro-Cap Fund Managing Partner.
The Riverside Company was advised by Lightning Partners, William Blair & Co and Jones Day (led by Joseph Hatina).
Court Square Capital Partners, a middle market-focused private equity firm, agreed to acquire a majority stake in Team Select Home Care, a specialist in home health and long-term pediatric care, mobile therapy and mobile physician services, from Tenex Capital Management. Financial terms were not disclosed.
"As home care specialists, our patients and their families will always be our primary focus. Our goal has always been to raise the bar on the standard of care our industry provides. Partnering with Court Square is an exciting opportunity because of their deep healthcare knowledge and proven track-record of working with companies similar to ours," Fred Johnson, Team Select Home Care CEO.
Team Select is advised by Cantor Fitzgerald. CSCP is advised by Edelman. Tenex Capital is advised by Willkie Farr & Gallagher (led by Jessica Sheridan).
Kent Road Capital, a private equity firm, completed the acquisition of a majority stake in CuBE Packaging Solutions, a reusable packaging solutions provider. Financial terms were not disclosed.
“CuBE’s commitment to sustainability, combined with its leading market position and customizable product offerings, make it an attractive investment opportunity for Kent Road Capital," Ian Kessler, Kent Road Partner.
Kent Road Capital was advised by BMO Capital Markets and Goodmans.
Pearl Energy Investments, a private equity firm, completed an investment in Swordfish Energy Holdings, an exploration and production company. Financial terms were not disclosed.
“This is an exciting time to be well-capitalized and pursuing new opportunities. We look forward to leveraging our technical and operational expertise combined with Pearl’s financial strength and opportunistic investment style to move quickly and capture high quality producing assets and undeveloped horizontal acreage,” Marcos Briceno, Swordfish CEO.
Swordfish was advised by Vinson & Elkins (led by Mike Marek). Pearl Energy was advised by Sidley Austin.
DIC, a chemical company, agreed to acquire the Canadian business of PCAS, a biotechnology company, for €88m ($97m).
"PCAS’ potential decision to divest its Canadian subsidiary and the execution of the related agreements remain in any case subject to the full completion of the mandatory information-consultation process of the competent workers’ councils, after authorization of PCAS’ Supervisory Board and Seqens, its majority shareholder," PCAS.
SK Capital is advised by Nomura.
KKR, a global investment firm, agreed to acquire Industrial Physics, a manufacturer of testing and measurement instruments, from Union Park Capital, a private equity investment firm. Financial terms were not disclosed.
“Testing and measurement is an attractive market that is poised to continue growing as focus on product quality and supply chain transparency intensifies. We are thrilled to invest in Industrial Physics, a leader in this space, that has built an impressive portfolio of brands used by many of the world’s leading manufacturers. We look forward to working with the Industrial Physics team and helping the company reach new heights through organic growth and M&A," Brandon Brahm, KKR Partner.
KKR is advised by Dechert.
Serent Capital, a growth-focused private equity firm, completed the investment in BS&A, an ERP software provider. Financial terms were not disclosed.
"When considering with whom to partner, Serent's understanding and experience in the government technology space, coupled with their values, shined. The investment from Serent will allow us to further expand BS&A's reach and deliver value to BS&A's customers across the country," Chad Harryman, BS&A CEO.
ADNOC and Apollo negotiate a $7.6bn offer for Braskem.
Braskem, a Brazilian petrochemicals maker, received an offer of as much as $7.6bn from Abu Dhabi National Oil and Apollo Global Management.
Adnoc, as the Abu Dhabi-based oil and gas producer is known, has been diversifying geographically and adding business lines, growing in power and influence even amid climate change. Acquiring Braskem could be difficult because its two biggest shareholders, Novonor and Petroleo Brasileiro, haven’t always seen eye to eye, pulling a planned share sale last year because they couldn’t agree on price, Bloomberg reported.
SoftBank nears deal to sell Fortress to Mubadala for up to $3bn.
