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AMERICAS
General Atlantic, a global growth equity firm, and Dragoneer Investment, a public and private investor, completed the acquisition of Arco Platform, a developer of educational software, for $1.5bn.
The per share merger consideration represents a 55% premium over the closing price of $9.04 per Share on November 30, 2022, the last trading day before the company disclosed receipt of the bidders' proposal to acquire all of the public shares.
Ember Infrastructure, a private equity firm, completed the acquisition of H2O Innovation, a water and wastewater treatment company, for $395m.
"Closing this transaction marks the start of an exciting chapter for H2O Innovation, as we continue our expansion with the resources and expertise that our new partners at Ember can bring to the company and our customers. Together, we are well positioned to accelerate our organic growth and make strategic acquisitions that will further enhance our customer offering, enabling them to more efficiently use and protect our shared water resources," Frédéric Dugré, H2O Innovation Co-Founder, President and CEO.
H2O Innovation was advised by Desjardins, Scotiabank and Norton Rose Fulbright. Ember Infrastructure was advised by Raymond James, Davies Ward Phillips & Vineberg and Weil Gotshal and Manges (led by Michael J. Aiello and Eoghan Keenan). CDPQ was advised by Blake Cassels & Graydon. Investissement Québec was advised by Fasken.
Bain Capital, a private equity firm, agreed to acquire a majority stake in 1440 Foods, a sports and active nutrition brand. Financial terms were not disclosed.
"We are excited about this new phase of our growth journey. Our vision is to become the go-to choice for people seeking flavorful, functional, and convenient nutrition as part of a balanced lifestyle. Bain Capital shares our vision and their deep expertise supporting the growth of global consumer brands will help us to expand our product offerings reaching more consumers in more occasions and channels, building upon our strong momentum as a leading lifestyle nutrition company," Azania Andrews, 1440 Foods CEO.
1440 Foods is advised by PJT Partners, Sidley Austin, Trailblaze. Bain Capital is advised by KPMG, UBS, Ropes & Gray and Stanton PRM.
AMETEK, a provider of industrial technology solutions, completed the acquisition of Paragon Medical, a provider of highly engineered medical components and instruments, from American Securities, a private equity firm, for $1.9bn.
"We are excited to welcome the Paragon team to AMETEK. Paragon's outstanding capabilities and market leadership align seamlessly with AMETEK's commitment to delivering high-performance solutions, further broadening our presence in the attractive MedTech industry," David A. Zapico, AMETEK Chairman and CEO.
Paragon Medical was advised by Jefferies & Company and Piper Sandler. American Securities was advised by Hunton Andrews Kurth, Weil Gotshal and Manges and Prosek Partners.
Wilshire, a global financial services firm, completed the acquisition of Lyxor Asset Management, an investment advisor, from Amundi, an asset manager. Financial terms were not disclosed.
"The alternatives space is a key area of strategic focus for Wilshire and an important part of many investment portfolios. This acquisition furthers our goal of delivering innovative alternative investment solutions to our client base and will provide Lyxor US clients with access to Wilshire's asset allocation and investment research insights, portfolio construction capabilities, and more. Together with Lyxor US's leading alternatives platform and talented team, we will have an enhanced ability to deliver compelling investment opportunities for our clients," Jason Schwarz, Wilshire Deputy CEO and President.
Wilshire was advised by Solomon Partners, Kirkland & Ellis (led by April Larkin and Lauren Colasacco) and Prosek Partners. Amundi was advised by PJT Partners and Clifford Chance.
Harvest Partners, a private equity firm, completed the acquisition of Road Safety Services, a provider of a diverse set of pavement marking and other road safety-related services, from Parallel49 Equity, a private equity firm. Financial terms were not disclosed.
"On behalf of the RSS leadership team, we are excited to partner with Harvest and accelerate our growth. Their capital, experience and enthusiasm will help us continue our pursuit of excellence in road safety for our current and new customers across the country, deliver continued growth and success across each of our key priorities, and create ever increasing development opportunities for our outstanding team of road safety professionals," Mike Johnson, Road Safety Services CEO.
Harvest Partners was advised by Guggenheim Partners, Ropes & Gray, and Lambert & Co ( led by Lisa Baker). Road Safety Services and Parallel49 Equity was advised by Piper Sandler and Honigman Miller Schwartz & Cohn.
Thoma Bravo, a software investor, agreed to invest in BlueMatrix, a publisher of investment research. Financial terms were not disclosed.
