Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Ares, an American global alternative asset manager, agreed to acquire GCP International, a global alternative asset management firm, from GLP Capital Partners, a global alternative asset manager investing in logistics, infrastructure and renewable energy assets, for $3.7bn.
"We have long admired the global real estate experience of GCP and its capabilities in facilitating the economy of the future, which includes investing in and managing industrial, data center and self-storage assets. As a combined business, we believe that Ares' and GCP International's experienced management teams, highly collaborative cultures and investment track records will create a powerhouse in global real assets investing," Michael Arougheti, Ares President and CEO.
GCP International is advised by Citigroup, Deutsche Bank, Greenhill & Co, Morgan Stanley, United Overseas Bank and Kirkland & Ellis. Ares is advised by Barclays, Eastdil Secured, Goldman Sachs, Wells Fargo Securities and Latham & Watkins (led by Alexandra Croswell Kelly, Owen J.D. Alexander and Daniel R. Breslin). GLP Capital Partners is advised by Gasthalter & Co (led by Jonathan Gasthalter).
CC Capital, a private investment firm focused on investing in and operating high-quality businesses for the long term, agreed to merge with Westaim, an investment company specializing in providing long-term capital to financial services businesses, in a $250m deal.
"This is a unique opportunity to create an integrated insurance and asset management platform. Ceres Life will be competitively advantaged by Deanna Mulligan’s leadership and experience, its advanced tech platform and a sizeable, committed capital base. With this foundation, Ceres Life is positioned to scale rapidly and improve how the industry serves policyholders, generating stable insurance assets that will support Arena’s strong growth. We are confident that this transaction will create significant long-term value for Ceres Life policyholders and Westaim shareholders," Chinh Chu, CC Capital Founder and Senior Managing Director.
Westaim is advised by BMO Capital Markets, PJT Partners, Dentons, Stikeman Elliott and Willkie Farr & Gallagher (led by Sean Ewen, Larissa Marcellino, Hugh McLaughlin and Robert Stebbins). CC Capital is advised by GreensLedge, Lazard, Macquarie Group, Rothschild & Co, Blake Cassels & Graydon, Skadden Arps Slate Meagher & Flom (led by Todd Freed), Joele Frank (led by Kate Thompson).
Blue Owl Capital, an alternative asset manager, agreed to acquire IPI Partners, a digital infrastructure fund manager, for $1bn.
"The acquisition of IPI with its deep sector expertise complements our existing net lease strategy while providing an ideal opportunity to expand Blue Owl's digital infrastructure strategy. There is a massive market opportunity to finance data centers, matched by an increasing investor appetite for additional strategies investing behind cloud and AI-driven secular tailwinds. IPI's tenured investment team, preeminent LP-base and global scale in the digital infrastructure economy will enhance our suite of capital solutions and investment offerings, further strengthening our position as a partner of choice. Investors can benefit greatly from the combination of Blue Owl's triple net lease knowledge and IPI's depth in the data centers market," Doug Ostrover and Marc Lipschultz, Blue Owl Co-CEOs.
Blue Owl Capital is advised by Deutsche Bank, JP Morgan, Morgan Stanley, Societe Generale, TD Securities and Kirkland & Ellis. IPI Partners is advised by Gibson Dunn & Crutcher. Iron Point is advised by Berkshire Global Advisors.
Strategic Value Partners, a global alternative investment firm, agreed to acquire Revelyst, a collective of world-class maker brands that design and manufacture performance gear and precision technologies, from Vista Outdoor, a designer, manufacturer, and marketer of outdoor sports and recreation products, for $1.125bn.
"We look forward to working with Eric Nyman and the rest of the team leading this world-class outdoor gear and technology business. For almost a year, we closely followed Revelyst's progress with this complex transaction. During that time, Revelyst has gained share through a difficult period for consumer spending thanks to the strength of its leadership, its employees and efforts like GEAR UP. With this investment, we plan to put SVP's full operating resources and network behind Revelyst to help accelerate the success of this market leader," David Geenberg, SVP Head of North American Corporate Investments.
SVP is advised by Goldman Sachs, Paul Weiss Rifkind Wharton & Garrison and Kekst CNC (led by Todd Fogarty). Vista Outdoor is advised by Moelis & Co, Morgan Stanley, Cravath Swaine & Moore and Gibson Dunn & Crutcher.
