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Top Highlights
Silver Lake, a private equity firm, and GIC, a sovereign wealth fund, completed the acquisition of Zuora, a monetization suite for modern business, for $1.7bn, according to press releases.
Advent International, a private equity investor, completed the acquisition of Sauer Brands, a platform of leading condiments and seasonings brands, from Falfurrias Capital, a private equity firm. Financial terms were not disclosed, according to press releases, according to press releases.
Sauer Brands was advised by Morgan Stanley, William Blair & Co, McGuireWoods and Hirsch Leatherwood (led by Steve Hirsch). Advent was advised by Centerview Partners and Weil Gotshal and Manges (led by John O'Loughlin). Falfurrias was advised by McGuireWoods, according to press releases and MergerLinks data.
Ardian, a world-leading private investment house, agreed to acquire Aviation Facilities Company Management, an independent leader in on-airport cargo facilities and infrastructure, from Goldman Sachs, a capital markets company. Financial terms were not disclosed, according to press releases.
Ardian is advised by DC Advisory, Gibson Dunn & Crutcher and H/Advisors Abernathy. Goldman Sachs is advised by Eastdil Secured, RBC Capital Markets and Fried Frank Harris Shriver & Jacobson, according to press releases and MergerLinks data.
Deal Round up
AMERICAS
Silver Lake in talks to buy majority stake in Intel's Altera unit. (Bloomberg )
Diamondback Energy in talks to acquire Double Eagle in a $5bn deal. ( WSJ )
Blackstone explores $2bn sale of Olympus Energy. ( Bloomberg)
Vale in late-stage talks to sell 70% stake in renewable unit to GIP. (Reuters )
GTCR raises $3.6bn for second strategic growth fund. ( Press Release)
KKR raises over $850m for Opportunistic Real Estate Credit Strategy. (Press Release)
Madison River Capital closes inaugural fund at $370m.
EMEA
KKR offers to inject £4bn for Thames Water majority stake. (Bloomberg )
Assura rejects $2bn buyout bid from KKR. ( Press Release )
APG weighs options for London’s The Other House hotels and club. ( Bloomberg)
Germany’s Steag selling biggest coal plant in Turkey exit.(Bloomberg)
GBL considers buyout of specialty materials firm Imerys. (Bloomberg)
Tikehau says Schroders stake may lead to cooperation deal. (Press Release)
Saudi car rental firms weigh IPOs amid Kingdom’s tourism push. (Bloomberg)
Per Franzén appointed new CEO of EQT. (Press Release)
APAC
Temasek-backed meat delivery startup targets $2bn India IPO.
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AMERICAS
Elliott Investment Management, which manages funds that together have an investment of more than $1.5bn in Aspen Technology, on February 19 issued the following statement regarding the tender offer by Emerson Electric for all AspenTech shares it does not currently own.
"Emerson's proposal to acquire AspenTech is clearly the result of a conflicted and deeply flawed process, bearing all the hallmarks of an opportunistic minority squeeze-out. Furthermore, Emerson's public statements and actions leading up to the commencement of the Tender Offer underscore its coercive intent toward minority stockholders. This transaction is unfair to minority stockholders, and we intend to pursue all appropriate remedies against Emerson," Elliott Investment Management.
One Equity Partners, a middle market private equity firm, agreed to acquire Wheeler Fleet Solutions, a fleet-focused parts distribution and services company, from VSE, aerospace aftermarket distribution and repair services provider, for $230m, according to press releases.
One Equity is advised by Moelis & Co, Davis Polk & Wardwell and Stanton PRM (led by Thomas Zadvydas). VSE is advised by Jones Day (led by Luis Velez and Lorne Cantor) and Jefferies & Company, according to press releases and MergerLinks data.
PSG, a growth equity firm that specializes in partnering with software and technology-enabled services companies to capitalize on transformational growth, completed a $150m investment in Uscreen, a video monetization platform for the creator economy, according to press releases.
Uscreen was advised by Horizon Partners and Buchalter (led by Jeremy Weitz). PSG was advised by Weil Gotshal and Manges (led by David Gail) and Prosek Partners (led by Jacqueline Ryan) , according to press releases and MergerLinks data.
MassMutual-backed Barings, an investment manager, agreed to acquire Artemis Real Estate, a real estate investment firm, according to press releases. Financial terms were not disclosed.
