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AMERICAS
A group of underwriters led by Bank of Montreal have launched a $2.55bn loan to back the acquisition of Nuvei, marking the biggest buyout deal since April, Bloomberg reported.
The seven-year term loan will help fund the $6.3bn leveraged buyout of the Canadian payments processor by Advent International, management, Novacap and CDPQ.
Nuvei is advised by Barclays, TD Securities, Davis Polk & Wardwell (led by Evan Rosen), Norton Rose Fulbright, Paul Weiss Rifkind Wharton & Garrison (led by Ian Hazlett and Adam M. Givertz) and Stikeman Elliott. Financial advisors are advised by Shearman & Sterling (led by Sean Skiffington). CDPQ is advised by CIBC World Markets, Mayer Brown and McCarthy Tetrault (led by Patrick Boucher). Advent International is advised by RBC Capital Markets, UBS, Blake Cassels & Graydon, Kirkland & Ellis (led by Frances Dales and Will Boothby), Stibbe (led by Roderik Vrolijk) and Community Group (led by Auro Palomba). Debt financing is provided by BMO Capital Markets. Novacap is advised by Fasken (led by Michel Boislard) and Willkie Farr & Gallagher (led by Russell Leaf, Jared Fertman and Sean Ewen). Philip Fayer is advised by Osler Hoskin & Harcourt.
Bain Capital, an American private investment firm, and Reverence Capital, a private investment firm, agreed to acquire Envestnet, an American financial technology corporation, for $4.5bn.
"This is a great outcome for Envestnet's clients and employees, and one that maintains its entrepreneurial spirit. Envestnet is exceptionally well-positioned to continue to build a gateway to the future of financial advice. I couldn't be more excited about the company going forward, its continued success and ability to serve more advisors – enabling them to deliver more holistic financial advice," Bill Crager, Envestnet Co-Founder.
Bain Capital is advised by JP Morgan, Ropes & Gray (led by William M. Shields) and Stanton PRM (led by Charlyn Lusk and Scott Lessne). Debt financing is provided by Ares Management, BMO Capital Markets, Barclays, Benefit Street Partners, Blue Owl, Goldman Sachs and RBC Capital Markets. Envestnet is advised by Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison.
Goldman Sachs Alternatives, an investor in alternatives globally, agreed to acquire a majority stake in TAIT, a live entertainment experiences provider, from Providence Equity Partners, a private equity investment firm. Financial terms were not disclosed.
"Since its inception, TAIT has partnered with clients across the globe to bring visionary concepts to reality and create extraordinary live experiences. As we look to our future – where the digital and physical worlds seamlessly merge into bespoke, individually tailored events, we are thrilled to partner with Goldman Sachs. This collaboration will unlock new opportunities and reinforce TAIT's position as an industry leader in delivering culture-defining experiences. Goldman Sachs' network and expertise will enable us to grow our global footprint and offerings, empowering the company to better serve clients, drive innovation, and pioneer new technology," Adam Davis, TAIT Chief Executive Officer.
TAIT was advised by Evercore, Jefferies & Company, Weil Gotshal and Manges (led by Ramona Nee) and KWT Global (led by Alice Murphy). Goldman Sachs was advised by PJT Partners, Goldman Sachs and Simpson Thacher & Bartlett (led by Katherine Krause). Providence was advised by FGS Global.
MasterBrand, the largest manufacturer of residential cabinets in North America, completed the acquisition of Supreme Cabinetry Brands, one of the largest manufacturers of residential cabinetry in America, from GHK Capital Partners, a middle-market private equity firm, for $520m.
“Today is an important day as Supreme joins MasterBrand. The completion of this acquisition marks a major milestone, positioning MasterBrand to offer an unmatched breadth of offerings and enhanced service to even more customers and consumers. As one team, we will build on our shared legacy of innovative product leadership, superior customer service and continuous improvement to drive significant value for all our stakeholders. We warmly welcome the talented team at Supreme and look ahead with excitement to our continued journey of growth and innovation, as we advance our purpose of Building Great Experiences Together,” Dave Banyard, MasterBrand President and CEO.
Supreme Cabinetry Brands was advised by Jefferies & Company and Harris Williams & Co. MasterBrand was advised by JP Morgan, Rothschild & Co, Skadden Arps Slate Meagher & Flom (led by Marie Gibson) and Joele Frank (led by Andrew Brimmer). GHK Capital Partners was advised by Davis Polk & Wardwell (led by John D. Amorosi).
Victory Capital, an investment management firm, completed the acquisition of Amundi US, a company that offers a broad range of fixed income, equity and multi-asset investment solutions. Financial terms were not disclosed.