"Since its founding in 1999, BlueMatrix has established itself as the best-in-class platform for the highly regulated investment research industry, and under its strong leadership team, the company is well-positioned to capitalize on the growing market opportunity. We are thrilled to support BlueMatrix through its next chapter as it continues to deliver its unparalleled solutions to the most sophisticated investment banks and research analysts worldwide," Adam Solomon, Thoma Bravo Partner.
BlueMatrix is advised by Stifel and Mintz Levin. Thoma Bravo is advised by Raymond James and Kirkland & Ellis. Debt financing is provided by Golub Capital.
Blue Sage Capital, an Austin, Texas-based private equity firm, completed the investment in Geo-Solutions, a provider of highly complex geotechnical and environmental remediation services. Financial terms were not disclosed.
"Geo-Solutions has differentiated itself through its deep industry knowledge and ability to safely complete some of the industry's most complex engagements. We could not be more excited to partner with Darin and the rest of the Geo-Solutions team, and we are eager to execute on our joint strategy for growth," Peter Huff, Blue Sage Founding and Managing Partner.
Geo-Solutions was advised by FMI Capital Advisors. Blue Sage was advised by Kroll, NFP, Queen Saenz + Schutz and Cherry Bekaert.
NOVA Infrastructure, a private equity firm, completed the acquisition of A&R Bulk-Pak, a contract packaging and supply chain logistics company that specializes in plastic packaging. Financial terms were not disclosed.
"Over the past decade, the Port of Charleston has been one of the fastest-growing export hubs for the North American chemicals industry, and A&R has grown into a leading provider of critical supply chain solutions during that time. We believe this industry will continue to be a leading exporter into large and high-growth global end markets, and we are excited to support A&R as it expands its service offerings, grows its market footprint and further entrenches its long-term customer relationships," Allison Kingsley, NOVA Infrastructure Founder and Partner.
A&R Bulk-Pak was advised by IMG Business Advisors and Brown Moskowitz & Kallen. NOVA Infrastructure was advised by Jones Day, Scudder Law Firm and Sloane & Company.
EQT Infrastructure, a Swedish global investment organization, agreed to acquire a majority stake in Heritage Environmental Services, an environmental services firm, from The Heritage Group, a sustainability and industrial waste management services provider. Financial terms were not disclosed.
“EQT and HES are proven business leaders who share a like-minded approach to environmental stewardship, and this acquisition aligns directly with EQT’s thematic approach of investing in businesses that provide essential environmental services to society. EQT is excited to partner with the entire HES team and to invest in organizational, operational and digital technology initiatives that will enhance HES’s ability to provide reliable and compliant final disposal to complex industrial waste challenges,” Juan Diego Vargas, EQT Infrastructure Partner.
Blackstone, a private equity firm, completed the acquisition of Power Grid Components, an electric power grid equipments manufacturer, from Shorehill Capital, a private equity firm. Financial terms were not disclosed.
"Our leadership team is thrilled to be partnering with Blackstone, a leader in energy transition investing. We believe Blackstone will be an outstanding strategic partner in helping us achieve long-term growth while continuing to supply essential components with outstanding quality, reliability and lead times to North America's electrical utilities," Rick McClure, Power Grid Components CEO.
Power Grid was advised by Lincoln International and Katten Muchin Rosenman. Blackstone was advised by Jefferies & Company.
Fremont Private, a private equity firm, completed the acquisition of Hunter Truck, a truck transportation company. Financial terms were not disclosed.
“It has been a pleasure working with the Hunter family through this transaction. We wish them well in their next endeavors. We are excited to start our partnership with Jeff Hunter and the management team as the Company continues to serve all its stakeholders – employees, customers, suppliers, and our OEM partner, Peterbilt,” Scott Earthy, Fremont Private Managing Partner.
Fremont Private was advised by Goodwin Procter. Hunter Truck was advised by Raymond James and Evans Petree.
General Atlantic, an American growth equity firm, and Stone Point Capital, an investment firm, agreed to acquire HireRight, a global background screening services and workforce solutions provider, for $862m.
"The board of directors of the Company previously formed a special committee of independent directors to evaluate and consider any potential or actual transaction proposal from the Sponsors and any other alternative proposals or other strategic alternatives that may be available to the Company," HireRight.
HireRight is advised by Centerview Partners and Davis Polk & Wardwell.
Stonepeak Partners, an American investment firm, Lineage, a Boston-based private equity firm, and Losa Group, an investment company in Guatemala, led a $500m investment in Emergent Cold LatAm, a provider of refrigerated storage and logistics in Latin America and the Caribbean.
“This equity raise validates the strength of our investment thesis and demonstrates our investors’ confidence in the Company’s business and management team. We proudly advance our mission to reshape the future of food chain logistics across Latin America for the benefit of our customers, employees and the communities where we invest," said Neal Rider, Emergent Cold LatAm CEO.