Butterfly, a private equity firm specializing in the food and beverage sector, agreed to acquire The Duckhorn Portfolio, an American wine company, for $1.95bn.
“We are honored to partner with Duckhorn and welcome the Company to the Butterfly family. This is an incredible opportunity, and we look forward to bringing our specialized expertise and deep food and beverage network to bear to help amplify and accelerate the Company’s mission to have their wine poured wherever fine wines are served throughout North America and the world,” Adam Waglay, Butterfly Co-Founder and Co-CEO.
Victory Live, a ticketing technology platform, completed the acquisition of Logitix, a software company, from ZMC, a private equity firm. Financial terms were not disclosed.
“We are very proud of what we have built over the past several years with ZMC’s support. We see immense benefits and significant growth opportunities through this new partnership. The combination of Victory Live’s impressive team, blue-chip partners, and investments in technology will play a valuable role in expanding the opportunities we have developed at Logitix, providing us with the scale and global footprint we need to achieve our vision and ensure long-term growth,” Stu Halberg, Logitix Chief Executive Officer.
Victory Live was advised by Bank of America, Moelis & Co, Sidley Austin and Lambert & Co (led by Jennifer Hurson). Logitix was advised by Evercore and Lowenstein Sandler.
Apollo, an alternative asset management firm, agreed to acquire Barnes Group, a global provider of highly engineered products, differentiated industrial technologies and innovative solutions, for $3.6bn.
“We are thrilled to partner with the talented team at Barnes, which has a tremendous heritage of building leading businesses with strong customer relationships in the aerospace and industrial sectors. We see opportunities to further invest in and grow Barnes’ businesses, which are positioned to benefit from long-term aerospace demand trends, as well as the need for high performance components and solutions for a range of end-markets. We applaud the Barnes team for the progress it has made with its transformation plan, and we believe this plan can be accelerated in a private company setting. We look forward to drawing on Apollo’s significant industry experience and value-added capabilities to support Barnes as it executes against its transformation and growth plans,” Antoine Munfakh, Apollo Partner.
Innventure, a venture capital firm, went public via a SPAC merger with Learn CW Investment, a publicly traded special purpose acquisition company, in a $385m deal.
"We're thrilled to reach this milestone, which supports our goal to found, fund and operate companies that offer transformative technology solutions. We believe becoming a public company creates a unique opportunity to offer investors access to technologies with early-stage economics and late-stage risk. I'm grateful to our partners at Learn CW for recognizing the value of our unique business model and supporting our vision to be a conglomerate of majority-owned companies," Bill Haskell, Innventure CEO.
Innventure was advised by Jones Day (led by Joel May and Patrick Baldwin), Vedder Price and Solebury Trout (led by Sloan Bohlen). Learn CW Investment was advised by Maples Group and Sidley Austin.
Sodalis, a European-based beauty and personal care platform, agreed to acquire HRB Brands, a hair care and skin cleansing firm, from Tengram Capital Partners, a private equity firm. Financial terms were not disclosed.
"I would like to thank Bill and the Tengram/Windsong team who have been a tremendous partner to HRB and instrumental in developing and executing our organic and acquisition growth strategies. Becoming part of the Sodalis Group provides a very exciting new chapter for us. Our combined teams are already working well together to leverage each other's talents and brand portfolios to rapidly grow our combined European, North and Latin America businesses," Jim Daniels, HRB Brands CEO.
Sodalis is advised by PricewaterhouseCoopers and Greenberg Traurig. HRB Brands is advised by Cascadia Capital, Lincoln International and Sidley Austin (led by David M. Grinberg).
LPL Financial, a provider of investment and business solutions for independent financial advisors, completed the acquisition of Atria Wealth Solutions, a wealth management solutions holding company. Financial terms were not disclosed.
"Joining forces with LPL Financial delivers significant value to all our constituents, especially Atria's advisors and institutions, their clients and our employees. LPL's well-respected position of industry leadership, investments in innovative technology and deep commitment to helping foster advisors' continued success align with the very purpose of why we founded Atria eight years ago. The benefit of our combined companies offers unprecedented opportunities for the clients we serve," Doug Ketterer, Atria Wealth Solutions CEO and Founding Partner.
LPL Financial was advised by Morgan Stanley and A&O Shearman (led by Stephen Besen). Atria Wealth Solutions was advised by Ardea Partners, William Blair & Co and Ropes & Gray (led by Scott Abramowitz).