“This strategic relationship accelerates the globalization of our firm through a new global distribution channel. The transaction’s structure is carefully designed to closely align our common interests," David Brown, Victory Capital Chairman and Chief Executive Officer.
Victory Capital was advised by Bank of America, PJT Partners, Willkie Farr & Gallagher (led by Dave Boston). PJT Partners was advised by Ropes & Gray. Amundi was advised by Ardea Partners, Dechert and Cleary Gottlieb Steen & Hamilton.
Vista Outdoor on July 8 rejected investment firm MNC Capital's final buyout offer of $3.2bn, citing that it undervalued the company, and said it had agreed to an increased bid for its ammunition unit from Czechoslovak Group, Reuters reported.
The latest development adds to the months-long saga for the parent of Federal Ammunition and Remington Ammunition against the backdrop of rising demand for military supplies since the escalation of the Russia-Ukraine conflict in 2022.
TA Associates, a private equity firm, agreed to acquire association & events division from Community Brands, a provider of cloud-based software, services and payment solutions. Financial terms were not disclosed.
“We are thrilled to be partnering with Mike Henricks, Mike Mayoras and all of the talented team members at Momentive Software to further accelerate the company’s market leadership. We have been impressed with Momentive’s strong business foundation and with its highly knowledgeable and experienced team that has a passion for supporting customers who are important pillars in their communities. We see a tremendous opportunity for growth and look forward to supporting the new Momentive and uncovering opportunities that fuel product innovation and increase the value Momentive can deliver to its more than 39k customers across 30 countries. In recognition of the passion Momentive Software employees have towards the causes they enable, TA will be offering employee ownership at all level," Hythem El-Nazer, TA Managing Director.
Flacks Group, an investment firm, completed the acquisition Artemyn, the paper market serving division of Imerys, a supplier of mineral-based specialty solutions, for $400m.
This strategic move marks Flacks Group's official entry into the mining industry and significantly strengthens its diversified portfolio.
SAIGroup, an enterprise AI investment firm, completed the acquisition of Get Well, a digital patient engagement company. Financial terms were not disclosed.
"As part of SAIGroup, Get Well's mission to enable the best patient experience will undergo a rapid transformation with AI to a full precision care platform for hospitals and ambulatory centers. This strategic investment underscores SAIGroup's commitment to innovative AI-driven solutions in healthcare and highlights our confidence in Get Well as a leader in the digital patient engagement space," Romesh Wadhwani , SAIGroup Founder and CEO.
Get Well was advised by Cain Brothers and DLA Piper. SAIGroup was advised by McDermott Will & Emery. Debt financing was provided by Oxford Finance.
HIG Capital, a global alternative investment firm, completed the acquisition of Best Trash, a waste collection platform. Financial terms were not disclosed.
“We are thrilled to partner with HIG and leverage their significant experience and resources as we enter this next phase of growth. Best Trash has built its brand providing exceptional service to its customers, and we look forward to continuing to serve the communities in which we operate,” Mark Moderski, Best Trash CEO.
Best Trash was advised by Raymond James and White & Case. HIG Capital was advised by Stifel and Ropes & Gray.
Estancia Capital Partners, a lower-middle market private equity firm, completed the investment in StrategyCorps, a provider of deposit analytics and retail and small business checking-related solutions. Financial terms were not disclosed.
“In the fiercely competitive banking landscape, being the Primary FI hinges on offering relevant products and exceptional service. Our strategic partnership with Estancia positions StrategyCorps to expand rapidly, evolve our top-performing solutions, and help community and regional FIs outshine mega and digital banks. It also accelerates our client’s ability to generate new revenue, countering the decline of traditional checking-related revenue under regulatory pressure,” Mike Branton, StrategyCorps Chairman and CEO.
StrategyCorps was advised by Keefe Bruyette & Woods and Bass Berry & Sims. Estancia was advised by Jefferies & Company and Kirkland & Ellis.
FFL Partners, a private equity firm, completed the acquisition of a minority stake in Medicus IT, a healthcare-focused IT managed services provider, from 424 Capital, a private equity firm. Financial terms were not disclosed.
“As a growing private equity firm that solely specializes in Healthcare and Tech-Enabled Services investments, we couldn’t be more excited to partner with Medicus IT. Medicus IT understands the opportunities and challenges that come with running a healthcare practice. The Company’s differentiated managed IT, compliance, and cybersecurity offerings allow healthcare providers to deliver positive patient outcomes at scale across any EMR/EHR system those practices choose to use," Jonathon Bunt, FFL Partners Partner.
Medicus IT was advised by Robert W Baird and Whiteman Osterman & Hannah. FFL Partners was advised by Kirkland & Ellis and Stanton PRM (led by Kelly Holman).