Emergent Cold LatAm was advised by JP Morgan and Latham & Watkins.
Hull Street Energy, a private equity firm, completed the acquisition of EF Oxnard, a nominal 48 MW simple cycle, gas-fired facility, from Atlantic Power & Utilities, a power generation and infrastructure company. Financial terms were not disclosed.
"The EF Oxnard plant and its excellent employees will be a high-quality addition to Hull Street Energy's transition. Hull Street Energy looks forward to working with employees and stakeholders to provide efficient, reliable support for California grid operations as the region continues to decarbonize," Hull Street Energy.
Hull Street Energy was advised by Troutman Pepper. Atlantic Power & Utilities was advised by Sidley Austin.
Accel-KKR, a private equity firm, completed the acquisition of a majority stake in Ntracts, a contract lifecycle management solution for healthcare organizations. Financial terms were not disclosed.
"We are thrilled to have Accel-KKR as our partner as we enter a new phase of growth and innovation. Their extensive background in healthcare IT investing and operating resources will be invaluable as we work to bring more innovation around our core offering and to further strengthen our client partnerships," David Paschall, Ntracts CEO.
Ntracts was advised by Brentwood Capital Markets. Accel-KKR was advised by Kekst CNC.
The Riverside Company, a private equity firms, completed an investment in Miracle Method, a franchised provider of bath and kitchen refinishing services. Financial terms were not disclosed.
"We're thrilled to add Miracle Method to our Threshold Brands platform, expanding our service offerings into bathroom and kitchen resurfacing services. Refinishing is highly complementary to Threshold's existing home service concepts, and Miracle Method is the premier refinishing provider," Loren Schlachet, Riverside Managing Partner.
The Riverside Company is advised by Jones Day (led by Ashley Gullett).
KKR, a global investment firm, and Hellman & Friedman, an American private equity firm, led a $90m investment in Ajax Health-backed Cortex, a medical technology company developing an integrated mapping and ablation solution suite for the treatment of atrial fibrillation, with participation from AI Life Sciences and Access Industries.
"Cortex's vision is to enable more intelligent AFib treatment. We are developing solutions that prioritize precision, simplicity, and efficiency to simultaneously improve patient outcomes and lower procedural cost," Duke Rohlen, Ajax Health and Cortex CEO.
Paradigm Equity Partners, a private equity firm, agreed to acquire E&R Industrial, an industrial company, from Grainger, a broad line distributor. Financial terms were not disclosed.
"We are excited about this next stage of growth with Paradigm Equity Partners. E&R Industrial is firmly committed to a smooth transition for our customers, suppliers and team members," Jason D'Souza, E&R Industrial President.
E78 Partners, a private-equity focused business advisory firm, completed the acquisition of Global PMI Partners USA, a consultancy recognized for its leading post-merger integration (PMI) services. Financial terms were not disclosed.
"E78 Partners is committed to providing unparalleled service and supporting value creation to the private equity industry, and the addition of the GPMIP USA business allows us to deliver high-value, post-merger integration services to our install base of over 150 sponsor clients and hundreds of PE-backed platforms,” John Signa, E78 Partners CEO and Founder.
Investcorp, a global alternative asset manager, completed the acquisition of a 50% stake in Infrastructure Business of Corsair Capital, a global alternative investment firm. Financial terms were not disclosed.
“This investment enhances our strategic capabilities in the global infrastructure sector. We recognize Investcorp Corsair’s potential as a driving force for economic growth. Our new partnership with Corsair also underscores our dedication to delivering value to our stakeholders and advancing Investcorp’s long-range plan,” Mohammed Alardhi, Investcorp Executive Chairman.
KKR nears deal for Cotiviti valuing firm at $11bn.
Private equity firm KKR is said to be nearing a deal to buy a stake in healthcare technology firm Cotiviti from Veritas Capital, reviving a battle between Wall Street banks and private credit lenders to provide financing for one of the year's biggest buyouts, Bloomberg reported.
KKR is in discussions to buy a 50% stake in Cotiviti that would value the health-care technology company at between $10bn and $11bn.
Manulife to reinsure $10bn with KKR's Global Atlantic.
Manulife Financial agreed to reinsure $10bn of reserves with KKR's Global Atlantic Financial Group and its partners in a deal the company said is the largest long-term care reinsurance transaction in the industry's history, Bloomberg reported.
The deal includes $4.4bn of long-term care reserves, or 14% of Manulife's total, and will release $883m of capital, which the Toronto-based insurer said it plans to return to shareholders through share buybacks. That will add to core earnings per share and return on equity.
Macy's investors mount $5.8bn buyout bid.