Artemis is advised by Berkshire Global Advisors and Paul Hastings (led by Timothy Fesenmyer). Barings is advised by Dechert, according to press releases.
Targa Resources, a provider of midstream services, agreed to acquire a 45% stake in Targa Badlands, the entity that holds all of Targa's assets in North Dakota, from Blackstone, an alternative asset manager, for $1.8bn, according to press releases.
Targa Resources is advised by Vinson & Elkins (led by Benji Barron and Mike Telle), according to MergerLinks data.
Andra Capital, a fund focused on growth-stage alternative investments, and SGW, the family office of Scott Hassan, led a $480m Series D round in Lambda, an AI developer cloud platform, with participation from Andrej Karpathy, ARK Invest, Fincadia Advisors, G Squared, In-Q-Tel, KHK & Partners, NVIDIA, Pegatron, Supermicro, Wistron, and Wiwynn, 1517, Crescent Cove, and USIT, according to press releases.
Lambda was advised by JP Morgan, according to press releases.
Elad Gil, an entrepreneur, operating executive, and investor or advisor to private companies, and IVP, a venture capital firm focused on fast-growing technology companies, led a $250m Series D round in Abridge, a generative AI platform for clinical conversations, with participation from Bessemer Venture Partners, California Health Care Foundation, CapitalG, CVS Health Ventures, K. Ventures, Lightspeed Venture Partners, NVentures, Redpoint Ventures, Spark Capital, and SV Angel, according to press releases.
Abridge was advised by 120/80, according to press releases.
Pershing Square, announced that it has submitted a revised $900m non-binding proposal to the Special Committee of Howard Hughes.
This updated proposal reflects feedback from HHH shareholders and the Special Committee and replaces the previously disclosed non-binding proposal of January 13, 2025, which has now been withdrawn.
Howard Hughes is advised by Morgan Stanley, according to Mergerlinks data and press releases.
Amphenol, a provider of connectors, interconnect systems, antennas, sensors and specialty cable, completed the acquisition of LifeSync, a developer, manufacturer, and marketer of disposable and reusable patient monitoring devices, from HealthEdge, a lower middle market private equity fund focused on healthcare, according to press releases. Financial terms were not disclosed.
Silver Lake in talks to buy majority stake in Intel's Altera unit. (Bloomberg)
Silver Lake Management is engaged in exclusive negotiations to acquire a majority stake in Altera, Intel's programmable chip division.
The private equity firm is currently still negotiating the exact stake size, but plans to value Altera at about $9bn.
Historically, Silver Lake has worked with JP Morgan, Goldman Sachs, Simpson Thacher & Bartlett and Latham & Watkins, according to MergerLinks data.
Diamondback Energy in talks to acquire Double Eagle in a $5bn deal. ( WSJ)
Diamondback Energy is in advanced discussions to acquire Double Eagle, a Texas-based oil and gas company with over 95k net acres in the Midland Basin. A formal deal announcement could come in the next few days, though another bidder could still emerge.
Backed by EnCap Investments, Double Eagle is one of the largest assets in the Permian Basin. If finalized, the acquisition would be valued at more than $5bn, further consolidating Diamondback’s position in the region.
Blackstone explores $2bn sale of Olympus Energy. ( Bloomberg)
The Blackstone Group is exploring a potential sale of Olympus Energy, a natural gas explorer in the Appalachian region, with a valuation of up to $2bn.
The asset manager has engaged financial advisers to seek buyers for the Canonsburg, Pennsylvania-based company.
Vale in late-stage talks to sell 70% stake in renewable unit to GIP. ( Reuters)
Brazilian mining giant Vale is in advanced discussions to sell a 70% stake in its renewable energy subsidiary Alianca Energia and a solar plant to Global Infrastructure Partners.
Other interested parties, including Casa dos Ventos and China Three Gorges Brasil, were previously in the running but are no longer contenders. The deal, if finalized, would mark a significant step in Vale’s strategy to monetize its energy assets.
GTCR raises $3.6bn for second strategic growth fund. ( Press Release)
Private equity firm GTCR has raised $3.6bn for its second strategic growth fund, exceeding its $2.75bn target and expanding its capacity for smaller buyouts.