Vivo Infusion, a provider of accessible, affordable, and safe community-based infusion and injection care, completed the acquisition of Infusion Associates, a provider of ambulatory infusion services, from Boyne Capital, a private equity firm. Financial terms were not disclosed.
"Boyne has been a valuable partner to Infusion Associates, taking a hands-on and collaborative approach to help us establish the team, systems and capabilities that have been foundational to our success. Together we have positioned the Company for continued growth as part of the Vivo Infusion platform, and I am grateful to Boyne for their support. I would also like to thank the amazing Infusion Associates team that has helped us continuously reach greater heights while maintaining a best-in-class patient experience every step of the way," Chuck Jett, Infusion Associates CEO.
Infusion Associates was advised by TripleTree and DLA Piper. Vivo Infusion was advised by Houlihan Lokey.
Blackstone Infrastructure, an active investor across sectors, including energy infrastructure, agreed to acquire a 30.2% stake in Tallgrass Energy, an energy infrastructure company, from Enagás, an energy company and European transmission system operator, for $1.1bn.
"With the rotation of the stake in Tallgrass Energy, Enagás strengthens its balance sheet to undertake with guarantees the execution of the investment plan in renewable hydrogen infrastructure, included in the European Union’s list of Projects of Common Interest and complying with the mandate of the Royal Decree-law 8/2023 that designates Enagás as provisional manager of the Hydrogen Backbone Network," Enagás.
Enagás is advised by Societe Generale and Barclays.
General Catalyst, a US-based venture capital firm, and McKesson Ventures, a venture capital firm, led a $200m round in HarmonyCares, a value-based in-home longitudinal care provider, with participation from K2 HealthVentures, Rubicon Founders, Valtruis, HLM Capital and Oak HC/FT.
"There is an urgent need to expand access to longitudinal care, particularly as many patients across the US are already struggling to get the care they need. This latest investment enables us to double-down on our commitment to expand access to value-based care for patients with complex clinical and social needs and who often have limited access to care, resources, or even family nearby," Matthew Chance, HarmonyCares CEO.
Madison River Capital, a private equity firm, completed the $70m investment in JDC Power Systems, an electrical systems integrator exclusively serving the data center market.
"We were drawn to JDC because of its impressive track record of delivering highly technical solutions and innovative products that provide significant competitive advantages in the growing data center industry," David Wittels, MRC Managing Partner and President.
JDC Power Systems was advised by Carl Marks Advisors. Madison River Capital was advised by FGS Global (led by Akash Lodh).
Summit Partners, an American investment firm, and Silversmith Capital Partners, a Boston-based growth equity firm, led a $200m investment in Earned Wealth, a tech-enabled financial services firm, with participation from Juxtapose, Hudson Structured Capital Management, and Breyer Capital.
“From the beginning, we’ve been firmly focused on building the premier go-to destination for doctors who are seeking to optimize their financial well-being, delivering tailored solutions and services that allow them to focus on what they do best. Today’s announcement represents a critical step on our journey to further transform financial outcomes for these heroes of our society. With the addition of Thomas Doll, we broaden our capabilities and expand into serving medical practices, a key lever of income and wealth for many of our clients,” John Clendening, Earned Wealth Founder and CEO.
Earned Wealth was advised by Walker Communications.
Argo Infrastructure Partners, an independent fund manager, completed the acquisition of a majority stake in TierPoint, an enterprise data center company that provides secure, connected IT platform solutions for digital transformation initiatives. Financial terms were not disclosed.
“We are pleased to expand our investment in TierPoint, reaffirming our commitment as a dedicated, long-term investor in the exceptional platform. TierPoint’s robust contractual revenue profile, coupled with the achievement of an investment-grade profile on the ABS and its environmental stewardship, fully aligns with Argo’s long-term sustainable infrastructure thesis. We look forward to continuing to support the long-term growth of our collective platform in partnership with our securitization investor partners,” Jason Zibarras, Argo Founding Partner.
Argo Infrastructure Partners was advised by Edelman (led by Ira Gorsky).
Lightspeed Venture Partners, a venture capital firm, Coatue, SoftBank and Bezos Expeditions, three investment firms, led a $300m Series A round in Skild AI, a startup that develops software to power various robots, with participation from Felicis Ventures, Sequoia, Menlo Ventures, General Catalyst, CRV, Amazon, SV Angel and Carnegie Mellon University.
"The large-scale model we are building demonstrates unparalleled generalization and emergent capabilities across robots and tasks, providing significant potential for automation within real-world environments. We believe Skild AI represents a step change in how robotics will be scaled, and has the potential to change the entire physical economy," Deepak Pathak, Skild AI CEO and Co-Founder.