KKR, a global investment firm, completed the acquisition of The Parking Spot, an owner and operator of near-airport parking properties, from Green Courte Partners, a private equity real estate investment firm. Financial terms were not disclosed.
"The Parking Spot has demonstrated a compelling track record of growth and delivery of a high-quality offering to travelers that aligns well with our investment philosophy. With its strong and established platform, well-known industry brand, and superior customer service, TPS is recognized as an industry leader. Above all, we are strong believers in the TPS management team and their vision, along with the employees who have contributed meaningfully to the Company's success. We are eager to work with them to further build on their impressive performance and capitalize on the numerous growth opportunities that lie ahead," Dash Lane, KKR Partner.
KKR was advised by Latham & Watkins and Simpson Thacher & Bartlett (led by Breen Haire and Shamus Crosby). Green Courte Partners was advised by Evercore and DLA Piper.
Renovus Capital Partners, a private equity firm, completed the acquisition of a majority stake in Angeion Group, an innovator in the class action settlement industry. Financial terms were not disclosed.
"This partnership marks a major milestone in Angeion's growth journey. The investment from Renovus is a testament to the dynamic team that has propelled Angeion into the great company that it is today and that will continue to drive its growth into the future. I am extremely proud of what we have accomplished, and I am even more energized for the years ahead," Steven Weisbrot, Angeion Founder & Chief Executive Officer.
Angeion Group was advised by Marks Baughan. Renovus Capital was advised by Morgan Lewis & Bockius (led by Kevin Shmelzer) and Gasthalter & Co (led by Mark Semer).
26North, an investment platform, completed the acquisition of Onelife Fitness, a health club operator, from Delos Capital, a private investment and financial advisory firm. Financial terms were not disclosed.
"Onelife is a fantastic opportunity to back what we believe to be a best-in-class operator and enduring platform in a growing category that is underpinned by a long-term consumer focus on physical fitness and wellness. We are excited to use 26North's Alpha Creation Team (ACT) to enhance Onelife's growth," Mark Weinberg, 26North Partner and Head of Private Equity.
Onelife Fitness was advised by Jefferies & Company and North Point Advisors. 26North was advised by Kirkland & Ellis.
Post Road, a private equity firm, and Bain Capital, a private equity firm, completed the investment in DC BLOX, a provider of interconnected data centers. Financial terms were not disclosed.
“The financial support from our partners demonstrates confidence in our ability to satisfy the rapidly growing digital infrastructure needs of our customers. From our edge market data centers, Myrtle Beach cable landing station, regional fiber network, and multiple 150MW+ hyperscale campuses, DC BLOX is building the digital infrastructure needed to drive future economic growth across the Southeast," Jeff Uphues, DC BLOX CEO.
DC BLOX was advised by Simpson Thacher & Bartlett (led by Gabriel Silva) and iMiller Public Relations. Bain Capital was advised by Stanton PRM (led by Scott Lessne).
Kava Equity Partners, a private equity investment group, completed the acquisition of Arrowhead Contracting, an environmental remediation services provider and general contractor. Financial terms were not disclosed.
“Arrowhead Contracting has a proven history of quality work and profitable growth, making it a perfect fit for our investment portfolio. We are excited about this partnership and are committed to supporting the Arrowhead management team and the further development of the company," James Dudley, Kava Managing Director.
Arrowhead was advised by CC Capital Advisors. Kava Equity was advised by Holland & Hart and Maynes, Bradford, Shipps & Sheftel.
TA Associates, a global private equity firm, completed the investment in Solifi, a global fintech software partner for secured finance. Financial terms were not disclosed.
"TA’s expertise scaling companies will be a significant value-add for Solifi as we look to expand our business and reach our full potential as a leading provider of end-to-end solutions for the secured finance market. For over 50 years, we have been committed to helping our customers strengthen their market position with our scalable, secure, and best-in-class software solutions. We are incredibly proud of our growth thus far, and are grateful to have Thoma Bravo’s continued support as we begin this exciting next chapter in partnership with TA," David Hamilton, Solifi CEO.
Solifi was advised by Jefferies & Company and Kirkland & Ellis. TA Associates was advised by Goodwin Procter.