An investor group consisting of Arkhouse Management and Brigade Capital made a $5.8bn offer to take department store chain Macy's private, Reuters reported.
Arkhouse Management, a real-estate focused investing firm, and Brigade Capital Management, a global asset manager, submitted a proposal to acquire the Macy's stock they don't already own for $21 a share on December 1.
Consolidated Communications investor Frischer opposes $3.1bn take-private deal.
The $4.70-per-share all-cash offer from the group comprising Searchlight and British Columbia Investment Management reflects a fraction of the company's true value.
Help at Home owners weigh sale of $3bn health-care firm.
Help at Home’s private equity owners are weighing options including a potential sale of the at-home care provider, Bloomberg reported.
Centerbridge Partners and Vistria Group are working with advisers to gauge interest in Chicago-based Help at Home, which could be valued at $3bn or more. A formal sale process may begin as soon as the first quarter of 2024.
SomaLogic shareholder Madryn opposes standard BioTools merger.
SomaLogic shareholder Madryn Asset Management plans to vote against the clinical diagnostics group’s merger with Standard BioTools and is urging other investors to do the same, Bloomberg reported.
On December 12, Madryn said the proposed $1bn tie-up undervalues SomaLogic and is the result of a flawed process. Madryn said SomaLogic has a superior alternative as a standalone company with “significant cash on the balance sheet, no debt and tangible near-term commercial opportunities.”
Bob Diamond's Atlas is looking to invest in US regional banks.
Bob Diamond's Atlas Merchant Capital is seeking to raise more than $500m to invest in US regional banks, Bloomberg reported.
The firm is approaching the effort with a flexible mandate and aims to make equity or debt bets in both publicly traded and closely held banks. Diamond said there's a need for a thriving, diversified financial services industry outside the largest banks. Atlas Merchant expects industry consolidation and sees an opportunity to invest in the stronger regional banks, some of which can use a capital injection to acquire smaller rivals.
Stone Point, General Atlantic propose to buy remaining stake in HireRight.
Stone Point Capital and General Atlantic proposed to buy the shares the investment firms do not already own in employee-screening company HireRight, Reuters reported.
The proposed transaction is for a price per share equal to $12.75 in cash, a near 3% discount to HireRight's last closing price.
Stone Point and General Atlantic are HireRight's largest shareholders with a combined 74.8% of its stock.
Carlyle’s Rubenstein is in talks to acquire Baltimore Orioles.
Carlyle Group co-founder David Rubenstein is in talks to acquire Major League Baseball’s Baltimore Orioles, Bloomberg reported.
Rubenstein is among suitors pursuing a transaction. Nothing has been finalized and talks may still fall apart.
Both majority and minority stakes in US sports teams have continued to change hands, driven in part by owners looking to cash in on rising valuations, and a perception among investors, following the pandemic, that live sports remain a hit with viewers.
General Atlantic files for US IPO.
General Atlantic, the investment firm whose bets have included Facebook and Airbnb, has confidentially filed for an initial public offering.
The firm is considering listing as soon as next year depending on market conditions. A General Atlantic IPO would test investor sentiment toward alternative asset managers as the industry grapples with the end of the era of cheap debt that fueled easy dealmaking.
eQ hits $1bn milestone with a final $283m close of fifth North American fund.
eQ Asset Management has held a final close for its fifth North American lower middle market -focused fund, eQ PE XV US, at $283m. The final close was held at 30 November 2023 and takes the cumulative amount raised since 2015 for eQ US lower middle market funds to $1bn.
Special investment fund eQ PE XV US will commit to private equity funds who invest in private lower middle market companies in the US and Canada. The portfolio will consist of 11-12 funds providing broad sector and geographic diversification across some 200 portfolio companies. eQ is the fund manager and RCP Advisors is the investment advisor for all five eQ PE US -funds.
Vistara Growth announces $150m initial closing for latest technology focused private credit fund.
Vistara Growth announced an initial closing at over $150m for Vistara Technology Growth Fund towards its target of $400m. The closing was completed in 4 weeks from launch and was anchored by increased commitments from existing Vistara limited partners.
Since inception in 2015, Vistara has raised over $500m, primarily from non-institutional sources such as family offices, entrepreneurs, and private foundations, predominantly based in British Columbia. With the ongoing growth of its platform, Vistara is now seeking to broaden its investor base by targeting pension funds and other institutional investors, and geographically by launching vehicles for both US and international investors.
Generate Capital hires Alum Sonneborn as president. (People)
Generate Capital, which focuses on sustainability and infrastructure, hired Bill Sonneborn, most recently chair of IFC's investment committee, as president, Bloomberg reported.