Months of protracted talks to sell SoftBank Group-owned asset manager Fortress Investment Group to Abu Dhabi sovereign wealth fund Mubadala have reached a late stage, with the parties close to a deal for as much as $3bn, FT reported.
A sale, which would transform Mubadala into one of the largest credit investors in the world by adding Fortress’s close to $50bn in assets under management, could be announced later this month.
TPG is negotiating a $2bn acquisition of Angelo Gordon.
TPG is in talks to acquire investment firm Angelo Gordon, which would be its first major foray into credit investing since separating from Sixth Street three years ago.
A deal, which would value Angelo Gordon at more than $2bn, hasn’t been finalized and the discussions may not ultimately lead to a transaction, Bloomberg reported.
Blackstone, PNC, Apollo among 20 firms that made bids on SVB.
At least 20 companies including units of Blackstone, PNC Financial Services Group and Apollo Global Management, were involved in bids for parts of Silicon Valley Bank after it collapsed, Bloomberg reported.
A posting by the Federal Deposit Insurance listed names of unsuccessful bidders in the auction that followed the March 10 shutdown of SVB, along with separate lists of the terms offered, without saying which institution made each of the bids. There may be more bids than bidders because some of the firms made multiple offers.
Occidental buys back 6.5% of Warren Buffett’s preferred stock.
Occidental Petroleum redeemed $647m, or about 6.5%, of Berkshire Hathaway’s preferred stock as the oil company begins paying back Warren Buffett four years after he helped finance its acquisition of Anadarko Petroleum, Bloomberg reported.
The total cost of Occidental’s redemption was $712m as it includes a 10% premium to Buffett and matches distributions to common stock holders. Buffett’s preferred stock carries an 8% annual dividend, making it an expensive part of Occidental’s capital structure.
Occidental drops after Buffett said not seeking full control.
Shares in Occidental Petroleum dropped in premarket trading after Warren Buffett said Berkshire Hathaway won’t make an offer for full control of the energy group, tempering speculation he was seeking to own the company after spending months snapping up its shares, Bloomberg reported.
The stock fell as much as 3.4% in early trading before paring losses to 1.5%. Its shares have dropped 3.7% this year through Friday’s close amid a slump in commodity prices.
KKR earnings sink 26% in first quarter as asset sales slow.
KKR & Co earnings fell 26% during the first quarter from a year earlier as a dealmaking drought continued to weigh on the alternative asset manager, Bloomberg reported.
The firm reported $719m in distributable earnings, or $0.81 a share, during the quarter ended March 31.
Apollo dials back $25bn goal for flagship buyout fund.
Apollo Global Management expects commitments for its 10th flagship private equity fund to reach the “low $20bn range,” falling short of the buyout giant’s earlier $25bn target, Bloomberg reported.
The fund received $16bn of commitments through March 31, with a final close expected in the summer, after the firm reported a sharper-than-expected drop in first-quarter profit.
LightBay raises over $1bn for second private equity fund.
LightBay Capital, a Los Angeles-based private equity firm focused on service-based, middle-market companies, has held the close of LightBay Investment Partners II and its related vehicles LightBay fund II with total capital commitments of $1.04bn.
The oversubscribed fund exceeded its target of $800m and closed at its hard cap, attracting commitments from a diverse investor group which includes state and local pension funds, family offices, foundations, fund of funds, insurers, LightBay’s network of highly experienced industry executives, and LightBay professionals.
One Equity Partners closes $1bn continuation fund.
One Equity Partners, a middle market private equity firm, announced the close of a $1bn continuation fund, co-led by AlpInvest Partners, a subsidiary of global investment firm Carlyle, and HarbourVest Partners that will support continued growth for two European portfolio companies.
“One Equity Partners is proud to partner with AlpInvest and HarbourVest on this oversubscribed transaction that generates liquidity and attractive returns for our existing investors in two proven assets and gives us the opportunity to continue driving acquisitions and growth. We were able to garner support in this transaction from new investors and institutions across both North America and Europe who recognized the firm’s strong track record of creating and driving value via its unique transformative combination strategy,” David Lippin, One Equity Managing Director and Head of Investor Relations.