ARCH Venture Partners, an American venture capital firm, led a $135m series A round in City Therapeutics, a biopharmaceutical company harnessing next-generation engineering of small interfering RNAs, with participation from Fidelity Management & Research Company, Invus, Slate Path Capital, Rock Springs Capital, Regeneron Ventures and AN Ventures.
"As an early investor in Alnylam, ARCH supported the creation of RNAi medicines as a new frontier of medicine. The time to re-enter the RNAi revolution is now, and our investment in City Therapeutics is based on our conviction that RNAi therapeutics will expand as a major category of breakthrough medicines," Robert Nelsen, ARCH Venture Partners Co-Founder and Managing Director.
HIG Capital, a global alternative investment firm, completed the acquisition of STS Aviation Group, a global aviation services company, from Greenbriar, a middle market private equity firm. Financial terms were not disclosed.
"We are very excited to partner with P.J. and the STS team, and are highly impressed with the global business they have built. STS has established itself as a leader in the industry through its dedication to providing high-quality and reliable service through a highly skilled technical workforce and best-in-class leadership team. We look forward to working with the Company to build upon their success and support the many growth initiatives ahead," Matt Gullen, HIG Managing Director.
STS Aviation Group was advised by BMO Capital Markets and Jefferies & Company.
Audax-backed BlueCat Networks, a provider of mission-critical network infrastructure management, automation, and security solutions, agreed to acquire LiveAction, a provider of network observability and intelligence solutions, from Insight Partners, a software investor. Financial terms were not disclosed.
"Adding LiveAction's industry-leading network performance monitoring, packet capture and forensics offerings considerably strengthens BlueCat's mission-critical DDI and network infrastructure management solutions. Our acquisition of Indeni in 2023 (re-branded BlueCat Infrastructure Assurance) recognized that organizations need to be able to assure the health and performance of these core services as well as dependent load balancing and security devices. The acquisition of LiveAction goes a step further on this journey to provide deep insight into the network's impact on business services, enabling organizations to isolate the source of response time issues, inform network policy and optimize network capacity," Stephen Devito, BlueCat CEO.
LiveAction is advised by Moelis & Co.
MWP Growth Capital, a private equity firm, completed the investment in Kajeet, a provider of wireless solutions for education and enterprise markets. Financial terms were not disclosed.
"This recapitalization marks the beginning of an exciting new chapter for Kajeet. With MWP Growth Capital's support, we are well-positioned to accelerate our efforts to bring scalable solutions to market and expand our reach across high growth sectors of the market. Our core focus remains providing reliable, secure, and managed wireless services that empower our customers to thrive in the connected world," Ben Weintraub, Kajeet CEO.
Kajeet was advised by Houlihan Lokey.
LLR Partners, a private equity firm, completed the investment in TurboTenant, an all-in-one property management software. Financial terms were not disclosed.
“TurboTenant is a well-known brand with highly satisfied customers in a fast-growing, yet still largely underserved, software market. Independent landlords are one of the last real estate markets with significant opportunity for technology adoption and optimization. We believe TurboTenant’s brand strength, leadership team, and business model have positioned the company well to continue its path to market leadership,” Cheng Li, LLR Partners Principal.
Blue Owl to buy $2bn of fintech Upstart's consumer loans.
Blue Owl Capital has agreed to buy up to $2bn of consumer installment loans from financial technology lender Upstart as part of an effort to push into asset-based finance, Bloomberg reported.
The private credit lender will snap up the debt over the next 18 months, through a so-called forward-flow agreement, where a buyer agrees to purchase loans before they have been originated. The deal also includes $290m of personal loans that have already been handed out.
Activist Starboard takes $1bn stake in Pfizer.
Activist investor Starboard Value has taken a stake of about $1bn in Pfizer and is seeking to spur a turnaround of the struggling pharmaceuticals giant, Bloomberg reported.
Starboard has approached former Pfizer executives Ian Read and Frank D’Amelio to aid in its efforts, and they have expressed interest in helping. It’s unclear in what capacity they would be involved. Read was Pfizer’s chief executive officer from 2010 to 2018 and chose current CEO Albert Bourla as his successor. D’Amelio was the New York-based company’s chief financial officer from 2007 to 2021.
BlackRock, JP Morgan Asset back Dynasty Financial at $800m valuation.
Dynasty Financial Partners, a provider of back-office services to independent investment advisers, won backing from BlackRock and JPMorgan Asset Management as it looks to accelerate growth, Bloomberg reported.