Carlyle in talks to buy Baxter's kidney care unit.
Private equity firm Carlyle Group is in exclusive talks to acquire Baxter International's, kidney care spinoff Vantive for more than $4bn, including debt, Reuters reported.
Medical device maker Baxter said in March it had been in discussions with select private equity investors to explore a potential sale of the kidney care unit more than a year after it announced plans to separate the unit amid supply-chain challenges and weak demand for dialysis operations.
BlackRock unveils climate policies for $150bn in funds.
BlackRock is singling out funds with combined assets of $150bn for an extra screen designed to ensure the investments are aligned with strict climate goals. The world’s largest money manager said the decision affects 83 funds domiciled in Europe, Bloomberg reported.
The strategy, which will be applied to portfolios with stated climate and decarbonization objectives, also may be extended to funds in the US and Asia-Pacific region, as well as separate accounts managed for clients.
Billionaire investor Ackman kicks off fundraising for new US fund.
Hedge fund manager Bill Ackman kicked off fundraising for a new US-listed closed-end fund on July 9, an effort that could bring in as much as $20bn, more than double his assets under management, some of that from retail investors, Reuters reported.
Index Ventures announces $2.3bn in new funds at a historical inflection point for startups.
Index Ventures, a leading global venture capital firm, announced a $2.3bn in new funds to forge relationships with exceptional entrepreneurs who are creating transformative, category-defining businesses.
Combined with Index's existing $300m Origin seed fund, Index is deploying $2.6bn in capital to back founders from seed to IPO. This brings Index's total capital raised since its founding to $15bn.
Monomoy Capital Partners announces close of oversubscribed Fund V at $2.25bn.
Monomoy Capital Partners, a private investment firm focused on the middle market, is pleased to announce the closing of its fifth private equity fund. Fund V exceeded its initial target of $1.6bn and was oversubscribed at its final close of $2.25bn.
The firm’s previous fund closed in late 2021 at over $1.1bn. Due to substantial interest and significant demand from a growing and globally diversified investor group, Fund V’s limited partner hard cap was fully allocated at $1.9bn within eight weeks and reached its final close in five months total.
Truelink Capital closes oversubscribed inaugural fund.
Truelink Capital Management, a Los Angeles-based middle market private equity firm, is pleased to announce the final close of its first fund, Truelink Capital I. The Fund closed with aggregate third-party LP commitments of $875m, exceeding its target of $600m and its original hard cap of $750m.
Truelink's General Partner and related parties also invested heavily in the Fund. The Fund received strong support from a diverse group of global investors including pension plans, foundations, insurance companies, financial institutions, family offices and consultants.
Carlyle global capital markets head Lindley succeeded by Savino. (People)
Carlyle Group’s head of global capital markets, Brian Lindley, has left after more than 13 years at the alternative-asset manager, Bloomberg reported.
Lindley, who’s based in London, is credited with establishing the firm’s global capital markets group and managed teams in New York and London. He has been succeeded by Matt Savino, who’s based in New York.
Blackstone hires Citi's Tyler Dickson for key credit job. (People)
Blackstone has hired Tyler Dickson, former global head of investment banking at Citigroup, to lead client relations for its credit and insurance unit as the private equity giant continues to expand its lending business, Bloomberg reported.
The new global role will oversee the credit team that maintains relationships with the insurance companies, pensions, sovereign wealth funds, and asset managers that use Blackstone to invest their money.
EMEA
The Canada Pension Plan Investment Board, an investment management organization, completed the acquisition of a minority stake in team.blue, a digital enabler for companies and entrepreneurs, from HG, a private equity firm. Financial terms were not disclosed.
"This is a truly significant moment for our team and the many entrepreneurs who have joined us over the years. We are delighted to welcome CPP Investments, a leading global institutional investor with values that closely align with our own. CPP Investment's approach as a long-term patient capital investor is perfectly suited to our vision for sustained growth. Alongside our existing shareholders, CPP Investments recognises the growth ahead, underpinned by our plan to provide increasingly relevant online tools for businesses. We thank Hg for their continued support and warmly welcome CPP Investments as we pursue our ambitious growth plans together," Jonas Dhaenens, team.blue Founder and President, Claudio Corbetta, team.blue CEO, and Dawn Marriott, team.blue Executive Chair.
team.blue was advised by Arma Partners, Bain Capital, Deloitte, Ernst & Young, Harris Williams & Co, KPMG, Linklaters (led by Alex Woodward and Ben Suen), Macfarlanes, Norbruis Clement Advocaten and BearingPoint. CPP Investments was advised by OC&C Strategy Consultants, JP Morgan, KPMG and Kirkland & Ellis. HG was advised by Brunswick Group (led by Azadeh Varzi).