One Equity was advised by Kirkland & Ellis and Moelis & Co. AlpInvest Partner was advised by Ropes & Gray.
Aaron Rodgers’ fund backed by athletes and celebrities.
RX3, the venture firm co-founded by football star Aaron Rodgers, Nate Raabe and Byron Roth, has raised $150m from athletes and celebrities for its second consumer-focused growth equity fund, Bloomberg reported
The new fund counts athletes such as Buffalo Bills quarterback Josh Allen, Detroit Lions quarterback Jared Goff, retired swimmer Michael Phelps and celebrities including Christina Aguilera, Josh Duhamel, Machine Gun Kelly and Vanessa Hudgens as investors, Raabe, RX3’s managing partner, said in an interview. RX3’s trio of founders invested more than $30m in the vehicle.
EMEA
Sika, a Swiss multinational specialty chemical company that supplies to the building sector and motor vehicle industry, completed the acquisition of MBCC Group, the former BASF construction chemicals unit, from Lone Star Funds, a private equity firm, for $6bn.
"Today is a historic day for Sika. We are delighted to welcome the MBCC employees to the Sika family. We embark on our exciting journey and will continue to drive Sika’s growth story. Thanks to our extensive experience in integrating companies, we will successfully bring Sika and MBCC together and combine our strengths to create the new reference in the construction chemicals industry. Together we will deliver worldclass performance for our customers and develop innovative, sustainable solutions," Thomas Hasler, Sika CEO.
Sika was advised by Bank of America, UBS, Baker McKenzie (led by Florian Kaestle). Debt financing was advised by Citigroup and UBS. Financial advisors were advised by Homburger. Lone Star Funds was advised by Citigroup (led by Anthony Diamandakis), Goldman Sachs, JP Morgan, Kirkland & Ellis (led by Sam Sherwood) and Weil Gotshal and Manges.
UK-baed international exhibition organiser Hyve Group shareholders have voted in favour of the exhibition company’s acquisition by Providence Equity Partners.
“Hyve Group is pleased to announce that, at the Court Meeting and General Meeting in connection with the recommended cash offer for the entire issued and to be issued ordinary share capital of Hyve by Bidco, all of the resolutions proposed were duly passed," Hyve.
Germany’s Software rebuffed a fresh bid of at least €2.5bn ($2.7bn) from Bain Capital, choosing to maintain support for a lower takeover offer from existing backer Silver Lake Management.
Bain said it’s increasing its indicative proposal to €34 ($37) per share, with the possibility to go higher under certain conditions. Software quickly announced it won’t engage with Bain on the offer, which it believes isn’t superior to Silver Lake’s agreed deal at €32 ($35) per share, Bloomberg reported.
NB Renaissance, a private equity firm, agreed to acquire U-Power, a footwear company. Financial terms were not disclosed.
“By partnering with an exceptional entrepreneur and a very talented management team, our goal is now to expand the business into new geographies and product categories and create a worldwide leader in safety protection equipment,” Stefano Bontempelli, NB Renaissance Co-Founder and Senior Partner.
NB is advised by BNP Paribas, Banca Akros, Houlihan Lokey, Intesa SanPaolo and Legance.
InfraRed, an international infrastructure investment manager, completed a €150m investment in JOLT Energy, a Dublin and Munich-based charge point operator.
“With InfraRed, JOLT has found a financing partner who supports the establishment of a forward-looking infrastructure and paves the way for the crucial change in e-mobility. Our ultra-fast charging stations equipped with powerful battery storage are the missing link in accelerating the energy and transport transition in cities. Ultra-fast charging systems are the key to unlocking the potential of EVs for city residents,” Maurice Neligan, JOLT CEO.
InfraRed was advised by Teneo (led by Matthew Thomlinson). JOLT Energy was advised by Nomura.
One Equity Partners, a private equity firm, completed the acquisition of Kirey Group, an Italian IT systems integrator, and Synergyc, a Bulgarian IT services solutions provider. Financial terms were not disclosed.