The minority capital raise values Dynasty at about $800m. The firm didn’t disclose the size of the deal, which also included previous investors.
Venture capital investors wary of dealmaking despite stock market momentum.
Venture capital investors in the United States remained cautious about dealmaking amid economic uncertainty, underscoring challenges in the industry despite a rally in public markets, Reuters reported.
About $37.5bn of deals were clinched in the third quarter ended 30 September, nearly 32% lower than the preceding quarter. Limited liquidity has driven investors to negotiate tougher terms for startups, leading many to postpone funding until conditions improve.
Pinnacle-backed fund manager wins big in Chu's Canada deal.
Canadian investment firm Langdon Equity Partners has emerged as one of the big winners from a deal backed by longtime Blackstone dealmaker Chinh Chu, Bloomberg reported.
Chu's CC Capital agreed to invest $250m in Toronto-based financial firm Westaim as part of a transaction that will unite credit firm Arena Investors and a new insurance business under Westaim.
Carlyle’s David Rubenstein landed in the Orioles owner’s box.
With a fortune made in private equity as Co-Founder of The Carlyle Group, David Rubenstein has been an active and enthusiastic investor and philanthropist in his own right, Bloomberg reported.
His latest venture - ownership of the Baltimore Orioles baseball club - may be his most ambitious and notoriety-grabbing to date. For him, it’s both an extension of his community-based philanthropy and a recognition that he had given his hometown less attention than it deserved.
KKR clashes with DOJ over deal disclosures.
Private equity giant KKR is at odds with the US Department of Justice over a proposed settlement that would hold its top executives personally accountable for disclosure lapses related to mergers and acquisitions.
The dispute centres on a federal investigation into whether KKR failed to provide accurate information in its filings with government agencies about the competitive impact of its deals.
Partners Group-backed KinderCare raises $576m in IPO.
KinderCare Learning raised $576m in an initial public offering, priced toward the bottom of a marketed range, Bloomberg reported.
The Partners Group-backed childhood education company sold 24m shares for $24 each. The company had offered the shares for $23 to $27 each.
Hamilton Lane expands evergreen platform with launch of global, US private infra funds.
Leading private markets investment management firm Hamilton Lane has launched two evergreen funds that offer expanded access to private market infrastructure investments to accredited investors around the world, DealStreetAsia reported.
With the addition of the two funds The Hamilton Lane Global Private Infrastructure Fund and The Hamilton Lane Private Infrastructure Fund, the firm’s evergreen platform now includes five funds across multiple strategies with an AUM of approximately $7.9bn.
TPG taps JP Morgan veteran Sohn to lead equity capital markets. (People)
TPG has hired JP Morgan's co-head of technology equity capital markets Eugene Sohn, Bloomberg reported.
The banker is set to join TPG in January as head of equity capital markets, and will be based in New York. He succeeds Julie Hong, who is co-head of client and capital formation.
Cinven appoints Partner to focus on European mid-market investment. (People)
International PE firm Cinven has appointed Dr Michael Weber as Partner with effect from 1 October 2024 to focus on mid-market investments in the DACH region in sectors including technology, tech-enabled services and financial services.
Weber joined Cinven from European mid-market firm, Riverside, where he was a Senior Partner and member of the Investment Committee for the Riverside Europe Fund. In this role, he was responsible for investment activities in the DACH region; led the Software and Technology sector team in Europe; and originated and led transactions.
EMEA
Astorg Partners, a pan-European private equity firm, agreed to invest in Lebronze alloys, a manufacturer of copper and nickel alloys. Financial terms were not disclosed.
Through this investment, Astorg would closely collaborate with the management team as they continue to deliver on their strategy and support the acceleration of LBA's growth.
Lebronze alloys is advised by PricewaterhouseCoopers, Rothschild & Co and Bredin Prat. Astorg is advised by Alvarez & Marsal, Boston Consulting Group, Willis Towers Watson, ERM Group, Kirkland & Ellis, Squire Patton Boggs, White & Case, Prosek Partners, Steele and Holt, PricewaterhouseCoopers and S-RM.
Brookfield Asset Management, an alternative asset management company, agreed to acquire Tritax EuroBox, a property company investing in distribution centres across Europe, from Segro, a British property investment and development company based in London, for £1.1bn ($1.44bn).