Thermo Fisher Scientific, a supplier of analytical instruments, life sciences solutions, specialty diagnostics, laboratory, pharmaceutical and biotechnology services, completed the acquisition of Olink, a company dedicated to accelerating proteomics together with the scientific community, from Summa Equity, a private equity firm, for $3.1bn.
"We are excited to welcome Olink colleagues to Thermo Fisher. Protein research is key to advancing our understanding of human biology and delivering on the promise of precision medicine. Olink's proven and transformative solutions for proteomics are highly complementary to our leading mass spectrometry and life sciences offerings. By expanding our capabilities in the high-growth proteomics market, we will enable scientists and researchers around the globe to meaningfully accelerate discovery and scientific breakthroughs while delivering significant value to our shareholders," Marc N. Casper, Thermo Fisher Chairman, President and CEO.
Standard Motor Products, an automotive parts manufacturer, agreed to acquire Nissens, an aftermarket engine cooling and air conditioning products manufacturer, from Axcel, a private equity company, for $388m.
"We are very excited to have SMP as our new owner. We have been following SMP's activities in the US, and we see a lot of similarities in the way SMP and Nissens operate in their respective focus regions. I have personally known the SMP management team for several years, and I believe there is a very strong cultural fit that will support and accelerate the positive development of both companies. We look forward to becoming part of the SMP family," Klavs Pedersen, Nissens CEO.
Nissens is advised by Deloitte, Jefferies & Company, PricewaterhouseCoopers and Gorrissen Federspiel. Standard Motor Products is advised by JP Morgan, Hughes Hubbard & Reed and Plesner. Debt financing is provided by Bank of America, JP Morgan and Wells Fargo Securities.
KKR-backed Ocean Yield, a shipping company in Fornebu, Norway, agreed to acquire a 34% stake in Geogas LNG, an operator of long-haul LPG on large and mid-size gas carriers, from CVC DIF, a global mid-market infrastructure equity fund manager. Financial terms were not disclosed.
"We are pleased to partner with NYK, Geogas Maritime and Access Capital Partners for our first transaction in the LNG segment. FLS controls a fleet of modern LNG carriers with a low carbon footprint and long-term charters to investment grade-rated counterparties," Andreas Røde, Ocean Yield CEO.
Ocean Yield is advised by BAHR and Stephenson Harwood. CVC DIF is advised by Eight Advisory, Marsh, Watson Farley & Williams, Rothschild & Co, Orrick Herrington & Sutcliffe, FTI Consulting, KPMG and DNV.
American Industrial Partners, an industrials investor, completed the acquisition of a 60% stake in feed ingredients business from Aker BioMarine, a biotech innovator and Antarctic krill-harvesting company. Financial terms were not disclosed.
"We are eager to join forces with AIP, leveraging their maritime expertise and growing aquaculture presence to accelerate our growth trajectory. This partnership positions us to more rapidly advance the aquaculture, animal health and sustainability benefits of krill globally," Webjørn Barstad, Aker BioMarine CEO.
AIP was advised by Baker Botts, Ropes & Gray (led by Victoria McGrath), Wikborg Rein and Prosek Partners. Aker BioMarine was advised by Arctic Capital, Carnegie Investment Bank and Rabobank.
KnowBe4, a security platform for security awareness training and simulated phishing attacks, completed the acquisition of Egress, a software company that specializes in human layer security designed to prevent accidental and intentional data breaches, from FTV Capital, a growth equity firm, and AlbionVC, an investment company. Financial terms were not disclosed.
“Human risk management is an essential component of a comprehensive cybersecurity program. This acquisition reinforces our ability to fortify global organizations against the ever-increasing amount of human-targeted threats. Today marks an important milestone in the evolution of cybersecurity and the next generation of KnowBe4’s human risk management capabilities,” Stu Sjouwerman, KnowBe4 CEO.
Egress was advised by Citigroup and Orrick Herrington & Sutcliffe (led by Shawn Atkinson). FTV Capital was advised by Willkie Farr & Gallagher (led by Gavin Gordon).
Bregal Unternehmerkapital, a private equity firm, agreed to acquire a majority stake in BSI Software, a customer relationship management software company, from Capvis, a mid-market investor. Financial terms were not disclosed.
”BSI connects people and software. The BSI Customer Suite combines customer focus and industry expertise based on a sophisticated no-code/low-code platform. With this recipe for success, we are continuing our growth strategy in Europe to inspire more customers," Markus Brunold, BSI CEO.
Clayton Dubilier & Rice, an American private equity company, and Permira, a British global investment firm, offered to acquire Exclusive Networks, a global cybersecurity specialist, for €2.2bn ($2.4bn).