“We are happy to partner with Kirey Group to support the Company in their ambition to become a leading Italian and European digital transformation expert. The simultaneous combination of Kirey Group with Synergyc creates a new player of scale in the market that is primed to benefit from robust growth within European IT services, a rapidly growing market driven by the adoption of various technologies supporting remote working and the continued digitization of business processes,” Joerg Zirener, One Equity Partners Senior Managing Director.
BaltCap, a private equity company, agreed to acquire a 70% stake in Hansab, an automation solutions and services provider. Financial terms were not disclosed.
“Hansab is an established business that has developed a high quality and efficient service model in the fast-growing area of automation. We see many avenues to grow the business further, using BaltCap’s long-term experience in taking Baltic companies to international arena,” Kristjan Kalda, BaltCap Partner.
JD Sports, a sports-fashion retail company, agreed to acquire Courir, a fashion sneakers seller, from Equistone Partners, a private equity firm, for €520m ($573m).
"We said at our recent Capital Markets Event that this was the start of a new, distinct chapter in the growth story of JD. The exciting developments that we are announcing today reflect the strategic priorities that we highlighted on the day," Régis Schultz, JD CEO.
JD Sports is advised by FGS Global (led by Rollo Head).
Ambienta, a European private equity manager, completed the investment in Previero, a company offers a complete range of machinery for the grinding of plastic, natural rubber, and synthetic rubber and recycling plants for the treatment of materials such as copper wires, tires and post-consumer packaging. Financial terms were not disclosed.
The investment provides the company with financial and managerial resources, promoting further investments in fixed and human capital.
PAI Partners, a pre-eminent private equity firm, offered to acquire The Looping Group, a pan-European leisure park operator, from Mubadala Capital, an Emirati state-owned holding company, and Bpifrance, a French public sector investment bank. Financial terms were not disclosed.
“Looping is a young company with exciting prospects. Positioned in the resilient budget leisure segment, the group is well placed to benefit from long-term tailwinds that underpin the local leisure park market. We look forward to supporting the management team in further structuring the group for the next chapter of growth – and, importantly, to continue delivering an amazing visitor experience,” Bertrand Monier, PAI Partners Partner.
Germany's top union to enter Thyssenkrupp defence sales talks.
Influential labour representatives are open to private equity players taking a stake in Thyssenkrupp's warship division Marine Systems and will set up a committee in the coming days to join the negotiation process.
Thyssenkrupp is reviewing strategic options for the unit, which builds submarines and frigates, and held early talks with private equity firms KKR, Carlyle and CVC.
Apart from a minority stake sale, TKMS could also be spun off, its chief executive and Thyssenkrupp board member Oliver Burkhard said last month. This is the first time the union has publicly backed private equity becoming a shareholder in TKMS. Labour support is vital to any major transaction at Thyssenkrupp, where IG Metall has traditionally wielded substantial influence, Reuters reported.
Telecom Italia up after deadline for final grid offer set.
Telecom Italia board members set a final deadline of June 9 for improved offers for its prized landline grid.
TIM directors met to draw up a response to rival approaches for the grid from KKR and a consortium of state lender CDP and fund Macquarie, worth $23bn and $21.2bn, respectively.
After the board meeting, TIM said the were bids "not yet adequate", adding at least one of the bidders had expressed its readiness to improve its non-binding offer, Reuters reported.
Arctos considers taking minority stake in Paris Saint-Germain.
Arctos Sports Partners is among a group of investors interested in buying a stake in Paris Saint-Germain, a French football club.
The discussions are at an early stage, and are regarding a stake of between 5% and 15%. PSG currently values itself at about €4.2bn ($4.6bn), Bloomberg reported.
Air France-KLM in talks with Apollo for $550m cash injection.
Air France-KLM, a Franco-Dutch airline holding company, said it engaged with private equity firm Apollo Global Management for a $550m capital injection for one of its engineering and maintenance units.