"Bill is the most senior hire we've ever made and one I'm super excited about. We'll tackle the next decade or more with an even stronger team than we've had," Scott Jacobs, Generate Capital CEO and Co-Founder.
EMEA
The Rise Fund, an investment company, and Investcorp, a private equity company, agreed to acquire a majority stake in Outcomes First Group, an education and care services provider, from Stirling Square Capital Partners, a London-based private equity firm. Financial terms were not disclosed.
“This is the start of an exciting new chapter for Outcomes First Group. The Rise Fund shares our deep commitment to delivering the highest quality services to Special Education Needs students. I know that our team and our students will benefit tremendously from The Rise Fund’s rigorous impact assessment capabilities, behavioral health expertise, and commitment to operational excellence. We are grateful to Stirling Square for their partnership, putting OFG on strong footing from which we can launch our next phase of growth with The Rise Fund and Investcorp,” David Leatherbarrow, Outcomes First Group CEO.
The Rise Fund is advised by Moelis & Co and Ropes & Gray. Investcorp is advised by Moelis & Co, Gibson Dunn & Crutcher and Kekst CNC (led by Neil Maitland). Outcomes First Group is advised by Jamieson, DLA Piper and Livewire PR (led by Richenda Wood). Stirling Square Capital Partners is advised by Rothschild & Co, Fried Frank Harris Shriver & Jacobson, Milbank and FGS Global (led by Chris Sibbald).
TA Associates and Warburg Pincus-backed Epassi, a for digital employee benefit payments in the Nordics, agreed to acquire Exercite, a provider of corporate health and wellness benefit solutions in Germany, from Waterland, a private equity firm. Financial terms were not disclosed.
“As employees worldwide continue to strive for greater work-life balance, employee benefits, including access to health and wellness solutions, have become increasingly important to hiring and retaining top talent,” Pekka Rantala, Epassi CEO.
BlackFin Capital Partners, a private equity firm, agreed to acquire private insurance and underwriting activities in the Netherlands of Aon, a British-American professional services and management consulting firm. Financial terms were not disclosed.
“We recognize the qualities and important contributions of our colleagues in the private insurance and underwriting activities and know that they, together with the clients they serve, have a positive future at BlackFin Capital Partners. Our focus remains on building Aon's industry-leading Risk Capital and Human Capital Solutions and deploying advanced analytics to deliver insights and solutions that help our clients make better decisions," Leonique van Houwelingen, Aon Nederland CEO.
BlackFin Capital is advised by ING Bank, PricewaterhouseCoopers and De Brauw Blackstone Westbroek (led by Henk van Ravenhorst and Pete Lawley). Aon is advised by KPMG and Lazard.
TA Associates-backed Elos Medtech, a development and manufacturing partner for medical devices, completed the acquisition of Klingel Medical Group, a manufacturer of metal products for medical technology, from IK Partners, a European private equity firm, for €370m ($399m).
"Elos is the exact image of Klingel. The focus is on the same values such as down-to-earthness, short decision-making paths, sustainable growth, and securing jobs for employees. I am pleased that we have arrived in a safe harbor together, combining our strengths for a great future with the new company," Ralf Petrawitz, Klingel Co-CEO.
Klingel Medical was advised by Jefferies & Company. Elos Medtech was advised by Rothschild & Co and Lenz & Staehelin.
Thoma Bravo, a software investor, completed the acquisition of a majority stake in Hypergene, a software-as-a-service company for planning and performance management, from Monterro, a B2B software investor. Financial terms were not disclosed.
"Hypergene delivers state of the art analysis and operational capability at a time where flexible planning is more important than ever. At Thoma Bravo we are an operationally focused, specialist investor and we are positioned to provide Hypergene with our resources and expertise to accelerate its growth," David Tse, Thoma Bravo Vice President.
Hypergene was advised by William Blair & Co and White & Case. Thoma Bravo was advised by Hannes Snellman.
Bain Capital, a private equity firm, agreed to acquire a majority stake in Eleda, an infrastructure development and services provider, from Altor, a private equity firm. Financial terms were not disclosed.
“We are excited to welcome Bain Capital to the team as we seek to capture significant market opportunities. We have had a fantastic journey with Altor since 2020, are immensely proud of how successfully Eleda has developed, and now stand ready to take our business to new and exciting heights,” Johan Halvardsson, Eleda CEO and Co-Founder.
The PGA Tour said on Sunday that it has unanimously decided to advance discussions with Strategic Sports Group, a consortium of US-based sports team investors that includes Fenway Sports Group, Reuters reported.
The PGA Tour Policy Board selected SSG to further negotiate with, even as talks with the Saudi Arabia's Public Investment Fund continue to progress.