Exclusive Networks is a global cybersecurity specialist that provides partners and end-customers with a wide range of services and product portfolios via proven routes to market. With offices in over 45 countries and the ability to serve customers in over 170 countries, we combine a local perspective with the scale and delivery of a single global organization.
Exclusive Networks is advised by FTI Consulting (led by Jamie Ricketts).
IBM, a multinational technology company, completed the acquisition of SiXworks, a consultancy serving the UK defence sector and specialising in digital transformation in highly secure environments, from Chiltern Capital, a private equity firm, for $150m.
"The acquisition deepens IBM Consulting’s ability to serve clients in the UK defence sector with additional highly specialist industry and technical domain skills across digital, cyber and defence cloud solutions," IBM.
Chiltern Capital was advised by Rothschild & Co.
EQT, a Swedish global investment organization, and Kühne, representing one of the world's leading logistics entrepreneurs and investors, agreed to acquire a 35% stake in FlixBus, a German brand that offers low-cost intercity bus. Financial terms were not disclosed.
"We are delighted to welcome EQT Future and Kühne as strong and purpose-driven investors with proven track records of building upon sustainable long-term investment strategies. Their capital and know-how will be a strong asset to our company's overall strategic vision. We couldn't ask for better partners to embark on the next chapter of Flix's journey," André Schwämmlein, Flix CEO and Co-Founder.
Grifols says founding family and Brookfield weigh takeover bid.
Grifols said that its founding family and asset manager Brookfield have made an approach to buy and delist it, after the pharmaceutical producer lost billions in market value amid a short-seller attack, Bloomberg reported.
Brookfield and the Grifols family “have reached an agreement to evaluate a possible joint takeover bid to acquire all” the shares of the company and take it private. The company has a market value of €5.5bn ($6bn).
Tycoon Mike Jatania-backed consortium nears deal for Body Shop.
A consortium led by British tycoon Mike Jatania is nearing a deal to buy struggling UK cosmetics retailer The Body Shop out of administration, Bloomberg reported.
Aurea, an investment firm that Jatania runs with former UBS banker Paul Raphael, is in exclusive talks to acquire The Body Shop after beating rival bidders in an auction process.
Turkish sovereign wealth fund weighing stake sale in Turkcell.
Turkey’s sovereign wealth fund is weighing whether to sell its 26.2% stake in Turkcell Iletisim Hizmetleri, the country’s biggest telecommunications operator. The board of Turkey Wealth Fund has yet to make a formal decision, Bloomberg reported.
While informal discussions with potential buyers have taken place, some within the sovereign wealth fund are opposed to a sale because they consider the company a strategic asset. A final decision will likely be made by President Recep Tayyip Erdogan, who leads the fund’s board.
Citi sees growth in African debt swaps for nature.
A number of African governments are in talks to swap some of their commercial loans for cheaper borrowing linked to food security, nature, health and education, said Citigroup’s sub-Saharan Africa head Akin Dawodu, Bloomberg reported.
The US bank is exploring options with some of its clients to convert debt into bonds that target environmental, social and governance objectives, which can attract keener terms for issuers due to the higher demand for such investments.
Saudi Arabia trails only Singapore in emerging market VC funding race.
Saudi Arabia ranked second across the emerging-market venture capital space in the first half of 2024, trailing only Singapore, Sky News reported.
Software startup Salla raised $130m in the period, boosting the kingdom’s venture capital fundraising to $412m — the highest in the Middle East and North Africa.
Abu Dhabi investment firm Lunate takes on AI firm G42’s China fund.
A new investment vehicle in Abu Dhabi has taken over the management of artificial intelligence firm G42’s China-focused fund, keeping the assets in the hands of a powerful member of the emirate’s royal family, Bloomberg reported.
The fund, Lunate, plans to hire a small team to help manage what was G42’s 42XFund, an entity with stakes in units of Chinese technology companies including ByteDance and JD.com.
LVMH-backed L Catterton weighs selling stake in Saudi Arabia's Bateel.
L Catterton, the private equity firm backed by luxury French fashion house LVMH, is looking to sell its stake in Saudi Arabian gourmet food producer and restaurant chain Bateel, Bloomberg reported.
The investment firm is working with UBS Group on the sale. L Catterton, which invested in Bateel in 2015 to support an international expansion plan, is seeking to sell its entire holding of about 20%.
Brookfield creating UK insurer to join corporate pensions deal bonanza.
Brookfield has applied to set up an insurance company in the UK, a move that would allow one of the world’s largest private capital groups to cash in on the wave of British companies offloading their pension plans, FT reported.