"The board of Tritax EuroBox remains intensely focused on delivering value for Tritax EuroBox shareholders. The cash offer from Brookfield represents a premium to the current value of the SEGRO offer and ensures that Tritax EuroBox shareholders will benefit from a significant uplift over the undisturbed value of their investment with flexibility to reinvest as they see fit," Robert Orr, Tritax EuroBox Chair.
Soho Square Capital, an investment firm, completed the investment in Newmarket Holidays, an escorted tour operator offering international group holidays. Financial terms were not disclosed.
"With rapid growth, expanding margins and a very loyal customer base, Newmarket Holidays is going from strength to strength, and we are excited to be joining them on this journey. Supported by a strong and experienced management team, Niel has driven improvements in product, technology, branding and processes. This has been reflected in the impressive level of customers booking directly with Newmarket both via its new website and from within its loyal customer base. With our support and fresh perspective, we're confident that we can help Newmarket Holidays to realise new opportunities and deliver considerable growth," David Steel, Soho Square Director.
Epiris, a private equity firm, agreed to acquire Amber Taverns, a pub operator. Financial terms were not disclosed.
“We are excited to enter the next growth phase in partnership with Epiris, who invested the time and effort to understand our business and what makes an Amber pub. We are confident that they can support us in our ambitious expansion plans," James Baer, Amber Taverns CEO.
Amber Taverns is advised by Savills, Alvarez & Marsal, Rothschild & Co (led by Edward Duckett), DLA Piper and Instinctif Partners. Epiris is advised by Greenbrook (led by Peter Hewer).
Italy's cabinet on October 10 approved with conditions the sale by carmaker Stellantis of a majority stake in its robotics business Comau to One Equity Partners, Reuters reported.
So-called golden power legislation gives Rome the right to block or set prescriptions on deals involving Italian companies that operate in strategic sectors.
One Equity Partners is advised by Stanton PRM (led by Tom Faust).
Central Group, a Thai multinational conglomerate, and PIF, a sovereign wealth fund of Saudi Arabia, agreed to form a joint venture.
“We became the majority shareholder in Selfridges Group’s operating company in November last year. Today we are glad to welcome our new partner PIF, and together we will immensely strengthen the Selfridges Group’s financial position. The Group is ready to embark on a new chapter of development and growth supported by the shared long-term vision of its shareholders,” Tos Chirathivat, Central Group Executive Chairman and CEO.
Central Group is advised by JP Morgan.
AIP Management, an asset management firm, agreed to acquire a 33% in Valorem, an independent European renewable energy developer and power producer, from 3i Infrastructure, an investment firm, for €309m ($340m).
"We will always be disciplined in our approach to value realisation and balance sheet management. This divestment provides us with the opportunity to crystalise a significant uplift to the carrying value, the proceeds of which will be used to reduce our drawings on our revolving credit facility. We thank the Valorem team for our successful collaboration and wish them and their new partners success on the next leg of their journey,” Scott Moseley and Bernardo Sottomayor, 3i Investments Managing Partners and Co-Heads of European Infrastructure.
H.I.G. Capital, a private equity firm, completed an investment in PolarDC Group, a specialist in data center infrastructure targeting high-performance computing applications. Financial terms were not disclosed.
"We are delighted to partner with H.I.G. to develop our pipeline of projects. H.I.G.'s investment in the Company, combined with its track record of supporting high-growth, early-stage companies, will allow Polar to benefit from the rapid development of artificial intelligence," Andy Hayes, Polar CEO.
Monzo staff to sell shares as valuation soars again to £4.5bn.
Hundreds of employees of the digital bank Monzo are being given the opportunity to sell part of their stakes in the company as its valuation soars to £4.5bn ($5.9bn).
The latest share sale is understood to involve existing Monzo investors StepStone Group and GIC, the Singaporean sovereign wealth fund, buying stock from employees.
New York Sun owner nears £550m deal for Telegraph.
The owner of the New York Sun, an American conservative news website, is close to acquiring the UK’s Telegraph newspaper for more than £550m ($722m), Bloomberg reported.
Dovid Efune is poised to enter exclusive talks with current owner RedBird IMI. Discussions between the sides were at an advanced stage this weekend and a deal is expected to be agreed in the next week.
Blackstone set to provide over €250m debt to Italian firm.
Private credit fund manager Blackstone is nearing a deal to provide a debt package of more than €250m ($329m) to refinance the existing debt of Wateralia, in the latest example of an Italian borrower seeking financing from a direct lender, Bloomberg reported.