The proceeds of the transaction would be allocated to general corporate purposes, the airline said, adding it would not involve any operational or workforce-related changes. The new financing arrangement if complete will help strengthen Air France-KLM’s and Air France’s balance sheet, Reuters reported.
Abu Dhabi family plans Middle East’s second SPAC listing.
An investment firm backed by Abu Dhabi’s Al Maskari family is planning to list a blank-check firm in the city, in what would be the second such deal in the Middle East.
MEASA Partners is targeting a listing for the special purpose acquisition company this year. It’s working with Abu Dhabi Commercial Bank and Credit Suisse Group on the potential listing, Bloomberg reported.
Blank-check pioneer Martin Franklin launches London IPO.
Serial dealmaker Martin E. Franklin, who warned of excesses in blank-check companies last year, is raising money for a new buyout company, Bloomberg reported.
Admiral Acquisition is selling units at $10 each on the London Stock Exchange. The sponsor is Mariposa Capital, a Miami-based family office owned by Franklin.
SoftBank investors focus on Arm IPO at Q4 earnings.
SoftBank Group reports earnings amid an uptick in some stocks held by its Vision Fund unit, and with the market thirsty for details on its upcoming listing of Arm aimed at bolstering the investment company's balance sheet, Reuters reported.
The fourth-quarter earnings come after the Vision Fund unit posted four consecutive quarters of investment loss, with investors debating whether the value of privately held stakes have further to fall.
Brookfield leans on Middle East, Asia in drive for $1tn.
Brookfield Asset Management has raised $19bn for new funds this year and says it’s relying heavily on cash-rich investors in the Middle East and Asia to fuel its growth, Bloomberg reported.
About 40% of the capital the firm has raised in the past year comes from those two regions and US clients are becoming a smaller part of the business.
BlackRock seeks $1bn for new fund with Middle East backing.
BlackRock is targeting an initial $1bn fundraise from some of the Middle East's largest sovereign wealth funds for a new private equity fund focused on infrastructure investments in the region’s, Bloomberg reported.
While the fund's first close may raise about $1bn, total capital commitments could eventually reach several billion dollars. BlackRock is considering domiciling the fund, which will operate out of Riyadh, in the Abu Dhabi Global Market.
APAC
SoftBank Vision Fund loses money again despite tech rebound.
SoftBank Group lost money in its Vision Fund investment unit again despite a rebound in tech stocks, as the Japanese conglomerate suffered losses on unlisted startups in its portfolio, Bloomberg reported.
The Vision Fund unit lost YEN297.5bn ($2bn) in the three months ended March, compared with a YEN2.2tn ($16.3bn) loss a year earlier. The gargantuan investment fund that Masayoshi Son proudly set up in 2017 lost a record YEN4.3tn ($31.8bn) for the full fiscal year, almost doubling the record loss of YEN2.6tn ($9.2bn) the year before.
Temasek-backed STT GDC is said to mull $1bn pre-IPO round.
A digital infrastructure provider backed by Singapore’s state-owned investment firm Temasek is considering raising as much as $1bn in a funding round before its potential initial public offering, Bloomberg reported.
ST Telemedia Global Data Centres has held talks with potential advisers on the fundraising as it’s keen to bring in strategic investors. The funding round would help set a valuation benchmark for an IPO, which could happen as soon as next year.
KKR, Macquarie eye Sembcorp.
US private equity group KKR and Australia's Macquarie Asset Management are among potential bidders for the waste and recycling management arm of Singapore's energy group Sembcorp in a deal that could value the unit at around $500m, Reuters reported.
Sembcorp, which is 49.3% owned by Singapore's state investor Temasek, has hired HSBC to run the sale of SembWaste.
Temasek considers investing $100m in BlueStone.
Singapore state investor Temasek Holdings $100m in Indian jeweller BlueStone for a stake of about 20%.
The investment would value BlueStone, backed by venture capital firm Accel and Indian industrialist Ratan Tata, at close to $500m.
The potential deal could boost BlueStone's plans to expand aggressively in India, the second-largest jewellery consuming nation behind China, as demand surges after the pandemic, Reuters reported.