Most of the funding, $3.35bn, came from existing GTCR investors, including pension plans, insurance companies, endowments, and sovereign wealth funds. The firm is also contributing $225m of its own capital. Investments by Strategic Growth Fund II are expected to range between $50m and $250m.
KKR raises over $850m for Opportunistic Real Estate Credit Strategy. ( Press Release)
KKR, a global investment firm, announced the final close of the KKR Opportunistic Real Estate Credit Fund II, a strategy dedicated to opportunistic investments in senior loans and real estate securities in the US and Western Europe.
Closed commitments to the comingled fund and separate accounts pursuing KKR’s Opportunistic Real Estate Credit Strategy total over $850m.
Madison River Capital closes inaugural fund at $370m. ( Press Release)
Madison River Capital, a lower middle market private equity firm, on February 18 announced the final close of its first institutional fund, Madison River Capital Fund I, with over $370m of capital commitments. The firm received strong support from a high-quality and sophisticated investor base, including family offices and institutional investors.
MRC was established in 2022 following its spin out from Jefferson River Capital, the family office of Tony James, the former President and COO of Blackstone. MRC is led by David Wittels, who previously led Jefferson River and its corporate private equity investment team, as well as a talented and seasoned team which has worked together for over a decade.
EMEA
Citigroup and UBS Group are arranging around €2bn ($2.1bn) in financing to support Bain Capital’s purchase of German facility-management firm Apleona Group—a rare transaction amid a slowdown in acquisitions in recent years.
The two banks are heading up the leveraged loan funding, which is expected to be offered to institutional investors through a syndication process next month. Additional banks may join the process soon.
Mona Kattan, a Huda Beauty Co-Founder, and General Atlantic, a private equity company, agreed to acquire KAYALI, a perfume brand, from Huda Beauty, a cosmetics line, according to press releases. Financial terms were not disclosed.
General Atlantic is advised by Raymond James and Latham & Watkins. Mona Kattan is advised by Skadden Arps Slate Meagher & Flom. Huda Beauty is advised by Goldman Sachs and Gibson Dunn & Crutcher.
KPN, a Dutch landline and mobile telecommunications company, and APG, a Dutch pension investment company, completed the formation of Althio, a new, open tower joint venture company, according to press releases. Financial terms were not disclosed.
KPN was advised by Perella Weinberg Partners and A&O Shearman (led by Joyce Leemrijse). APG was advised by Jefferies & Company (led by Andres Gutierrez) and Baker McKenzie , according to press releases and MergerLinks data.
KKR, a private equity firm, agreed to acquire an additional 5% stake in Enilive, Eni's mobility transformation company, from Eni, a global energy company, for €587.5m ($616m), according to press releases.
Enilive is advised by Mediobanca, according to press releases and MergerLinks data.
BUD and Investika Real Estate Fund completed the acquisition of Piastów Office Center, a complex comprising of three office buildings, from Blackstone, a private equity firm, according to press releases. Financial terms were not disclosed.
Blackstone was advised by Greenberg Traurig (led by Filip Janeczko), according to press releases and MergerLinks data.
Yinson, a private equity firm, completed the acquisition of Stella Maris CCS, a carbon capture and storage company, from Altera Infrastructure, a global energy infrastructure services provider serving offshore oil and gas industry. Financial terms were not disclosed.
Altera Infrastructure was advised by Jefferies & Company, according to press releases.
KKR offers to inject £4bn for Thames Water majority stake. (Bloomberg)
KKR has offered to invest nearly £4bn ($5bn) in Thames Water for a majority stake in the struggling utility.
The US alternative asset manager, which has been increasing its infrastructure investments, does not plan to sell any Thames Water assets or make structural changes if it gains control. KKR's proposal adds to the list of potential bidders for Thames Water, joining Castle Water and infrastructure investor Covalis Capital.
British healthcare property developer Assura has turned down a £1.56bn ($2bn) acquisition offer from US-based KKR and the Universities Superannuation Scheme pension fund.
KKR had submitted four non-binding proposals, most recently at 48 pence per share, representing a 28.2% premium over Assura’s February 13 closing price. On February 15, the Board rejected the latest proposal.
APG weighs options for London’s The Other House hotels and club. ( Bloomberg)
The owners of London’s The Other House hotel, residences, and members club are exploring options for the business, including bringing in new investors, in a deal that could value the company at well over £400m ($504m).