The Italian water pumps specialist picked the private credit fund to replace its existing pool of banks when needing fresh debt. The package is expected to feature drawn debt of €250m and a delayed draw debt of around €50m.
Space startups see funding growth as investors bet on capex-intensive ventures.
Space startups raised $1.9bn in the third quarter, up nearly a fifth from a year earlier, fueled by strong investor interest in rocket launchers and satellite manufacturers, DealStreetAsia reported.
"As the activity and investment opportunities in space continue to grow, we need businesses capable of meeting demand for satellite launches," Lucas Bishop, Seraphim Space Investment Associate.
Sheffield United Football Club in takeover talks with US investor group.
An American consortium led by a private equity executive is in takeover talks with Sheffield United, one of the biggest English football teams outside the Premier League, Bloomberg reported.
Steven H. Rosen, who co-founded Cleveland-based Resilience Capital Partners, has been leading the negotiations on behalf of a group of investors.
TGI Fridays close to rescue deal with Breal and Calveton.
A rescue deal for the British operations of TGI Fridays which will salvage more than 2k jobs is on the verge of being finalised, Sky News reported.
Breal Capital and Calveton, which jointly own the upmarket restaurants business D&D London, could agree a deal to acquire the majority of TGI Fridays as early as this week.
Norway to raise spending from its sovereign wealth fund in 2025.
Norway‘s minority government said it plans to raise spending in 2025 from the country’s $1.8tn sovereign wealth fund to pay for public expenses, with elections for parliament due in September of next year, DealStreetAsia reported.
The government of Labour and the Centre Party proposed withdrawing $43.1bn from the fund in 2025, up from a revised $39bn in 2024, and must now negotiate with the Socialist Left to pass the budget.
Polish Zabka IPO priced at top of range, will raise $1.6bn.
The initial public offering of Europe's largest chain of convenience stores, Zabka Group, is priced at the top of a proposed range, making it the biggest listing in Warsaw in four years, Bloomberg reported.
Private equity fund CVC Capital Partners and other Zabka owners set the IPO price at $5.5 per share. They will sell 300m shares, equivalent to a 30% stake, raising $1.6bn.
APAC
KKR, a global investment firm, completed a $45m investment in PHINMA Education, a private higher education group. Financial terms were not disclosed.
"PHINMA Education's mission of delivering quality, affordable education to underserved communities aligns strongly with our Global Impact strategy. We will look to leverage KKR's deep experience investing in education companies globally to support the management team's vision to scale the company and become a leading education platform across Southeast Asia," George Aitken, KKR Managing Director.
GIC is said to weigh selling $5bn stake in India’s Greenko.
GIC is considering options for its 50% stake in India’s Greenko Energy, including a possible sale that could be worth around $5bn, Bloomberg reported.
The Singaporean sovereign wealth fund is in initial discussions with financial advisers to help evaluate a full or partial sale of its holding in Greenko. A deal could value the renewable energy firm at about $10bn.
Platinum Asset Management agrees to takeover talks with Regal.
Australian funds manager Platinum Asset Management has granted spurned bidder Regal Partners a period of due diligence, opening the door to a potentially sweetened offer, Bloomberg reported.
The two firms have agreed to a confidentiality deed in order to undertake mutual due diligence so that Regal can potentially improve upon its initial $360m offer.
BlackRock, tycoon-backed YTL set to buy Singapore serviced apartments. (RE)
BlackRock and the hotel unit of Malaysian developer YTL are set to purchase a group of serviced apartments in a prime office building in Singapore’s Central Business District, Bloomberg reported.
The world’s largest asset manager is seeking to buy the Citadines Raffles Place for just under SGD290m ($223m). YTL Hotels, which owns and manages hotels for Malaysian tycoon Francis Yeoh’s property group, will hold a minority stake in the 299-room development.
Carlyle-backed Rigaku looking to raise up to $870m in Tokyo IPO.
Japan X-ray testing tool maker Rigaku set a tentative initial public offering price range of JPY1.23k ($8.30) to JPY1.26k ($8.48) per share against an initial estimate of JPY1.23k ($8.30), DealStreetAsia reported.
At the top of the range, Rigaku, which is backed by buyout firm Carlyle Group, would raise up to JPY129bn ($870m), including an overallotment.
|