Higher interest rates have radically improved the health of corporate pension plans, paving the way for companies to offload the liabilities and assets of the schemes to insurers.
KHK & Partners launches Ayala Capital spin-off to focus on MENA capital raising.
KHK & Partners has launched spin-off business Ayala Capital, a newly formed entity that will provide capital-raising solutions and services to global asset managers interested in the MENA region. Against a backdrop of falling distribution and rising capital-raising challenges in the US and European markets, the MENA regions remains a net exporter of capital, and is poised to maintain this role due to its sustained economic surplus and strategic financial reserves.
Ayala Capital’s team has previously raised capital from sovereigns, institutional investors, banks and family offices in the region. The business already works with global asset managers including Tikehau Capital, Montana Capital Partners, NewSpace Capital and ShoreVest Partners.
HIG Capital raises $1.3bn for Europe Realty Fund III.
HIG Capital, a global alternative investment firm with $64bn of capital under management, is pleased to announce the final close of HIG Europe Realty Partners III. The Fund closed with aggregate capital commitments of approximately $1.3bn, significantly above the predecessor's fund size.
HIG Europe Realty Partners primarily targets value-add investments in the middle market real estate segment in Europe. To date, the Fund has made over ten investments across various geographies in Europe.
APAC
Australian auto parts retailer Bapcor rejected on July 9 the AUD1.83bn ($1.23bn) buyout offer from private equity firm Bain Capital, saying it did not fully reflect the company's value, Reuters reported.
The company's stock fell by as much as 4.3% in early trade on July 9. The Australian benchmark S&P/ASX200 was up 0.65%. Bain Capital had offered to buy Bapcor for AUD5.4 ($3.6) per share in cash, representing a 23.9% premium to the stock's June 7 close of AUD4.36 ($2.9).
Bapcor is advised by Macquarie Group, Allens and Cato & Clive (led by Sue Cato). Bain Capital is advised by Morgan Stanley.
Temasek-backed 65 Equity Partners, an investment firm, completed a $74m investment in Hi-P, a regional advanced manufacturing service provider.
“Having grown our capabilities, capacity and customer base over the past few years, we are excited about our prospects, and look forward to working with 65 Equity Partners to hone our business strategy. This will be crucial for us to achieve our aim of greater growth globally. With its investment strategy, expertise and network, I have no doubt that 65 Equity Partners is the right partner on this journey," Yao Hsiao Tung, Hi-P Executive Chairman and Founder.
Hi-P was advised by SEC Newgate (led by Karin Lai).
GIC, a sovereign wealth fund established by the Government of Singapore, completed the acquisition of an additional 48% stake in Shanghai Xingxinman Enterprise Management, a holding company that owns Shanghai Nanxiang Incity MEGA shopping mall, from China Vanke, a company that operates real estate development businesses, for $316m.
The mall will likely still be operated by Vanke after the share sale, as GIC lacks property management capacity. GIC, whose partnerships with Vanke go back to 2004, has in recent years acquired shares in several joint projects from Vanke, with the Chinese developer retaining minor stakes for operational control. Stakes in Nanxiang Incity MEGA and Qibao Vanke Plaza are among the assets that Vanke has sold this year in order to raise money to repay debts.
KKR considers reviving multibillion-dollar sale of Goodpack.
KKR is looking to revive the process to sell Goodpack, a Singapore-based global supply chain and logistics company, in a potentially multibillion-dollar deal, WSJ reported.
The private-equity firm is in early talks with advisers to sell Goodpack. A formal sales process could begin late in the third quarter or early in the fourth if there is market interest.
KKR to cut stake in chip tool maker Kokusai Electric.
Private equity firm KKR plans to cut its stake in Kokusai Electric, cashing in after a blistering run for shares in the Japanese chip equipment maker, Reuters reported.
KKR, which holds around 43% of Kokusai's shares, plans to sell about half of its stake to investors. Kokusai will buy back shares in the market. A 20% stake in Kokusai is worth roughly $1.6bn as at July 8 closing price.
Temasek China bets trail Americas for first time in a decade.
Temasek’s investments in China are now smaller than those in the Americas for the first time in at least a decade, underscoring persistent caution among global money managers toward Asia’s largest economy, Bloomberg reported.
The Singapore state-owned investor on July 9 reported a modest total shareholder return of 1.6% for the year ended March 31. It said China’s capital markets slump caused valuations of its assets in the country to decline, which offset better returns from the US and India.
Singapore's Temasek doesn't rule out high-carbon investments on road to net zero.
Singapore state fund Temasek will consider investing in fossil fuel and other carbon-intensive projects if they make environmental as well as commercial sense even as it aims to cut portfolio emissions to net zero by 2050, Reuters reported.