Dutch pension provider APG Asset Management and London Central Portfolio have appointed real estate investment bank Eastdil Secured to advise on a potential recapitalization. As part of the process, APG may reduce or fully exit its stake.
Germany’s Steag selling biggest coal plant in Turkey exit. ( Bloomberg)
German utility Steag Power is planning to sell its largest coal-fired plant as part of its transition away from coal.
Steag and its owner, Spanish private equity firm Asterion Industrial Partners, are seeking buyers for the utility’s 51% stake in Iskenderun Enerji Uretim ve Ticaret. Isken operates the 1.32k-megawatt Sugozu power plant in southern Turkey.
GBL considers buyout of specialty materials firm Imerys. ( Bloomberg)
Groupe Bruxelles Lambert is considering a move to buy out minority shareholders of French specialty materials firm Imerys.
GBL has held initial discussions with several buyout firms about a potential partnership to take Imerys private. The European investment firm is already the company’s largest shareholder, holding a 55% stake.
Historically, Groupe Bruxelles Lambert has worked with Ernst & Young, Linklaters, Goldman Sachs and Rothschild & Co, according to MergerLinks data.
Tikehau says Schroders stake may lead to cooperation deal. ( Press Release)
French asset manager Tikehau Capital stated that its stake in UK competitor Schroders could open the door to a potential partnership.
While the primary reason for the investment is Tikehau’s confidence in Schroders’ stock performance.
Saudi car rental firms weigh IPOs amid Kingdom’s tourism push. ( Bloomberg)
Two Saudi Arabia-based car rental firms are planning new share sales in Riyadh, aiming to benefit from the kingdom’s push to attract more tourists.
Cherry Rent-A-Car is working with EFG Hermes and BSF Capital on a potential initial public offering. Key Car Rental is also exploring a possible listing.
EQT has appointed Per Franzén, currently serving as Deputy Managing Partner and Head of Private Capital Europe & North America, as new CEO and Managing Partner, effective May 2025.
"It is an honor to be appointed CEO of EQT. I am truly passionate about the firm, having spent most of my career here, and I am deeply committed to building on the fantastic global platform we have established under Christian Sinding's leadership," Per Franzén, EQT Deputy Managing Partner.
APAC
Insignia Financial has called for binding takeover offers within the next two weeks from the private equity firms that have sought to take over the Australian pension manager.
Investment firms CC Capital Partners and Bain Capital have been asked to submit the offers before the end of the month, having met with the company’s management in recent weeks. The entry of late bidder Brookfield Asset Management’s UK entity into the contest hasn’t extended the timeline.
Insignia Capital is advised by Citigroup, Gresham and King & Wood Mallesons. Bain Capital is advised by FTI Consulting (led by Stuart Carson), according to press releases and MergerLinks data.
US private equity firm Bain Capital said on February 17 it will not launch a tender offer for Fuji Soft, formally ending a takeover battle with rival KKR for the Japanese IT company.
Bain had said last week it might withdraw its proposal for Fuji Soft, after KKR raised its offer above Bain's in a months-long bidding war. Previously, Bain had been waging the takeover battle even with rejection from Fuji Soft's board, arguing the rejection harmed the interests of minority shareholders.
KKR is advised by Mitsubishi UFJ Morgan Stanley Securities and Simpson Thacher & Barlett (led by Noritaka Kumamoto), according to MergerLinks data.
Patrizia, a German real estate investment manager, and Mitsui, a Japanese general trading company, completed the acquisition of a majority stake in Parkwise, a startup company developing modern parking facilities in Philippines, for $250m, according to press releases.
360 ONE, an Indian wealth and asset management firm, agreed to acquire a 15% stake in Bharti AXA Life Insurance, an Indian life insurance provider, according to DealStreetAsia. Financial terms were not disclosed.
Temasek-backed meat delivery startup targets $2bn India IPO. (Bloomberg)
Licious, an online meat and seafood retailer backed by Temasek, is working toward profitability as it prepares for a 2026 listing. The company joins a growing number of consumer-facing firms planning to enter India’s public markets.
Delightful Gourmet, the operator of Licious, is expanding its brick-and-mortar presence and accelerating deliveries to compete with quick commerce rivals.
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