Permira, a private equity firm, agreed to acquire GGW Group, an insurance brokerage firm, from Hg Capital, a private equity firm. Financial terms were not disclosed.
"The backing from the Permira funds marks an important milestone and yet we are only at the very beginning of GGW's success story. We are looking forward to working with Permira and are excited about the future as we continue to grow in Germany and expand further across Europe. Thanks to my fantastic colleagues we have surpassed all of our expectations, and quickly become a leading commercial insurance distribution platform in Germany and other European countries. The partnership with Hg has been a core pillar for our success," Tobias Warweg, GGW Group CEO.
Apax Partners, a private equity firm, completed the acquisition of OCS, a software services provider, from Charme Capital Partners, a private equity firm. Financial terms were not disclosed.
"I would like to thank Charme Capital Partners – personally and on behalf of the entire OCS team – for having been a capable and very professional shareholder and partner to all of us. Apax, like ourselves, are tech experts with a deep understanding of the power of digital, and I am excited to embark on this journey," Gianni Camisa, OCS CEO.
Apax Partners was advised by Barclays and JP Morgan.
Apax Partners, a private equity firm, completed the acquisition of Finwave, a fintech company, from the Lutech Group, a digital transformation company. Financial terms were not disclosed.
"This is a great milestone for Finwave. The Apax funds' strategic plan is to acquire and integrate leading players in the market to create innovative solutions for credit management and capital markets. OCS and Finwave are the leading players in Consumer and Corporate Finance Software. Both companies offer premium technology solutions that provide the foundation for strong future growth. We are starting today with €100m in revenues and almost 1k people highly skilled in financial market software, and we are well positioned to grow in Italy and in Europe," Willy Burkhardt, Finwave CEO.
Apax Partners was advised by Barclays and JP Morgan.
Partners Group, a Swiss-based global private equity firm, agreed to acquire Velvet CARE, a hygiene paper products manufacturer, from Abris Capital Partners, an independent private equity fund manager. Financial terms were not disclosed.
"At Velvet CARE, our mission is to provide the highest quality hygiene paper products to consumers whilst also creating value within local communities. With that in mind, we have designed sustainable processes, which use renewable materials and reuse water, as we continue to search for new levers to add value in a sustainable manner. We strongly believe Partners Group's global reach, financial resources, and operational experience make it the right growth partner as we look ahead to our next chapter," Artur Pielak, Velvet CARE CEO.
Andreessen-Horowitz, a venture capital firm, and LightSpeed Ventures, a venture capital firm, led a $414m round in Mistral AI, a generative AI developer, with participation from Salesforce, BNP Paribas, General Catalyst, La Famiglia, Eric Schmidt, New Wave, Motier Ventures, and Sofina.
The company said it aims to achieve frontier-level AI capacities in the coming months and build developer and enterprise-oriented products.
Partners Group, a private equity firm, and Breitling, a luxury watchmaker, agreed to acquire Universal Geneve, a luxury watch company. Financial terms were not disclosed.
"Universal Genève was once hailed as the couturier of watchmaking, renowned for its in-house movements and mythical models. It is a brand that watch enthusiasts have dreamed of seeing make a permanent comeback," Partners Group Co-Founder and Breitling Chairman.
Apollo weighs $6.3bn bid for UK's Pension Insurance.
Private equity firm Apollo Global is weighing a bid for UK's Pension Insurance in a deal that could value the company at about £5bn ($6.26bn), Reuters reported.
Privately held PIC, a specialist insurer of defined benefit pension schemes, is owned by shareholders including Luxembourg-based Reinet Investments and CVC Capital.
Carlyle weighs $4.6bn exit for Switzerland’s Acrotec.
Carlyle Group is exploring exit options for Acrotec Group, a maker of luxury-watch parts that could be valued at as much as CHF4bn ($4.6bn), Bloomberg reported.
The private equity firm is interviewing banks as it considers a potential sale or listing of the Develier, Switzerland-based business. Rothschild & Co. has been chosen to oversee preparations for a potential IPO.
KKR in advanced talks on £3bn deal for Iris Software.
KKR is in advanced talks on a potential acquisition of Iris Software, in what would rank as the year’s biggest buyout of a private European software company, Bloomberg reported.
The investment firm has pulled ahead of other bidders and is negotiating final terms of an agreement with Iris’ private equity owner Hg. A deal could value the UK firm at around £3bn ($3.8bn).
Saudi Arabia eyes majority control of London’s Heathrow airport.
Saudi Arabia may ultimately gain majority control of London Heathrow Airport, Europe’s busiest, as several shareholders consider the sale of their interests, Bloomberg reported.