Berkshire Hathaway sells $59m worth of shares in China's BYD.
Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 1.9m Hong Kong-listed shares of electric vehicle maker BYD for $59m, Reuters reported.
The sale on May 2 lowered Berkshire's holdings in BYD's issued H-shares to 9.87% from 10.05%.
Brookfield weighing stake sale in Indian tower business.
Brookfield Infrastructure Partners is considering the sale of a minority stake in its telecommunications tower business in India, Bloomberg reported.
The Canadian investment firm is working with an adviser to sell a stake of more than 10% in the infrastructure investment trust that holds Summit DigiTel. A deal would satisfy regulatory requirements around the so-called InvIT structure.
Virgin Australia says IPO planning advanced, finalizing capital return.
Planning for Virgin Australia's upcoming initial public offering is "well advanced", Chairman Ryan Cotton said in an internal email that also outlined bonus payments to the airline's shareholders and staff after a return to profit, Reuters reported.
Investors led by US private equity firm Bain Capital will share a $495m payment. It will be structured as a capital reduction rather than a dividend, with Bain Capital taking around 90% followed by Richard Branson's Virgin Group with 5% and the rest going to the remaining shareholders.
Japan's SMBC, Incubate Fund launch new vehicle in SG for fintech investments.
Sumitomo Mitsui Banking and Incubate Fund, a Tokyo-based venture capital company, have jointly set up a fund in Singapore to invest in promising fintech and other startups in Asia, DealStreetAsia reported.
The new fund, SMBC Asia Rising Fund, will manage $200m, most of which comes from the Japanese megabank. It will invest in fintech startups with advanced technologies in payment, lending and other fields in a bid to promote financial services with them in Asia.
Bain Capital said to near final close of Asia fund after raising $6bn.
US private equity firm Bain Capital is nearing the final close of its fifth and biggest Asia-focused fund after having raised around $6bn from global investors.
The committed capital to the fund has exceeded the firm’s initial target of $5bn. Bain Capital, which started fundraising in the second half of last year, aims to complete the exercise in the coming weeks, DealStreetAsia reported.
Actis launches a $500m renewables platform in Japan.
London-based infrastructure investor Actis has launched a $500m, Japan-focused renewables platform called Nozomi Energy, which will target 1.1 GW of onshore wind and solar power generation by 2027, DealStreetAsia reported.
Financing for Nozomi Energy will come from Actis’ fifth and latest energy infrastructure fund, which has $6bn of investable capital. The platform will have a dedicated team, which will be led by Jose Antonio Millan Ruano, the former President & CEO of Hinode Energy.
Licious, Darwinbox backer 3one4 Capital raises $200m for new fund.
Indian early-stage venture capital investor 3one4 Capital raised $200m for its fourth fund to back startups in sectors including consumer Internet, SaaS, and fintech.
3one4 Capital, which has investments in Open, BetterPlace, Jupiter, KukuFM, Koo, Dozee, and Tracxn, said the fund was oversubscribed to $250m, but the accepted amount was reduced to $200m to maintain its intended size, DealStreetAsia reported.
Mars Growth Capital launches new funds to invest in Japanese, European startups.
Singapore-based venture debt firm Mars Growth Capital is launching two new debt funds that will provide financing to Japanese and European startups, DealStreetAsia reported.
Mars Japan Fund, which will have a maximum size of $148m, will provide growth financing to promising pre-unicorns and unicorns in Japan.
Genesia Ventures closes third fund below target at $110m.
Japanese early-stage investor Genesia Ventures has closed its third fund at $110m, lower than its initial target of $130m, DealStreetAsia reported.
In February last year, the investment firm hit the first close of its third fund at approximately $90m.
Stride Ventures hit first close of venture debt fund at $100m.
Stride Ventures, which has backed the likes of HealthifyMe and Mensa Brands, has hit the first close of its third venture debt fund at $100m with a target to finally close it at $200m, DealStreetAsia reported.
The firm, which has invested in over 100 startups across two funds, hit the first close within four months of receiving the licence for the third fund.
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