"One of the things we realised when we set this original (net-zero) goal for ourselves, it does create an incentive to invest only in low-carbon emitting industries. But there is a case for investing also in high-emitting industries if you could transform them," Rohit Sipahimalani, Temasek CIO.
India's Emcure Pharma jumps 35% in debut trade at $223m valuation.
Indian drugmaker Emcure Pharmaceuticals' shares rose 34.9% in debut trade on July 10, beating analysts' estimates and valuing the company at $223m, as its strong presence in women's healthcare and HIV treatments drew investors, DealStreetAsia reported.
In an IPO market where over 100 companies raised more than $4.6bn so far this year, Bain Capital-backed Emcure is the first drugmaker to go public in 2024.
Watson listing plan still on, Singapore’s Temasek says.
Singapore state-investment company Temasek said the plan to list Watson Group remains in place, a potential deal that could be worth billions of dollars, WSJ reported.
“While its listing objective has not changed, it will be up to the company’s board and management to decide on its listing objectives, timing and venue,” Chia Song Hwee, Temasek deputy CEO. Watson had in 2014 postponed plans for a $6bn IPO in Hong Kong and London.
Top Thai music firm eyes IPO following Tencent investment.
GMM Music is planning an initial public offering as early as this year, following a recent equity investment from China's Tencent, Bloomberg reported.
Thailand's largest music company, a unit of GMM Grammy boosted its valuation to about $700m after selling a 10% stake to China's Tencent Holdings last month. Therefore, it would like an IPO "as soon as possible", this year or in 2025.
Sichuan Biokin Pharma files for $500m Hong Kong IPO.
Sichuan Biokin Pharmaceutical filed for a Hong Kong listing that could raise about $500m, making it one of the largest deals in the city's pipeline, Bloomberg reported.
The drugmaker, which is already listed in Shanghai, filed a preliminary prospectus without going into detail on the size of the initial public offering. Goldman Sachs, JPMorgan Chase, and Citic Securities are joint sponsors for the share sale.
Anthem Biosciences considers $400m IPO in India.
Anthem Biosciences, a Bengaluru-based contract drug researcher and manufacturer, is considering an initial public offering in India that could raise about $400m, Bloomberg reported.
The company, in which Indian private equity firm True North bought a minority stake in 2021, could seek a valuation of as much as $3bn to $4bn in an IPO. Anthem Biosciences would issue new shares, while some of its existing investors may sell down as part of the offering.
S Korea's biggest PE firm Hahn closes fourth fund at $3.4bn, exceeds target.
South Korea's largest private equity firm Hahn surpassed its target to hit the final close of its fourth flagship at $3.4bn, marking the biggest fund in Asia targeting one country this year, DealStreetAsia reported.
Hahn & Co fund, which had targeted to raise $3.2bn, also includes a co-investment sum of $140m.
Isola Fullerton Global Private Alpha Fund secures anchor investors for first close.
Isola Capital and Mantis Funds announced that the Isola Fullerton Global Private Alpha has secured its anchor investors for a first close. The Fund, which is sub-advised by Fullerton Fund Management, provides a diversified portfolio of leading global private equity, venture capital and private credit strategies with the objective to generate consistent and repeatable returns.
The anchor investors include Sun Hung Kai, a leading Australian single family office, and QuarterFive which is an Australian multi-family office advisory firm. All the anchor investors are highly experienced in private alternatives with exposure across Asia Pacific and globally.
Bain-backed Emcure Pharma's $234m India IPO draws $11bn in bids.
India's Emcure Pharmaceuticals drew strong interest for its $234m initial public offering as investors bet on its slate of women's healthcare and HIV treatments to drive growth in a high-margin market, DealStreetAsia reported.
The IPO has received an overwhelming response, with the Qualified Institutional Buyers segment receiving 195.83 times subscriptions and the Non-Institutional Investors segment attracting 48.32 times subscriptions.
HongShan closes $2.5bn RMB fund with backing from China's state capital.
Venture capital firm HongShan, previously known as Sequoia Capital China, has closed a new RMB-denominated fund at about CNY18bn ($2.5bn) to continue its investment focus on the technology, healthcare, and consumer sectors, DealStreetAsia reported.
The new fund is backed by the Hangzhou city government and a number of private and state-owned insurance companies. However, it is smaller than HongShan's $9bn fund raised in 2022, which it has so far struggled to deploy.
Long-time Hillhouse partner David Rhee retires from Asia giant. (People)
Hillhouse partner David Rhee retired at the end of June after 14 years at the more than $100bn Asian investment firm, Bloomberg reported.
Rhee focused on public and private market investments in Asia excluding China. He plans to return to the US with his family.
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