At least one shareholder is close to selling its stake after Saudi Public Investment Fund, together with the investment company Ardian, in which Saudi Arabia is an investor, agreed to buy the 25% stake held by Spain’s Ferrovial in late November. The $3bn deal was about 70% above Morgan Stanley’s estimated valuation.
Bain, Cinven mull buying Indra's Minsait.
Private equity funds Bain Capital and Cinven are considering making an offer for Spanish defence company Indra's tech unit Minsait, Reuters reported.
Minsait, which represents about half of Indra's business, would be worth $1.7bn-$1.9bn, adding Bain would make an offer for at least a 49% stake.
Sports Streamer DAZN explores raising as much as $1bn.
DAZN Group, the sports streaming platform backed by billionaire Len Blavatnik, is exploring ways to raise fresh funding as it seeks to accelerate its global expansion, Bloomberg reported.
London-based DAZN has held early conversations with potential advisers about raising capital and could move forward with a process as soon as the coming months. It’s considering raising as much as $1bn.
Mayfair in talks about £100m Trusted Housesitters deal.
The private equity firm which has backed Ovo Energy and the maternity wear chain Seraphine is in advanced talks to acquire a big stake in Trusted Housesitters, the pet-sitting business, Sky News reported.
Mayfair Equity Partners has entered exclusive negotiations to become a major shareholder in the company, which was founded in 2010 by Andy Peck and Rachel Martin.
Farfetch in talks with Apollo Global for a rescue deal.
Online luxury retailer Farfetch is in talks with Apollo Global Management to secure emergency funding to shore up its finances, Reuters reported.
Shares of the retailer rose as much as 24% in afternoon trading. Its market capitalization stood at about $221m as of last close. Farfetch is in discussions with several parties on securing new financing, and Apollo was only one of several firms in discussion. It is unclear whether the new capital would be provided as debt or equity, or a combination of the two, and that a deal was far from certain.
Football's last holdout to private equity to consider investment.
Germany's top professional football clubs voted in favor of a potential TV rights sale, a deal that could help narrow the gap with the UK's Premier League, Bloomberg reported.
German football is one of the last holdouts to foreign investment, with its clubs protected from full takeovers, and smaller clubs repeatably rebuffing previous attempts to agree on private equity investment.
Italy considers move to gain control of key Telecom Italia unit.
Italy is reviewing options for gaining control of a key Telecom Italia unit which manages subsea cables between Italy, the US and Israel, Bloomberg reported.
Prime Minister Giorgia Meloni’s government is looking at how it could take control of the Telecom Italia Sparkle business as part of a bigger deal that would see the ex-monopolist sell its network business to KKR.
$47bn Gulf wealth fund eyes IPO spree after record listing.
Oman Investment Authority is gearing up for an ambitious divestment plan that may include several dozen listings over the next five years as the Gulf sultanate chases an upgrade to emerging-market status, Bloomberg reported.
Thuraiya Ahmed Al Balushi, the wealth fund's manager for economic diversification, said about 30 assets are in the pipeline with the priority on initial public offerings. They include landmark deals in energy and logistics that are poised to exceed this year's record-setting IPO from OQ Gas Networks SAOG.
APAC
Ascendent Capital Partners, a private equity investment management firm, agreed to acquire Hollysys Automation Technologies, an automation control system solutions provider, for $1.6bn.
"This agreement marks the successful culmination of a formal sale process that was part of a review of various strategic options to maximize value for shareholders, including continued execution of the current strategic plan. A sale was determined to provide maximum value discovery to realize the highest value for shareholders," Hollysys Automation Technologies.
Ascendent Capital is advised by Appleby, Morrison & Foerster and Zhong Lun Law Firm. Hollysys Automation Technologies is advised by Deutsche Bank, Davis Polk & Wardwell, Haiwen & Partners, Mourant Ozannes and Brunswick Group (led by Daniel Del Re).
Gravitas Education, a publicly listed company for preschool education in China, completed the merger with NetDragon, a global specialist in building internet communities with a long track record of developing and scaling multiple internet and mobile platforms, in a $750m deal.
"We are not just in the business of building products. We are in the business of creating value. The completion of this transaction marks a pivotal moment for NetDragon, as we unlock significant value for our shareholders by spinning off our overseas education business into an independent, publicly listed entity in the US. This spinoff will set us on a path to redefine the educational landscape. Our strategic direction is clear: We will evolve from a hardware provider to a leader in Classroom as a Service. We aim to leverage our existing footprint of over 1m classrooms globally to create an agnostic platform that hosts a multitude of content providers, deliver a set of SaaS offerings for a frictionless teaching experience, and last but not least, establish Mynd.ai as the unified provider for K-12 market. The future of education is here, and it is intelligent, seamless, and boundless," Simon Leung, NetDragon Vice Chairman and Mynd.ai Chairman.
Gravitas Education was advised by Skadden Arps Slate Meagher & Flom (led by Peter Huang). Ascendent Capital was advised by Morrison & Foerster (led by Marcia Ellis). NetDragon was advised by Cleary Gottlieb Steen & Hamilton (led by Denise Shiu and Adam Brenneman).
M&G, a global investment manager, led a $340m Series E round in Udaan, a B2B trade platform, designed specifically for small & medium businesses, with participation from Lightspeed Venture Partners and DST Global.
"The series E round strengthens our balance sheet and fully funds our business plan. It enables our continued journey of growth and profitability, positioning us well to be public-market ready in the next 12-18 months. The regional-operated design will not only get us closer to our customers, but also make our operations more agile and efficient," Vaibhav Gupta, Udaan Co-Founder and CEO.
Japan's state-backed JIC consortium to buy Shinko Electric for more than $5.5bn.
State-backed Japan Investment will join hands with Dai Nippon Printing and Mitsui Chemicals to buy out Shinko Electric Industries for more than JPY800bn ($5.5bn), DealStreetAsia reported.
The consortium, which is set to gain preferred bidder status to acquire the chip packaging unit of Fujitsu, will announce its tender offer bid as soon as this week.
IDG weighs $976m deal for Chery Auto's parent stake.
IDG Capital is considering buying shares in state-owned automobile manufacturer Chery from existing shareholders for as much as $976m, potentially giving the buyout firm exposure to one of the few unlisted major carmakers in China, Bloomberg reported.
Beijing-based IDG is raising funds from investors for the potential transaction.
Bain Capital sells $448m stake in Axis Bank.
Private equity firm Bain Capital has sold a stake worth $448m in Indian private lender Axis Bank.
Bain affiliates BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV were offering 33.4m shares, or a 1.1% stake in Axis Bank, at INR1119.70 ($13.43) per share, Reuters reported.
QIA takes a 4.26% stake in Kingdee.
A unit of Qatar Investment Authority, Qatar's sovereign wealth fund, agreed to acquire a 4.26% stake in Kingdee International Software, an enterprise management software company, for $200m.
The firm believes the share sale will strengthen its financial position, broaden the shareholder base, and is in the interests of the company and the shareholders as a whole.
Japan’s Tsuruha draws interest from Bain, Blackstone, KKR.
Private equity firms including Bain Capital and Blackstone are considering bids for Japanese pharmacy chain Tsuruha, Bloomberg reported.
KKR & Co is also among those that have expressed interest for the Tokyo-listed company, which has a market value of about $4.1bn. Deliberations are ongoing and the buyout firms could still decide against proceeding with offers.
Samsung C&T pushed to make changes by third activist investor.
Samsung C&T shareholder Whitebox Advisors is pressuring the South Korean conglomerate to adopt a clear capital allocation plan after two other investors voiced public criticism, Bloomberg reported.
Whitebox Advisors, which has a stake of about $100m, has had private discussions with Samsung C&T and believes it's trading at about a 68% discount to its net asset value. The company could close the gap by putting in an executive compensation structure that aligns with shareholder returns.
Wanda sweetens offer to mall unit’s backers to delay repayment.
Dalian Wanda Group has sweetened a proposal for pre-IPO investors in its mall operating unit to postpone a repayment for not listing shares in the entity this year, Bloomberg reported.
The Chinese conglomerate is offering to give new shares in Zhuhai Wanda Commercial Management Group to the investors in a step that could lead to billionaire Wang Jianlin potentially giving up control in the unit.
BlackRock-backed Seraya Partners closes $800m Asia-Focused Infrastructure Fund.
Top global asset managers including BlackRock are among investors in an Asia-focused infrastructure private equity fund that raised $800m, underscoring growing interest in the asset class amid market volatility.
The Seraya Partners Fund I closed above its target of $750m, by its Singapore-based managers, Seraya Partners. The fund targets mid-market investments aimed at enhancing energy transition and digital infrastructure development in Asia-Pacific markets and Southeast Asia.
China’s CTC Capital secures first close of new RMB fund at $167m.
China’s CTC Capital has held the first close of a new RMB-denominated fund at CNY1.2bn ($167m) to double down on the country’s integrated circuit industry, DealStreetAsia reported.
The fund has garnered commitments from over half of CTC’s existing limited partners. State investors affiliated with the Yangzhou municipal government and the Changsha municipal government have also injected capital into this fund.
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